Reduce your Financial Stress in 2010
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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
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.
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?
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