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03 Financial Planning

# 03 Financial Planning - 1 Chapter 1 Chapter 1 1 Financial...

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Unformatted text preview: 1 Chapter 1 Chapter 1 1 Financial Planning: Financial Planning: The Ties That Bind The Ties That Bind Like I said……Money and Marriage… 2 What does a penny mean to you? • What will you have if you double a penny a day for 30 days? 3 days? ONLY……………… • \$10,737,418.23 • (try this yourself: .01 * 100% for 30 periods 4 • If a tiny worthless penny can grow to be that much, imagine what 10% to 20% of your salary could grow to be? 5 • How ‘bout those acrylic nails? – \$80 month * 12 = \$960/year – For 30 years = \$28,800 6 – That \$960 invested each year at 11% for 30 years = \$91,064!!! – Ladies, you are wearing your new dream car! 2 • What about your coffee? • Your recreational liquid consumption? • Do you smoke? 7 Java • \$4.50 @ 3 per day = \$13.5 • Per week = \$94.5 • Per year = \$4,914 8 • Invested per year for 10 years at 11% = \$82,171 Alcohol • Average 45 drinks per month (college males) @ average \$4.5 per drink = \$202.50 9 • Per year \$2,430 • Invested for 40 years at 11% = \$1,413,837 Death Sticks • \$21.65 Carton (Camels) • 1.5 cartons per week = \$32.47 • Per year = \$1,688.70 10 Per year \$1,688.70 • Invested for 20 years @ 11% = \$108,419 Think about it…. • Your habits TODAY determine your life style for tomorrow. 11 Why Should You Develop a Personal Financial Plan?...
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03 Financial Planning - 1 Chapter 1 Chapter 1 1 Financial...

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