I am starting to develop an uptodate financial plan.

1
FINANCIAL ASSESSMENT

• Please complete this form for yourself. If you
  are part of a couple, please
• have the other person complete the next form
  entitled "Family Member
• and have it returned to you.

• I am starting to develop an up-to-date financial
  plan.
• I have an updated financial plan.
• I have analyzed my cash flow.
• I have established a "rainy day" fund for
  emergencies.
• I have completed a net worth statement. (Assets
  minus debts or liabilities)
• I am saving money on a regular basis for the
  future.
• I have reviewed my (life, health, disability,
  long term care, auto, home, liability) insurance
  coverage.

Yes No
2
FINANCIAL ASSESSMENT FAMILY MEMBER

• I am starting to develop an up-to-date financial
  plan.
• I have an updated financial plan.
• I have analyzed my cash flow.
• I have established a "rainy day" fund for
  emergencies.
• I have completed a net worth statement. (Assets
  minus debts or liabilities)
• I am saving money on a regular basis for the
  future.
• I have reviewed my (life, health, disability,
  long term care, auto, home, liability) insurance
  coverage.

Yes No
3
COLLECT AND ORGANIZE FINANCIAL RESOURCES AND
DOCUMENTS
4
NET WORTH STATEMENT
This statement will give you a picture of your
current financial position on a given date and
help you determine your net worthwhat you own
(assets) versus what you owe (liabilities). In
completing this form, round figures are
sufficient to give you a ballpark idea. This
does not have to be an exhaustive review.
ASSETS (I/WE OWN)
SHORT TERM ASSETS (Cash or Equivalent or Mature
in Less Than Six Months)
Cash on Hand


Checking Account
Savings Account

Savings Bonds

Money Market Funds

Certificates of Deposit

Cash Value (Life Insurance)


TOTAL SHORT TERM ASSETS
LONG TERM ASSETS (Current Value)
Home (Market Value)

Mutual Funds

Tax-Deferred Savings (403(b), IRA, 401(k)

Stocks/Bonds

Certificates of Deposit

Rental Property

Equity in Businesses You Own

Other

TOTAL LONG TERM ASSETS

PERSONAL PROPERTY (Current Value)
Automobiles/Trucks

Boats/Recreational Vehicles

Furnishings

Antiques

Collectibles (Art, Stamps, Coins)

Jewelry/Gold/Silver

Other

TOTAL PERSONAL PROPERTY

TOTAL ASSETS

5
NET WORTH STATEMENT (cont.)
LIABILITIES (I/WE OWE)
SHORT TERM LONG TERM LIABILITIES
Unpaid Bills

Credit Cards (Balance)

Principal Residence Mortgage

Other Mortgages

Equity Line of Credit

Education Loans

Automobile Loans

Alimony/Child Support

Personal Loans

Other

TOTAL LIABILITIES

NET WORTH CALCULATION
TOTAL ASSETS

(minus)
-
TOTAL LIABILITIES

(equals)

NET WORTH

(1) You may want to keep in mind anticipated
family gifts or bequests. (2) If applicable,
in completing the questions in the form, you may
wish to review marital vs. non-marital assets.
6
SUMMARY OF INSURANCE STATEMENT
   
 
7
MONTHLY/ANNUAL SPENDING PLAN
This cash flow analysis will help you identify
your sources of income and expenses and your
balance of income to expenses.
MONTHLY
ANNUAL
OF TOTAL
INCOME
Salary (self and other)



Investment Income






Social Security Income
Rental Income



Other



100
TOTAL INCOME



EXPENSES
DONATIONS
Religious



Charitable



Other Donations



SAVINGS INVESTMENTS
Emergency Funds



Credit Union



Retirement Plans



Stocks, Bonds Mutual Funds



Real Estate



Annuities



INCOME TAXES



INSURANCE
Life



Health



Disability



Auto



Homeowner's



Long Term Care



Other Insurance



LIABILITIES
Mortgage/Rent



Home Equity Loans/Lines of Credit



Real Estate Taxes



Automobile Loan(s)



Personal Loan(s)



Credit Cards



Other Liabilities



HOUSEHOLD
Food



Clothing



Doctors/Dentists



Prescriptions



Personal Care



Utilities



Telephone



Maintenance






Home Furnishings
Entertainment, Cable TV



8
MONTHLY/ANNUAL SPENDING PLAN (cont.)
MONTHLY
ANNUAL
OF TOTAL
HOUSEHOLD (Cont.)
Newspapers, Books, Magazines



Vacations Travel



Gifts



Children's Allowances



Other Household Expenses



TRANSPORTATION

Gas Oil


Maintenance Repair




License


Public Transportation



Parking/Tolls



OTHER
Legal Fees




Accounting Fees


Domestic Help, Yard, Pool





Dry Cleaning, Laundry



Veterinary



Child Care




Child Support


Alimony

Education, Lessons





Club Dues, Memberships



Miscellaneous



Cash

100



TOTAL EXPENSES
PLAN SUMMARY


TOTAL INCOME
(minus)
-


TOTAL EXPENSES
(equals)


NET INCOME (LOSS)

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DETERMINING LIFE INSURANCE NEEDS
Complete both columns to estimate a range of
reasonable family protection goals.
Spouse/Partner
Example
You
1. Annual Living Expenses of survivors
(considered 70-75 of current family
living expense)


35,000
2. Less - Expected Benefits a. Social
Security Benefits b. Survivors Pension
Benefits c. Survivors Earned Income
d. Other Income Total Annual Benefits



14,000



15,000


none
none




29,000
3. Net Living Expense Shortage/Surplus
(Subtract Line 2 from Line 1)


6,000
4. Total Capital Needed To Produce living
expense shortage (Line 3 divided by
projected rate of return - suggested 5 -
on invested capital)


120,000
5. Plus Other Lump Sum Expenses a. Final
expenses b. Mortgage cancellation
c. Education fund d. Miscellaneous
Total Lump Sum Expenses


10,000


75,000


50,000


none


135,000
6. Total Capital Needed (Add Lines 4 and 5)


255,000
7. Less Present Capital a. Income
Producing Assets b. Present Life
Insurance Total Present Capital


25,000


100,000


125,000
8. Amount of Capital To Be Added (if any)
(Subtract Line 7 from Line 6)


130,000
THIS IS THE AMOUNT OF LIFE INSURANCE YOU MAY
NEED. Use CPGs new Life Insurance Calculator at
www.cpg.org/financialplanning for further
analysis.
10
WHAT WILL COLLEGE COST?
Use this worksheet to estimate the cost of a
four-year bachelors degree. Current cost of one
years tuition, fees, room and board at a school
youre considering College cost multiplier for
the year child will begin college
x Estimated Cost (4 years)
College Cost Multiplier Table
Year Multiplier Year Multiplier
Year Multiplier 2008 4.53 2015 6.37 2022
8.97 2009 4.76 2016 6.69 2023
9.42 2010 5.00 2017 7.03 2024
9.89 2011 5.25 2018 7.38 2025
10.38 2012 5.51 2019 7.75 2026
10.90 2013 5.78 2020 8.13 2027
11.44 2014 6.07 2021 8.54 2028
12.01 Based on 5 annual increase
10
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FIGURING RETIREMENT INCOME NEEDS
Use this worksheet to determine income and
expenses now and in retirement. It is generally
prudent to set a goal of 100 of your former
pre-tax income to maintain your current lifestyle
in retirement. In the first phase of retirement
most people continue an active lifestyle. In
your estimates, include income and expenses for
yourself, your spouse/partner, and any dependents.
TODAY Individual/Couple
RETIREMENT Individual/Couple
RETIREMENT Survivor
ANNUAL INCOME
Social Security benefits




Pension or profit-sharing plan benefits




IRA distributions




Salary




Deferred compensation payments




Other retirement plan benefits (403(b), TSA)




Post-retirement employment income




Consulting fees




Income interest from trusts




Annuities




Rents




Dividends




Interest




Business




Miscellaneous




TOTAL ANNUAL INCOME
100




ANNUAL EXPENSES
Gifts and donations




Savings and investments




Food




Rent or mortgage




Maintenance








Utilities (phone, electric, gas, etc.)
Transportation




Property taxes




Social Security/self-employment tax




Federal, state and local income taxes








Sales tax




Doctors, dentists, prescriptions
Education (tuition, books, supplies)








Clothing, cleaning/laundry




Personal care (health club, hairdresser, etc.)




Child care/household help
Entertainment/travel




Loan/installment debt repayment




Insurance premiums




Miscellaneous




TOTAL ANNUAL EXPENSES
100









Total Income minus Total
Expenses
Net Income/Loss
12
LIFE AND FINANCIAL GOALS
WHAT ARE THE FINANCIAL IMPLICATIONS
Describe Your Life Goals/Changes Below
Now
Later
JOB/CAREER/ HOBBY/VOLUNTEER


FAMILY


(spouse/partner, children, college, education,
aging parents)
HOUSING


HEALTH


OTHER


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SETTING GOALS AND DREAMS
The number of goals you set is up to you. It is
helpful to estimate as best you can the time
frame for each goal and the amount of money
involved based on your lifestyle. Be as specific
as possible.
Short term
Medium term
Long term
Longest term
Within 5 years
Next 5-10 years
Over 5-10 years
Within next year
Religious/Charitable Giving
Build Up Emergency Reserve




Achieve/Maintain Adequate Retirement Income
Amount Saved/Spent








Buy/Have Adequate Insurance
Pay Off Credit Cards




Create a College Fund




Buy a Car




Save Down Payment for House




Make Home Improvements




Pay Off Mortgage Early
Take a Vacation




Start a Business
Start a new career




Make a Charitable Bequest




Buy a Second Home




Help Child Finance Home
Other
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YOUR FINANCIAL PLANNING TO DO LIST
Identify what needs to be done to have a complete
personal financial plan.
TASK
COMPLETION DATE
PERSON RESPONSIBLE
1.
2.
3.
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FIGURE RETIREMENT NEEDS/INCOME WITH THE CHURCH
PENSION GROUPS INTERNET FINANCIAL PLANNING
TOOL PlanAhead for Retirement
LOG ON TO www.cpg.org/planahead
For help in accessing or using the PlanAhead for
Retirement website, contact Jim Dooley at The
Church Pension Group jdooley_at_cpg.org or (800)
223-6602 x1803
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• Resources for Financial Assessment
• BOOKS
• Burkett, Larry. The Family Financial Workbook.
  Crown Financial Ministries. Gainesville, GA
  Moody Press, 2002. [phone] (Softcover
  14.99)
• Davis, Kirstin. Financing College (Kiplinger
  Times Business). Washington, D.C. Random House,
  Third Edition, 2001 [phone] (discount 56
  to order 17.95)
• Driscoll, Marilee. The Complete Idiots Guide to
  Long-Term Care Planning. Indiana Alpha Books,
  2003 (Softcover 19.95)
• Dunnan, Nancy. The Widows Financial Survival
  Guide. New York The Berkley Publishing Group,
  2003 (Softcover 14.95)
• Fowles, Debby. The Everything Personal Finance in
  Your 20s 30s Book. Avon, MA Adams Media, 2004
  (Softcover 14.95)
• Hammar, Richard R., J.D., LL.M., CPA. 2007 Tax
  Guide for Episcopal Ministers Churches for 2006
  Tax Returns (Mailed annually by the Church
  Pension Fund to all active and retired clergy)
  Church Law Tax Report Church Clergy Tax
  Guide (2007 Edition). Matthews, NC Christian
  Ministry Resources, 2005 [phone]
  (Softcover 17.95)
• Hayden, Ruth L. For Richer, Not Poorer The
  Money Book for Couples. Florida Health
  Communications, Inc. 1999 (Softcover 12.95)
• Hurley, Joseph F. The Best Way to Save for
  College A Complete Guide to 529 Plans. New
  York savingsforcollege.com, 2006 (Softcover
  22.95)

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Resources for Financial Assessment (continued)

• BOOKS
• McNaughton, Deborah. The Get Out of Debt Kit.
  Illinois Dearborn Trade Publishing, 2002
  (Softcover 18.95)
• Morris, Kenneth M. and Siegel, Alan M. The Wall
  Street Journal Guide to Understanding Money
  Investing. New York, NY Lightbulb Press, Inc.,
  Third Edition, 2004 (Softcover 15.95)
• Morris, Kenneth M. and Siegel, Alan M. The Wall
  Street Journal Guide to Planning Your Financial
  Future. New York, NY Lightbulb Press, Inc., and
  Dow Jones Co., Inc. 2002 (Softcover 15.95)
• OShaughnessy, Lynn. Retirement Bible. New York
  Hungry Minds, Inc., 2001 (Softcover 34.99)
• Quinn, Jane Bryant. Making the Most of Your
  Money. New York Simon Schuster, 1997
  (Hardcover 30)
• Schwab, Charles S. Youre Fifty Now What?
  Investing For The Second Half of Your Life. New
  York, NY Crown Business, 2002 (Softcover 14.00)
• Sember, Brette McWhorter. The Complete Credit
  Repair Kit. Naperville, IL Sphinx Publishing,
  2005 (Softcover 19.95)
• Teitell, Conrad, LL.B., LL.M. Ministers Guide for
  2006 Income Tax. Philanthropy Tax Institute, P.O.
  Box 299, Old Greenwich, CT 06870. [phone]
  (Softcover 18.75)
• Tyson, Eric. Personal Finance for Dummies. Foster
  City, CA IDG Books Worldwide, Inc., 4th Edition
  2003 (Softcover 21.99)

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Resources For Financial Assessment (continued)
COMPUTER/INTERNET PROGRAMS There are many new
computer/Internet programs available to assist
with financial planning, such as

• The Church Pension Groups PlanAhead Financial
  Planning Retirement Calculator (customized for
  Episcopal clergy and lay employees), financial
  planning workbooks, worksheets and resources are
  available on our website at www.cpg.org/financialp
  lanning, or upon request. And, a special CPG
  financial planning calculator for Postulants and
  Candidates for Holy Orders is available at
  www.cpg.org/postulants
• A new CPG Life Insurance Calculator is available
  at www.cpg.org/financialplanning
• For further information, please call Jim Dooley
  at [phone] x1803
• Fidelity Investments Financial Calculators,
  Planners, WorksheetsParticipants in- CPFs Lay
  Employees Defined Contribution Plan- CPFs
  Retirement Savings Plan (RSVP) clergy and lay-
  Access www.cpg.org/myaccount or call (800)
  208-0092Non-participants- Access
  www.fidelity.com or call [phone]
• Quicken-2007 Deluxe (49.99), [phone] or
  www.shop.intuit.com

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• Resources For Financial Assessment (continued)
• FINANCIAL PLANNING WEBSITES
• GOVERNMENT
• www.eldercare.gov - Eldercare locator with
  sources for senior services
• www.ftc.gov - Credit counseling services and
  information
• www.irs.gov - Internal Revenue Service forms,
  publications, information
• www.medicare.gov - Medicare information
• www.socialsecurity.gov - Social Security
  Administration estimates, forms, information
• www.socialsecurity.gov/espanol - in Spanish
• COLLEGE FUNDING
• www.collegesavings.org - Network of college
  savings 529 plans
• www.ed.gov/index.html - Department of Education
  financial aid for students - grants,
  loans,work-study from the government
• www.finaid.org - All possible assistance for
  college, including scholarships
• www.wiredscholar.com - From Sallie Mae, a leading
  government lender with information for those
  considering college
• FINANCIAL PLANNING
• www.aaii.org - American Association of Individual
  Investors a non-profit organization providing
  education on investing, mutual funds, and
  retirement

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