WEBINAR WORKBOOK: What s included? 2 x formulas to create and manage change How to write a goal and build a life plan Personal Finance HealthCheck

Transcription

1 WEBINAR WORKBOOK: A Simple 3-Step Guide Toward Creating A Life Plan And Improving Your Personal Finances In Just 60 Minutes (even if you have no idea what you want to do in your life and you re hopeless with money) What s included? 2 x formulas to create and manage change How to write a goal and build a life plan Personal Finance HealthCheck

2 STEP 1: Understand and Reflect It s important to understand how change works and to understand and reflect on your current situation. After all, it s like reading a map, how can we work out where to go if we don t know where we re starting from. EXERCISE A: List what you would consider your top 5-10 achievements EXERCISE B: List your top 3 changes you want to make or activities or goals you have for

3 CHANGE FORMULA 1: BE X DO = HAVE BE X DO = HAVE CHANGE FORMULA 2: D X G + F > S (DON T WANT X GOAL) + FIRST STEPS > STOPS YOU

4 STEP 2: Dream and Plan Without dreams, what do we aim for? Without plans, how do we know when and where to start? EXERCISE C: 51 things to do in the next 10 years get your dreams out on paper! List those passions inside you, your secret goals, people to meet, places to see, change to create, growth to embrace and adventure to experience. Big and small, include it all Well done! Continue your list in your diary, on your phone or stick this page on the fridge where you can continuously add ideas! Need some ideas? Share with a friend or check out someone else s:

5 EXERCISE D: Writing a powerful goal. Choose a goal and write it out in detail so you know when to start, stop and celebrate you having accomplished it. Write it in present tense, like you are there achieving it now. Read the examples below and complete your own. It may be about health, relationships, career, personal finance, learning a new skill, contributing to your community or planning a holiday. It s up to you! Take a career goal for example; It s 2nd January 2012 and I m excited because I love what I m doing and can t wait to start back at work. The people I work with are committed to what we are doing and I have great people to learn from. My new role is challenging, I m learning a lot and everyday is different, broken up with fabulous weekly social events. I am being paid well, can see an exciting career path ahead and know what we are doing as a group is impacting the world everyday in a positive way. Or a finance goal; It s 10th July 2012 and I can t believe it. As we enter the new financial year, I can say that I am in control of my finances. I have seen a great financial planner who helped us lay out a long term plan. I have a system that tracks our monthly spending, have an automated savings plan set up with the best interest rate in the market, I have no personal debt, have reviewed my insurances, have joined an investment group with some fabulous like-minded women to learn about share trading and have just saved a house deposit and am looking forward to spending my weekends over the next 6 months looking at property. We will have bought a house by Christmas, but most importantly, I am proud of the initiative I ve taken and the changes I ve made. I can feel the impact of my efforts in all parts of my life. I am happy. My goal:

6 EXERCISE E: Placing dreams and goals in timeframes. GOALS WITHIN TIMEFRAMES When I m 95 I will look back and say eg. I have made the most of every moment of my life FINANCIAL STEPS When I m in my 60 s and 70 s I will be eg. A world renowned jazz musician in Paris Eg. Work out how much I need to live on and for how long, look at super and retirement plan In 20 years I will have eg. Finished educating my children Eg. Research children s education fund options and set one up In 10 years I will have eg. Built my own eco-friendly home Eg. Review my property investment plan In 3-5 years I will have eg. Spent 3 months volunteering in South America Eg. Set up an online savings travel fund In 12 months I will have eg. A new work opportunity I absolutely love In 6 months I will have eg. Registered for the graphic design course I want to do Eg. Save $5000 (have $2000 now plus $125/wk for next 6 months)

7 STEP 3: Do and Inspire One of the areas in our life we need to get sorted in order to live the life we want to is our personal finances. Complete the following Personal Finance HealthCheck and over the following week, explore the helpful resources and make 3 changes to improve your system and situation. 10THOUSANDGIRL PERSONAL FINANCE HEALTHCHECK Planning An action I can take to improve: I have clear goals for my life. No written goals I have written goals but I haven t reviewed them for a while I have clearly written goals, reviewed in last 6 months I have a long term financial plan. No financial plan I have a financial plan but I haven t reviewed it for a while I have a financial plan, reviewed in last 6 months Finance I regularly review the products, services and personal finance system I use. I don t have a system, I couldn t tell you where all my money is, how much I have or the rates and fees I pay but it all seems to work out I have been meaning to review my personal finances and money management system. It s on my radar! I regularly track my spending (daily/weekly/monthly) and review my investments, rates and fees (monthly/annually) How far does your money stretch? It's a real worry, I have serious money problems and the debts are mounting up It's difficult, I m struggling to make ends meet It's OK, I can mostly afford what I need but there s not much left over It's fine, I can afford everything I need and often have money left over Handy resources and actions I can take to improve: Complete Money-Flow exercise Complete Spending Plan An excellent budgeting tool can be found on: anaging-my-money/budgeting Some useful financial product and service comparison sites include:

8 Do you have access to the equivalent of 3 months worth of wages if an unexpected cost arose? No I don t what I d do No but I might be able to borrow the money I m not sure, I have some insurance that could cover some situations I m not sure, I do have some money put away but perhaps not quite enough Yes, I ve got enough insurance, money and other plans to cover my needs My superannuation: Is in multiple funds Is in one fund (default option) I know where my money is, how it s working for me, how my money is invested and my options around making additional contributions What about your home? I own my home outright I have a mortgage I don t own my home but I d like to but I d like to buy one I don t own my home and I don t plan to buy I need to review or investigate insurance for the following: Home & Contents insurance Car insurance Health insurance Income protection insurance Trauma insurance TPD (total and permanent disability insurance) Other... Understanding risk: vesting/investing-basics/risk-andreturn Find lost and unclaimed super: uperannuation-andretirement/keeping-track-andlost-super I am actively investing toward a self-funded retirement. I m happy with my super and the pension to cover me I would like to have and learn more about additional investments I have cash / property / shares / other business interests (direct or managed) but I don t look at them often I have cash / property / shares / other business interests (direct or managed) which I actively manage and grow (reviewed daily/weekly/monthly) Find information on managing debt: anaging-my-money/managingdebts Find information on reaching your savings goals: anaging-my-money/saving

9 I have a professional support team (accountant, financial planner, mortage broker, property buyer, solicitor, business coach etc.) to assist with my financial planning. I manage my own finances and feel I have a good understanding of how tax, super, insurance and investing works I manage my own finances but to be honest, am a bit confused but not at the stage of engaging professional support I am currently looking to engage/build/review/change my professional support team I have a professional support team but could use them more proactively I have an actively engaged professional support team who I trust Developing an investing plan: vesting/investing-basics/developan-investing-plan Using tools and calculators: ols-and-resources/calculatorsand-tools Good questions to ask when engaging financial services professionals: 011/01/10/good-questions-for-anaccountant-mortgage-broker/ Two main rules: Spend less than you earn Borrow less than you can afford Community Contribution and Giving An action I can take to improve: I am actively contributing to community. No Give random donations Regularly volunteer or contribute donations ($ or in-kind eg. donate clothes, blood, skills, other ) Join the 10thousandgirl Campaign. [ ] Yes! I want to make a change to my personal financial picture and at the same time contribute to the wellbeing of the global economy. How? Set up a GIG (Girl Investment Group) near you. GIGs are groups of women learning together, fast tracking and pooling knowledge and holding each other accountable. What is it worth to your future to be able to save an extra $100 a month now?

10 Interested in meeting some like-minds, setting some inspiring goals, improving your personal finances and keep your plans on track? Thank you for proactively planning your life and in the process, inspiring others to do the same. Following this presentation, we ask you to share the 10thousandgirl campaign website with other women in your life. Subscribe to the inspiring monthly e-news, The Ripple: Join us in spreading handy tips and inspiring information on facebook: Look into setting up a GIG (Girl Investment Group), setting your own financial foundations whilst supporting others to increase their independence through the use of microfinance: What is microfinance and what does my contribution do? Microfinance is a business approach to solve poverty. Rather than a hand-out, individuals not otherwise able to borrow from a traditional lending institute are provided a loan as small as $100 (known as microcredit or a micro loan) to help grow their small business. A loan enables them to start or grow their business to earn an income to afford food, water, shelter and education for their children. It is a sustainable dignified way to contribute to lifting living standards around the world, leaving people educated, confident and with the resources to help themselves. Every girl who signs up to the 10thousandgirl Personal Finance Program provides $100 toward a microloan for a woman otherwise unable to borrow to increase her independence. After extensive research into the governance behind multiple microloan providers, the 10thousandgirl Campaign has partnered with Opportunity International Australia to distribute microloans into India, Indonesia and The Philippines. Learning Resources Read Wikipedia s take on microfinance Check out easy to understand world statistics around wealth distribution Look over the United Nations Millennium Development Goals Watch a video on the effect one girl can have Watch videos and read stories of women who have received loans Further information and videos us on events@10thousandgirl.com to find out more.