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Building Wealth        Before establishing a Financial Plan think about your
                                    short and long term goals for these six areas.

Build Wealth
not Debt

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Financial  Planning  Includes


1.       A Spending Plan.  This is necessary in order to know where you are spending your money and
             also to track how you receive income, in other words Cash Flow.  Managing your Money is the first
             step in achieving financial security.  Learn how to make MoneyWi$e Choices and follow these two 
             simple concepts:  
(1) Pay Yourself First {save at least 10% of your income} and (2) Live within Your
             Means.  What determines your wealth is not how much money you make but how much you keep of
             what you make!  Before you spend money ask yourself three questions:  (1) Is it a need, want
             or a luxury?  (2) How much of my life is this worth? (How many hours do I have to work to pay for it?)    
             (3)  If I spend this money which of my goals is it advancing?  In other words where is it getting me?
             (Am I only receiving instant gratification or am I making progress toward building wealth?)       

2.       A Savings Plan.  This is accumulating cash for emergencies and is different than investing.
             Save at least 10% of your income and build up a three to six month emergency fund.
 Click here for 
             Building Wealth - A Beginner's Guide to Securing Your Financial Future by the Federal Reserve Bank
             of Dallas.  You can receive a free Credit Report each year.  You can check your Credit Score as  
             often as you like and track your score overtime.
   Learn how to build a better future and achieve
                your financial and homeownership goals with the CreditSmart online training course.       

3.       An Investing Plan.  This is for the long term and includes risk tolerance, diversificcation, and
            asset  allocation.  Use retirement plans to reduce taxes and create financial security. 
        Click here   for the keys to successfull investing.  Click here for a Compount Interest Simulator 
           Oklahoma has an Investors Education Program to help you learn more about investing.

4.     An Insurance Plan.  This can in  Medical, Life, Disability, Personal Umbrella, Business Policy, 
          Automobile, Homeowners, Tenants, Long Term Care, and Annuities.  Variable Annuities are insurance
          products click here for more information these products.  Life is unpredictable.  Learn how to prepare
          for life's uncertaintes at NextGen3. 

5.     Tax Planning  is doing as much as you can to lower your taxes.  A valuable tool
           is tax-deductible retirement plans.
 Click here for the Ballpark Calculator  to see how much you 
          need to save for retirement.  
This video Understanding 401 (k) Fees will give you some valuable
          information.  The information is also true for 403 (b) and IRA fees. 

6.     Estate Planning can include last will and testament, durable power of attorney, health care
          power of attorney, directives to physicians (living will), and trust documents.  Learn more from OSU's 
          fact sheet on Wills and Trusts and Prepare Your Estate Plan lessons.

This Financial Fitness Kit from the Oklahoma Society of CPAs will help you understand financial planning so you can get a better grasp on your own financial stability.

Click here for Worksheets that will help you Build Wealth not Debt:  Spending Plan,   Debt Analysis, 
Cost/Benefit Analysis, Net Worth Statement, How to Raise a Financially Fit Child.          

 Click here for the 12 Key Elements of Practical Personal Finance         

 Click here for the 21 Success Secrets of Self-Made Millionaires   

 Click here for the Oklahoma Jump$tart Coalition 

 Click here for the Oklahoma Passport to Financial Literacy Curriculum - 14 Standards

The Certified Financial Planning website  will help you learn more about Financial Planning.  Look on the left side bar and click on “How to Choose a Planner” then “Interviewing Checklist”.

The Financial Industry Regulatory Authority  provides investor protection and market integrity.  This site has many useful "Tools and Calculators".  

The Consumer Guide to Financial Self-Defense  offers tips to protect yourself from financial abuse.

Interesting Facts from "Inside the Vault" an Economic Education Newsletter from the Federal Reserve Bank St. Louis (Volume 14, Issue 2, Fall 2010): 

1.  Each year more than 50 million Americans overdraw their checking accounts and pay nearly 
     $24 Billion in overdraft fees.

2.  In 2007, credit-card issuers imposed $18.1 Billion in penalty fees on Credit-card holders.

This is NOT the way to Build Wealth!!  Just think how much money these individuals would have if they had just lived within their means and invested all the money they spent on fees and penalities in their retirement account!!


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