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Alan MacDonald. The Copperjar System: Your Blueprint for Financial Fitness
INTRODUCTION “You’ve just won $50 million dollars.”
CHAPTER 1. Goals and Values
How do you see yourself 10 years from now?
CHAPTER 2. Your “Financial Fitness” Check-Up
Cash flow for the month of June: Cash in:
Cash out:
Cash Flow = Total cash in – Total cash out = +$125
Assets:
Liabilities:
Net Worth (Assets – Liabilities) = $537,000
To get the most out of Chapter Two, complete the following exercises: 1)Cash Flow Analysis
Result:
2)Balance Sheet
CHAPTER 3. Getting a Baseline
To get the most out of Chapter Three, complete the exercises below: 1)Moving From Unconscious to Conscious Spending
2)Ranking Your Expenditures on our Point System
CHAPTER 4. Planning for Retirement
“I’ve Done the Math the Way You Said, But I’m Still Short!”
To get the most out of Chapter Four, complete the following exercises: 1)Realistic Financial Planning
My core retirement expenses are approximately $ _____ based on today’s spending
2)Supporting a Successful Retirement
More Realism and Optimism:
Sources:
Rentals – Monthly
*Sources:
Prices:
Examples of Costs:
Rentals per week:
For Sale:
CHAPTER 5. Setting Up Your Financial Fitness Routine
(your annual retirement income) ÷ 4% = your target retirement savings
CHAPTER 6. Building Your Personal Equity
To get the most out of Chapter Six, complete the following exercises: 1) Sources of Equity
2) Pursuing Opportunities
Advantages:
Drawbacks:
Opportunity:
CHAPTER 7. Cutting Back: Trimming the Fat from Your Budget
Expense 1: Expense 2: Expense 3: Expense 4: Expense 5:
To get the most out of Chapter Seven, complete the following exercise:
Scenario 1
Scenario 2
CHAPTER 8. Knowing Your Limits
There are five key issues around capital markets we will review in this section:
Exercise: Matching your needs to asset classes
Why bother taking the risks of buying stocks or any other variable asset class?
Exercise: Building a personal portfolio policy
Building a portfolio that is consistent with your needs
Exercise: Estimate the volatility you can stand
Management expenses
Five Questions to ask your Financial Advisor:
CHAPTER 9 “Get-Fit” Checklist
Work and pay
Building equity
Investment
Diversification
Financial education
Understanding costs and objectives
Tax management
Risk controls
Insurance
Wills and powers of attorney
Your Will
Your Power of Attorney
Creditor protection
My Equity Plan is: _________________ (create a separate business plan)
CHAPTER 10. Are You Financially Fit?
Score:
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There are few of us who have not, at some point or another, dreamed of winning the lottery. Just imagine all that wealth. The ability to put an end, once and for all, to the constant quest to fill your bank account before the next series of bills goes through. Like the happy millionaires in the commercials we see on television, we could quit the rat race, present our loved ones with dream homes and luxury cars, and be free from the anxieties of managing our finances. Ongoing wealth and security would be ours forever.
This picture of financial Nirvana is created by lottery corporations in a bid to get you to buy another ticket to the next big draw. Somebody has to win, right? And even though you might have a better chance of being run over by a dump truck while swimming, you should go out and buy that ticket!
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•Chapter Two asks you to undergo a “check-up,” just as you would when starting a physical fitness program, to assess exactly how fit (or un-fit) you are right now. This baseline information will help you determine what your next goals should be, what kind of rigours you can withstand, and how much you should try to do in the early stages of your new fitness program. This chapter will give you a firm foundation on which to base your financial outlook.
•Chapter Three builds on that baseline and sets out the platform that will sustain your program going forward. The aim of this chapter is to get you to understand where your money is going, how you are spending it, and why you are spending it that way.
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