This month’s speaker was Gordon Bennett author of “Give Yourself a Raise”. The following are a few notes from his presentation on the Financial Freedom System.

What comes to mind when you think of money?
  – The experience of lacking money is always more clear and can be a bad topic.

Risk Factors to Your Financial Success
1st Risk Factor
  –  Job/income stability

2nd Risk Factor
  – Emergency Fund – the “Just in case” account
  – Money in bank is a powerful anti-depressant
  – If you know you can cover car-repair, it isn’t as traumatic when it happens (and it will)
  – Helps you to weather tough times

3rd Risk Factor
  – Debt Level
  – Stop Digging the Hole
  – No debt = more choices

How to Give Yourself a Raise
  – Get Rid of the Waste in your Life
  – Do you know what you spend on what?
  – Pay for what you get right away, avoid interest and overpaying.
  – Stop chaining yourself to your credit cards
  – Pay Self First!
  - 10% to savings before anything else
  – Live Within Your Means
  – Escrow vs. Emergency Money
       o Escrow is savings for things you know are coming such as taxes, utilities, etc.
      o Emergency is 1-3 months’ salary set aside for the things you DON’T know are coming or know are coming but can’t predict when such as car repair, job loss or a major appliance failure
  – 401K
      o Keep it and never touch it

Final Thoughts
  – It’s not as complicated as you think
  – It won’t get better if you ignore it
  – You MUST be involved with your money