fi slides these slides are intended to help you prepare flip charts and for active charting in...
TRANSCRIPT
FI Slides
These slides are intended tohelp you prepare flip charts
and for active chartingin conjunction with the
FI Instructor Guide
Welcome
Financial IntegrityTransforming
Your Relationship With Money
Session 1
Parking Lot
Why FI?
• Reduce stress about money• Have more clarity about money• Feel more in control• Get out of debt• Live within my means and save• Be able to do the work I want to do • Reconnect with my purpose in life• Have more time for what’s important to me
Introduce Yourself
• Name
• Location (town, neighborhood)
• One reason you’re taking this course
Financial Integrity
The 9 Steps
(use the real logo here)
Financial Integrity
Tips for Success
Create a place for your materials.
Be open.
Pay attention when you feel resistance - it’s a learning moment.
Customize the steps for you.
Be patient - change can be hard.
Keep a journal.
Find support and friendship.
Check out resources.
• Fulfillment curve• Step 1 – How much money has come into yout
life and what you have to show for it• Step 2 – Real hourly wage and tracking your
money• Step 3 – Monthly tabulation• Review and plan for next session
Session 1 – Overview
9 circles exercise
Fulfillment Curve
Just getting started…
Fulfillment Curve
• Necessities/Survival
Fulfillment Curve
• Comforts
Fulfillment Curve
• Luxuries
Fulfillment Curve
• More luxuries
• The elusive high
• Clutter
Fulfillment Curve
• Enough
Group Activity
Necessities/Survival
Comforts
Luxuries
Clutter
Step 1
Lifetime Income
and
Personal Net Worth
Step 1
Lifetime Income
Lifetime Income
Financial Sources: Amount
Taxed income (SSA report)
Untaxed jobs
Selling stuff (cars, CDs)
Allowance /”spending money”
Gifts
Interest on savings
Total Lifetime Income $________
Step 1
Personal Balance Sheet
OWN OWE
Liquid Assets (+) Cash Value
Liabilities (-) Cash Value
Cash on hand Car loan
Bank Accounts School loans
Investments Mortgage
Credit Cards
Hard Assets Personal Loan
House
Vehicles
Personal items
Total Own $_________ Total Owe $_________
Personal Financial Net Worth Assets – Liabilities = $_______
Step 1
Liquid Assets
Step 1
Hard Assets
Step 1
Liabilities
Step 1
Personal Balance Sheet:
a place to put assets & liabilities
and determine your personal net worthOWN OWE
Liquid Assets (+) Cash Value
Liabilities (-) Cash Value
Cash on hand Car loan
Bank Accounts School loans
Investments Mortgage
Credit Cards
Hard Assets Personal Loan
House
Vehicles
Personal items
Total Own $_________ Total Owe $_________
Personal Financial Net Worth Assets – Liabilities = $_______
Step 1
SEE and ACCEPT
your current reality
REFLECT
on the choices you’ve made
UNDERSTAND
that you have control over the future
Step 2
Real Hourly Wage
&
Tracking Your Money
Step 2
What is Money?
Money =Money =Money =Money =Money =Money =
Step 2
Money = a means of exchange
Step 2
Money = life energy
Money is something you
trade your life energy for
How much of your life energy
are you trading for money?
Step 2
Figuring out your RHW
• Work-related benefits
• Work-related expenses
• Work-related time
Step 2
Case study RHW
Dollars/month ÷ Hours/month = Dollars/hour Basic J ob $2,773.34 168.0 $16.51 Adjustments: Payroll taxes -$212.16 Work travel -$60.00 21 Coffee at work -$15.75 5.25 Work clothes ($320/yr)
-$26.67
Work supplies/tools
-$30.00 0.5
Subtotal Adj. -$344.58 26.75 Real Hourly Wage
$2,428.76 ÷ 194.8 = $12.47
Step 2
RHW? Money = Your Life Energy
• Every time I spend about $__ I am trading about an hour of my life energy.
• Every time I buy ____ at $___, I am trading 30 minutes of my life energy.
Step 2
Tracking the flow of money in your life
(case study)
J anuary Inflows Outflows
Day 1 Coffee 0.75 Gas 35.00
Paycheck 1,386.67 Truck insurance 84.00 Rent 500.00 Day 2 Coffee 0.75 Cat food 12.15 Day 3 Coffee 0.75 Day 4 Coffee 0.75 Movie & snacks 10.00 Day 5 Coffee 0.75 Snacks/beer for poker 12.75 Poker winnings 4.50 Day 6 New boots 110.99 Groceries 75.82 Concert 40.00 Day 7 Electric bill 35.50 Telephone bill 65.75
Step 2
Questions
What methods could be helpful for
tracking every cent/dollar?
What challenges do you anticipate?
What opportunities?
Step 3
Monthly Tabulation
Patterns, Categories, and Subcategories
Gazingus Pins
Translating your Categories Life Energy
Step 3
Sample Monthly Tabulation
(notice the categories)
Dollars
Hrs of Life
Energy Accounts/cash at beginning $000.00 Income: Wages Interest Etc Total Income: Expenses: Rent Utilities Groceries Snacks Etc Total Expenses Remainder (Total Exp – Tot Income) Accounts/cash at month end
Step 3
Categories
Subcategories
Debt
Step 3
Gazingus Pins
Step 3
Case Study
Monthly Tabulation
Small Group Discussion
• Look at the whole chart, then choose one of two categories to discuss.
• What impact do you think the charting will have on the owner of this chart?
• What do you anticipate when you look at your own tabulation (hours of life energy)?
Introduction – The 9 Circles Exercise
The Fulfillment Curve
Step 1 - Your Lifetime Income and Personal Net Worth
Step 2 - Money = Life Energy
Calculating your Real Hourly Wage (RHW)
Tracking Your Life Energy
Step 3 – Patterns, Categories, and Subcategories
Gazingus Pins
Monthly Tabulations
Translating your Categories RHW
Session 1 – Review
Look over the handouts Start tracking your expenses. Why not? We’ll meet here at _____ on _____.
See you then!
Next Session