Securities offered through J W Cole Financial Inc., member FINRA/SIPC Saving for Education Notes Coverdell Education Savings AccountAccount established for beneficiaryIncome limitationsNon-deductible (after tax) contributions - $2,000/yr per beneficiaryAccount grows tax freeWithdrawals are tax free if used within guidelinesElementary, secondary, post-secondary expensesPrepaid Tuition PlanCollege Savings Plan (529 Plan)Hope Tax CreditLifetime Learning Credit Securities offered through J W Cole Financial Inc., member FINRA/SIPC Insurance Notes Angela Watkins, Liberty Mutual ![]() Securities offered through J W Cole Financial Inc., member FINRA/SIPC Investing Notes Do it yourself or use a financial advisor?Your financial advisor shouldUnderstand your current financial positionUnderstand your risk toleranceSupport your financial goalsTrack performanceMake recommendations, you make the final decisionYou shouldChoose an advisor you trustUnderstand fees/chargesMake educated decisions Securities offered through J W Cole Financial Inc., member FINRA/SIPC Savings Plan Notes Set goals – what are you saving forPrioritize – when do you need the fundsShort term – vacation, furniture, auto, weddingMid term – mortgage down payment, starting businessRetirementSimilar to emergency fund principlesWhen debts are paid – shift funds to savings Securities offered through J W Cole Financial Inc., member FINRA/SIPC Debt Management Notes Top two approachesSmallest balanceLargest interest rateInclude:Credit cardsMortgageCar LoansUnsecured Personal LoansJune 29th SeminarYou Can Get Out of Debt: A Practical Approach to Debt Management ![]() Securities offered through J W Cole Financial Inc., member FINRA/SIPC Why Do You Need an Emergency Fund? Notes 6-9 months of expensesHousingAutoUtilitiesGroceriesInsuranceStart smallAutomatic payroll deductionTreat it as a bill – pay yourselfLimit your access to the accountSave gifts, bonus or tax refundFind additional income sources to fund account Securities offered through J W Cole Financial Inc., member FINRA/SIPC Creating a Budget Notes Know your income and outflowFixed vs variable expensesExpenses cannot exceed incomeEarn more incomeDecrease outflowWrite it on paperTrack actual spending monthlyMicrosoft Money, QuickenExcel spreadsheetPen & paperEnvelope Adjust periodically as circumstance change Securities offered through J W Cole Financial Inc., member FINRA/SIPC Elements of a Financial Plan Notes BudgetEmergency FundDebt ManagementSavingsInvestingInsuranceEducation PlanningRetirement PlanningTax PlanningEstate Planning ![]() Securities offered through J W Cole Financial Inc., member FINRA/SIPC Setting Financial Goals Notes Set short term and long term goalsDon’t be afraid to think bigWrite goals on paperGoals should be measurable and realisticUse specific time frames and numbersExpect to achieve your goals“Your attitude is your altitude”Include a family members Securities offered through J W Cole Financial Inc., member FINRA/SIPC Why Do you Need a Financial Plan? Best way to stretch your money is to have a planNo matter how much money you have, the principles of financial planning apply to youFinancial needs and goal change over timeMost projects fail due to lack of planning Notes Securities offered through J W Cole Financial Inc., member FINRA/SIPC About Sankofa Financial Group Virginia Jackson – PresidentCPARegistered Representative, JW Cole Financial IncTax, Investment, Business Management servicesSmall business owner Securities offered through J W Cole Financial Inc., member FINRA/SIPC Sankofa Financial Group LLC and Island Flavors Restaurant Present Getting the Most from Your Money inDifficult Financial Times
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