Financial Planning for a Life with Multiple Sclerosis A presentation by the Society of FSP and the National MS Society

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Financial Planning for a Life with Multiple
SclerosisA presentation by the
Society of FSP and the National MS Society
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Who is the Society of Financial Service
Professionals?

• National organization established in 1928
• Our Delaware Chapter began in 19??
• 14,000 Board certified/credentialed professionals
  
• Hold one or more professional designations
• Financial planning, insurance, accounting law
• Ethical code, continuing education networking

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Society of FSPand Financial Education Partners

• FEP is a Community Outreach Program
• Has collaborative agreements with NMSS
• Specialized programs assistance
• Goal is to enhance financial literacy
• Provide guidance act as a resource
• At no cost we are all volunteers

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How we can help you

• Provide one on one counseling free!
• On specific issues within our expertise
• Typically financial estate planning,
• insurance, legal guidance COBRA
• No duplication of other available services
• Coordinated with state NMSS chapter

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The 1 Goal Getting organized

• A journey of a thousand miles
• must begin with a single step
• Lao-Tsu

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Using the Adapting Manual

• Much of the information in these slides is
• covered in your Adapting manual.
• The corresponding page number in the
• manual is shown at the bottom of the slide.
• Please refer to the manual for further
• information on the subject matter.

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Keep an up to date file for these Important
Documents

• Birth certificate
• Social Security card
• Marriage certificates, marital documents
• Military papers
• Durable power of attorney
• Health-care directives
• Will, Trust documents
• Adapting Page 9

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Maintain a file for these also

• Personal documents/statements
• Policies Life, health, disability and LTC
• Investment/retirement account information
• Savings/checking statements
• Mortgage documents
• Loans and credit card statements
• Employee benefits statements
• Tax returns federal and state
• Adapting Page 9

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Professional advisor information

• Keep a list of their names and numbers
• Case worker
• Medical, pharmacy information
• Accountant/tax preparer
• Financial planner
• Insurance professional
• Attorney
• Others, emergency contacts
• Adapting Page 10

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Managing my finances correctly!

• Taking control of your finances means
• Knowing what you have and what you owe
• Making positive changes as needed
• Spending wiselywith a plan
• Saving for the future
• Staying focused
• Adapting Page 42

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Managing your expenses. A saving and spending
plan

• Fill out your Income spread sheet
• Next list all your Expenses
• Then subtract expenses from income
• Rejoice if it is a positive number!
• If it isntyou have some homework to do
• Then set your short term goals
• Work up to longer term goals
• Stay focused!
• Adapting Pages 43, 44 45

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Where do I stand now?

• If I am saving a little extra money
• every month then
• Planning for the future is very important
• Have a Rainy day fundthis is a must!
• Unexpected things can happenquite often!
• Inflation makes things and services cost more
• Adapting Page 49

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Suppose I am over spending?

• Prioritize and make needed changes
• Manage your credit card debt wisely
• Review your budget for improvements
• Track spending eliminate non essentials
• Consider a life style change
• Prioritize your spending needs
• Measure progress towards your goal
• Be patient, change takes time
• Adapting Pages 46 47

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Have a Spending Plana financial wish list!

• List your budget goalsall of them
• Estimate time to reach each goal
• Figure out the cost
• Determine how much to save regularly
• Prioritize your goals 1, 2, 3, etc
• Create a time table to reach them
• Stay focused!
• Adapting Pages 42, 43, 44, 45 46

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Sage advice about credit card debt

• Some wise suggestions
• Pay it downnot just the minimum payment
• Call the card issuer, ask for better terms
• Credit counseling may bring lower payments
• Bankruptcy is an option, but not a good one
• There is no easy answer
• Adapting Page 47

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Be Smart, use Credit Cards Wisely!

• Lets look at Mr and Mrs Frivolous
• Received a new credit card
• Charged a 5,000 home theater system
• Cut up card never used it again
• Paid minimum each month 10 or 2
• 18 annual interest rate
• What did it cost to pay it off?
• How long did it take to pay it off?

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Wow! I cant believe itI only charged 5,000
on it!

• Repaid 17,883
• Over 43 years
• To pay off the debt by
• paying the minimum
• amount each month

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Identity Theftthe silent thief!It can happen to
you at any time

• Caution is the best deterrent be alert!
• Guard your personal information carefully
• Do NOT give it out on the phone or internet
• Beware of internet scams they look real
• Minimize number of credit cards
• Review credit card statements for errors
• Check your credit record annually it is free

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Simple things you can do to minimize identity
theft

• Buy a shredder and use it
• Dont leave mail sitting in your mail box
• Closely monitor all your financial accounts
• Use a hard wired computer
• wireless can be intercepted and tapped into
• Protect your pass words change often
• Safe guard your computer from spyware

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What about my investments?

• Have reasonable needs and financial goals
• A long term investment plan and outlook is best
• Proper asset allocation is important
• Fund plan with appropriate investments
• Periodically monitor and rebalance if needed
• Dont invest in things you dont understand or
  need
• Work with an advisor who
• Understands your financial needs
• Will assist you in working towards your goals
• Adapting Page 47 48

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Estate Planning is important!

• A logical process with several documents
• Will Valid, accurate, complete and up to date
• Durable Power of Attorney
• Health-Care Proxy and Living Will
• Special Needs Trust possibly
• Life insurance polices/correct beneficiaries
• Other legal documents as needed
• Adapting Pages 62, 63, 64 65

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Bringing it all together A time tested approach
that works!

• Maintain up to date files of all documents
  financial information in a safe place
• Keep an eye on your spending
• Appropriate cash management is a priority
• Stay within reasonable goals
• Manage credit card debt wisely
• Save for the future
• Stick with suitable investments avoid risk
• Early estate planning is always smart
• Evaluate where you stand at least annually

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Staying focused will help you achieve your goals!

• We all have ability
• the difference is how we use it.
• Stevie Wonder

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Thanks for joining us today!

• This community outreach program
• has been presented by
• The Society of FSP Foundation
• and its
• Financial Education Partners
• In cooperation with the
• National MS Society
• Delaware Chapter
• Your name here
• Moderator