Debt Management - Project 8 - CC Manual

 “Finances may not be the most romantic thing to Discuss, but ignoring them can create a huge problems later in the Relationships.” - Quote

President , TMOD , TM  and Guests Good Evening.

Todays presentation will let you all earn Chocolates  which you have to earn… so be with me and here we  go.

A chocolate Question …. What is the basic reason why we have come to UAE……

Earn Money… (Thanks for honest reply ) I got an answer … I am here for Global Exposure … Security … etc … etc…. But the bottom line is MONEY.

And if we do not take care / Secure this money it will GO…. More faster than this.

To do this what we need to do is properly manage the money which we earn by way of Salary or Profits. For that we need to do Money management … which will help us to achieve Financial Freedom which is the GOAL of each and every Individual.

 The first rule for a Money Management is to have a Control on Income v/s Expenses and for that … one has to do Budgeting.

Budgeting   : One has to have a clear cut bifurcation of Fixed Expense and Variable Expense. Budget is the backbone of your Financial Life and those who have never written a Budget will be left out with a question at the end of a month. “ Where does it all Go ???”

A Chocalate Question : What are the 2 major fixed expense in this part of World. Rent and School Fees … Utility Bill , Grocery etc… One cannot do anything but to make an arrangement to take care of this.

Variable Expense …. Eating out in Restaurants/ Birthday Celebrations / Vacations – Local or International etc.

 Cutting Expense : An example of Coffee. Try to make one at home rather than drinking at COSTA.

Ways to get in Debt.

-          A Chocolate Question : Which is the most prominent way to get in Debt…. Credit Card

-          Personal Loans / Buy one Get one free / Living beyond means / Flashy Lifestyle.

I would like you all to see this clipping which entices us to take live a Life full of Debt. ( 1 min )

Issues when in Debt.

-          Financial Issues / Legal Issues / Work issues / Family Issues / Work Issues /  Health Issues / and One will completely out of Peace of Mind. Infact the mind will be in Pieces.

Friends it is very important that each and every individual live a Debt Free Life as this not only gives us a Peace of Mind ……. it also helps us to live a life with Pride and honour.

To achieve Financial Freedom it is very important to do Money Management.

Oscar Wilde said once : When I was young I thought money is the most important thing in Life…. But when I grew old I realize … yes it is.

Over to you…. Toastmasters of the day.