Assessment 4 - Storing Treasures

Determine Your Net Worth

Do you own a home?*

Estimated Market Value*

Please enter a number greater than or equal to 0.

Please estimate the actual market value of your home. Include recent home sales, a trusted real estate agent and/or the internet to estimate.

Do you own a second home, timeshare, or any other piece of real estate property?*

Estimated Market Value*

Please enter a number greater than or equal to 0.

Please estimate the actual market value of your additional home or real estate.

Do you own any cash value life insurance?*

Estimated Amount*

Please enter a number greater than or equal to 0.

Please estimate the amount of the cash value only as of this month.

Do you drive any vehicles?*

Please estimate their value. (Note: You can go to Edmunds.com to get an accurate assessment of market value.) Do not be concerned with money you may owe on your vehicles. We will get to that later. We just want the estimated value at this point.

How Many Vehicles?*

Please enter a number greater than or equal to 0.

Vehicle 1*

Please enter a number greater than or equal to 0.

Vehicle 2*

Please enter a number greater than or equal to 0.

Vehicle 3*

Please enter a number greater than or equal to 0.

Value Of Household Items*

Please enter a number greater than or equal to 0.

Estimate the value of your household items. (As a general rule, estimates of 18-22% of your home's value is a standard guideline.)

Determine Your Net Worth - Page Two

List the amount of any money that is currently in a savings or money market account that is a liquid account. In essence, you could get access to these funds without paying a penalty.

Liquid Amount*

Please enter a number greater than or equal to 0.

Do you own any individual stocks?*

What is the value of the stocks?*

Please enter a number greater than or equal to 0.

Do you own any individual bonds?*

What is the value of the bonds?*

Please enter a number greater than or equal to 0.

Do you own any individual mutual funds (outside of a 401-K)?*

What is the value of the funds?*

Please enter a number greater than or equal to 0.

Do you own any certificates of deposit (CDs)?*

What is the value of the CDs?*

Please enter a number greater than or equal to 0.

Determine Your Net Worth - Page Three

Do you own an IRA?*

What is the value of the IRA?*

Please enter a number greater than or equal to 0.

Do you own a Keoghs or SEP IRA?*

What is the value of the Koegh or SEP IRA?*

Please enter a number greater than or equal to 0.

Does your employer offer a 401-K plan?*

Do they offer a 401-K company match?*

Do you have a 401-K account?*

Are you currently participating in your employer's 401-K plan?*

Are you currently maximizing your employer's match, if offered?*

What is the current value of your 401-K account?*

Please enter a number greater than or equal to 0.

Do you own any boats, RVS or other recreational vehicles?*

What is the estimated value of these vehicles?*

Please enter a number greater than or equal to 0.

Do you own any antiques or collectables (i.e. trading cards, art, etc.)?*

What is the total value of these antiques or collectables?*

Please enter a number greater than or equal to 0.

Do you own any jewelry?*

What is the value of the jewelry?*

Please enter a number greater than or equal to 0.

Are there are any other assets that have not been considered yet?*

What is the specific asset?*

What is the value of the 'other' assets?*

Please enter a number greater than or equal to 0.

Determine Your Net Worth - Page Four

This is page one of two regarding your taxes from last year.

How much tax did you owe for 2020?*

Did you receive a tax refund in 2020?*

How much was the refund?*

Determine Your Net Worth - Page Five

Welcome to the next page of this fourth session. This is the final page regarding our favorite subject... taxes. 🙂

Do you contribute to a 401-K plan or 403-B plan at work or any other tax deferred accounts (such as an IRA?) outside of work?*

Do you need any type of care providers (i.e. day care or day school) for young children or for older members of your household?*

Do you own your own business?*

Do you own a home (your answer from Session 2 shown here)*

Do you have benefit plans at work such as premium only plans and/or flexible spending accounts?*

Will you have any college expenses in the next year?*

Determine Your Net Worth - Page Six - Insurance & Estate Planning

Do you have auto insurance?*

Please have your Policy available for your counselor to be able to review with you.

Bodily Injury*

Please enter a number greater than or equal to 0.

Coverage Limit

Collision Deductible*

Please enter a number greater than or equal to 0.

Coverage Limit

How many drivers are in the household?*

Please enter a number greater than or equal to 0.

Determine Your Net Worth - Page Seven - Insurance & Estate Planning

Please continue to tell us about your insurance and estate planning.

What is your home policy deductible amount?*

Please enter a number greater than or equal to 0.

Do you have an umbrella policy?*

What are the limits of liability?*

Please enter a number greater than or equal to 0.

Determine Your Net Worth - Page Eight - Insurance & Estate Planning

Please continue to tell us about your insurance and estate planning.

Do you currently have life insurance?*

Is this a term policy?*

What is the face amount (dollar value of protection) of this Term life insurance policy?*

Please enter a number greater than or equal to 0.

Does your spouse currently have life insurance?*

Is there a Term policy?*

What is the face amount (dollar value of protection) of this Term life insurance policy?*

Please enter a number greater than or equal to 0.

Determine Your Net Worth - Page Nine - Insurance & Estate Planning

Please continue to tell us about your insurance and estate planning on this Final Page.

Do you have a will or a trust?*

Was it completed in the current state in which you reside?*

Do you have a living will?*

Do you have a Medical Power of Attorney?*

Determine Your Net Worth - Page Ten - Liabilities

Now, let's take a look at your liabilities. Liabilities include mortgage, personal loans, credit cards, loans to individuals, student loans, auto loans, etc.

How many liabilities do you currently have?*

Please enter a number from 0 to 5.

Name Of First Creditor*

Type Of Debt

Interest Rate*

Please enter a number greater than or equal to 0.

Outstanding Balance*

Please enter a number greater than or equal to 0.

Minimum Payment*

Please enter a number greater than or equal to 0.

Name Of Second Creditor*

Type Of Debt

Interest Rate*

Please enter a number greater than or equal to 0.

Outstanding Balance*

Please enter a number greater than or equal to 0.

Minimum Payment*

Please enter a number greater than or equal to 0.

Name Of Third Creditor*

Type Of Debt

Interest Rate*

Please enter a number greater than or equal to 0.

Outstanding Balance*

Please enter a number greater than or equal to 0.

Minimum Payment*

Please enter a number greater than or equal to 0.

Name Of Fourth Creditor*

Type Of Debt

Interest Rate*

Please enter a number greater than or equal to 0.

Outstanding Balance*

Please enter a number greater than or equal to 0.

Minimum Payment*

Please enter a number greater than or equal to 0.

Name Of Fifth Creditor*

Type Of Debt

Interest Rate*

Please enter a number greater than or equal to 0.

Outstanding Balance*

Please enter a number greater than or equal to 0.

Minimum Payment*

Please enter a number greater than or equal to 0.

Hidden

Calculate Debt Types*

Determine Your Net Worth - Page Eleven - Insurance & Estate Planning

Now, let's see about your credit report and credit score.

Do you have a current copy of your credit report (within the past six months)?*

If not, visit www.annualcreditreport.com for more information.

Do you know your credit score?*

If not, you can get that from www.annualcreditreport.com as well.

What is your current credit score?*

Please enter a number from 300 to 850.

Determine Your Net Worth - Page 12 - Net Worth Calculator

Now, let's take a look at your Session Four results.

Cruise Director X & Y Both Positive Values

Race Car Driver X Positive & Y Negative

Litigator X Negative & Y Negative

Statesman X Negative & Y Positive

Assets

Liabiilities

Primary Residence*

with *

Second Home*

with *

Life Insurance (Cash Value Only)*

with *

Automobiles*

with *

Household Items*

with *

Checking*

Stocks*

Bonds*

Mutual Funds*

Certificates Of Deposit*

IRAs*

Keough/SEPs*

401(K)*

Boat, RV, ETC.*

Antiques*

Jewelry*

Other Assets*

Total Assets*

Total Liabilities*

Net Worth*

Assets - Liabilities

Credit Score & Report

You have indicated that you do have a copy of your credit report.

You have indicated that you do NOT have a copy of your credit report. Please visit www.annualcreditreport.com for more information.

You have indicated that you do NOT know your credit score. Please visit www.annualcreditreport.com for more information.

You have indicated that your credit score is*

Recommendations

Thank you for completing session four. Your recommendations are below.

System Generated - Umbrella: Contact a local insurance agent and discuss whether you would benefit from an umbrella policy to help you protect your assets.

System Generated - Benefit Plan: Highly recommend that you take advantage of Health Savings Account if you pay your health premiums to a provider outside of your employer for tax benefits. In addition, if you have access to a flexible spending account, take full advantage of it if you have out of pocket medical expenses.

System Generated - Refund Amount: Refund too large. Fill out a W-4 from your HR department and re-calculate your withholdings so you can get more money in each paycheck instead of a lump sum in your tax return.

System Generated - 401-K Account: Contribute up to the match on your 401-K account. A 401-K is a great way to save for retirement. Many plans offer matching contributions and there are excellent tax advantages to saving in a 401-k plan. Once you have $1,000 saved in a liquid account, we recommend you sign up for your company's plan.

System Generated - Dependent Care: Review your dependent care coverage with your HR department. Sign up for this if you have dependent care expenses and you can receive a tax benefit.

System Generated - Flexible Spending Plan: We recommend that you consider signing up for a flexible spending account if you are planning on out-of-pocket medical expenses of a few hundred dollars or more.

System Generated - Own A Business: Contact a local accountant or CPA to ensure you are getting all the small business tax benefits you are entitled to.

System Generated - Auto Insurance: Auto bodily coverage not at least 100/300. Please bring your current policy and dec page to a licensed insurance agent for a review of your coverage and premium.

System Generated - Will, Living Will, POA: It is important for you to protect your family with a will, a living will, trust, or medical power of attorney. Please contact a local attorney to get information on these documents.

System Generated - Will, Living Will, POA: Home deductible might be too low. Please talk with your home insurance agent to see if a higher deductible might be right for you and save you money by lowering your monthly home insurance payment.

System Generated - Life Insurance: Review your current cash value life insurance with a licensed insurance agent to ensure that you are fully protected at an economical premium.

System Generated - Liquid Assets: Liquid Assets less than $1,000. You need to increase your safety net to at least $1,000 as soon as possible. It is critical that you save this amount in a safety net so that small emergencies do not find their way onto your credit cards.

System Generated - Cruise Director: Pay off debt with lowest balance first and CELEBRATE your success whenever you pay off a debt.

System Generated - Race Car Driver: Pay off your debt with the lowest balance first, CELEBRATE your success whenever you pay off a debt, and stick to your plan.

System Generated - Litigator: Pay off your debt with the highest interest rate or highest balance first. Consider those around you and take their personalities into account when coming up with your debt repayment plan.

System Generated - Statesman: Pay off your debt with the highest interest rate or highest balance first and push yourself to stay aggressive with your debt payoff.

System Generated - Cruise Director: You owe money to an individual. As you are a cruise director, we suggest you make this a high priority. While there may be no interest, your personality style suggests that this may be a real concern in leaving it outstanding.

System Generated - Credit Report: Go to creditkarma.com or quizzle.com to get a FREE credit score. Please note that this score is just an estimate and may differ somewhat from one you would get from an insurance agent or bank.

System Generated - Credit Score: Credit scores of 751 and up are considered excellent; scores from 721 to 750 are very good; those from 691 to 720 are considered good; and borrowers with scores from 620 to 690 are fair credit risks. A credit score below 620 is considered poor.

System Generated - Credit Info: Here is how credit scores are determined: Payment history (35%), Amounts owed (30%), Length of credit history (15%), Taking on more debt (10%), and Types of credit used (10%). How you can improve your credit score: 1. Pay all obligations timely. 2. Keep most or all of your credit balances to 30% or less of the total credit on that card or loan. 3. Avoid taking on more debt. Consider closing dormant accounts, reducing or moving debt from cards or loans that are close to "maxing out" pay obligations on time; and be cautious about taking on new debt.

You have over $50,000 in liquid and investment funds (not including your 401-k). You should contact a trusted financial planner to set a long term plan.

One or more interest rates on debt is higher than 14%. Contact the creditor and ask if they will agree to lower the interest rate below 10%.

Determining Net Worth

Session 4

Determine Your Net Worth

Determine Your Net Worth - Page Two

Determine Your Net Worth - Page Three

Determine Your Net Worth - Page Four

Determine Your Net Worth - Page Five

Determine Your Net Worth - Page Six - Insurance & Estate Planning

Determine Your Net Worth - Page Seven - Insurance & Estate Planning

Determine Your Net Worth - Page Eight - Insurance & Estate Planning

Determine Your Net Worth - Page Nine - Insurance & Estate Planning

Determine Your Net Worth - Page Ten - Liabilities

Determine Your Net Worth - Page Eleven - Insurance & Estate Planning

Determine Your Net Worth - Page 12 - Net Worth Calculator

Credit Score & Report

Recommendations

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