DO YOU MANAGE THE FINANCES IN YOUR HOME?
IF SO, YOU ARE NOT ALONE.
MORE AND MORE WOMEN ARE BECOMING THEIR FAMILY'S CHEIF FINANCIAL OFFICER.
THAT'S RIGHT.
CFO.
AND WITH THAT TITLE COMES RESPONSIBILITY.
AND EVEN IF YOU ARE NOT YOUR FAMILY'S CHIEF FINANCIAL OFFICER, WE ALL NEED TO LEARN MORE
ABOUT MANAGING OUR PERSONAL FINANCES AND ACHIEVING FINANCIAL INDEPENDENCE.
OUR GUESTS THIS MORNING CAN CERTAINLY SHARE HER WEALTH OF KNOWLEDGE.
MEET JULIE SIEMEN OF THE FINANCIAL SERVICES COMPANY, PRIMERICA.
WE WANT TO WELCOME YOU TO THE SHOW.
IT'S SO GREAT TO HAVE YOU HERE.
THANK YOU JULIE.
IT'S A JOY TO BE HERE.
I'LL TELL YOU, I'M EXCITED TO TALK ABOUT WOMEN AND THEIR MONEY.
SUCH AN IMPORTANT TOPIC.
AND LET'S BE HONEST, MANY OF US ARE NOT SAVING ENOUGH AND WE ARE NOT DOING ENOUGH TO SECURE
OUR FAMILY'S FINANCIAL FUTURE.
WHY NOT?
YEAH, YOU KNOW, WE HAVE TO AGGRESSIVELY SEEK OUT THE RESOURCES TO UNDERSTAND WHAT IT IS
WE CAN DO.
AND WHAT WE UNDERSTAND REALLY AS WOMEN IS THAT WE HAVE DEBT IN OUR LIVES AND THAT'S
THE FIRST THING WE NEED TO OVER COME.
WE'RE MAKING MINIMUM MONTHLY PAYMENTS ON OUR CREDIT CARDS AND IT'S REALLY SACRIFICING OUR
FUTURES.
AND AS WE ALL KNOW, WOMEN LIVE LONGER THAN MEN, YET WE ARE SAVING LESS THAN MEN.
NOT OK.
NO, IT ISN'T AND WE DO LIVE LONGER.
I KNOW IT CAN BE DIFFICULT TO THINK ABOUT THAT.
SAD AT TIMES.
RIGHT.
QUITE HONESTLY WE HAVE TO FIGURE THAT OUT TODAY.
IT'S IMPERATIVE THAT WE DO SO FOR OURSELVES AND FOR OUR FUTURES.
WHEN YOU SAY LONG TERM, I THINK RETIREMENT.
THAT COMES TO MIND.
AND RECENTLY I READ AN ARTICLE SAYING THAT PEOPLE SPEND MORE TIME PLANNING THEIR VACATIONS
THAN THEY DO PLANNING THEIR RETIREMENT.
YEAH.
IT'S IRONIC, ISN'T IT?
NOT SURPRISING THOUGH BECAUSE IT'S AN INSTANT GRATIFICATION SOCIET THAT WE LIVE IN.
SO TRUE.
AND SO REALLY WHAT WE NEED TO DO IS FOCUS AS WOMEN BECAUSE WE ARE SO POWERFUL WHEN WE
HAVE THE KNOWLEDGE ON WHAT WE CAN DO TODAY.
MOST OF US PAY THE BILLS IN OUR HOUSEHOLDS.
SO, IF WE KNOW HOW TO APPROPRIATE THOSE FOR OUR FUTURES, WHAT A DIFFERENCE IT CAN MAKE.
SO, TELL ME, AS WOMEN WHAT DO WE NEED TO DO TO ACHIEVE FINANCIAL INDEPENDENCE FOR OURSELVES
AND FOR OUR FAMILY?
YEAH, WELL, THE FIRST THING WE NEED TO DO IS PAY OURSELVES FIRST.
AND I KNOW THAT SOUNDS EASIER SAID THAN DONE.
BUT QUITE HONESTLY, BASIC CONCEPTS CAN TEACH YOU HOW TO DO THAT.
AND THAT IS WHAT WE DO AT PRIMERICA.
OUR REPRESENTATIVES SIT DOWN FACE TO FACE WITH THEIR CLIENTS.
WE DON'T BUSINESS OVER THE TELEPHONE, WE DON'T DO IT OVER THE INTERNET.
INSTEAD WE COME TO YOU IN YOUR HOME.
AND SO YOU ARE ABLE TO REALLY ACCESS ALL THOSE IMPORTANT FINANCIAL DOCUMENTS THAT HELP US
TO PUT TOGETHER THE FINANCIAL NEEDS ANALYSIS.
WHICH IS REALLY A GAME PLAN FOR RETIREMENT.
NOW, I RECENTLY RAN ACROSS A STUDY THAT SAID 70% OF US HOUSEHOLDS WITH CHILDREN UNDER 18
WOULD HAVE TROUBLE MEETING EVERY DAY LIVING EXPENSES WITH IN A FEW MONTHS IF A PRIMARY
WAGE EARNER WERE TO DIE TODAY.
THAT IS SO SAD.
SO, THE IMPORTANCE OF LIFE INSURANCE COMES TO MIND AND I KNOW THAT'S A HUGE PART OF YOUR
MESSAGE.
IT IS.
WE WERE FOUNDED ON BI TERM AND INVEST THE DIFFERENCE.
SO, LET'S TALK A LITTLE BIT ABOUT TERM INSURANCE.
OK.
THE THEORY OF DECREASING RESPONSIBILITY IS VERY IMPORTANT TO UNDERSTAND.
LET ME TELL YOU.
SO, RESPONSIBILITIES WHEN YOU ARE YOUNGER, RIGHT, WHEN YOU ARE NEWLY MARRIED OR BOUGHT
A HOME OR HAVE CHILDREN.
THEIR EDUCATION MAYBE YOU'RE PAYING FOR OR CAR PAYMENTS, RIGHT?
WE HAVE A MULTITUDE OF RESPONSIBILITIES.
IF WE HAVE A LOSS OF A BREADWINNER IN THE FAMILY OR THE CARE TAKER IT CAN DEVASTATE
THAT FAMILY FINANCIALLY.
SO, AS YOU GROW OLDER THOUGH AND THOSE RESPONSIBILITIES DO DECREASE YOU DON'T NEED QUITE AS MUCH LIFE
INSURANCE.
NOW, IF YOU INVEST AS I SAID EARLIER, BUY TERM AND INVEST THE DIFFERENCE.
IF YOU'VE INVESTED ALL OF THOSE YEARS INTO YOUR RETIREMENT, YOU'RE WELL PREPARED FINANCIALLY
TO NOT NEED AS MUCH LIFE INSURANCE BECAUSE YOU HAVE INVESTED AND SAVED YOUR MONEY.
AND ANOTHER CONCEPT I WANTED TO DISCUSS IS THE POWER OF COMPOUND INTEREST.
ALSO KNOWN AS THE RULE OF 72.
EXPLAIN THAT.
YEAH, THE RULE OF 72 IS REALLY A VERY BASIC LESSON AND WE ALL NEEDED TO LEARN THIS BACK
IN HIGH SCHOOL.
IT TEACHES HOW ONE DOLLAR BECOMES 2.
AND ALL YOU NEED TO DO IS TAKE THE NUMBER 72 AND DIVIDE IT BY THE INTEREST RATE YOU'RE
HOPING TO EARN.
BUT IF YOU WERE TO INVEST A ONE TIME INCREMENT OF MONEY, LET'S SAY 10,000 DOLLARS AT A 12%
INTEREST RATE, YOU DIVIDE THAT BY 72 AND IT WOULD TAKE 6 YEARS FOR THAT $10,000 TO DOUBLE
TO $20,000.
SO, THINK ABOUT HOW OLD YOU ARE AND HOW MANY YEARS YOU HAVE, HOW MANY DOUBLING PERIODS
YOU HAVE IN YOUR LIFE TIME?
NOW, ANOTHER WAY PRIMERICA IS HELPING PEOPLE BECOME FINANCIALLY INDEPENDENT IS TO START
YOUR OWN PRIMERICA BUSINESS.
BE YOUR OWN BOSS.
TELL ME ABOUT THAT.
WE HAVE OVER 95,000 REPRESENTATIVES.
WOW.
AND HALF OF THEM ARE COMPRISED OF WOMEN.
SO IT IS EXCITING TO SEE TODAY THE WOMEN IN OUR SALES FORCE, THEY'RE WIVES AND MOTHERS.
THEY HAVE EDUCATED THEMSELVES ABOUT FINANCIAL SERVICES AND THEY ARE CREATING A PHONOMENAL
FUTURE.
A LEGACY REALLY FOR THEIR OWN FAMILY.
JULIE, THANK YOU SO MUCH FOR BEING HERE TODAY.
SUCH IMPORTANT VALUABLE INFORMATION AND YOU MADE IT SIMPLE.
OH.
THANK YOU FOR DOING THAT.
THANK YOU SO MUCH JULIE.
IT WAS A PLEASURE.
ALRIGHT, AND IF YOU'D LIKE TO GET MORE INFORMATION ON HOW YOU CAN GET ON THE ROAD TO FINANCIAL
INDEPENDENCE, GO TO OUR WEBSITE, THEBALANCINGACT.COM
WE'RE ALSO ON FACEBOOK.