the art of financial organizing

Designed by Big Beautiful Brain.com

www.TheFinanceCoachCo.com

Introduction 3

Ready, Set, Goals 5

Take Action 7

Tools for Success 9

Let’s Get Organized ! 11

Where Does It Come From? 15

What Do I Have? 19

What Do I Owe? 23

Where Does It Go? 25

Record Keeping 101 34

How long do I keep that? 39

So...What’s next? 41

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MORE THAN MONEY VOLUME 1 ~ THE ART OF ORGANIZING

The Art of Financial Organizing is a no-nonsense approach to financial success. It will take skill and imagination to design a plan that is right for your life. A bit of effort is all you need to get this done. Have fun with it, this may be life changing!


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Presented by:

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Keeping up and tracking your money is more important and harder than ever. Spending happens very quickly and money often escapes us before we have the opportunity to handle our responsibilities...until now! Understanding, designing, and organizing your personal financial plan is a responsibility, one that comes with many benefits, if done right! This e-workbook is designed to help you organize and design a plan to reach your financial goals. I promise that you will feel better and more in control after you complete this e-workbook. The Finance Coach Co. is dedicated to education you didn’t learn in school.

Shall we begin….


MORE THAN MONEY VOLUME 1 ~THE ART OF ORGANIZING








Setting goals is the first and most important step to a successful life. We just can't get there without them.

THINK S.M.A.R.T. WHEN PLANNING


WHERE ALL THE GOOD STUFF STARTS

Specific: Goals need to be specific. Goals are vivid portraits of your future.

Measurable: Goals must be stated in quantifiable terms. This

concept is what separates a goal from an intention. Measurable goals facilitate management planning, implementation, and control.

Action Plan: Goals must inspire people to think big and feel as

though they are achievable, or they’re a set-up for failure.

Relevant: Goals must be relevant to your life and have

purpose. Time specific: Your goals must include timeline of when your

goals should be accomplished.








This section is designed to help you filter and focus on your goals. It’s time you get reacquainted with the reasons why you work so hard. Have fun and think big!

What are your top 3 Life Goals?

Any Obstacles?

Action Plan

Goal #1

_________

Measurable ($)

__________

Time Frame

__________

Goal #2

__________

Measurable ($)

__________

Time Frame

Goal #3

__________

Measurable ($)

__________

Time Frame

YOU’RE THE STAR OF YOUR OWN

LIFE ADVENTURE!

My life

It’s all you, baby!

Your big beautiful brain!






VOLUME 1 ~THE ART OF ORGANIZING


This section is designed to discover opportunities in your current situation. You may or may not be taking advantage of the tools available to you. Please check those that apply.

1. Investment _ Appropriate asset allocation _ Ease of management reducing portfolio risk _ Tax efficient _ Enhancing Portfolio Returns 2. Retirement _ Saving for a comfortable retirement _ Realizing retirement income in an efficient manner _ Aligning my desired retirement and financial requirements _ Transitioning into a retirement that is in line with my personal

priorities

3. Education _ Fully or partially fund children’s or grandchildren’s education 4. Cash Management & Debt Reduction _ Ensuring assets are adequate throughout your lifetime _ Saving strategies _ Being prepared for unexpected expenses _ Debt consolidation _ Tax efficiency of debt

5. Protection _ Provide for family in event of death _ Provide for family in the event of disability

6. Estate Planning _ Transfer your wealth in tax-efficient manner _ Transfer your wealth according to your wishes _ Provide for family in the event of physical or mental incapacity _Minimize impact of probate fees _ Charitable giving

MORE THAN MONEY








This might be the most important part of this workbook. It will serve as your “life on paper”; you can use it as a working tool with your Lawyer, Accountant, Financial Advisor, Power of Attorney, Estate Executor, or Family Members. Keep one in a safe and one in your safety deposit box (in case of fire or natural disaster). The list goes on….

MORE THAN MONEY

Basic Information

You

Partner/Spouse

Last Name:

Given Names:

Gender:

Date of Birth:

Phone:

Work address:

Work Phone:

Emergency Contact:

Other:








Continue filling this information out and keep it in a safe place!

MORE THAN MONEY

Name/s of

Children

M/F

Date of

Birth

Country of

Residence

1)

2)

3)

4)

5)

6)








This section is designed to put all income streams on paper. This will serve to help with proper allocation of funds and all financial planning. You must know where you stand before you can move forward.

MORE THAN MONEY

Your Annual Amount

Spouse Annual Amount

Applicable Period

Interest Rate

Unemployment Income

Tax-Free Income

Royalty Income Received

Alimony Payments

Company Pension

Annuity Income Stream








Just a bit more information to get you closer...every inch counts!

MORE THAN MONEY

Contributor

Owner

Market Value

Acct #

How

Much

How Often

1)

2)

Is there a Defined Benefit Program?

You

Spouse

1)

1)

Government Benefits

You

Spouse

1)

2)








Do you own any real estate, yet? We say “yet” because we feel real estate is an integral piece in any investment portfolio. Investing in real estate as well as in the market offers you the flexibility to capitalize on the opportunities that these disciplines have to offer.

MORE THAN MONEY

Description

Owner

Purchase

Date

Purchase

Price

Rental

Income

What is the

Frequency

of these

payments?

Current

Market

Value

1)

2)

3)

Description

Original

Principal

Interest

Rate

Start

Date

Amortization

Payment

Frequency

Current

Market

Value

1)

2)

3)








And now for other investments…. Please record everything from RRSPs to education plans and everything else in between.

MORE THAN MONEY

Name of Institution that holds your investment?

Who is the Owner?

What is the asset Type?

How much did it Cost? When did you buy it?

What’s today’s market value?

What is the yearly return? (%)

1)

2)

3)

4)

5)

6)

7)

8)

9)

10)







We have to face our debt! Understanding and organizing what you owe, who you owe, and how much it is costing you to pay them back is the only way to get a handle on managing debt. Imagine if you received 40% of the interest paid over the year back at tax time. That could mean an extra vacation, funding an education, not to mention relieving the strain on relationships. Consumers keep the economy afloat. Get the control back into your own hands.

MORE THAN MONEY

Are any of your loans Tax Deductible?

1)

2)

3)

Describe what you

owe

Is this Debt

Insured Yes/No?

Start Date

D/M/Yr.

How much

interest are you paying?

How do you do

pay this?

What is the outstanding

balance?

How often is this

payment?

1)

2)

3)

4)

5)

6)








What does your lifestyle cost? It is important to take a look at those expenses, and to decide on required expense vs. discretionary expenses. Keep it real! This exercise will help you see where it goes, and make the necessary adjustments to save a little or a lot!

MORE THAN MONEY

Expense

Description

How

much do

you spend?

Tax

Deductible

Start Date

End Date

Is it

R= Required

or

D= Discretionary?

Food

Clothing

Medical/

Dental

Telephone

Other

Transporta-

tion

Vehicle

Loan/Lease

Gas/Oil

Repairs

Parking

Vehicle

Insurance








MORE THAN MONEY

Dependent Care

Amount

Tax Deductible

Start Date

End Date

Is it R= Required or D= Discretionary?

Eldercare for Parents

Eldercare for Self/Spouse

Adult/Child/Grandchild

Insurance Payments

Alimony

Other

Expense

Description

Amount

Tax

Deductible

Start Date

End Date

Is it

R= Required

or

D= Discretionary?

Other

Personal

Entertainment

Club

Membership

Sports/Lessons

Personal

Grooming

Education/

Tuition

Gifts

Vacation








MORE THAN MONEY

How much do you spend on Shelter?

Amount

Tax Deductible

Start Date

End Date

Is it R= Required or D= Discretionary?

Property Tax

Property Insurance

Rent

Condo Fees

Housekeeping

Utilities, Heat, Water, Electricity

Cable, Internet

Personal Insurance

Description

Amount

Start Age

Years

Linked Assets

Market Value

1)

2)

3)

4)

Where is the

Education

Plan?

Who is it

for?

Is it Tax

Deductible?

What is the

annual

contribution?

Is it indexed

for inflation?

Date

Applicable

1)

2)

3)





MORE THAN MONEY

Savings Strategy

Institution

Name

Owner

Beneficiary

Yearly Rate of Return

Date of Maturity

RRSP Savings

RRSP Savings-Spousal

Non-Registered Savings

Lump Sum Mortgage Payments

Other

Charitable Contributions

Political Contribution

Pet Care

Other









Need to locate this information quickly? Your advisor will have records of each of the transactions that you have ever asked them to perform, including copies of all applications, commitments, trades, and transactions. It is important to have their names and contact info handy.

MORE THAN MONEY

Bank/Investment Account

Account/Trust Type:

Balance:

Address:

Statement Location:

Any Notes:

Life Insurance Company

Name of Insurance Company:

Type of Insurance:

Amount (s):

Agent Name:

Contract Location:

Mortgage Company

Name of Mortgage Company:

Mortgage Details:

Amount Owing:

Insured: Yes/No

Contract Location:

Bank/Investment Account

Account/Trust Type:

Balance:

Address:

Statement Location:

Any Notes:








MORE THAN MONEY

Insurance Agent and Insurance Firm

Name of Agent:

Name of Company:

Address:

Contact:

Phone#:

Your Account#:

Statement Location:

Mortgage Agent and Mortgage Brokerage

Name of Agent:

Name of Brokerage:

Address:

Contact:

Phone#:

Your Account#:

Statement Location

Who are your advisors and agents? We all need advisors no matter how hands on we are with our finances. Regardless, you are in control of your finances but a second opinion always makes good sense.



Investment Advisor and Investment Firm

Advisor Name:

Advisor Firm:

Address:

Contact:

Phone#:

Account#:

Statement Location:




It’s a good idea to attach a copy of this to your will as well as with your insurance documents. Keep a copy at a location outside of your home i.e., safety deposit box or with a financial advisor. I don't want to scare you but we’ve seen situations where fire destroyed all documents that left the family without any original documents to get their lives back in order.

MORE THAN MONEY

Accountant and Firm

Accountant Name:

Accounting Firm:

Address:

Contact:

Phone#:

Account#:

Statement Location:







www.TheFinanceCoachCo.com 40of 42

Cure the Clutter Bug! Do your personal files look like a junk drawer? Life is busy. Many people have no idea how long to hang on to certain documents. We’ve done the homework and put it out on a handy ledger just for you. Enjoy the extra square footage you work so hard for!

MORE THAN MONEY

DOCUMENTS HOW LONG TO KEEP Bank statements Six years Birth certificates Forever Cancelled checks Six years Contracts Until updated Credit card account numbers Until updated Divorce papers Forever Home purchase As long as you own Household inventory Until updated Insurance, life Forever Insurance, car, home, etc. Until updated Investment records Six years after tax deadline for year of sale Investment Until cashed or sold Loan agreements Until updated Military service records Forever Real estate deeds As long as you own Receipts for large purchases Until sale or discard Service contracts Until sale or discard Social Security card Forever Tax returns 6 years from filing Vehicle titles Until sale or disposal Will Until updated








MORE THAN MONEY

If you found this workbook helpful, please share it with your

friends. We made it simple; just click the social media icons on

the bottom left of each page.

The Finance Coach Co. is also coming to a

Library, Recreation Centre, or

School near you. Find out more at

TheFinanceCoachCo.com

RULES OF THUMB

Here are a few tips to consider as you prioritize goals and implement your savings plan:

Purchase enough life insurance to meet your needs. To estimate your coverage needs, use our Life Insurance Needs Analysis tool available on our site at:

TheFinanceCoachCo.com Build an emergency fund equal to at least six times your

gross monthly salary. Obtain enough disability insurance to replace at least 60%

of your monthly salary. A disability before age 65 is more likely than death.

Plan to replace 80% or more of your final salary for

retirement. To accomplish this, first maximize your tax-deductible contributions to your retirement plans such TFSA, RRSP, Non-Registered account plans before using other investment products.






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the art of financial organizing

Economy & Finance