National Association of Black National Association of Black Accountants, Inc.Accountants, Inc.

M ney M ney $$enseense Financial GoalsFinancial Goals

Financial Literacy:Knowing What You

Need To Know To Achieve Your Financial Goals

Financial Literacy:Knowing What You

Need To Know To Achieve Your Financial Goals

Achieving Your Achieving Your Financial Goals Financial Goals

“Most people don’t plan to fail;

they just fail to plan.”

Achieving Your Financial Achieving Your Financial GoalsGoals

The goals you hope to achieve The goals you hope to achieve Your time frame for reaching each Your time frame for reaching each

goal goal The benefits of reaching each goal The benefits of reaching each goal The obstacles that could prevent you The obstacles that could prevent you

from achieving each goal, and ways from achieving each goal, and ways to help overcome them to help overcome them

Achieving Your Financial Achieving Your Financial GoalsGoals

Set clear goalsSet clear goals Resolve to spend lessResolve to spend less Create an emergency fundCreate an emergency fund Make saving a priorityMake saving a priority Pay yourself firstPay yourself first

Achieving Your Financial Achieving Your Financial GoalsGoals

Reduce credit card debtReduce credit card debt Evaluate your insurance Evaluate your insurance

coveragecoverage Think taxesThink taxes

Establish A PlanEstablish A Plan

Examine your financial goals Examine your financial goals Identify your current monthly income and expenses Identify your current monthly income and expenses Evaluate your budget Evaluate your budget Monitor your budget by keeping track of actual Monitor your budget by keeping track of actual

expensesexpenses Set aside money for periodic & unforeseen Set aside money for periodic & unforeseen

expensesexpenses

Spend Less, Save Spend Less, Save MoreMore

Reduce discretionary expensesReduce discretionary expenses Refinance your home mortgageRefinance your home mortgage Reduce your housing expensesReduce your housing expenses Sell one of your cars if you have Sell one of your cars if you have

twotwo

Spend Less, Save Spend Less, Save MoreMore

Access the equity in your homeAccess the equity in your home Transfer credit card balances from higher-Transfer credit card balances from higher-

interest cards to a low- or no-interest cardinterest cards to a low- or no-interest card Review your insurance needs. Ask about Review your insurance needs. Ask about

insurance discounts or increasing your insurance discounts or increasing your deductibledeductible

Establishing A Financial Establishing A Financial Safety NetSafety Net

Having a financial safety net in place can Having a financial safety net in place can ensure that you're protected when a ensure that you're protected when a financial emergency arisesfinancial emergency arises

Set up a cash reserve of three to six Set up a cash reserve of three to six months' worth of living expenses in your months' worth of living expenses in your cash reservecash reserve

Where to Keep Your Cash Where to Keep Your Cash ReserveReserve

Your cash reserve should be readily Your cash reserve should be readily available when you need itavailable when you need it

Certain fixed-term investment Certain fixed-term investment vehicles impose a significant penalty vehicles impose a significant penalty for early withdrawalsfor early withdrawals

Review Your Cash Reserve Review Your Cash Reserve PeriodicallyPeriodically

Your personal and financial Your personal and financial circumstances change oftencircumstances change often

You should review it annually to You should review it annually to make sure that it fits your current make sure that it fits your current needsneeds

Keys to Financial SuccessKeys to Financial Success

Always spend less than you earn Always spend less than you earn Avoid splurging Avoid splurging Invest the rest Invest the rest

Financial literacy isn’t just a matter of knowing what you

have and knowing your options. It is a matter of planning for

life’s milestones.

Financial literacy isn’t just a matter of knowing what you

have and knowing your options. It is a matter of planning for

life’s milestones.

Thank You!Thank You!

National Association of Black National Association of Black Accountants, Inc.Accountants, Inc.

M ney $enseM ney $ense

For more information visit www.nabainc.orgFor more information visit www.nabainc.org

360 Degrees of Financial 360 Degrees of Financial LiteracyLiteracy

360 Degrees of Financial Literacy is a national 360 Degrees of Financial Literacy is a national effort of the CPA profession to improve the effort of the CPA profession to improve the financial understanding of Americans. It financial understanding of Americans. It provides a comprehensive approach to financial provides a comprehensive approach to financial education, focusing on the information education, focusing on the information Americans need at every life stage, from Americans need at every life stage, from childhood to retirement. CPAs volunteer their childhood to retirement. CPAs volunteer their time and expertise to educate members of their time and expertise to educate members of their communities about financial issues.communities about financial issues.

Visit Visit www.360financialliteracy.orgwww.360financialliteracy.org for tools to for tools to help you make sound financial decisions.help you make sound financial decisions.