Family Financial Plan: How to Prepare it to Avoid Financial Debt — Do you want to know how to prepare family financial plan to manage your money well and avoid financial debt? Here’s good news! MoneySense is now offering MoneySense Live’s Family Finance workshop this August 7, 2010, 8:30am-5:30pm, at the AIM Conference Center, Makati City.
But family finance is not a solo task. To manage your family’s personal finances, two heads are always better than one. So it is better to bring along your spouse or one of your kids to MoneySense Live’s Family Finance workshop.
The rate for one person is P2,500. Bring your spouse or child and just add P1,000. That’s a total of P3,500 or P1,750 per head. That’s 30% off the full rate. Not a bad way to start on the road to your family’s financial freedom.
Attend the MoneySense Live Family Finance 102 and do some real hands-on, detailed preparation of your Family Financial Plan with the guidance of top-notch Registered Financial Planners (RFPs).
Five benefits of attending the Family Finance 102 workshop:
1. It will give you better understanding of where you are financially and where you want to go. You get to make your own financial plan with goals and action steps, giving you a clearer direction for your family’s financial future.
2. It will give you complete overview of your family’s financial picture. It covers seven major components of a financial plan for a comprehensive picture of your family’s overall financial health
3. You have the expertise of certified financial planning practitioners backing you up. You will be guided by Registered Financial Planners (RFPs) and professional money experts who will help you step-by-step make your financial plan the right way.
4. You have the entire day to work on your financial plan. It’s a one-day workshop, which means you have more than enough time to think things through and not get rushed.
5. You make your own, personalized Family Financial Plan. You come up with a financial plan that’s personalized to your current situation and future goals, not a generic or theoretical plan. And your financial plan is all in writing, which you can refer to and not forget after the seminar.
WHAT YOU WILL LEARN
The seminar-workshop features 7 modules:
1. Financial Goal Setting
· identify your dreams for your family
· turn your dreams into actionable goals
· make effective financial goals
2. Net Worth and Cash Flow Statements
· determine your true net worth
· know which possessions are assets and which ones are actually liabilities
· estimate the market value of your assets
· compute your average income even if you don’t have a fixed salary
· differentiate fixed vs. variable expenses, discretionary vs. non-discretionary income
· discover hidden expenses
· compute your monthly cash flow
3. Spending Plan
· make a monthly budget/spending plan
· understand that you don’t have to be a hermit to live within a budget
· determine which areas you can cut back on
· identify money saving measures
· decide which expenses to prioritize
· make strategies in your spending patterns
· revise a budget that allows your to be cash flow positive
BONUS: demo of a Web-based budgeting tool that will help you create and track your spending plan!
4. Savings Plan
· know the difference between saving and investing
· determine how much emergency savings you need to build
· strategize on how to build your emergency savings based on your new spending plan
· identify other financial goals that require short-term savings
· build short-term savings aside from your emergency fund
· discover the various financial instruments available for your short-term savings
· choose the right savings vehicles for your needs
5. Education Plan
· find out average current tuition of major grade schools, high schools, universities, and colleges
· decide which school to send your children
· compute other school expenses you should take into consideration
· determine how much total educational fund you need
· calculate the future value of your educational fund
· finance this educational fund through different options (pre-need plans, savings, mutual funds, etc.)
6. Debt Management
· find out how much debt you should carry
· pay off debt effectively, quickly, and systematically
· compute the real cost of borrowing
· factors to consider when shopping for a loan
· choose the right credit card, personal loan, housing loan, and auto loan
· save on loan fees and interest
· learn how banks and credit card companies determine your qualifications
· find out how financial institutions decide on the amount of money they will lend you
· determine your rights as a borrower
· know what to do when you are harassed by creditors
7. Risk Management
· identify the various risks that can happen to your life, health, and property
· understand the financial impact of those risks happening to you
· know what kind of life and non-life insurance you really need
· understand which situations require insurance coverage and which ones don’t
· calculate how much coverage you should have
· choose the right insurance package and provider
· save on insurance premiums
Sign up for MoneySense Live’s Family Finance 102 today! Go to http://iluvlearning.com/family-finance-102/ to register.
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