© 1992, 1994, 2000,2003,2004 THIS MATERIAL IS COPYRIGHTED.
ASK NOT, USE NOT, UNLESS THOU SHALT BREAK
THE EIGHTH COMMANDMENT OF OUR LORD!
ASK, IN WRITING, AND IT SHALL BE GIVEN UNTO YOU
FOR YOUR NON-COMMERCIAL USE.
Rick Kornmeier
CPA CFP
Email me
at CMMGR1@BIBLICALSTEWARDSHIP.COM
For stewardship materials for individuals, churches,
families and businesses,
Check out my website at
biblicalstewardship.com
Subjects covered include: Church Taxation, Ministerial
Taxation, Debt Reduction
Retirement Planning, Retirement Investing, Mutual Fund
Investing,
Church Stewardship Newsletter inserts, Finding
Financial Freedom and more. In general, all of my
Stewardship materials have been reproduced on my
website.
Step 1. Pray.
Step 2. Determine your values, attitudes and outlook
toward
money, investments and material
possessions.
Step 3. Determine where you are at.
A. Gathering
the paper work that will tell us where you are at.
Wills, insurance policies, deeds,
business agreements,
bank
statements, old tax returns, etc.
B. List your assets and resources. A Net Worth Statement!
1.
Identify any financial shortcomings.
2.
No will?
Not enough insurance? Too much debt?
3.
No
estate planning?
4.
Paying
too much to our rich uncle?
5. Not
diversified enough?
C. Determine
your expenses and income for last year.
Step 4. Establish goals
A.
List
your goals and objectives.
B.
What
is it that YOU
need to plan for?
1.
Retirement?
2.
College
funding?
3.
Medical
problems?
4.
Just
want to be organized?
C. Family
goals, individual goals, church goals
Step 5. Develop a management plan.
A.
Budgets.
B.
Investments
plans.
C.
Methods
to attain.
D.
Start
the steps to attain the goals.
Step 6. Start today!
Step 7. Pray
Involve
the entire family in the goal setting and planning stages.
Be sure
everyone who will be affected has some input into the goals and the attainment
plans!
Put the
plan in writing. Make it clear and easy to understand,
Use
plain English, that means no lawyers can be involved.
List all
the recommendations and necessary steps to reach
The
goals. Be clear and detailed. Be as specific as possible.
Prepare,
The What You Own, What You Owe and What You Spend Forms.
Revise
these forms.
Keep
monthly totals of what you spend.
Do a
cash-flow analysis and then update it every 3 to 6 months,
this
shows what is coming in and what is going out.
Prepare
budget number one--update and revise constantly.
Revise
goals and objectives. Start over. Keep it organized.
Follow the plan! Don't concrete it but follow it.
Start
over. Re-evaluate. Re-think. Check the goals.
List
what has happened since the first plan.
When you
mess up, start over.
BEFORE YOU KNOW WHERE
YOU ARE GOING!
YOU MUST KNOW WHERE YOU ARE AT!!
In order to get to
When it comes to financial planning,
knowing where you are at can be a real painful experience! But, we cannot move forward without knowing
and understanding where we are going to move from and where we are at today. In
order to understand our financial situation we need to fill out the various
forms that we've included in this booklet. Let's fill out the next few forms
together!
WHAT YOU OWN
WHAT YOU OWE HOPEFULLY AS LITTLE AS THIS PRINT.
WHAT YOU
SPEND
These forms
are so important to your financial future that I absolutely require that these
forms be filled in prior to any individual financial counseling sessions. I
cannot emphasize these forms enough!
|
ASSETS |
MARKET VALUE OR BALANCE |
|
Cash on Hand |
$ |
|
Checking Account |
|
|
Piggy Banks |
|
|
Savings or Credit Union Accounts |
|
|
Money Market Funds |
|
|
Certificates of Deposit |
|
|
Wife's
Hidden Stash
(listed here for informational purposes—OFF LIMITS!) |
|
|
Stocks |
|
|
Bonds |
|
|
Mutual Funds |
|
|
Treasury Bills |
|
|
Others, GNMA's, Trusts, etc. |
|
|
Partnership Interests |
|
|
Business Interests |
|
|
Cash Surrender Value of Life
Insurances |
|
|
Residence |
|
|
Vacation Home |
|
|
Rental Property |
|
|
Furniture |
|
|
Gold, Jewelry |
|
|
Wife's clothes, handbag collection,
shoe hoard |
|
|
Husband's Toys, guns, fishing rods,
tools, golf clubs. NOT FOR GARAGE SALES! |
|
|
Collections, Antiques, Coins, Stamps |
|
|
Boats, motorcycles, wave runners |
|
|
Campers |
|
|
Automobiles |
|
|
Loans and Notes due to you |
|
|
Retirement Plan Assets that are vested |
|
|
TOTAL ASSETS |
|
|
LIABILITIES |
AMOUNT OWED OR LOAN BALANCE |
|
Bank Overdrafts |
$ |
|
Due to the IRS, Doctors, Local
Governments |
|
|
Credit Cards, Visa, MasterCard, Discover |
|
|
Credit Cards, Gas companies,
department stores |
|
|
Car Loan Number One |
|
|
Car Loan Number Two |
|
|
Consumer Loans, Household Finance or
others |
|
|
Loans on Appliances,
TV, Washer, Dryer,
Stove, Refrig |
|
|
Christmas Loans |
|
|
Family Loans |
|
|
Boat Loan |
|
|
Camper Loan |
|
|
|
|
|
Mortgage Loan House |
|
|
Mortgage Loan Second on House for
Pool or ? |
|
|
Home Equity Loan House |
|
|
Mortgages Other, vacation homes,
investment properties |
|
|
|