The Voice of Southwest Louisiana News Magazine June 2017

SWLAbusiness
A McNeese SEED Center Incubator Client
Member of Chamber Southwest Louisiana
Boys to Men:
The Financial
Planning Edition
By Trina Duhon, AAMS
Financial Consultant
As boys grow into young men, it is
important they understand what is
needed to become successful. Just
to name the main priorities: you need
God first, success second, followed by the
love of a good woman. Spending time in
children’s church and Bible study is where
you begin to learn the lessons of Christ
Jesus, how He died for our sins, as well as
many other stories of the Bible. Learning
the lessons in school provides you with
knowledge. Working around the house
as a young boy or in a part time job as
a young man builds the work ethic to
earn the wage needed to become a more
successful husband and father as you
grow older. In time, you will learn that
being able to earn the money is much
easier than being able to successfully
manage it.
Managing money takes practice and skill
that is developed with lessons and/or
experience. In success, learning by the
experience that only discipline can bring
(by taking care of your needs before
your wants) produces desired results.
Discipline pushes you to work harder
or more hours in order to make more
money to acquire your needs and some
of your wants. The discipline it takes to
build your emergency fund to cover the
rainy days that will ultimately come and
to save for retirement even if it seems as
though you don’t have enough money
left to do it, builds character.
As a man, the making and managing
of money is compounded in the family
environment because the lessons
and experiences come from the head
(or husband.) Because the man is the
leader, he must lead and teach the
family to carry on his success, to protect
and benefit the family financially and
spiritually. The emergency fund must be
sufficient to cover the emergencies of the
whole family, the retirement savings must
provide retirement for both husband and
wife, and the needs of the kids must be
met as well.
Below is a guideline on percentage of
overall spending of income by category
provided by the financial guru, David
Ramsey.
Category
Percentage of
Overall Spending
Housing 25-35%
Utilities 5-10%
Transportation 10-15%
Healthcare 5-10%
Food 5-15%
Investments/Savings 5-10%
Debt Payments 5-10%
Charitable Giving 5-15%
Entertainment/Recreation 5-9%
Misc Personal 2-7%
Duhon Wealth Management, LLC is a
financial service firm dedicated to serving
the needs of individual investors and
small business.
Financial services offered through LPL
Financial, Member FINRA/SIPC
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June 2017 WWW.THEVOICEOFSOUTHWESTLA.COM Volume 4 • Number 9