Controlling Your Money
Presented By Frederick J. Dawson, ChFC, CLU
There is an undisputed fact in this world, and that is if you don’t control your money, your money will control you. If you are a “believer” in this old adage, then here is the first step in controlling your money.
Prepare a comprehensive list of all your expenses and how much you spend on each item.
In many circles, this is known as a budget. Here is an example of the items that you may need to include:
- Alimony payments
- Hobbies
- Health Insurance Premiums
- Food/Groceries
- Domestic Help
- Medical Expenses/co-pays
- Clothing
- Homeowner’s Insurance Allowances
- Utilities
- Yard/Pool Maintenance
- Child Care
- Phone
- Home Maintenance
- Education Expenses
- Cleaners
- Subscriptions
- 401K/IRA Contribution
- Auto Insurance
- Gifts/Birthdays
- Mortgage
- Auto Maintenance (gas/oil/repairs)
- Property Taxes
- Charge Cards
- Auto Payments
- Sales Taxes
- Entertainment
- Charitable Contributions
- Club Dues
- Tax Preparation
- Vacation
- Life Insurance Premiums
- Personal & Miscellaneous
- Other
Now total it all up!
As presumptuous as it may sound, if you continued this wonderful system for the rest of your life, you might be amazed at how much financial discipline you develop!
Now compare your “outgo” to your “income.” If you find that you’ve got “too much month left over” (you run out of money too soon), then you now know where you need (and can) cut back. Additionally, you are now prepared to do some serious retirement planning!
35 years ago, my wife and I agreed to do this system. Louise has not missed one month all these years! We are in control of our money . . . our money is not in control of us. Everyone should do this! You NEED to do this!
Begin today!
If you don’t control your money, your money WILL control YOU!
* Certified Financial Planner Board of Standards Inc. owns the certification marks Certified Financial Planner™ and CFP® in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
* Any opinions are those of Fred Dawson and not necessarily those of RJFS or Raymond James.
* Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
Bio
Fred Dawson, ChFC (Chartered Financial Consultant), CLU (Chartered Life Underwriter) has over 40 years of comprehensive wealth management experience. He is the President of Dawson Wealth Management and a founding principal partner of the organization. Successful women are prominent among Fred’s diverse client base of professionals, retirees, professional musicians and business owners.
Frederick J. Dawson, ChFC®, CLU® Wealth Manager
Dawson Wealth Management LLC
E.A. Delle Donne Corporate Center
1013 Centre Road – Suite 228, Wilmington, DE 19805
302-757-8000
[email protected] www.dawsonwealth.com
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