Saving/Future. Your Financial Goals. Giving Goals: Debt Repayment Goals: Would like to pay off the following debts first:

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1 Giving Goals: Your Financial Goals Saving/Future Would like to give percent of my income on a regular basis. Other giving goals: Debt Repayment Goals: Would like to pay off the following debts first: Creditor Amount Educational Goals: Would like to fund the following education: Person School Annual Cost Total Cost Other education goals: Page 23

2 Your Financial Goals Lifestyle Goals: Would like to make the following major purchases/additions (home, automobile, travel,etc): Item Amount Would like to achieve the following annual income: Savings and Investing Goals: Would like to save percent of my income. Other saving goals: Would like to make the following investments: Investment Amount Would like to provide my heirs with the following: Page 24

3 Your Financial Goals Starting a business: Would like to invest in or begin my/our own business: Goals for this year: I believe the Lord wants me/us to achieve the following goals this year: Priority Financial Goals Steps Needed to Achieve Goal Page 25

4 Saving Preparing for the Future God s Word encourages us to save, it is wise to save In the house of the wise are stores of choice food and oil (savings), but a foolish man devours all he has. (Proverbs 21:20) 1. Savings is to an expenditure today for a known or unknown future. 2. Savings should be the priority in your financial decisions. 3. Savings are best committed to if they have a. 1. A savings priority plan: Steps to take with purpose 1. Pay off all high interest debt your best investment. 2. Create a 1-2 month emergency savings account protection. 3. Pay off all remaining consumer debt removal of bad debt from your life. 4. Begin a systematic, long-term savings plan start the process. 5. Save for major purchase needs and decisions get on the right side of interest. 6. Increase long-term investing amount and strategy make serious goal progress. Key Freedom Issue: Planning to save, making it a priority in your available finances and having a purpose to savings, give you the best chance for saving to become a reality. Page 26

5 2. God s investment principals 1. Invest and save in the times. Ants are creatures of little strength, yet they store up their food in the summer. (Proverbs 30:25) 2. Be a steady and investor. The plans of the diligent lead to profit as surely as haste leads to poverty. (Proverbs 2:15) 3. Avoid investments. I have seen a grievous evil under the sun: wealth hoarded (invested) to the harm of the owner, or wealth lost through some misfortune, so that when they have children there is nothing left for them to inherit. (Ecclesiastes 5:13-14) 4. your investments. Invest in seven ventures, yes, in eight, for you do not know what disaster may come upon the land. (Ecclesiastes 11:2) Key Insight: Consider the cost when faced with investment opportunities. Cost of time, efforts and finances all need determined in order to feel confident in moving ahead. 3. Acceptable goals for investing 1. To provide for your, in both the short and long term. (1 Timothy 5:8) 2. To diminish upon salary. 3. To accumulate capital to start or operate a business without. 4. To the financial impact you can make for God s kingdom. Page 27

6 Insurance Page 28

7 How Much Life Insurance 1) Annual Living Expenses of Survivors $ (Spouse, children, etc) (Consider 60-80% of current family living expenses) 2) Less Expected Annual Benefits A. Social Security Benefits $ B. Survivor s Pension/401k Benefits $ C. Survivor s Earned Income/Wages $ D. Other Income $ Total Expected Annual Benefits $ 3) Net Living Expense Shortage/(Surplus) $ (Line 1 minus Line 2) 4) Amount of Capital Required for Lifestyle $ (Line 3 divided by projected growth rate) (Consider conservative rate and accounting for inflation) Capital growth/interest rate: % 5) PLUS Other Lump Sum Expenses A. Final Expenses/Estate Costs $ B. Mortgage Payoff $ C. Education Fund $ D. Emergency Savings Fund $ E. Other $ Total Lump Sum Expenses $ 6) Total Capital Needed $ (Line 4 plus Line 5) 7) LESS Present Capital A. Income Producing Assets $ B. Current Life Insurance $ Total Present Capital $ 8) Total/Additional Capital Needed to be Added $ (Line 6 minus Line 7) Page 29