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Hi, welcome, grab a seat. My name is Janet Swope and I welcome
you to Butterfly’s Financial Education video. Since the idea of
being on  camera  for two hours terrifies me I’ve asked to  be an
animation.  I hope you don’t mind.   I’ve also asked some other
animations to  help deliver the message of financial knowledge. 
I have been a credit counselor and financial educator for many
years.  For the next two hours we’ll be talking about personal
finances.  I know two hours is a long time and you have a lot to
do.  But bear with me, there is a lot to  go over and my hope is
that at the end of the two  hours you will be happy (or at least not
upset) that  you took the time.  Financial hardships happen.  They
just do. It’s not  your fault, it’s not anyone’s fault.  And none of us 
know exactly what the future holds but with  financial knowledge
and planning many of the  more dire consequences can be
minimized.    A financial crisis can cause a lot of pain, stress and 
fear. The more you learn the less chance of getting  into a
situation that hurts. So arm yourselves the  best  you can with
financial knowledge. So to sum up: Financial crises happen. Don’t
blame yourself.  Ok, so no blame, let’s move on. Let me pause
here to say that I’m not talking about how smart you are or how
educated you are.   Many brilliant and highly educated people
have  filed bankruptcy.  Not to name drop but did you  know
Abraham Lincoln, Milton Hershey, and Walt Disney have all filed
bankruptcy.  As a matter of  fact people who get into financial
difficulties cross  the social and economic spectrum. Many
celebrities have filed and then rebuilt their financial lives.   Again,
financial issues happen there is nothing to  be ashamed about! 
We have tried to include  knowledge here to prepare you for
upcoming  bumps in the road.   Most of us did not have a course
in high school or  college that dealt with personal finances. Our 
parents did not like to talk about it considering it  rude or none of
our business.  So while our society  is now talking about once
taboo subjects we still  don’t talk about our finances with each
other.   When is the last time you said “too much information”
because your friend was talking about how much they are saving
for retirement or that they may be spending more than they are
earning.  My guess is  never because we just don’t bring up these
facts in conversation.  Because all people filing for  bankruptcy are
required to take a course like this  one, you may be thinking that
it’s going to be  worthless to you or that you are well versed in 
personal finance and this course is a waste of  your time. I do hear
you but give it a chance you  may learn a new way of looking at
something or  be reminded of some prior knowledge that may 
come in handy. Should you have any questions regarding the 
material you are about to view, call Butterfly  at its toll free
number.  I or another trained  financial counselor will be happy to
answer  your questions. For those viewers who are on fixed
incomes Butterfly does offer separate materials specifically for the
fixed income situations. This information is available free on
Butterfly’s website under the FE  Library.  Click on Articles on
Financial Topics. In Unit 1 we’re going to discuss The Role of
Money. Let’s start with our feelings about money and how  that
impacts the way we live. I’m sure we all feel  differently about
money and what it means to us.   While some people may feel
money equals power  others may feel that it means security or
happiness  to them.   How can money equal power?  Unless
you’re talking about a rich CEO who has all the power, is that
what  you mean? Well think about this…is there anyone you know
that will buy things for you but insists on having it their  way? For
example parents who pay for their  daughter’s wedding but
approved the guest list, pick the place and maybe even the music
instead of allowing the daughter to direct her own affair? Those
parents would be using their money as  power to get their way.
Oh. Now think about someone who uses money as  security. What
would that look like? Perhaps someone who saves all the time
afraid to spend money because they feel more secure  knowing
they have a lump sum in the bank if  they ever need it. Yes, that’s
right.  And how about seeing money as happiness? Someone who
thinks if they have enough money they will be happy. If they just
got a better job, a  raise, won the lottery then they would be
happy. Or they can feel happy when they spend money.   I always
get a rush when I go on a spending spree.  It feels good. We
usually refer to the group you’re in as spenders. Are we leaving
anyone out? People who see money as evil. I have an uncle who 
always says too much money corrupts. Can anyone see the
downsides of any of these  money attitudes? I know when I do go
on a shopping spree while it does feel good at the time I’m not so
happy when I look at my credit card bill. That’s a good point these
money attitudes can  lessen our ability to plan and use our money
to  achieve our goals.  The person who uses money  as security
and therefore saves all their discretional income may miss the
opportunity to use their money to better their situation.  Perhaps
using it on an  education or advertising a small business to get it
off the ground?  The person who sees money as power may have
had the wedding they wanted for their daughter but now finds
that they cannot fund their retirement or another child’s
education.  The person who sees money as evil may self-sabotage
so they never get ahead.  We cannot totally eradicate our feelings
about money in order to see it only as a means to an end but we
can understand our feelings better in order to start the process of
financial planning with a purpose in mind. Try this exercise: Get a
piece of paper and write  down your first reaction to what you
would do if  $1000 came to you by surprise. Look at your  answer
does it give you any insight on your money attitude?  Do you think
you would do something different with it if you gave yourself time
to think  about it, plan for it? Let me suggest that money is not
power, it's not happiness, it's not security, and it's not love or evil.
Money is nothing more than a TOOL. And like any tool, if you
don't use it right, someone can get hurt. There are businesses that
prey upon people's lack of financial Knowledge.  These businesses
make huge profits, and these profits are comprised of our hard
earned money. If you consider money as a tool you can use this
tool to achieve YOUR goals. Goals are going to differ from person
to person. Each of us has a different view of what is going  to
make us happy. By reaching your financial goals you are using
money to get what you want. One thing that I want you to do is to
talk about  money. Here's an example, a couple needs a new car.
She's thinking of something with low monthly payments, that's
easy on the gas. He's dreaming of a SUV.  If they're not
communicating, somebody is  going to be unhappy. They need
transportation,  but they want different things. And that leads me
to the next thing I want to talk  to you about: Needs versus wants.
We all have  needs and wants, but we don't usually distinguish 
between them. Noticing the difference is a big  step to achieving
your financial goals. As human beings, we all need food, clothing,
and shelter -- basic necessities. Let’s say you want to buy a house.
Your basic  NEED for shelter may be satisfied by renting an 
apartment, but you WANT a house.  Now more  than just wanting
any house you fall in love with  a certain house.  There is nothing
wrong with that,  it’s just that along with the basic NEED you have
for a house you WANT five bedrooms, three baths, an  open
concept and a large gourmet kitchen.  You  can see that there may
be a lot of wants in each  of our needs. A "need" just has to serve
the function that's a necessity to us. Today, many people consider 
cell phones, cable TV, salon services, vacations and new clothes
"needs"—things that they MUST have.  We don't need any of
those things for survival. BUT  It’s okay to fulfill not just your
needs but wants too. We just need to realize the difference. No
one I know has unlimited funds, so we all need to make choices 
on the how we spend our money.  Looking at needs  verses wants
will help us make some decisions.  We will be better served by
saving for emergencies and our old age before we buy extras.