Transcript Reduce your Financial Stress in 2010

Dr. Helen K. Simon, CFP
Director
State Farm Financial Literacy Lab
Nov 9, 2011
For info on our other programs:

http://business.fiu.edu/sffll/eflp.html
What Is Stress?
Stress affects most people in some way
 Its a combination of emotional and
physical pressures
 It almost always involves a feeling you
have little control over the situation (s)
and/or you just can’t finish anything

Dealing with Stress
You can’t deal with it, until you name it!
 What is causing stress in your life?

Leading Cause of Stress?*

#1 = Finances
 According
to a poll by LifeCare, Inc.(2005),
23% of respondents named finances as the
leading cause of stress in their lives.
 Financial stress has led the list in many other
polls.
 GOOGLE it!

*downloaded from: http://ezinearticles.com/?7-Leading-Causes-of-Stress&id=473303
Some who name finances as the
leading cause of stress cite:
 major
purchases: such as a home or
car.
 a loss of income,
 or mounting credit card debt.
 college students stress over paying
for an education,
 Baby Boomers and older senior
citizens find that retirement income
can be a major cause of stress.
We have become a culture of what we
have instead of who we are
Happy to help us…..
CREDIT CARDS
Turn from victims into victors!
High APRs
 Excessive spending 
Cash Back!
Budgeting tool
Resources

Find the right credit card for you:
 http://www.bankrate.com/credit-cards.aspx.

Check your credit report often!
 https://www.freecreditreports360.com/freecreditreport/lp/4
37-dc4c/.

Use Mint:
 https://www.mint.com/
Protect your identity!
 Do
not share your personal
information
 Don’t be afraid to ask someone
why they need the info!
 Watch
your credit cards
 Swipe! Swipe! Swipe!
 Watch
mail/garbage/face book
SAVY SPENDING
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www.Couponheaven.com.
Your credit card
 www.discovercard.com
 www.chaserewardsplus.
com
Online bill paying
The Sunday newspaper
Organized shopping trips
Have your cocktail at
home
Groupon
FL restaurants run great
specials in the off season
Breakfast is a bargain!

The Latte Factor
 http://www.wisegeek.c
om/what-is-the-lattefactorreg.htm.
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The Millionaire Next
Door
Don’t always think
that bigger is better!
 The warehouse
shopping paradox
 Sometimes Publix
BOGO is way better!
EMPLOYEE BENEFITS
FSA (Flexible Spending Account)
 Deferred savings
 Tuition reimbursement
 Disability insurance

 Chances of becoming disable pre 65 is 5 Xs
greater than dying

Life insurance
 Do you have enough? Or too much?

Discounted Services:
 http://www.bcbsfl.com/DocumentLibrary/DiscountPrograms/Bl
ueComplementsBrochure_20032.pdf
Retirement Savings
403b
 457
 Roth IRA

Tuition Reimbursement
The best investment you can make is in
yourself!
 Education = higher salaries, better jobs,
better quality of life
 You are NEVER too old or too busy to
take a class
 And we can do it for FREE!!!!

REALISTIC BUDGETING
Plan for savings first…?
 How much cash should you keep in your
emergency fund?
 Where should you keep your emergency
fund?

 The Credit Union
 http://home.ingdirect.com/
INVESTMENT MISTAKES
Listening to too many financial experts
 Investing in things you don’t understand
 Thinking there is a “free-lunch”
 Thinking you know more than the
“experts”
 Taking too much risk
 Using insurance as an investment

Be a good parent – but not too
good!
Are you stressed out about your child’s
college education?
 Have you sacrificed your own retirement
savings planning to pay for your child’s
education?
 Does your child have a job?
 Is your child employable?
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Available on the FIU library or used on
Amazon for <$5
In closing…

What would you like us to cover in future
sessions?

Some ideas:
 Credit & Banking
 Investing Basics
 Personal Financial Planning