Davis, McIntyre
Gary and Llana Davis Things to address for my own financial gain. 1. 2. 3. 4. 5.
Could my financial planning improve helping to strengthen my financial position? Am I prepared to make a change? Is there something I fear in getting started? When do I want to begin? Will this help strengthen our family/business bonds?
Introduction to Financial Planning 1. Have been Holistic financial planning since 1999. 2. Had a 3-day work session studying the H M plan, learning how to categorize expenses and trying to fill some personal numbers onto worksheets. A. Gary was much more interested to try this financial program than I was. B. I was very comfortable with our existing bookkeeping program. . We kept good books but not up to date necessarily, and were conscientious of trying to save and tried to spend money wisely, although enjoyed the freedom of spending money. C. I experienced anxiety and was uncomfortable at the course introduction thinking I was committed to something I didn’t feel necessary to even try. D. Gary, on the other hand, was very excited about the whole idea and had difficulty understanding my apprehension. 3. Started working on the worksheets available with the course in January, which started a new fiscal year for our farm operation. In Hindsight A. It seemed to us that the beginning effort was the hardest. B. We feel it is important to try to set a goal that is achievable and comfortable to all parties involved. 4. The HM program is about knowing your finances and being in control of your spending. To get started on the HM plan we had to do the following A. We determined how our money was spent. We made a list of the categories. B. We determined how much money would be spent each month in each category. So, we predicted how much income would be needed before the year began. C. We studied these categories and attempted to develop a plan that would cut back on money expenditures allowing a profit or the ability to cover costs. D. We determined our net worth Financial success to date 1. How many here have their 2006 books ready for the accountants today? 2. On a scale of 1-10 we would rate our implementation of Holistic financial planning at 7.5. A. Successes 1a. communication
2a. monthly book keeping/monitoring completed promptly 3a. we test for the best allocation of recourses 4a. strict record of receipts 5a. accurately predict annual income and expenditures B.
Needs improvement 1b. communication 2b. regular assessment of net worth 3b. discussion of how, when and where to spend money 4b. consulting the goal and updating the goal when needed 5b. we need to improve on gross margin analyses of enterprise opportunities 6b. receipts-we need to collect all receipts
How many people do holistic financial planning? There is a problem not buying into Holistic Financial Management 1. Communication (lack of) A. money management is different 2. Time (I don’t have enough) 3. Fear factor (not really wanting to know or share) 4. Anxiety of where to start (overwhelmed and sounds like a lot of work) 5. I am really not interested (I’m content with the status quo) 6. I am just unskilled as a bookkeeper How can people over come these problems and get started 1. Family meetings or outside counseling to initiate effective communication, respect each others interests. Make sure a goal is in place. 2. Time involved. 3. Degree of difficulty A) It can be done in stages B) Shotgun approach is best 4. What fears should be overcome. A) Trust and disclosure B) Loss of control (spending restraints) 5. Holding onto the banana How to keep going? 1. Pick a day of the month/week that the books need to be completed A) No excuses 1a) If there is going to be a conflict with this time then complete the books the day previous. 2. Enter numbers daily as money is spent 3. Set your system up so it is convenient 2
4. Talk about the progress being made 5. Give it a year so you see the benefits. A) Our first attempt was making the 50/50 challenge. It took commitment, change and effort to make it through the year. The end result was startling as to the difference of income needed to live. We banked an additional ¼ of our net income as compared to previous years. 6. The commitment has to be from everyone involved. 7 Each year try to improve your financial work. A) We observed, as our bookkeeping skills became more refined less time was required to record and monitor numbers.
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Don and Jan McIntyre
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Could my financial planning improve helping to strengthen my financial position? Am I prepared to make a change? Is there something I fear in getting started? When do I want to begin? Will this help strengthen our family/business bonds?
Introduction to Financial Planning 1. Have been Holistic financial planning since 1999. 2. Had a 3-day work session studying the H M plan, learning how to categorize expenses and trying to fill some personal numbers onto worksheets. A. Gary was much more interested to try this financial program than I was. B. I was very comfortable with our existing bookkeeping program. . We kept good books but not up to date necessarily, and were conscientious of trying to save and tried to spend money wisely, although enjoyed the freedom of spending money. C. I experienced anxiety and was uncomfortable at the course introduction thinking I was committed to something I didn’t feel necessary to even try. D. Gary, on the other hand, was very excited about the whole idea and had difficulty understanding my apprehension. 3. Started working on the worksheets available with the course in January, which started a new fiscal year for our farm operation. In Hindsight A. It seemed to us that the beginning effort was the hardest. B. We feel it is important to try to set a goal that is achievable and comfortable to all parties involved. 4. The HM program is about knowing your finances and being in control of your spending. To get started on the HM plan we had to do the following A. We determined how our money was spent. We made a list of the categories. B. We determined how much money would be spent each month in each category. So, we predicted how much income would be needed before the year began. C. We studied these categories and attempted to develop a plan that would cut back on money expenditures allowing a profit or the ability to cover costs. D. We determined our net worth Financial success to date 1. How many here have their 2006 books ready for the accountants today? 2. On a scale of 1-10 we would rate our implementation of Holistic financial planning at 7.5. A. Successes 1a. communication
2a. monthly book keeping/monitoring completed promptly 3a. we test for the best allocation of recourses 4a. strict record of receipts 5a. accurately predict annual income and expenditures B.
Needs improvement 1b. communication 2b. regular assessment of net worth 3b. discussion of how, when and where to spend money 4b. consulting the goal and updating the goal when needed 5b. we need to improve on gross margin analyses of enterprise opportunities 6b. receipts-we need to collect all receipts
How many people do holistic financial planning? There is a problem not buying into Holistic Financial Management 1. Communication (lack of) A. money management is different 2. Time (I don’t have enough) 3. Fear factor (not really wanting to know or share) 4. Anxiety of where to start (overwhelmed and sounds like a lot of work) 5. I am really not interested (I’m content with the status quo) 6. I am just unskilled as a bookkeeper How can people over come these problems and get started 1. Family meetings or outside counseling to initiate effective communication, respect each others interests. Make sure a goal is in place. 2. Time involved. 3. Degree of difficulty A) It can be done in stages B) Shotgun approach is best 4. What fears should be overcome. A) Trust and disclosure B) Loss of control (spending restraints) 5. Holding onto the banana How to keep going? 1. Pick a day of the month/week that the books need to be completed A) No excuses 1a) If there is going to be a conflict with this time then complete the books the day previous. 2. Enter numbers daily as money is spent 3. Set your system up so it is convenient 2
4. Talk about the progress being made 5. Give it a year so you see the benefits. A) Our first attempt was making the 50/50 challenge. It took commitment, change and effort to make it through the year. The end result was startling as to the difference of income needed to live. We banked an additional ¼ of our net income as compared to previous years. 6. The commitment has to be from everyone involved. 7 Each year try to improve your financial work. A) We observed, as our bookkeeping skills became more refined less time was required to record and monitor numbers.
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Don and Jan McIntyre
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