This course is intended for women who want to go back to the basics and establish a strong financial foundation before they modify their investment strategy or make new investments.
The Financial Planning Basics course is a 3-part series that will be supported by monthly Circle discussions. Members can ask questions on Mighty Networks, and they will be responded to by the Course Creators or other experts.
By the end of this course, you will have:
- Established your financial wants versus needs
- Determined your cashflow and built your budget
- Figured out your future retirement nest egg
- Established the savings and investment targets you need to meet your financial goals
- Analyzed your risk tolerance and learned some tips to safeguard yourself
Prerequisites & Level of Effort
There are no pre-requisites for this course.
Monthly Commitment: 3-4 hours
Approximately 1.5 – 2 hours of homework is required prior to each meeting, which are expected to last about 1.5 hours. The amount of time you spend will depend on how comprehensive you want to be with the assignments. The more effort you put in, the more you will gain.
NOTE: An additional commitment of 1 -1.5 hours during the second month will be required to participate in the special live Zoom demonstration.
Back to the Basics consists of a combination of homework, peer-learning, and live demonstrations with the course creators. In the first session, you will examine your current financial situation – what you earn, spend and save as well as a tally of assets versus liabilities. Then in the second session, you will use this information to estimate your retirement spending budget. And finally, in the third session, you will address some things that can trip you up along the way – such as not having and maintaining an appropriate portfolio, failing to consider other personal financial risks like inadequate insurance or lack of estate planning.
- Meeting 1: The Numbers
This session gets you started with Baseline Planning, which is the process of figuring out where you are now financially. The information you uncover will be your starting point and is one of the most important steps of financial planning. Knowing your current financial situation increases the likelihood that you will reach your financial goals. And, it gives you a strong foundation for thoughtful financial planning, investing, and charitable decision making.
- Meeting 2: Are You on Track?
In this session you will put the numbers together, so you have a good idea of your retirement budget and investment needs. A long-used, and wise adage in financial planning is “the working years are all about saving and investing, but the retirement years are all about spending.” Thoughtfulness about both is one of the keys to retirement actually being the “golden years.”
- Meeting 3: Risk
This session will be about risk, and we are not just talking market risk. Unfortunately, there’s more risk to your financial situation than just from your portfolio. Failing to plan or update your financial plan in the areas of insurance risk management and estate planning can have disastrous results. This session is about the things you or your advisor should be monitoring. Building on the first two sessions, you now have the information to know if your savings are on track. But there are things that you need to do regularly to make sure you actually reach your ultimate financial goals.
As she says on her LinkedIn page, Eileen is taking a pause before starting her next chapter. And that pause is well deserved because she spent almost 40 years in the financial services arena. She’s had roles in banking, brokerage, commodities, training, compliance, and auditing. During the last 20 years, Eileen formed her own investment advisory firm and later partnered with a larger value aligned wealth management company. We are delighted that she used some of her downtime to co-create this course.
Teresa has over 20 years’ experience in the financial industry, with 12 years as a CFP and investment compliance officer. During those years, Teresa coached more than 1,000 women who felt frustrated and ashamed that they had not managed to successfully take control of their financial situation. Through Lady Money, the coaching business Teresa recently launched, she is now dedicated to teaching women to make better, smarter and more value-aligned choices when it comes to saving, investing and spending. We are excited to have her as part of the Invest for Better community.
Open enrollment for Fall Deep Dive courses ended on October 18th, but openings may be available. If you would like to enroll, please contact email@example.com. If you are not currently an IFB Member, sign up for our annual membership ($100 donation) and take courses every quarter! Learn more about this membership option here. If you have questions, please contact firstname.lastname@example.org.