CCSC Financial Seminar Part I: Stewardship, Kenyatta Whitesides, Wed. February 12, 2014, Seoul, Korea. *In less than 48 hours, the combined financial seminar, Part I & II, will be uploaded and you can view the entire financial seminar recording at ccsckorea. Entire financial slideshow can be found at the link below: PowerPoint slideshow can also be e-mailed to you upon request. Please include your email address in comments below if you would like the financial seminar slideshow. Key Points: I. Biblical-based Stewardship A. Opportunity (data as of 2010) 1. 70% of consumers live paycheck to paycheck 2. Average family has to use a credit card to pay a $1500 unexpected expense. 3. 37% of marital problems are financial based. 4. 46% of all Americans have less than $10,000 saved for retirement. 5. 53% of Christians have not given to their church in the last month. a. In fact, church giving has not exceeded 3% as a portion of income in the last 40 years. B. Cash Flow Margin 1. Never spend more than you earn a. Pay taxes, tithes (10%) & charity (10-15%), savings (try to save 15% or more) and live on whats left. 2. Compound interest comes in the form of debt (foe) or investment (friend). C. Debt-free Financial Plan 1. Pray for Holy Spirit help and guidance to allow no more debts in your life. a. Pay off balances on all credit cards b. Pay cash - wants/desires wait until debt is current c. Evaluate assets to sale for debt reduction d. Contact all creditors, arrange repayment plans e. Average family can be debt free in 3 years f. What if you didnt have a car note and invested that car note instead of giving it to the bank? D. Pre-tax savings opportunities 1. 401(k), 403(b), TSP, ROTH IRA 2. If your employer matches contributions to your 401(k), 403(b), or TSP them invest up to the match 3. Fully fund a ROTH IRA for you and your spouse. a. If you still have some of your 15% goal left over, invest into your 401(k), 403(b) or TSP E. Estate Planning 1. Tips a. Set conditions to: i. make sure your assets go where you want them to go ii. control assets while you are alive but incapacitated iii. control assets after death iv. provide provisions for guardian of minors v. minimize taxes, increase amount available for charity vi. safeguard location of important keys to lock box or containers containing insurance policies, financial account statements and outstanding loans, next of kin contacts, funeral and obituary preferences
Posted on: Wed, 12 Mar 2014 11:26:12 +0000
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