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Nbn fin planning labinsky financial 12-2012 v2

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Balancing your family's lifestyle on an Israeli budget with Baruch Labinsky at NBN offices Monday 24 December 2012. Learn about the ins and outs of the Israeli financial system of your new home country and avoid those mistakes that are common to olim who have arrived from a different system and culture. Understand the Israeli employment market and the benefits available locally while hearing about both long and short term retirement savings plans to ensure your financially stable future. Consider all the financial aspects that surround the purchase of a house and learn more about the Israeli investment market. Baruch Labinsky, author of the highly successful new book 'A Financial Guide to Aliyah and Life in Israel', is the founder of Labinsky Financial, a financial planning firm located in Ramat Beit Shemesh. Licensed by the Israel Securities Authority as a portfolio manager, Baruch specializes in working with olim, and the successful transition of their finances to Israel.

Veröffentlicht in: Wirtschaft & Finanzen
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Nbn fin planning labinsky financial 12-2012 v2

  1. 1. Israeli FinancialPlanning Seminar Baruch Labinsky MBA, TEP Licensed by the Israel Securities Authority Financial Planner/Investment Manager December 2012 www.Labinsky.com
  2. 2. What is Financial Planning?Not an event but a process  Paradigm shift  Creating a personalized roadmap Align lifestyle to goals  Financial success is implementing goals  Your definition of success  Wants vs needs  Long term vs short term
  3. 3. Planning over time Short term plan  1 year plan  Emergency funds  Housing  Cashflow  Employment vs ulpan Long Term plan  Spend less than earn  Retirement  Weddings, simchas, special events etc  Special needs, family obligations  Education  Debt payments
  4. 4. Budgeting!! Why critical in Israel?  Awareness  Solving financial problems  Improves control over resources  Prioritizing  Improves family communication  Goal tracking  Long term and unexpected  Most important tool you have!
  5. 5. Budgeting 101 How do we get started  Step 1: Create categories  Step 2: Estimate your budget  Step 3: Start recording  Step 4: Re-set goals  Step 5: Go back to Step 2 and adjust your plan
  6. 6. Yearly Budget Budget Jan Feb March April May June July August Sept Oct Nov Dec Total Revenue Husbands Rev Wifes revenue Betuach Leumi Savings/Investment income Total Revenue Mortgage Telephone Cell Telephone Gas - stove Arnona and water Schools Tzedaka Vaad Bait Health insurance Life insurance bus passes Loans Subtotal fixed expenses Food Electricity taxis Cleaning help Newspaper Dentist Mitapelet/Babysitter Gan/Art supplies House Maintenance Entertainment Clothing Medication/cometics Shiurim Books, computer disks etc Presents Spending money/shalom bayit Vacation Other UnexpectedSubtotal Variable expense Total Expenses Balance Monthly Yearly to Date profit or loss
  7. 7. Yearly Budget Budget January February March April May June July August September October November December Total Revenue Husbands Rev 0 Wifes revenue 0 Betuach Leumi 0 Savings/Investment income 0 Revenue Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mortgage 0 Arnona and water 0 Electricity 0 Gas - stove 0Home Telephone 0 Cell Telephone 0 Vaad Bait 0 Cleaning help 0 House Maintenance 0 Home Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Food 0 Schools 0Living Chugim/swimming 0 Mitapelet/Babysitter 0 Haircuts 0 Living Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Kupat cholim 0 Health ins/Meuhedet 0Health Medication 0 Life insurance 0 Health Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Car insurance/license 0Transport Gas Car 0 Shiurim 0 Car Maintenance 0 Trans Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tzedaka 0 Dentist 0Personal Vacation 0 Books, computer disks etc 0 Presents 0 Clothing 0 Personal Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Machon Rakefet 0 Newspaper 0Extras Entertainment 0 Misc/shalom bayit 0 Extras Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Pay myself 0Financial Loans 0 CC 0 Keren Hishtalmut/Pension 0 Financial Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Balance Monthly 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Yearly to Date profit or loss 0 0 0 0 0 0 0 0 0 0 0 0
  8. 8. How to make it work Discipline to track Mutual responsibility If you can‟t afford it … Use tools that work for you Give yourself a buffer Don‟t forget about the revenue!
  9. 9. General tips Live within your budget Research prices - internet, friends Negotiate everything! Buy used - janglo, groopbuy.co.il, ebay Check your bills Plan ahead Cash is king
  10. 10. The Israeli System Understand Israeli system  No universal reporting requirement  Teum mas  Tax credits, women vs men  Donations  10 year tax “holiday” for Olim Bituach Leumi  When start paying… or collecting  Income supplements  Maternity leave  Handicaps  Special exceptions committee  Pensions
  11. 11. EMPLOYMENT BENEFITSo Understand the Israeli employment benefits! o Types of standard benefits – significant savingso Long term retirement savings plans o Bituach Menahalim o Keren Pensia o Keren Hishtalmuto Self employed business structuring options
  12. 12. The Big Ticket Items Cutting your food budget, Transportation expenses  Can I afford a car or two?  Real cost of owning Mortgage – brokers? Insurance Banking and financial services  Online  Shop around
  13. 13. Utilities etc Electrical  Discounted rates – 9 categories Water – discounts? Arnona – municipal taxes Home Gas Cell and regular phones
  14. 14. Be creative Gemachim Schools – discounts, negotiate, used books Chugim/classes – hosting, swapping, coop Clothing Entertainment – free … Household
  15. 15. Debt Management How much do I owe? What is it costing me? Urgency Debt pyramid Debt consolidation
  16. 16. QUICK TIPS Find a „guardian angel‟ Educate yourself  Investigate Oleh discounts  Research before committing Accounts and policy information
  17. 17. Annual Statement of Net Worth Monitoring your financial progress Is the issue temporary or system Easier to create reward system for an enjoyable process
  18. 18. Importance of Tracking
  19. 19. Importance of Tracking
  20. 20. Importance of Tracking
  21. 21. Annual Statement of worthAssets 2012 2013 2014Short term Reserves Bank accounts Money market accounts Cash value of life insuranceTaxable investments Stocks Bonds Mutual funds Hedge funds Others Kupot GemelTax defer-exempt inv Bituach menahalim Keren Hishtalmut OthersPersonal Property Principle Home Rental property Partnerships Business ownership Cars, vehicles Home furnishings Jewelry, antiques OthersTotal Assets 0 0 0LiabilitiesCurrent Credit card balances Mas hachnasa-BL owed Outstanding bills OverdraftLong term Home mortgage balance Mortgages on rental property Car loans Tuition loans Gemachim Other Long term OthersTotal Liabilities 0 0 0Total Net Worth (assets - liabilities) 0 0 0
  22. 22. Available in stores in Israel and abroad
  23. 23. Questions?? More information and mailing list signup at www.labinsky.com

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