7 Principles for Financial Wellness

Overview

The 7 Principles for Financial Wellness are meant to be a guide to financial resiliency and improving your financial knowledge. Seven is a sacred number to the Cherokee People - modeled from the seven Cherokee Clans. In the clan system, each has a unique and important role in Cherokee Society. Likewise, each of these principles of financial wellness is pivotal in your financial wellbeing. As we work to create financial wellness with individuals and families in our community, we are working toward our goal of building generational community wealth.

We start this journey with the understanding that wealth means different things to different people. Our idea of wealth may be different from yours, and your idea of wealth different from others. Our goal is to help you reach your goal. And by reaching your goal, you are helping your community as a whole. What we do know is that our community has been blessed with resources, and we have a responsibility to make the most of those resources in ways that allow us to accomplish our individual goals - and in turn lift up our community’s goals.

In the 7 Principles for Financial Wellness we will learn more about:

Creating a Safety Net

  • Understanding Monthly Expenses

  • Building a Reserve Account

  • Safety Net Action Planning

Investing

  • Investment Products

  • Investing Essentials

  • Employee Benefits

  • Long-Term Financial Planning

Building a Budget

  • Tracking Expenses

  • Personal Income Statements

  • Understanding Net Worth

  • Calculating Cash Flow

  • Building a Household Budget

Taxes

  • Understanding State and Federal Taxes

  • The Basics of a Tax Return

Credit & Debt

  • Understanding Consumer Debt

  • The Importance of the Credit Score

  • Improving the Credit Score

  • Debt Elimination Planning

Giving Back

  • Thinking about estate planning

  • How we give to others

The Essentials

  • Homeownership

  • Auto Loans/Leases

  • Insurance

  • Appreciation & Depreciation

  • Building Personal Wealth

Create a Safety Net

As a first step on our journey to financial wellness you should consider creating a safety net. Recent studies suggest that many households cannot afford a $500 emergency expense. As savings rates have dwindled post-pandemic it is important that you think about how you would manage a financial emergency. How would your household be impacted by an emergency home repair, a vehicle breakdown, or an unexpected medical emergency?

As a starting point, it is important that you understand your household expenses. How are you spending the money that is coming into your household? Where does the money go? Do you have opportunities to save? How quickly could you set aside $500? How long until you could set aside enough money to cover 3 months of household expenses if you unexpectedly lost your household income?

Start by setting a savings goal to comfortably build your safety net. $500 is a good target as an initial goal. In addition to creating your savings plan, you should also think about where you keep your money. Do you have accounts with a bank in town? Is there more than one bank that you have access to? You might consider opening a safety net account (checking or preferably savings) with a bank where you do not normally do business. This makes it less likely you will access the resources you are saving for your safety net for day-to-day expenses. Putting your safety net account somewhere you do not usually transact business makes it less tempting to spend.

"7 Principles for Financial Wellness" program and materials are educational tools designed to provide general information and promote financial literacy within our community. The content, worksheets, exercises, and guidance provided are for informational and educational purposes only.

Not A Substitute for Professional Advice

  • This product does not constitute financial, legal, tax, investment, or other professional advice

  • The information provided is general in nature and may not be applicable to your specific situation

  • No fiduciary relationship is created through your use of these materials or participation in the program

  • The examples, calculations, and scenarios presented are for illustrative purposes only

Before making any financial, investment, legal, or tax decisions, you should:

  • Consult with qualified professional advisors who can review your specific circumstances

  • Seek guidance from licensed financial planners for investment and financial planning advice

  • Work with certified public accountants or qualified tax professionals for tax matters

  • Obtain legal counsel from licensed attorneys for legal questions and estate planning

No Guarantees

  • Past performance does not guarantee future results

  • Return on investment cannot be guaranteed

  • Market conditions and individual circumstances can significantly impact financial outcomes

  • Examples of financial strategies or calculations do not constitute a promise or guarantee of specific results

Users of this workbook acknowledge that:

  • They are responsible for their own financial decisions

  • Financial success depends on many factors beyond the scope of this workbook

  • They will seek appropriate professional advice for their specific situation

  • They understand that financial markets and regulations are complex and constantly changing

The creators, presenters, and distributors of this workbook and program expressly disclaim all liability regarding any actions taken or not taken based on the contents of this workbook. Your financial future is important - please consult with qualified professionals who can provide personalized advice for your specific circumstances.

Release of Liability

By using these materials and participating in the "7 Principles for Financial Wellness" program, you hereby agree to indemnify, defend, and hold harmless Uwena, Inc; Raven Rock Strategy Group, LLC; and any program Sponsors, their officers, directors, employees, sponsors, agents, volunteers, successors, and assigns (collectively referred to as "Released Parties") from and against any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs, or expenses of whatever kind, including reasonable attorney fees, that are incurred by or levied against the Released Parties arising out of or related to:

  • Your use or misuse of the information contained in this workbook

  • Any financial decisions or actions taken based on the program content

  • Any claims of reliance upon the educational materials provided

  • Any violation of laws or regulations related to your financial activities

  • Any alleged misunderstanding of the educational nature of the materials