Financial Management - From the Inside从内部财务管理.pptVIP

Overview FINANCIAL PLANNING FINANCIAL PLANNING FINANCIAL PLANNING VALUE OF TIME COMMON MISCONCEPTIONS DEVELOPING YOUR PLAN WHEN TO BEGIN HOW TO BEGIN HOW TO BEGIN TIPS FOR SUCCESS TIPS FOR SUCCESS TIPS FOR SUCCESS TIPS FOR SUCCESS FINAL THOUGHTS FINAL THOUGHTS Questions? * TEAM RANDOLPH NCO ORIENTATION COURSE Air Education and Training Command I n t e g r i t y - S e r v i c e - E x c e l l e n c e Financial Management5 September, 2002 MSgt Nick Kopcho HQ AETC/XPRI DSN: 487-8035 Financial Planning Value of Time Common Misconceptions Developing Your Plan When to Begin How to Begin Tips for Success Final Thoughts When it is a question of money, everyone is of the same religion.“ – Voltaire, French writer and philosopher “When it is a question of money, everyone is of the same religion.” Voltaire, French writer and philosopher Plan First Though usually overlooked, setting up a good personal budget is the first step to any money management activity. Without it, you cannot control your finances and will always fall short of your goals.” - Mark J. Randall, Certified Financial Planner No one plans to fail, they just fail to plan Planning is crucial to achieve a desired result Benefits of Financial Planning Awareness Control Organization Communication Opportunistic Timesaving Less Waste Compounding—your money’s best friend A – Age 21—$100/Month X 10Yrs = $12,000 B – Age 35—$100/Month Till Age 65 = $36,000 8% Annual Growth till Age 65 A = $300,053 B = $150,030 If “A” continued $100/Month till Age 65 = $52,800 + 8% Annual Growth = $489,120 Start now—something is better than nothing “The best place to start is where you are with what you have.” - Charles Schwab, Industrialist/Banker You must suffer to maintain a budget You are already “Budgeting” Reactive not Proactive Free up money—eliminate waste Budgets are for those in financial trouble Avoid trouble Handle crises Takes more time Upfront work Easier in the long term Keep it simple and easy Communicate with