www.moneymanagement.org financial fitness for life conference april 19, 2010 bloomington il
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Before you go out …………… What tools will you need?TRANSCRIPT
www.MoneyManagement.org
Financial Fitness for Life Conference
April 19, 2010 Bloomington IL.
Title | IntroPage
Presented by Name
Digging Out of DebtOne Shovel at a time!
Presented by Cate Williams
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Before you go out ……………• What tools will you need?
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Who are your subcontractors?
Why are you doing this?
What have you tried in the past?
Do you have the right tools?
Are your GOALS realistic?
SURVEY THE LANDSCAPE
P.A.C.E.D.Problem- IdentifyAlternatives- Are there any?Criteria- What is important?Evaluate- Think it overDecide- Make a Decision
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Time spent now will ensure success
Try the 10,000 foot view
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Project Plan Gather Income- (realistic numbers
please) Monthly Expenses- (what does it
take to keep the doors open at your house?)
Any Cash in the register? What do you owe? (every debt
please)
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Project Plan Are you using the right tools?
Any down side to change?
Who is really in control?
How long will this take?
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What Can Sink Your Efforts? Continued spending Under employment Unemployment Ever increasing expenses Shifting cost of benefits from employer to
employee Inflation Shifting family responsibilities
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Who can Help you dig?o Sell anything?o Work more?o Credit Counseling Serviceso Debt Settlement Companieso Foreclosure Specialisto Legal options
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So, how is the other guy doing?
• 65% of parents have saved less than $5,000 for college (43% have saved Zero)
• 30% of parents know how much to save – • 3 in 10 consumers have more credit card
debt than retirement savings• 4 in 10 consumers don’t have one month
of income in savings
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So, how is the other guy doing?
• 23% of consumers claim they are spending “A LOT LESS”
• 28% of consumers not paying on time• 6% of consumers have a bill in collections• 65% of consumers have not obtained a
copy of free credit report• 1 in 3 mortgage holders were “surprised”
by the terms
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So, how is the other guy doing?
• 1 in 3 gave themselves a grade of C,D,F in financial education
• 84% of those receiving a refund will pay
down debt or save or invest
• 3% took a loan against their refund• 80% of consumers believe it is OK default
on a mortgage
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• TEACH KIDS- even if they are not yours• Start savings- then be an investor• Give up one purchase a week• Spend gift cards• Invoke the 24 hour spending rule• Use coupons• Know the difference between CHEAP and
THRIFTY• Layaway Plans making a come back!
Thrifty Tips
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Thank you for coming
• Survey• Evaluate• Get the right equipment• Re visit often• Plant seeds for success
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Thank You for all you do in the classrooms and helping consumers!Cate WilliamsVice President of Financial LiteracyMoney Management [email protected]
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30 Steps