Money Masters Session 2&3

5421 North 103rd Street,Omaha NE 68134

14 May, 2022

Description

This is the second & third session in the Money Masters Program. We will give recaps of previous sessions and zero in on more money talk. The road to wealth begins with gaining wisdom and insight and then applying what you know. This financial program is, in our minds, the beginning stage for those seeking to leave poverty behind. Too many times, we despise small beginnings. For many people, when it comes to finances, they only want to make “big moves”. But many of us don’t understand one big truth about money: Finances are changed by “little moves”. And “big moves” are simply many little moves repeated over time and the impact is only big because of the repetition. Just like going to the gym one time doesn’t fix your health, doing one thing to your finances won’t take you where you want to be. For better or for worse, our current present financial situation is the result of our little financial moves repeated over time. In the 4.23.22 event, we will discuss: What financial success is and what it means to you Assets vs. Liabilities Three mindsets of wealth & their habits Building a Net Worth Statement Pre-work: Gather items needed to build a Net Worth Statement: List of all bank accounts, money markets, CD’s, savings bonds & their balances List of all retirement accounts, investment accounts, stocks & their balances List of all personal property & their value Homes – see previous appraisal, or check Zillow for an estimate Cars – go to Kelly Blue Book Home Furnishings (do an honest guestimate) Antiques, Collectibles, Jewelry Any other valuable assets that could be sold List of all other valuables owned and its values List of all credit cards & their balance List of all loans – personal, family, student, auto, home, etc. & their balance Back taxes, child support, garnishments, etc. List of any other debts & their balances ___________________________________________________________________________________ In 5.14.22 event, we will discuss: What budgets are Recommended order and percentages of budgets (& why this matters) Some ways to address when the numbers don’t add up Building a budget for you Pre-work: Gather items needed to build a Budget. For this exercise, we are looking for all bills you pay on a monthly/quarterly/annual basis. If you don’t already have these items listed, you can use your Net Worth Statement items to get information on debts that are owed where you are making payments. But another great place to check is your bank statements. Look over the past 2-3 months to get a list of all recurring debts. Do you pay anything with a credit card? Write those items as well. What we want is a complete listing of all the money going out of your hands each month including The Debtor (who you pay), the date the bill is due, the monthly amount owed Don’t forget: utility bills, auto/home/renters insurance, automatic subscriptions, etc. It may be a bit painful looking through these first, but once you’ve gathered it all, we promise it is easier.