As a consumer, single or married (with or without kids), a basic understanding of essential financial products and services and the financial systems in which you routinely operate will empower you to make informed decisions.
The WEALTH for the RIGHTEOUS newsletter will cover personal finance matters concerning Banking, Bankruptcy, Budgeting, Consumer Protection, Credit, Debt, Education, Emergency Funds, Guardianship, Healthcare Directives, Homeownership, Home Equity, Identity Theft, Insurance, Mortgages, Real Estate, Tax Information, Wills, and more. Our planning guides will provide details on some of these topics.
The Consumer & Family Finance section features pertinent articles to help you preserve and protect your financial resources.
Recognize how cash flow management and net worth analysis can be used as tools to achieve financial goals.
Cash Flow Management
- Identify the components of a budget
- Create personalized budget documents
- Revise budget to reflect current cash flow
Personal Net Worth
- Identify the components of a personal net worth statement
- Create personalized net worth statements
- Understand that net worth will fluctuate as the values of assets and liabilities change
Financial Goal Setting
- Differentiate between short- and long-term financial goals
- Prioritize financial goals
- Construct a realistic financial goal action plan
- Revise financial goals as life circumstances change
Know how and where to obtain credit, and the implications of using and misusing credit.
- Differentiate among the types of credit
- Understand which types of credit are better suited for particular purposes than other types
- Identify types of financial institutions where credit can be obtained
Utilization of Credit
- Comprehend the legal implications of using credit
- Understand what a credit report is, how to dispute errors in credit reports, and what a consumer’s rights are regarding credit reports
- Understand what credit scores mean and the significance of their use in modern life
Recognize how using debt can be a tool in asset building.
- Know what tools are available to them to measure their debt load
- Determine what their appropriate debt load is
- Understand the difference between good debt and bad debt
- Recognize the warning signs of excessive consumer debt
- Understand options available to assist with excessive debt loads
- Evaluate which professionals can assist in dealing with excessive debt issues
Use appropriate risk management strategies to protect assets and quality of life.
- Differentiate among the types of insurance products
- Understand one’s insurance needs
- Comprehend the implications of being insured or uninsured