Building Wealth Simple Steps to Financial Security Introduction/ - - PowerPoint PPT Presentation
Building Wealth Simple Steps to Financial Security Introduction/ Background 1) First of two foundation building workshops 2) Presented by Stanley Greene 3) Subject matter experts will lead subsequent workshops The Pennsylvania Treasury
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ealth;
he Commonweal ealth;
welfare; compare with commonweal);
commo mmon + + w weal ealth.
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The Pennsylvania Treasury Department Building Wealth: Simple Steps to Financial Security
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The Pennsylvania Treasury Department Building Wealth: Simple Steps to Financial Security
AGE 0 to 18 AGE 18 to 60 AGE 60 to 80+
Phase I: Dependent Phase II: Working Phase III: Retirement
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The Pennsylvania Treasury Department Building Wealth: Simple Steps to Financial Security
entertainment
two phases are ingrained (purchase of tangible assets or “stuff”)
shaping our beliefs about “The American Dream” and what we do with the money we EARN RN during the working phase
from a “pay yourself first” habit, saving at least $.10
work, and allowance
Phase I: Dependent
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The Pennsylvania Treasury Department Building Wealth: Simple Steps to Financial Security
NED income for over 30 years
Worth, and Credit Score
retirement phase’s “Three-Legged Stool”: Social Security, Pension, Personal Savings and Investments
putting money to work
desired levels of UNEA EARNED income during the retirement phase
Phase II: Working
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The Pennsylvania Treasury Department Building Wealth: Simple Steps to Financial Security
EARNED income from retirement’s “Three-Legged Stool” constructed during the working phase:
EARNED ED income streams with EARNED income from:
Phase III: Retirement
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1) Blood Pressure 2) Cholesterol 3) Weight
1) Cash Flow (budget) 2) Net Worth (snapshot) 3) Credit Score
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Soci cial al Secu ecurity In y Inco come me In Inco come f me from m Savi avings
(deferred comp, 401K, IRA, SEP IRA, Roth IRA, Cash)
Pen ensi sion In Inco come me
defined benefit or defined contribution (deferred comp.; 401K, 403(b), SEP IRA)
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Social Security Income
(FDR)
benefits
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Defined Benefit Pension
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Personal Retirement Savings
Ex: $1,000,000 @ 3% = $30,000/year or $2,500/mo.
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Total assets (everything you own) Total liabilities (everything you owe)
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