2013 manage your money
DESCRIPTION
Slides from the Manage Your Money keynote. Most Brits spend 130% of their take home pay and waste an average minimum of £1300 each year. A high percentage of retiring Brits are retiring with debt. The Manage Your Money indicator assesses to money management skills.TRANSCRIPT
Manage Your Money
Andrew Priestley
Award winning business leadership coach, author, trainer
I/O Psych
Clients consistently achieve dramatic results
Clients leave richer and feel uncaged
Grad Dip Psych. B.Ed, FInstSMM
Where did you get your ideas about money?
3
Write down ALL limiting beliefs about money
Homework 40 minutes
4
Your annual turnover target? What’s you time worth per hour?
What’s your hourly rate?What’s your ‘day rate’?
What do you want to be paid?What ‘value’ do you bring?
Homework 20 minutes
5
£1300The average amount Brits typically waste every year.
6
£325 | £25 per quarter per week
Obvious | Hidden
7
130%The typical Brit
spends 130% of their take home after tax pay
... per week.
8
Spending9
Spend Earn>
S>E10
Spend
Earn
What motivates you to be responsible with £?11
4 motivators12
Commonsense Fear
Kick in the pants Someone intervenes
Financial freedom is Spending < Earn13
Spend Earn<
What do I spend my money on exactly?
14
Most Brits spend THEN maybe save 15
Spend
Save
Save
Spend
>95% <5%
4 reasons we don’t save16
I’ll do it later Live now
Not important (enough) No actual gain
10 not 2Most Brits think managing moneyis about ‘earning’ and ‘spending’Their are eight other money skills
17
The 5 Money Laws 18
Earning Spending Saving Investing Giving
Earned IncomeNon Earned
IncomeOther
FixedVariable Hiddens
Taxes
Regular expenses
Big expensesEmergencies
Goals
PropertySharesCash
Business
CharitiesTithing
Increase £(NB Tax)
<Spending<Bad debt
<Money traps<Fees/charges<‘Loans=Gifts’
Pay yourself first! Do NOT touch
3 months reserves/buffer
Invest in what you knowLeverageCosts/Tax
Giving should NOT hurt you! Gift Vs LoanYou are not
an ATM/bank
The 5 Money Skills19
Track Target Trim Train Take Action!
How much do I earn?
What do I need to earn, spend, save, invest,
give?
What can I do without?
What do I need to know?
What do I need to do in the next 90
days?
Sources of all income
Pay slipsStatements
90 days
SpreadsheetforecastBudget
90 day plans
ReduceEliminateRegulate90 days
Future dayImpulse control
ReadCourses90 days
Baby steps90 days
90Most Brits can turn
their money troubles around in 90 days
... but you need a plan.
20
10 20 70*Save 10%
Reduce debts with 20%Live on 70%
* Based on after-tax, take-home pay
21
5 Basic Goals22
Earning Spending Saving Investing Giving
Increase your income> shifts2nd jobDejunk, E-Bay it!
Reduce your costs
Receipts for everything!!Spreadsheet
Negotiate your bills
10/20/70
Do your homework first
Get adviceAn asset puts money IN your
Give back
Where are you now?You need to know where you are NOWWHERE you want to be in 12 months
and what’s STOPPING you
23
Managing Your Money Indicator24
Measures the 10 Skills25
Overall feedback per Skill26
Bespoke feedback per Skill27
Bespoke feedback28
Guidelines if you are in debt29
Get the informationYou are wasting
£1300+pa anyway!
Clue: Obvious | Hiddens
30
The Personal Finance Strategy Session31
Personal Finance Strategy Session
90 minutes/£250
SkypeDelivered worldwide
Greater clarity: Where you are nowWhere you want to beWhat’s stopping you
Clear Data: Your charts5 Money Laws/5 Skills report
Next steps:90 Day Plan/recommendationsMilestones and Obstacles
Support:90 Day E-guide
Personal Finance Strategy Session
MYM QAReport & Feedback Session
MYM QA & PDF
ReportOnly
£250 £97 £47
Fast track ideas that work33
1 2 3 4 5
90 day plansFuture day once
a week
Get receipts and statements for
everythingDejunk!
Debt reduce
Stop!Start!
Continue!Say ‘No!’
80% of people are better off in 90 days, feel empowered, ARE richer
Makes tracking targeting and
trimming easier
Eye-opener
Frees up RAMLess is best
Read/researchPay attention!
DisciplineStop being a
doormat
Get started in your local library34
Get started on your bank’s website35
Great book: www.mymoneytree.com.au36
Will you take action?37
"Why didn’t I do this sooner?"
Everyone who takes action.
38
