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Fin lit net worth

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Brenda Abelgos
Brenda Abelgos

The document provides guidance on creating a personal financial snapshot and balance sheet to track assets, liabilities, and net worth over time. It encourages individuals to know their target net worth by age, record all money inflows and outflows, and craft a balance sheet listing current assets, long-term assets, current liabilities, and long-term liabilities to calculate a net worth. Creating a regular personal financial snapshot can help track financial progress and see how net worth changes over time.

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1.Know prescribed net worth per age. 2.Track personal money inflows and outflows. 3.Craft a personal balance sheet
Your Financial Snapshot Assets = Liabilities + Net Worth ASSETS Stuff with you What you have LIABILITIES Someone else Who really owns it NET WORTH You
PERSONAL BALANCE SHEET: CURRENT ASSETS CURRENT ASSETS AMOUNT Cash on Hand and in Bank Time Deposits Money Market Accounts Insurance Policy Cash Value Collectibles Appliances Sub-total
PERSONAL BALANCE SHEET: LONG TERM ASSETS LONG TERM ASSETS AMOUNT Stocks Bonds Mutual Funds Unit Investment Trust Funds Pre-need Insurance Policies Sub-total
PERSONAL BALANCE SHEET: LONG TERM ASSETS LONG TERM ASSETS AMOUNT Retirement Provident Funds House and Lot Home Furnishings Automobiles Others Sub-total Total(a)
PERSONAL BALANCE SHEET: CURRENT LIABILITIES CURRENT LIABILITIES AMOUNT Credit Card Balance Personal Bank Loans Loans from Relatives Others Sub-total
PERSONAL BALANCE SHEET: LONG-TERM LIABILITIES LONG TERM LIABILITIES AMOUNT Auto Loans Housing Loans Insurance Policy Loans Others Sub-total Total(b) MY NET WORTH (a-b)
NET WORTH Amount Total Assets 5 Million Total Liabilities 3 Million Net Worth 2 Million
MAGKANO KA? Age Net Worth 21 1 month salary 30 1 year salary 40 3 years salary 50 6 years salary 60 10 years salary
ACTIVITY
COMPLETE THE DATA ON THE TABLE Total Assets Total Liabilities Net Worth Student A P100,000 P50,000 ? Student B P150,000 ? P75,000 Student C P200,000 ? P100,000 Student D P500,000 P200,000 ? Student E ? P1,000,000 P500,000
COMPLETION Total Assets Total Liabilities Net Worth Student A P100,000 P50,000 P50,00 Student B P150,000 P75,000 P75,000 Student C P200,000 P100,00 P100,000 Student D P500,000 P200,000 P300,000 Student E P1,500,000 P1,000,000 P500,000
Personal Balance Sheet: Assets Current Assets Amount (in Pesos) Questions, Comments or Notes Cash on Hand or and in Bank Time Deposits Money Market Accounts Insurance Policy Cash Value Appliances Jewelry Accounts Receivable Business inventory Gadgets Sub-Total
Long Term Assets Amount (in Pesos) Questions, Comments or Notes Stocks Bonds Mutual Funds Retirement Funds House and Lot Car Others: Sub-Total
Personal Balance Sheet: Liabilities Current Liabilities Amount (in Pesos) Questions, Comments or Notes Loans Personal Loans Loans from Relatives and/or Friends Others Sub-Total
Long Term Liabilities Amount (in Pesos) Questions, Comments or Notes Auto Loans Housing Loans Insurance Policy Loans Others Sub-Total
Personal Balance Sheet: Net Worth Amount Total Assets (Current Assets + Long Term Assets) Total Liabilities (Current Liabilities + Long Term Liabilities) Net Worth (Total Assets Total Liabilities)
FINANCIAL PLANS It serves as a roadmap in guiding a person through their financial life. It includes budgeting, saving plan, retirement plan, and goals. It is critical that students begin thinking of all financial aspects, even retirement.
1. Knowing where you are, financially 2. Deciding where you want to go 3. Formulating a budget 4. Match financial goals with source of income 5. Keeping tab of your Steps in Financial Planning
FINANCIAL GOAL A goal is a written statement of something a person wants or needs to accomplish.
FINANCIAL GOAL It must be Specific, Measurable, Attainable, Realistic, and Time-bound (SMART).
FINANCIAL GOAL A goal is more than a wish. It must address all the obstacles that may defeat them. Goals are essential in creating a financial plan. Goals help people visualize where they want to be in the future
EXAMPLE: TOP 5 FINANCIAL GOALS OF OFWS Retirement fund Build a house Establish a business Send children to school Savings for children
ASPECTS TO CONSIDERING IN SETTING FINANCIAL GOALS Know your self. Monetizing our financial goals Timing or Setting your Timeframe When do you want to meet or achieve your goal? Prioritize your financial goal Inform your family.
KNOW YOURSELF FIRST Society and its Culture Emotions Financial Resources Peer Pressure Scarcity Wants - is something that simply increases the quality of living Needs - is a basic of life, like food, water, and shelter Advertising, marketing, and the media Factors that Influences Financial behavior
5 STEPS TO SET ACHIEVABLE FINANCIAL GOAL Expect Expect the best Give Give your self time to plan it out and accept that your financial goals are long term process Think Think big but start small Align Align your goals with your values Realize Realize your core values
PT 1 - FINANCIAL GOALS
SAMPLE PRI ORI TY GOALS Purpose Budget Time Frame SOURCE OF INCOME 1 Have Investment or Business Source of passive income, support 50,000 1 year from now 20% from the active income (salary, part-time and sideline job) 2 Study College and have a degree To find a better job and salary 100,000 2 years from now 15-20% from the active income (salary, part-time and sideline job)
Priority / Rank Goals Reason Budget Time Frame Source of Income 1 2 3 4 5 6 7 8 9 10

More Related Content

Fin lit net worth

  • 1. 1.Know prescribed net worth per age. 2.Track personal money inflows and outflows. 3.Craft a personal balance sheet
  • 2. Your Financial Snapshot Assets = Liabilities + Net Worth ASSETS Stuff with you What you have LIABILITIES Someone else Who really owns it NET WORTH You
  • 3. PERSONAL BALANCE SHEET: CURRENT ASSETS CURRENT ASSETS AMOUNT Cash on Hand and in Bank Time Deposits Money Market Accounts Insurance Policy Cash Value Collectibles Appliances Sub-total
  • 4. PERSONAL BALANCE SHEET: LONG TERM ASSETS LONG TERM ASSETS AMOUNT Stocks Bonds Mutual Funds Unit Investment Trust Funds Pre-need Insurance Policies Sub-total
  • 5. PERSONAL BALANCE SHEET: LONG TERM ASSETS LONG TERM ASSETS AMOUNT Retirement Provident Funds House and Lot Home Furnishings Automobiles Others Sub-total Total(a)
  • 6. PERSONAL BALANCE SHEET: CURRENT LIABILITIES CURRENT LIABILITIES AMOUNT Credit Card Balance Personal Bank Loans Loans from Relatives Others Sub-total
  • 7. PERSONAL BALANCE SHEET: LONG-TERM LIABILITIES LONG TERM LIABILITIES AMOUNT Auto Loans Housing Loans Insurance Policy Loans Others Sub-total Total(b) MY NET WORTH (a-b)
  • 8. NET WORTH Amount Total Assets 5 Million Total Liabilities 3 Million Net Worth 2 Million
  • 9. MAGKANO KA? Age Net Worth 21 1 month salary 30 1 year salary 40 3 years salary 50 6 years salary 60 10 years salary
  • 11. COMPLETE THE DATA ON THE TABLE Total Assets Total Liabilities Net Worth Student A P100,000 P50,000 ? Student B P150,000 ? P75,000 Student C P200,000 ? P100,000 Student D P500,000 P200,000 ? Student E ? P1,000,000 P500,000
  • 12. COMPLETION Total Assets Total Liabilities Net Worth Student A P100,000 P50,000 P50,00 Student B P150,000 P75,000 P75,000 Student C P200,000 P100,00 P100,000 Student D P500,000 P200,000 P300,000 Student E P1,500,000 P1,000,000 P500,000
  • 13. Personal Balance Sheet: Assets Current Assets Amount (in Pesos) Questions, Comments or Notes Cash on Hand or and in Bank Time Deposits Money Market Accounts Insurance Policy Cash Value Appliances Jewelry Accounts Receivable Business inventory Gadgets Sub-Total
  • 14. Long Term Assets Amount (in Pesos) Questions, Comments or Notes Stocks Bonds Mutual Funds Retirement Funds House and Lot Car Others: Sub-Total
  • 15. Personal Balance Sheet: Liabilities Current Liabilities Amount (in Pesos) Questions, Comments or Notes Loans Personal Loans Loans from Relatives and/or Friends Others Sub-Total
  • 16. Long Term Liabilities Amount (in Pesos) Questions, Comments or Notes Auto Loans Housing Loans Insurance Policy Loans Others Sub-Total
  • 17. Personal Balance Sheet: Net Worth Amount Total Assets (Current Assets + Long Term Assets) Total Liabilities (Current Liabilities + Long Term Liabilities) Net Worth (Total Assets Total Liabilities)
  • 18. FINANCIAL PLANS It serves as a roadmap in guiding a person through their financial life. It includes budgeting, saving plan, retirement plan, and goals. It is critical that students begin thinking of all financial aspects, even retirement.
  • 19. 1. Knowing where you are, financially 2. Deciding where you want to go 3. Formulating a budget 4. Match financial goals with source of income 5. Keeping tab of your Steps in Financial Planning
  • 20. FINANCIAL GOAL A goal is a written statement of something a person wants or needs to accomplish.
  • 21. FINANCIAL GOAL It must be Specific, Measurable, Attainable, Realistic, and Time-bound (SMART).
  • 22. FINANCIAL GOAL A goal is more than a wish. It must address all the obstacles that may defeat them. Goals are essential in creating a financial plan. Goals help people visualize where they want to be in the future
  • 23. EXAMPLE: TOP 5 FINANCIAL GOALS OF OFWS Retirement fund Build a house Establish a business Send children to school Savings for children
  • 24. ASPECTS TO CONSIDERING IN SETTING FINANCIAL GOALS Know your self. Monetizing our financial goals Timing or Setting your Timeframe When do you want to meet or achieve your goal? Prioritize your financial goal Inform your family.
  • 25. KNOW YOURSELF FIRST Society and its Culture Emotions Financial Resources Peer Pressure Scarcity Wants - is something that simply increases the quality of living Needs - is a basic of life, like food, water, and shelter Advertising, marketing, and the media Factors that Influences Financial behavior
  • 26. 5 STEPS TO SET ACHIEVABLE FINANCIAL GOAL Expect Expect the best Give Give your self time to plan it out and accept that your financial goals are long term process Think Think big but start small Align Align your goals with your values Realize Realize your core values
  • 27. PT 1 - FINANCIAL GOALS
  • 28. SAMPLE PRI ORI TY GOALS Purpose Budget Time Frame SOURCE OF INCOME 1 Have Investment or Business Source of passive income, support 50,000 1 year from now 20% from the active income (salary, part-time and sideline job) 2 Study College and have a degree To find a better job and salary 100,000 2 years from now 15-20% from the active income (salary, part-time and sideline job)

Editor's Notes

  1. CURRENT ASSETS short term assets
  2. These are all strategies used to influence financial behavior Have you ever noticed that the milk is in the back of the store so shoppers have to browse other aisles to get to it? Have you noticed that the bread and milk are miles away? Have you noticed that parents of small children have to stand waiting surrounded by candy in the check out lane? Have you noticed that stores start playing Christmas music in August?. an economic system cannot possibly produce all the goods and services that people wanttherefore, choices must be made about how the limited resources will be used.