Road Map to Financial Freedon

Page 1

ROAD MAP to FINANCIAL FREEDOM

Promoting Financial Literacy


1

ย :WYPUNIVHYK 5VUWYVร [ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

(IV\[ :WYPUNIVHYK :WYPUNIVHYK PZ H UVUWYVร [ VYNHUPaH[PVU MV\UKLK PU >L VMMLY WLYZVUHS ร UHUJPHS LK\JH[PVU HUK HZZPZ[HUJL ^P[O TVUL` JYLKP[ HUK KLI[ THUHNLTLU[ [OYV\NO LK\JH[PVUHS WYVNYHTZ HUK JVUร KLU[PHS JV\UZLSPUN

(JJYLKP[LK I` [OL *V\UJPS VU (JJYLKP[H[PVU *6(

4LTILY VM [OL 5H[PVUHS -V\UKH[PVU VM *YLKP[ *V\UZLSPUN 5-**

(WWYV]LK I` [OL +LWHY[TLU[ VM /V\ZPUN <YIHU +L]LSVWTLU[ /<+

HUD Approved

4LTILY VM [OL )L[[LY )\ZPULZZ )\YLH\ )))

BBB

โ ข

ACCREDITED BUSINESS

6\Y :LY]PJLZ 0UJS\KL! ย *YLKP[ HUK +LI[ *V\UZLSPUN ย -PUHUJPHS ,K\JH[PVU 7YVNYHTZ ZLTPUHYZ HUK TH[LYPHSZ ย +LI[ 4HUHNLTLU[ 7SHUZ ย /VTLV^ULY (ZZPZ[HUJL -VYLJSVZ\YL 7YL]LU[PVU ย -PYZ[ ;PTL /VTL )\`LY :LTPUHYZ ย 9L]LYZL 4VY[NHNL *V\UZLSPUN ย 7YL )HURY\W[J` )\KNL[ HUK *YLKP[ *V\UZLSPUN ย )HURY\W[J` 7YL +PZJOHYNL -PUHUJPHS 4HUHNLTLU[ 0UZ[Y\J[PVUHS *V\YZL

ยธ;OL 7V^LY ;V 4V]L )L`VUKยน /LHKX\HY[LYZ 6Mร JL! 3H[OHT :[ ย 9P]LYZPKL *( 4HPSPUN (KKYLZZ! 7 6 )V_ ย 9P]LYZPKL *( ย MH_! ^^^ JYLKP[ VYN ย L THPS! LK\JH[PVU'JYLKP[ VYN


2

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

7YLMHJL Learning Life’s Difficult Lessons I walk down the street. There is a deep hole in the sidewalk. I fall in. I am lost... I am hopeless. It isn’t my fault. It takes forever to find a way out! I walk down the same street. There is a deep hole in the sidewalk. I pretend I don’t see it. I fall in again. I can’t believe I’m in the same place. But, it isn’t my fault. It still takes a long time to get out. I walk down the same street. There is a deep hole in the sidewalk. I see it is there. I still fall in... it’s a habit. My eyes are open. I know where I am. It is my fault. I get out immediately. I walk down the same street. There is a deep hole in the sidewalk. I walk around it. I walk down another street.


3

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

;OL *V\UZLSPUN :LZZPVU >OLU `V\ JVU[HJ[ :WYPUNIVHYK MVY JV\UZLSPUN V\Y JLY[PÄLK JYLKP[ HUK KLI[ JV\UZLSVYZ NV [OYV\NO `V\Y ÄUHUJLZ HUK I\KNL[ HUK YLJVTTLUK H JV\YZL VM HJ[PVU :VTL VM [OVZL ^OV JVTL [V \Z MVY JV\UZLSPUN OH]L H ÄUHUJPHS ZP[\H[PVU [OH[ TH` YLX\PYL [OH[ ^L YLMLY [OLT [V H SLNHS ZLY]PJL [V KL[LYTPUL PM IHURY\W[J` PZ YPNO[ MVY [OLT 4VZ[ JSPLU[Z HYL OLSWLK LUV\NO I` [OL JV\UZLSPUN I\KNL[PUN HZZPZ[HUJL LK\JH[PVUHS YLZV\YJLZ HUK YLMLYYHS YLZV\YJLZ WYV]PKLK I` [OLPY JYLKP[ HUK KLI[ JV\UZLSVY [OL JSPLU[ SLH]LZ ^P[O [OL [VVSZ ULJLZZHY` [V OHUKSL [OLPY V^U ÄUHUJLZ HUK THUHNL [OLPY KLI[ 0U [OL JV\UZLSPUN ZLZZPVU ^L TH` KL[LYTPUL [OH[ [OL JSPLU[ MHSSZ Q\Z[ ZOVY[ VM ILPUN HISL [V THUHNL [OLPY KLI[ 6M[LU [OPZ PZ K\L [V L_JLZZP]L JYLKP[ JHYK HUK \UZLJ\YLK KLI[ 6\Y +LI[ 4HUHNLTLU[ 7SHU +47 PZ H NVVK ^H` [V YLK\JL [OVZL WH`TLU[Z OV^L]LY [OL +47 PZ VUS` WHY[ VM [OL ZVS\[PVU ;OL +47 JVTIPULK ^P[O :WYPUNIVHYK»Z PU KLW[O I\KNL[PUN HZZPZ[HUJL YLJVTTLUKH[PVUZ LK\JH[PVUHS YLZV\YJLZ HUK YLMLYYHSZ [V JVTT\UP[` ZVJPHS ZLY]PJLZ HSVUN ^P[O JV\UZLSPUN MVSSV^ \W HSSV^ JVUZ\TLYZ [V YLNHPU JVU[YVS VM [OLPY ÄUHUJPHS M\[\YL ;OPZ IVVRSL[ PZ KLZPNULK [V OLSW V\Y JSPLU[Z THRL [OL TVZ[ VM [OLPY +LI[ 4HUHNLTLU[ 7SHU" ^L ^HU[ L]LY`VUL [V Z\JJLZZM\SS` JVUX\LY [OLPY KLI[ HUK ^L»YL OLYL [V WYV]PKL ^OH[L]LY OLSW PZ ULJLZZHY` [V THRL [OH[ OHWWLU 6\Y JYLKP[ HUK KLI[ JV\UZLSVYZ JV]LY H SV[ VM PUMVYTH[PVU PU [OL PUP[PHS JV\UZLSPUN ZLZZPVU 0[ JHU IL OHYK [V ZVY[ P[ HSS V\[ 6M[LU JSPLU[Z OH]L X\LZ[PVUZ [OH[ JVTL \W HM[LY [OL`»]L JVTWSL[LK [OLPY ZLZZPVU ;OL 9VHK 4HW [V -PUHUJPHS -YLLKVT ZLTPUHY HUK IVVRSL[ HYL KLZPNULK [V HUZ^LY [OVZL X\LZ[PVUZ HUK L_WHUK \WVU [OL JV\UZLSPUN ZLY]PJLZ YLJLP]LK K\YPUN [OLPY PUP[PHS ZLZZPVU :WYPUNIVHYK WYV]PKLZ JV\UZLSPUN MVSSV^ \W H YLN\SHY UL^ZSL[[LY LK\JH[PVUHS TH[LYPHSZ VUNVPUN LK\JH[PVUHS ZLTPUHYZ ZVJPHS ZLY]PJL HUK JVTT\UP[` YLMLYYHS YLZV\YJLZ HUK V[OLY ÄUHUJPHS H^HYLULZZ [PWZ


4

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

;OL +LI[ 4HUHNLTLU[ 7SHU

;OL +LI[ 4HUHNLTLU[ 7SHU PZ Q\Z[ H ZTHSS WHY[ VM [OL ZLY]PJLZ :WYPUNIVHYK VMMLYZ >L Z[HY[ ^P[O MYLL JV\UZLSPUN I\KNL[ HZZPZ[HUJL LK\JH[PVU HUK ^L YLMLY JSPLU[Z [V HWWYVWYPH[L JVTT\UP[` ZVJPHS ZLY]PJL VYNHUPaH[PVUZ [V WYV]PKL [OL TVZ[ JVTWYLOLUZP]L HZZPZ[HUJL WVZZPISL -VY H ZTHSS WVY[PVU VM V\Y JSPLU[Z [OL +47 PZ [OL ILZ[ [VVS [V OLSW JSPLU[Z YLZVS]L [OLPY ÄUHUJPHS KPMÄJ\S[PLZ >L VUS` YLJVTTLUK H +47 ^OLU P[ PZ [OL ILZ[ WVZZPISL VW[PVU MVY [OL JSPLU[ ZV +47 JSPLU[Z JHU YLZ[ HZZ\YLK [OH[ [OL` HYL LUYVSSLK PU [OL YPNO[ WSHU ;OL +47 HSVUL PZ UV[ [OL HUZ^LY ;OL +47 ^VYRZ PU JVUQ\UJ[PVU ^P[O H YLHSPZ[PJ ZWLUKPUN [OH[ MVJ\ZLZ ÄYZ[ VU [OL LZZLU[PHS L_WLUZLZ JV\UZLSPUN MVSSV^ \W VU `V\Y WYVNYLZZ ^P[O I\KNL[PUN HUK \[PSPaPUN V\Y MYLL LK\JH[PVUHS YLZV\YJLZ (KKP[PVUHSS` [OL ZVJPHS ZLY]PJL JVTT\UP[` YLMLYYHS YLZV\YJLZ HUK V[OLY [VVSZ HYL HU PU[LNYHS [V `V\Y YVHKTHW MVY ÄUHUJPHS MYLLKVT :WYPUNIVHYK»Z +47 PZ H [OYLL ^H` WHY[ULYZOPW IL[^LLU `V\ `V\Y JYLKP[VYZ HUK \Z >L KV UV[ [HRL HU ¸\Z ]Z [OLT¹ H[[P[\KL" [OL Z\JJLZZ VM `V\Y +47 KLWLUKZ \WVU JVVWLYH[PVU MYVT `V\Y JYLKP[VYZ >P[OV\[ [OL JVUJLZZPVUZ [OL` VMMLY PU [OL MVYT VM YLK\JLK PU[LYLZ[ SV^LY MLLZ L[J¯ L]LY` +LI[ 4HUHNLTLU[ 7SHU ^V\SK IL KVVTLK MYVT [OL Z[HY[ >L LUJV\YHNL VWLU JVTT\UPJH[PVU HTVUN [OL [OYLL WHY[ULYZ PU [OL +47 HZ H RL` [V^HYK Z\JJLZZM\S JVTWSL[PVU ,]LY`VUL OHZ [OL ZHTL NVHS! [V ZLL `V\ YLZVS]L `V\Y KLI[ TLL[ `V\Y ÄUHUJPHS NVHSZ HUK H]VPK IHURY\W[J` 0M L]LY`VUL JVVWLYH[LZ HUK KVLZ [OLPY WHY[ L]LY`IVK` ILULÄ[Z *SPLU[Z ZLL YLK\JLK TVU[OS` WH`TLU[Z HUK OH]L H JSPLU[ HJ[PVU WSHU [V NHPU JVU[YVS VM [OLPY ÄUHUJPHS ZP[\H[PVU HZ ^LSS HZ HJOPL]L [OLPY NVHSZ *YLKP[VYZ OH]L ML^LY IHURY\W[JPLZ HUK JVSSLJ[ KLI[Z [OH[ TPNO[ V[OLY^PZL OH]L [V IL JOHYNLK VMM :WYPUNIVHYK M\SÄSSZ P[»Z TPZZPVU [V WYVTV[L ÄUHUJPHS H^HYLULZZ LK\JH[PVU HUK L_WHUKZ P[Z YLW\[H[PVU VM L_JLSSLUJL PU [OL JYLKP[ JV\UZLSPUN PUK\Z[Y`

+,); 4(5(.,4,5; 73(5 )(:0*:

( KLI[ THUHNLTLU[ WSHU +47 PZ H YLWH`TLU[ WSHU MVY \UZLJ\YLK KLI[ ;OL NVHS VM H +47 PZ [V WH` VMM LSPNPISL KLI[ LU[PYLS` ^P[OPU [OYLL [V Ä]L `LHYZ <USPRL H KLI[ JVUZVSPKH[PVU SVHU H +47 HSSV^Z WHY[PJPWHU[Z [V WH` VMM KLI[ ^P[OV\[ [HRPUN VU TVYL SVHUZ VY JYLKP[ [V HJJVTWSPZO [OL WH`VMM 0[ PZ UV[ PU[LUKLK MVY WLVWSL ^OV HYL ZPTWS` SVVRPUN [V YLJLP]L SV^LY PU[LYLZ[ YH[LZ MYVT [OLPY JYLKP[VYZ" P[ PZ KLZPNULK MVY [OVZL ^OV HYL OH]PUN [YV\ISL WH`PUN [OLPY VISPNH[PVUZ HUK ULLK HZZPZ[HUJL PU KVPUN ZV >OH[ RPUKZ VM KLI[Z HYL LSPNPISL& <UZLJ\YLK KLI[ Z\JO HZ JYLKP[ JHYKZ HUK TLKPJHS KLI[ JHU IL PUJS\KLK PU H KLI[ THUHNLTLU[ WSHU 5V[ PUJS\KLK PU [OL [`WPJHS +47 PZ PUZ[HSSTLU[ VY ZLJ\YLK KLI[ Z\JO HZ TVY[NHNLZ OVTL LX\P[` SVHUZ VY H\[V SVHUZ HUK Z[\KLU[ SVHUZ >OH[ PM T` KLI[ OHZ NVUL [V H JVSSLJ[PVU HNLUJ`& >L JHU NLULYHSS` ^VYR ^P[O JVSSLJ[PVU HNLUJPLZ [V PUJS\KL \UZLJ\YLK KLI[ PU H KLI[ THUHNLTLU[ WSHU HZ SVUN HZ [OL KLI[ OHZ UV[ NVUL [V ^HNL NHYUPZOTLU[ HM[LY H Q\KNTLU[ +V HSS VM T` JYLKP[ JHYKZ ULLK [V NV VU [OL WSHU L]LU PM 0 KVU»[ OH]L H IHSHUJL& ([ H TPUPT\T HSS HJJV\U[Z ^PSS ULLK [V IL JSVZLK HUK HU` HJJV\U[Z ^P[O IHSHUJLZ ^PSS ULLK [V IL PUJS\KLK PU [OL KLI[ THUHNLTLU[ WSHU ;OL W\YWVZL VM [OL WSHU PZ [V WH` VMM `V\Y KLI[ HUK I` PUJS\KPUN HSS `V\Y HJJV\U[Z `V\ ^PSS LUZ\YL [OH[ HSS `V\Y LSPNPISL JYLKP[VYZ ^PSS IL WHPK I` [OL LUK VM `V\Y WSHU *HU 0 VI[HPU UL^ JYLKP[ VY \ZL L_PZ[PUN JYLKP[ ^OPSL VU [OL KLI[ THUHNLTLU[ WSHU& (SS [OL HJJV\U[Z PUJS\KLK PU `V\Y WSHU ^PSS IL JSVZLK HUK `V\ ^PSS IL HZRLK UV[ [V [HRL VU UL^ JYLKP[ ^OPSL WH`PUN VMM `V\Y KLI[Z 7LYOHWZ VUL VM [OL TVZ[ ]HS\HISL SLZZVUZ WHY[PJPWHU[Z SLHYU HZ WHY[ VM [OLPY WSHU PZ OV^ [V TLL[ [OLPY VISPNH[PVUZ ^P[OV\[ \ZPUN JYLKP[ HUK I\PSKPUN [OVZL NVVK OHIP[Z ^OPSL VU [OL +47 JHU OLSW `V\ WYLWHYL MVY [OL KH` ^OLU `V\ KV \ZL JYLKP[ HNHPU


5

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

;OL +47! 6\Y 7HY[ >/(; >, *(5 +6

(Z VUL [OPYK VM [OL WHY[ULYZOPW JVTTP[[LK [V OLSWPUN JVUZ\TLYZ SPRL `V\ H]VPK IHURY\W[J` HUK HJOPL]L ÄUHUJPHS MYLLKVT :WYPUNIVHYK HNYLLZ [V KV V\Y WHY[ [V THRL L]LY` +47 H Z\JJLZZM\S VUL >L THRL L]LY` LMMVY[ [V OLSW `V\ KL]LSVW H ^VYRHISL I\KNL[ ( JVUZPKLYHISL WVY[PVU VM [OL JV\UZLSPUN ZLZZPVU P[ZLSM PZ KL]V[LK [V I\KNL[PUN >L HSZV YLX\PYL [OL 7V^LY VM 7H`JOLJR 7SHUUPUN ZLTPUHY MVY HSS VM V\Y JSPLU[Z HUK ^L THRL [OH[ TH[LYPHS YLHKPS` H]HPSHISL I` WYV]PKPUN V\Y JSPLU[Z ^P[O [OPZ ZLTPUHY LP[OLY PU WLYZVU ]PH LTHPS ]PH V\Y ^LIZP[L VY I` OHYKJVW` ^VYRIVVR >L HJ[ HZ H SPHPZVU IL[^LLU JSPLU[ HUK JYLKP[VY HZZPZ[PUN IV[O ^P[O X\LZ[PVUZ HUK JVUJLYUZ 0M `V\ YLJLP]L JHSSZ MYVT `V\Y JYLKP[VYZ ZPTWS` NP]L [OLT V\Y JYLKP[VY ZLY]PJLZ U\TILY! >L YLJLP]L JHSSZ MYVT JYLKP[VYZ L]LY` KH`" THU` VM [OLT JOLJR ^P[O \Z ILMVYL JVU[HJ[PUN [OL JSPLU[ KPYLJ[S` 0M `V\ OH]L H X\LZ[PVU VY JVUJLYU ^P[O H WH`TLU[ JVU[HJ[ \Z HUK ^L»SS JHSS [OL JYLKP[VY VU `V\Y ILOHSM >L RLLW HJJ\YH[L YLJVYKZ VM TVU[OS` WH`TLU[Z YLJLP]LK I` \Z KPZ[YPI\[L JSPLU[ M\UKZ [V JYLKP[VYZ HZ HNYLLK HUK Z\WWS` JSPLU[Z ^P[O H TVU[OS` WYVNYLZZ YLWVY[ 6\Y KH[HIHZL PZ HS^H`Z H]HPSHISL [V ]LYPM` `V\Y WH`TLU[Z [V `V\Y JYLKP[VYZ >L»SS ZLUK H WYVNYLZZ YLWVY[ [V `V\ LHJO TVU[O ZOV^PUN `V\Y WH`TLU[ HUK ^OH[ ^HZ ZLU[ [V LHJO JYLKP[VY [OL WYL]PV\Z HJ[P]P[` J`JSL HZ ^LSS HZ [OL LZ[PTH[LK J\YYLU[ IHSHUJL V^LK [V LHJO JYLKP[VY :VTL[PTLZ [OL IHSHUJLZ VU `V\Y Z[H[LTLU[Z MYVT [OL JYLKP[ JHYK JVTWHUPLZ ^PSS UV[ TH[JO [OVZL VU V\Y WYVNYLZZ YLWVY[" PU [OVZL JHZLZ ZLUK `V\Y Z[H[LTLU[Z [V \Z HZ ZVVU HZ WVZZPISL ZV ^L JHU \WKH[L `V\Y IHSHUJLZ >L WYV]PKL ZLTPUHYZ VU I\KNL[PUN HUK YLSH[LK ÄUHUJPHS [VWPJZ 6\Y ZLTPUHYZ 9VHK 4HW [V -PUHUJPHS -YLLKVT HUK 7V^LY VM 7H`JOLJR 7SHUUPUN HYL HS^H`Z VWLU [V [OL W\ISPJ HUK MYLL VM JOHYNL 4HU` JSPLU[Z JVTL IHJR [V [OVZL ZLTPUHYZ YLWLH[LKS` [V OH]L X\LZ[PVUZ HUZ^LYLK VY [V NL[ H YLMYLZOLY JV\YZL PU I\KNL[PUN ;OL TH[LYPHSZ MVY [OLZL HYL H]HPSHISL [V KV^USVHK MVY MYLL H[ ^^^ JYLKP[ VYN V\Y ^LIZP[L VY ]PH < : THPS MVY [OVZL V\[ZPKL V\Y SVJHS HYLH VY ^OV TH` IL \UHISL [V H[[LUK PU WLYZVU >L HSZV YLN\SHYS` WYV]PKL V[OLY ZLTPUHYZ HUK [OLZL HYL HSZV H]HPSHISL [V KV^USVHK MVY MYLL H[ ^^^ JYLKP[ VYN VY ]PH < : THPS


6

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

;OL +47! 6\Y 7HY[ >/(; >, *(5 +6

>L KPZ[YPI\[L H YLN\SHY UL^ZSL[[LY VM \ZLM\S PUMVYTH[PVU [V JSPLU[Z 6\Y JSPLU[ UL^ZSL[[LY NVLZ V\[ X\HY[LYS`" P[ JVU[HPUZ OLSWM\S [PWZ VU I\KNL[PUN TVUL` THUHNLTLU[ HUK ^PZL ZWLUKPUN HY[PJSLZ (SZV JOLJR V\Y ^LIZP[L H[ ^^^ JYLKP[ VYN MVY H JVW` VM V\Y UL^ZSL[[LY HUK TVYL LK\JH[PVUHS YLZV\YJLZ HUK [VVSZ 6\Y OV\ZPUN JV\UZLSVYZ HZZPZ[ ^P[O MVYLJSVZ\YL WYL]LU[PVU 6\Y HNLUJ` PZ JLY[PÄLK I` [OL /V\ZPUN HUK <YIHU +L]LSVWTLU[ +LWHY[TLU[ HZ H JVTWYLOLUZP]L OV\ZPUN JV\UZLSPUN HNLUJ` 6\Y JV\UZLSVYZ HYL H]HPSHISL [V OLSW HSS JVUZ\TLYZ ^P[O [OLPY OV\ZPUN ÄUHUJLZ 1\Z[ SPRL ^L ^VYR [V OLSW JVUZ\TLYZ ^P[O \UZLJ\YLK KLI[ H]VPK H ÄUHUJPHS JYPZPZ ^L ^VYR [V OLSW OVTLV^ULYZ H]VPK MVYLJSVZ\YL HUK YLU[LYZ H]VPK L]PJ[PVU

>L WYV]PKL OLSW Z\WWVY[ [OYV\NOV\[ `V\Y KLI[ THUHNLTLU[ WSHU >L»YL HS^H`Z Q\Z[ H WOVUL JHSS H^H` H[ >L JHU HYYHUNL MVY H UL^ JV\UZLSPUN ZLZZPVU PM `V\Y JPYJ\TZ[HUJLZ JOHUNL HUK ^L LUJV\YHNL YL]PL^Z VM `V\Y WYVNYLZZ VU [OL WSHU (NHPU VWLU JVTT\UPJH[PVU PZ [OL RL` [V H Z\JJLZZM\S +47 ;OLYL HYL HSTVZ[ UV X\LZ[PVUZ VY JVUJLYUZ ^L JHUUV[ KLHS ^P[O PM `V\ THRL \Z H^HYL VM [OLT >L PZZ\L H SL[[LY VM JVTWSL[PVU ^OLU H JSPLU[ JVTWSL[LZ [OL +LI[ 4HUHNLTLU[ 7SHU HUK ILJVTLZ H ¸NYHK\H[L¹ ;OPZ JY\JPHS ÄUHS Z[LW PU [OL +47 PZ ^O` P[»Z HS^H`Z H NVVK PKLH [V JVTWSL[L WH`TLU[ [OYV\NO :WYPUNIVHYK L]LU PM `V\ HYL HISL [V WH` VMM `V\Y KLI[ LHYS` >VU [OL SV[[LY`& :VSK `V\Y OVTL& *HSS \Z HUK ^L»SS OLSW `V\ WH` VMM `V\Y KLI[ PU VUL S\TW WH`TLU[ (Z SVUN HZ `V\ YLWH` [OL KLI[ [OYV\NO \Z ^L JHU WYV]PKL `V\ ^P[O H SL[[LY VM JVTWSL[PVU 6\Y SL[[LY VM JVTWSL[PVU ^PSS OLSW `V\ YL LZ[HISPZO `V\Y JYLKP[ HUK HWWS` HSS [OL SLZZVUZ `V\»]L SLHYULK ^OPSL ^P[O V\Y WYVNYHT


7

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

;OL +47! 6\Y 7HY[ >/(; >, *(556; +6

>L JHUUV[ THRL H JYLKP[VY HJJLW[ WH`TLU[ VY H WHY[PJ\SHY WH`TLU[ HTV\U[ 4VZ[ JYLKP[VYZ UH[PVU^PKL RUV^ ^OV ^L HYL HUK OV^ ^L ^VYR =PY[\HSS` L]LY` JYLKP[VY ^PSS HJJLW[ WH`TLU[ MYVT \Z VU `V\Y ILOHSM )\[ PU [OVZL YHYL PUZ[HUJLZ ^OLYL [OL` ^PSS UV[ ^L JHUUV[ MVYJL [OLT [V KV ZV >L JHUUV[ THRL H JYLKP[VY Z[VW SLNHS HJ[PVU 0M `V\ HYL ILPUN Z\LK ^L JHUUV[ MVYJL H JYLKP[VY [V Z[VW [OL SH^Z\P[ 0U THU` JHZLZ OV^L]LY JYLKP[VYZ ^PSS ]VS\U[HYPS` OHS[ SLNHS HJ[PVU PM [OL` HYL YLJLP]PUN YLN\SHY WH`TLU[Z [OYV\NO V\Y WSHU >L JHUUV[ THRL HU` JYLKP[VY Z[VW VY YLK\JL PU[LYLZ[ VY V[OLY JOHYNLZ (NHPU ]PY[\HSS` L]LY` JYLKP[VY ^PSS ]VS\U[HYPS` VMMLY ZVTL JVUJLZZPVUZ [V JSPLU[Z VU H +47" [OL` OH]L HU PU[LYLZ[ PU ILPUN YLWHPK )\[ PU [OVZL PUZ[HUJLZ ^OLYL JYLKP[VYZ YLM\ZL [V ^HP]L MLLZ VY YLK\JL PU[LYLZ[ ^L JHUUV[ THRL [OLT KV ZV (U` JVUJLZZPVUZ VMMLYLK \Z\HSS` ^PSS UV[ IL HWWSPLK \U[PS HM[LY `V\Y [OPYK JVUZLJ\[P]L +47 WH`TLU[ >L JHUUV[ THRL JYLKP[VYZ Z[VW JHSSPUN 0U THU` JHZLZ JHSSZ ^PSS JVU[PU\L \U[PS [OL JYLKP[VY YLJLP]LZ [OYLL JVUZLJ\[P]L TVU[OS` WH`TLU[Z THKL [OYV\NO [OL +47 (M[LY [OL [OPYK VY MV\Y[O WH`TLU[ JYLKP[VY JHSSZ ZOV\SK Z[VW 0M `V\ OH]L THKL `V\Y MV\Y[O WH`TLU[ HUK HYL Z[PSS YLJLP]PUN JHSSZ JVU[HJ[ \Z HUK ^L JHU OLSW


8

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

;OL +47! *YLKP[VY»Z 7HY[

(Z ^L»]L Z[H[LK JYLKP[VYZ HYL V]LY^OLSTPUNS` PUJSPULK [V JVVWLYH[L ^P[O \Z ILJH\ZL [OL` OH]L HU PU[LYLZ[ PU ILPUN YLWHPK [OL TVUL` [OL` HYL V^LK *YLKP[VYZ RUV^ \Z I` YLW\[H[PVU HUK [OYV\NO `LHYZ VM JVVWLYH[PUN ^P[O \Z [V ZLL JSPLU[Z H]VPK IHURY\W[J` HUK HJOPL]L ÄUHUJPHS MYLLKVT -VY [OLPY WHY[ PU [OL [OYLL ^H` WHY[ULYZOPW JYLKP[VYZ HNYLL [V! (JJLW[ WH`TLU[Z [OYV\NO \Z *YLKP[VYZ HYL YLJLP]PUN WH`TLU[Z MYVT \Z KHPS` [OYV\NO ,-; ,SLJ[YVUPJ M\UKZ [YHUZMLY HUK I` JOLJR ]PH < : THPS >L HYL HISL [V KPZI\YZL M\UKZ MVY T\S[PWSL JSPLU[Z VU VUL JOLJR ^OPJO THRLZ WYVJLZZPUN WH`TLU[Z LHZPLY HUK TVYL LMÄJPLU[ MVY [OL JYLKP[VY 0[ PZ L_[YLTLS` YHYL [OH[ H JYLKP[VY ^PSS YLM\ZL [V HJJLW[ WH`TLU[Z MYVT \Z" L]LU PM [OL` KV UV[ VMMLY JVUJLZZPVUZ [OL` Z[PSS OH]L HU PU[LYLZ[ PU NL[[PUN WHPK :[VW JHSSPUN ^OPSL M\SS YLN\SHY WH`TLU[Z HYL ILPUN THKL (Z ^L»]L ZHPK JYLKP[VYZ» JHSSZ ZOV\SK Z[VW HM[LY [OYLL JVUZLJ\[P]L TVU[OS` +47 WH`TLU[Z *YLKP[VYZ ^HU[ [V ZLL [OH[ `V\ HYL JVTTP[[LK [V NVPUN [OYV\NO ^P[O [OL KLI[ THUHNLTLU[ WSHU ILMVYL [OL` OHS[ JVSSLJ[PVU JHSSZ HUK VMMLY JVUJLZZPVUZ <WKH[L JYLKP[ YLWVY[ LP[OLY K\YPUN [OL YLWH`TLU[ WYVNYHT VY \WVU M\SS WH`TLU[ VM [OL KLI[ >OLU `V\ ZH[PZM` `V\Y KLI[ [OYV\NO V\Y +47 P[ PZ YLJVYKLK HZ WHPK PU M\SS VU `V\Y JYLKP[ YLWVY[ :VTL JYLKP[VYZ ^PSS ^HP[ \U[PS `V\»]L JVTWSL[LK [OL WSHU [V \WKH[L `V\Y JYLKP[ YLWVY[ ZVTL ^PSS IYPUN `V\Y HJJV\U[ J\YYLU[ HUK PUKPJH[L [OH[ `V\ HYL THRPUN YLN\SHY WH`TLU[Z 4HU` JYLKP[VYZ PUKPJH[L [OH[ `V\ HYL WHY[PJPWH[PUN PU H +LI[ 4HUHNLTLU[ 7SHU VU `V\Y JYLKP[ YLWVY[ .YHU[ *VUJLZZPVUZ [V V\Y JSPLU[Z 0U[LYLZ[ JOHYNLZ HYL YLK\JLK VY ^HP]LK I` THU` JYLKP[VYZ" SH[L VY V]LY SPTP[ MLLZ HYL ^HP]LK I` ZVTL JYLKP[VYZ HUK [OL` VM[LU KPZJVU[PU\L JVSSLJ[PVU HJ[P]P[PLZ HZ SVUN HZ M\SS YLN\SHY WH`TLU[Z HYL THKL ,]LY` JYLKP[VY PZ \UPX\L PU ^OH[ [OL` VMMLY I\[ TVZ[ JYLKP[VYZ ^PSS THRL JVUJLZZPVUZ [OH[ HSSV^ [OL JSPLU[ [V Z\JJLZZM\SS` JVTWSL[L [OL +47


9

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

/V^ >PSS H +LI[ 4HUHNLTLU[ 7SHU (MMLJ[ 4` *YLKP[ /PZ[VY`& @V\ TH` IL [VSK I` [OL \UPUMVYTLK [OH[ P[ PZ SVVRLK \WVU ULNH[P]LS` HUK [OH[ `V\Y OVWLZ VM YLJLP]PUN H OVTL VY H JHY SVHU ^PSS NYLH[S` KPTPUPZO ;OPZ PZ JLY[HPUS` UV[ [Y\L ;OL SLUKPUN LU]PYVUTLU[ OHZ JOHUNLK HUK [OL THYRL[ \UKLYZ[HUKZ [OH[ P[ T\Z[ JYLH[L HU LU]PYVUTLU[ [OH[ TLL[Z [OL ULLK VM PUKP]PK\HSZ ^OV HYL ^PSSPUN [V WH` [OLPY KLI[Z L]LU [OV\NO [OL SL]LS VM KLI[ TH` IL NYLH[ ;OV\NO [OL VW[PVU VM IHURY\W[J` ZLLTZ [LTW[PUN HUK LHZ` PU [OL ZOVY[ Y\U [OL YLZ\S[ PZ KL]HZ[H[PUN PU [OL SVUN Y\U >P[O IHURY\W[J` `V\Y JYLKP[ YLWVY[ ^PSS TVZ[ KLÄUP[LS` IL KLZ[YV`LK MVY THU` `LHYZ HM[LY `V\ ÄSL 0[ PZ WVZZPISL MVY `V\ [V VI[HPU H SVHU HM[LY IHURY\W[J` I\[ `V\ ^PSS PU [\YU WH` T\JO OPNOLY PU[LYLZ[ YH[LZ 6\Y +LI[ 4HUHNLTLU[ 7SHU VMMLYZ `V\ [OL HIPSP[` [V YLZVS]L `V\Y KLI[ W\[ `V\ PU JVU[YVS VM `V\Y ÄUHUJLZ LK\JH[L `V\YZLSM ^P[O THUHNPUN KLI[ HUK HSZV MLLS NVVK HIV\[ `V\YZLSM \S[PTH[LS` [YHUZSH[PUN PU[V WLYZVUHS YPJOULZZ ;OL +LI[ 4HUHNLTLU[ 7SHU PZ H ]VS\U[HY` WYVNYHT *YLKP[VY WHY[PJPWH[PVU PZ H ]VS\U[HY` IHZPZ >L ^VYR ^P[O [OL JSPLU[ HUK JYLKP[VY [V KL]LSVW H ^PU ^PU ZP[\H[PVU MVY IV[O WHY[PLZ >OLU `V\ HNYLL [V WHY[PJPWH[L PU [OL +47 `V\ HYL ZPNUPUN Q\Z[ [OH[! HU HNYLLTLU[ ;OLYL HYL UV JVU[YHJ[Z PU]VS]LK Q\Z[ H ]VS\U[HY` HNYLLTLU[ [V JVTWSL[L [OL WYVNYHT 3PRL^PZL `V\Y JYLKP[VYZ ]VS\U[HYPS` VMMLY [V SV^LY PU[LYLZ[ YH[LZ HUK MLLZ HUK [V WYV]PKL MHPY ZOHYL M\UKPUN [V OLSW V\Y HNLUJ` HJOPL]L L]LY`VUL»Z NVHSZ


10

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

;OL +47! @V\Y 7HY[

;OL ÄUHS WHY[ VM [OL [OYLL ^H` WHY[ULYZOPW [OH[ THRLZ [OL +47 WVZZPISL PZ `V\ :WYPUNIVHYK HUK JYLKP[ NYHU[VYZ HJYVZZ [OL JV\U[Y` OH]L ILLU OLSWPUN JSPLU[Z MVY KLJHKLZ" `V\ JHU QVPU [OL SVUN SPZ[ VM Z\JJLZZM\S +47 NYHK\H[LZ I\[ [OLYL HYL ZVTL [OPUNZ [OH[ ^PSS IL L_WLJ[LK VM `V\! ;HRL HK]HU[HNL VM [OL MYLL LK\JH[PVUHS YLZV\YJLZ ^L VMMLY >L \YNL HSS JSPLU[Z [V WHY[PJPWH[L PU [OL MYLL W\ISPJ LK\JH[PVUHS ZLTPUHYZ ^L VMMLY ;OL TH[LYPHS `V\»YL OVSKPUN UV^ [OL 9VHK 4HW [V -PUHUJPHS -YLLKVT PZ KLZPNULK [V OLSW +47 JSPLU[Z HJOPL]L [OL ILZ[ YLZ\S[Z 6\Y V[OLY ZLTPUHYZ PUJS\KPUN ;OL 7V^LY VM 7H`JOLJR 7SHUUPUN HYL KLZPNULK [V OLSW HU` JVUZ\TLY JYLH[L H ^VYRHISL I\KNL[ >L HSZV VMMLY MYLL W\ISPJ ZLTPUHYZ VU [OL MVSSV^PUN Z\IQLJ[Z! -PYZ[ ;PTL /VTLI\`LY ;OL >PZL <ZL VM *YLKP[ <UKLYZ[HUKPUN @V\Y *YLKP[ :JVYL *V\WSLZ HUK 4VUL` :\Y]P]PUN [OL /VSPKH`Z 7YLKH[VY` 3LUKPUN /V^ (T 0 .VPUN [V 7H` 4` )PSSZ +LHSZ MVY >OLLSZ *VTTP[ [V H YLWH`TLU[ WSHU HUK MVSSV^ [OYV\NO I` THRPUN M\SS YLN\SHY TVU[OS` WH`TLU[Z @V\ HYL UV[ \UKLY HU` SLNHS JVU[YHJ[ VY VISPNH[PVU I\[ ^L \YNL `V\ [V OVUVY `V\Y HNYLLTLU[ ^P[O :WYPUNIVHYK HUK THRL `V\Y WH`TLU[Z VU [PTL HUK PU M\SS LHJO TVU[O 0[ ^VU»[ HS^H`Z IL LHZ` WHY[PJ\SHYS` H[ ÄYZ[ I\[ VUJL `V\»]L WHZZLK [OL PUP[PHS KH` [OYLZOVSK SPML VU [OL +47 NL[Z KYHTH[PJHSS` LHZPLY HUK YLTLTILY [OL WSHU ^VYRZ PU JVUQ\UJ[PVU ^P[O [OL I\KNL[ HUK LK\JH[PVUHS [VVSZ HUK YLZV\YJLZ +V UV[ HJX\PYL UL^ SPULZ VM JYLKP[ ^OPSL VU [OL YLWH`TLU[ WYVNYHT VY \ZL V[OLY L_PZ[PUN \UZLJ\YLK JYLKP[ ;OPZ PZ H T\Z[ ;VNL[OLY ^L HZR `V\Y JYLKP[VYZ [V L_[LUK JVUJLZZPVUZ [V `V\ IHZLK VU `V\Y JVTTP[TLU[ [V YLWH`PUN `V\Y KLI[Z PU H ZL[ [PTL SPTP[ 0M `V\Y JYLKP[VYZ KPZJV]LY [OH[ `V\ OH]L HJX\PYLK UL^ JYLKP[ ^OPSL VU [OL +47 [OL` ^PSS KYVW `V\ MYVT [OL WSHU HUK YLPUZ[H[L [OL MLLZ HUK PU[LYLZ[ JOHYNLZ `V\ OHK ILMVYL [OL +47 4VUP[VY HSS JYLKP[VY Z[H[LTLU[Z HUK THRL \Z H^HYL VM HU` ZWLJPÄJ WYVISLTZ VY ZPNUPÄJHU[ IHSHUJL KPMMLYLUJLZ ;OPZ WVPU[ JHUUV[ IL Z[YLZZLK Z[YVUNS` LUV\NO *HSS \Z HZ ZVVU HZ `V\ ZWV[ H WYVISLT ^P[O HU` VM `V\Y JYLKP[VY Z[H[LTLU[Z *YLKP[ JHYK JVTWHUPLZ HYL SHYNL MHZ[ TV]PUN VYNHUPaH[PVUZ" P[ PZ KPMÄJ\S[ HUK [PTL JVUZ\TPUN MVY [OLT [V NV IHJR TVU[OZ VY ^LLRZ PU [OLPY YLJVYKZ HUK YL]LYZL SH[L JOHYNLZ VY JVYYLJ[ VSK LYYVYZ 0M ^L HYL NVPUN [V Z\JJLZZM\SS` HKKYLZZ HU` PZZ\LZ VY LYYVYZ `V\ TPNO[ ZLL ^L ULLK [V RUV^ HIV\[ [OLT HZ ZVVU HZ WVZZPISL ;OL RL` [V [OL Z\JJLZZ VM `V\Y +47 PZ `V\Y HJ[P]L WHY[PJPWH[PVU PU [OPZ WHY[ULYZOPW )L HSLY[ [V HU` PZZ\LZ VY JVUJLYUZ [OH[ TPNO[ HWWLHY HUK JVU[HJ[ `V\Y JYLKP[VY [V HZR MVY HU L_WSHUH[PVU 0M `V\ HYL \UHISL [V YLZVS]L [OL PZZ\L WSLHZL JHSS [V SL[ \Z RUV^ VM `V\Y JVUJLYU 6UJL HNHPU [OL ZVVULY ^L RUV^ VM H JVUJLYU [OL ZVVULY ^L JHU OLSW YLZVS]L P[ *VU[HJ[ \Z PM `V\Y PUJVTL PUJYLHZLZ KLJYLHZLZ VM PM `V\ HYL PU H ÄUHUJPHS LTLYNLUJ` >L JHU OLSW `V\ [OYV\NO TVZ[ ZP[\H[PVUZ PM `V\ SL[ \Z RUV^ ^OH[ PZ NVPUN VU 0M `V\ ^HU[ [V PUJYLHZL `V\Y WH`TLU[Z Q\Z[ NP]L \Z H JHSS 0M `V\ ULLK [V KLJYLHZL [OLT JHSS \Z HUK ^L»SS ZJOLK\SL H UL^ JV\UZLSPUN ZLZZPVU +\YPUN [OPZ ZLZZPVU ^L ^PSS YL]PL^ `V\Y J\YYLU[ PUJVTL L_WLUZLZ HUK KPZJ\ZZ `V\Y J\YYLU[ ÄUHUJPHS ZP[\H[PVU HZ ^LSS HZ L_WSVYL HU` YLZV\YJL H]HPSHISL [V `V\ (KKP[PVUHSS` ^L ^PSS THRL H UV[L VM `V\Y JPYJ\TZ[HUJLZ ZV ^L JHU JVU]L` [OLT PM `V\Y JYLKP[VYZ JHSS \Z >L HZR JYLKP[VYZ UV[ [V JHSS `V\ PM `V\ HYL TLL[PUN [OL [LYTZ VM `V\Y KLI[ THUHNLTLU[ WSHU HNYLLTLU[ 0M `V\ THRL H WHY[PHS WH`TLU[ VY TPZZ H WH`TLU[ HS[VNL[OLY `V\Y JYLKP[VY TH` JVU[HJ[ \Z ;OL` TH` [OPUR `V\ HYL UV[ [HRPUN [OL +47 ZLYPV\ZS` PM ^L KV UV[ RUV^ ^O` `V\ OH]L UV[ THKL H M\SS WH`TLU[ VU [PTL


11

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

7V[LU[PHS 7V[OVSLZ

6]LYSHWWPUN K\L KH[LZ! 0M `V\ OH]L H JYLKP[VY ^OV PZ JOHYNPUN SH[L MLLZ ILJH\ZL `V\Y WH`TLU[ [OYV\NO \Z JVTLZ [V [OLT HM[LY `V\Y JYLKP[VY»Z K\L KH[L·JHSS [OL JYLKP[VY HUK SL[ [OLT RUV^ `V\ ^HU[ [V JOHUNL [OLPY K\L KH[L H[ SLHZ[ KH`Z HM[LY `V\Y K\L KH[L [V :WYPUNIVHYK 0M `V\ HYL OH]PUN H WYVISLT NL[[PUN H JYLKP[VY [V HNYLL [V H JOHUNL VM K\L KH[L SL[ \Z RUV^ <UL_WLJ[LK L_WLUZLZ VY YLK\JLK PUJVTL! *VU[HJ[ \Z PM `V\Y PUJVTL SL]LS KLJYLHZLZ VY H ÄUHUJPHS LTLYNLUJ` KL]LSVWZ 3H[L WH`TLU[Z! ;Y` [V THRL HSS WH`TLU[Z [V \Z I` `V\Y :WYPUNIVHYK K\L KH[L 0M `V\ KV OHWWLU [V THRL H WH`TLU[ SH[L P[ ^PSS PU LMMLJ[ IL ZLU[ SH[L [V `V\Y JYLKP[VYZ 0M `V\ OHWWLU [V THRL H WH`TLU[ LHYS` [V :WYPUNIVHYK ^L ^PSS ZLJ\YL HUK OVSK [OVZL M\UKZ \U[PS P[ PZ ZJOLK\SLK [V IL ZLU[ HZ `V\Y YLN\SHYS` ZJOLK\SLK WH`TLU[ 0M `V\ OH]L L_[YH M\UKZ `V\ ^V\SK SPRL [V HSSVJH[L [V^HYK `V\Y +47 WSLHZL ZLUK H UV[L ZWLJPM`PUN [OH[ `V\ HYL ZLUKPUN [OLZL L_[YH M\UKZ WH`HISL V\[ZPKL `V\Y YLN\SHY +47 WH`TLU[ 4PZZLK WH`TLU[Z! (S^H`Z SL[ \Z RUV^ HZ LHYS` HZ WVZZPISL PM HUK ^O` `V\ TH` OH]L [V TPZZ H WH`TLU[ 4HU` JYLKP[VYZ ]PL^ HU`[OPUN SLZZ [OHU H M\SS +47 WH`TLU[ HZ H TPZZLK WH`TLU[ ;OPZ JHU HK]LYZLS` HMMLJ[ `V\Y Z[H[\Z ^P[O [OL JYLKP[VYZ @V\Y JYLKP[VYZ ^PSS ^HU[ `V\ [V THRL \W [OL TVUL` [OH[ ^HZ UV[ ZLU[ [V [OLT 4HU` JYLKP[VYZ YLZ[HY[ SH[L MLLZ \USLZZ `V\ THRL \W [OL TPZZLK WH`TLU[ HUK ^PSS JVU[PU\L JOHYNPUN [OLT MVY \W [V H `LHY ILMVYL YL HNPUN [OL HJJV\U[ HNHPU 0TWYVWLYS` JYLKP[LK WH`TLU[Z! @V\ HYL [OL VUS` VUL ^OV NL[Z `V\Y Z[H[LTLU[Z MYVT JYLKP[VYZ 0M H WH`TLU[ PZ UV[ WVZ[LK MVY [OL JVYYLJ[ HTV\U[ VY P[ PZ UV[ YLÅLJ[LK VU `V\Y Z[H[LTLU[ HUK `V\ RUV^ [OL WH`TLU[ ZOV\SK HYYP]L ILMVYL [OL Z[H[LTLU[ J\[ VMM KH[L WSLHZL SL[ \Z RUV^ >L JHU OLSW YLZVS]L HU PTWYVWLYS` JYLKP[LK WH`TLU[ I\[ [OL SVUNLY `V\ ^HP[ [V PUMVYT \Z VM H WYVISLT [OL TVYL KPMÄJ\S[ P[ PZ [V NL[ P[ JVYYLJ[LK


12

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

@V\Y 1V\YUL` >P[O <Z

( I\KNL[ HUK YLWH`TLU[ WSHU PZ KL]LSVWLK ^P[O `V\Y ÄUHUJPHS JYLKP[ HUK KLI[ JV\UZLSVY >L WYV]PKL MYLL LK\JH[PVUHS TH[LYPHSZ HUK HK]PJL [V OLSW `V\ 0M HUK VUS` PM `V\Y ZP[\H[PVU ^HYYHU[Z P[ ^L YLJVTTLUK LUYVSSTLU[ PU H +LI[ 4HUHNLTLU[ 7SHU >L LU[LY [OL KL[HPSZ VM `V\Y YLWH`TLU[ WSHU I` JYLKP[VY HUK WH`TLU[ HTV\U[ PU[V V\Y JVTW\[LY Z`Z[LT >L ZLUK WH`TLU[ WYVWVZHSZ [V LHJO VM `V\Y JYLKP[VYZ VU H WLYZVUHSPaLK IHZPZ HJJVYKPUN [V `V\Y +47 )` ZLUKPUN WYVWVZHSZ [V `V\Y JYLKP[VYZ MVSSV^LK JSVZLS` I` `V\Y YLN\SHYS` ZJOLK\SLK WH`TLU[ ^L JHU VW[PTPaL [OL HJJLW[HUJL VM [OVZL WYVWVZHSZ 0U YLZWVUZL `V\Y JYLKP[VYZ ^PSS PUMVYT :WYPUNIVHYK VY PU ZVTL JHZLZ `V\ KPYLJ[S` ^OL[OLY [OL` HJJLW[ [OL WYVWVZHS HZ PZ YLX\LZ[ H JOHUNL VY KLJSPUL P[ >L PUMVYT `V\ VM HU` ULJLZZHY` JOHUNLZ 6\Y WYVWVZHS PZ IHZLK VU [OL PUMVYTH[PVU `V\ WYV]PKLK K\YPUN `V\Y PUP[PHS JV\UZLSPUN ZLZZPVU ;OL TVYL HJJ\YH[L HUK J\YYLU[ [OH[ PUMVYTH[PVU [OL SLZZ SPRLS` P[ PZ H JYLKP[VY ^PSS YLQLJ[ P[ ;OL Z[HUKHYK TL[OVK VM WH`TLU[ PZ [OYV\NO V\Y (\[VTH[LK 7H`TLU[ :LY]PJL (7: >P[O (7: JSPLU[Z OH]L [OL HTV\U[ VM [OLPY WH`TLU[ H\[VTH[PJHSS` ^P[OKYH^U KPYLJ[S` MYVT [OLPY JOLJRPUN VY ZH]PUNZ HJJV\U[ ;OPZ TL[OVK VM WH`TLU[ LUZ\YLZ JVUZPZ[LU[ TVU[OS` WH`TLU[Z >L KPZ[YPI\[L `V\Y M\UKZ VUJL H TVU[O [V `V\Y JYLKP[VYZ HJJVYKPUN [V [OL ZWLJPÄJ KL[HPSZ VM `V\Y YLWH`TLU[ WSHU (NHPU P[ PZ PTWVY[HU[ [V THRL `V\Y WH`TLU[Z JVUZPZ[LU[S` HUK I` `V\Y K\L KH[L -\UKZ YLJLP]LK MYVT V\Y JSPLU[Z HYL KPZI\YZLK L]LY` KH` I` ,-; ZV JYLKP[VYZ YLJLP]L WH`TLU[Z YPNO[ H^H` >L ZLUK `V\ H TVU[OS` WYVNYLZZ YLWVY[ ZOV^PUN `V\Y HJJV\U[ HJ[P]P[` MVY [OL WYPVY HJ[P]P[` J`JSL @V\ SL[ \Z RUV^ WYVTW[S` PM [OLYL HYL HU` ZPNUPÄJHU[ KPMMLYLUJLZ PU [OL PUMVYTH[PVU VU `V\Y Z[H[LTLU[ MYVT \Z HUK `V\Y JYLKP[VY»Z Z[H[LTLU[Z :LUK \Z `V\Y JYLKP[VY Z[H[LTLU[Z L]LY` MV\Y [V ZP_ TVU[OZ ZV ^L JHU \WKH[L `V\Y IHSHUJLZ VU V\Y Z`Z[LT >OLU H JYLKP[VY PZ ULHY WH`VMM ^L ^PSS UV[PM` `V\ PU ^YP[PUN 7SLHZL IL Z\YL [V ]LYPM` `V\Y YLTHPUPUN IHSHUJL ^P[O `V\Y JYLKP[VY 3L[ \Z RUV^ YPNO[ H^H` PM [OL HTV\U[ `V\ V^L PZ KPMMLYLU[ MYVT [OL HTV\U[ ^L PUKPJH[L PU V\Y SL[[LY [V `V\ 6UJL WHPK VMM [OH[ JYLKP[VY WH`TLU[ ^PSS IL LX\P[HIS` KPZ[YPI\[LK [V `V\Y YLTHPUPUN JYLKP[VYZ @V\Y TPUPT\T TVU[OS` WH`TLU[ YLTHPUZ [OL ZHTL [OYV\NOV\[ [OL WYVNYHT ;OPZ PZ I\PS[ PU[V [OL Z[Y\J[\YL VM `V\Y +47 0M `V\Y +47 PZ KLZPNULK [V [HRL TVU[OZ [V YLZVS]L `V\Y KLI[ P[ ^PSS VUS` KV ZV PM [OL WH`TLU[ HTV\U[ YLTHPUZ [OL ZHTL :VTL JSPLU[Z ^PSS ULLK [V YLK\JL [OLPY TVU[OS` WH`TLU[ K\L [V \UMVYLZLLU ÄUHUJPHS OHYKZOPW ^OLU PUKP]PK\HS JYLKP[VYZ HYL WHPK VMM 0U [OLZL JHZLZ [OL HTV\U[ VM [PTL [OL +47 ^PSS [HRL [V IL WHPK VMM ^PSS PUJYLHZL ;OYV\NOV\[ [OL SPML VM `V\Y 7SHU ^L HYL OLYL [V VMMLY HK]PJL HUK HZZPZ[HUJL 0M `V\ OH]L HU` WYVISLTZ VY X\LZ[PVUZ WSLHZL SL[ \Z RUV^ YPNO[ H^H` HZ P[»Z \Z\HSS` LHZPLY [V ZVS]L WYVISLTZ LHYS` VU >OLU HSS HJJV\U[Z HYL WHPK VMM ^L»SS ZLUK `V\ H ¸SL[[LY VM Z\JJLZZM\S JVTWSL[PVU¹ VM `V\Y +LI[ 4HUHNLTLU[ 7SHU


13

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

@V\Y 1V\YUL` >P[O <Z

@V\Y Z\JJLZZM\S JVTWSL[PVU [OYV\NO [OL +LI[ 4HUHNLTLU[ 7SHU PZ RL` HZ P[ ^PSS LUHISL `V\ [V YL LZ[HISPZO JYLKP[ HM[LY `V\ OH]L YLWHPK `V\Y KLI[Z [OYV\NO :WYPUNIVHYK 9HYLS` KVLZ H :WYPUNIVHYK NYHK\H[L OH]L [YV\ISL YL LZ[HISPZOPUN JYLKP[ PM [OL` OH]L Z[HISL PUJVTL 6\Y WSHU HUK LK\JH[PVUHS YLZV\YJLZ OH]L OLSWLK [OV\ZHUKZ VM NYHK\H[LZ W\YJOHZL OVTLZ H\[VTVIPSLZ HUK V[OLY JYLKP[ ULLKZ [OH[ [OLPY PUJVTL HUK JPYJ\TZ[HUJLZ ^PSS Z\WWVY[

2,@: ;6 :<**,:: 65 ;/, +,); 4(5(.,4,5; 73(5 9LSH_ ;HRL VUL KH` H[ H [PTL -VJ\Z VU [OL IPNNLY WPJ[\YL ([[LUK ¸[OL 7V^LY VM 7H`JOLJR 7SHUUPUN¹ HUK V[OLY ZLTPUHYZ 6YKLY `V\Y JYLKP[ YLWVY[ PU [OL ÄYZ[ TVU[OZ VM `V\Y WYVNYHT 0M `V\ ULLK HU`[OPUN KVU»[ OLZP[H[L [V JHSS \Z +VU»[ X\P[


14

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

*VU[HJ[PUN <Z

>L»YL HS^H`Z H]HPSHISL [V HUZ^LY `V\Y X\LZ[PVUZ HUK HKKYLZZ `V\Y JVUJLYUZ *HSS \Z H[ 6\Y MH_ U\TILY PZ @V\ JHU HSZV ÄUK :WYPUNIVHYK VU [OL PU[LYUL[ H[ ^^^ JYLKP[ VYN ,THPS \Z H[ :WYPUNIVHYK'JYLKP[ VYN ^P[O HU` X\LZ[PVUZ `V\ TH` OH]L :WYPUNIVHYK PZ OLSWPUN PU THU` ^H`Z! (Z [OL JYLKP[ PUK\Z[Y` L]VS]LZ HUK JOHUNLZ :WYPUNIVHYK T\Z[ NYV^ HUK L]VS]L HZ ^LSS >OLU UL^ SH^Z HYL WHZZLK [OH[ OH]L HU PTWHJ[ VU JVUZ\TLYZ ^L THRL P[ H WYPVYP[` [V IL HOLHK VM [OL J\Y]L PU WYV]PKPUN UVUWYVÄ[ ÄUHUJPHS ZLY]PJLZ [V HSS JVUZ\TLYZ /LYL HYL ZVTL VM [OL ZLY]PJLZ ^L VMMLY [V JVUZ\TLYZ! /V\ZPUN /LSW 6\Y JLY[PÄLK OV\ZPUN JV\UZLSVYZ JHU OLSW [V H]VPK MVYLJSVZ\YL WYV]PKL OVTLI\`LY JLY[PÄJH[L LK\JH[PVU YLU[HS JV\U ZLSPUN HUK YL]LYZL TVY[NHNL LK\JH[PVU -PYZ[ ;PTL /VTLI\`LY :LTPUHYZ (U PU KLW[O ^VYRZOVW KLZPNULK [V OLSW `V\ THRL IL[[LY JOVPJLZ HUK KLJPZPVUZ ^OLU I\`PUN `V\Y OVTL (WWYV]LK I` /<+ -YLKKPL 4HJ -HUUPL 4HL ;V PUX\PYL M\Y[OLY JVU[HJ[ \Z H[ [V 9:=7 HUK MVY JSHZZ SVJH[PVU ¸.L[ *OLJRPUN¹ 0M `V\»]L SVZ[ `V\Y IHURPUN WYP]PSLNLZ ILJH\ZL VM ULNH[P]L PUMVYTH[PVU VU `V\Y *OL_:`Z[LTZ YLWVY[ [OPZ ZLTPUHY JHU OLSW ;OL ^VYRZOVW ^PSS [LHJO `V\ [OL ZRPSSZ `V\ ULLK [V OHUKSL `V\Y JOLJRPUN HJJV\U[ YLZWVUZPIS` HUK NYHK\H[LZ ^PSS OH]L [OL VWWVY[\UP[` [V VWLU JOLJRPUN HJJV\U[Z H[ WHY[PJPWH[PUN IHURZ HUK JYLKP[ \UPVUZ ;OPZ ZLTPUHY JVZ[Z WH`HISL I` JHZO VY TVUL` VYKLY ,K\JH[PVUHS 7YVNYHTZ 0M `V\ JHU»[ H[[LUK PU WLYZVU JOLJR V\Y ^LIZP[L MVY MYLL KV^USVHKZ VM V\Y TVZ[ WVW\SHY Z\IQLJ[Z @V\ JHU HSZV JHSS \Z VY L THPS H[ LK\JH[PVU'JYLKP[ VYN [V YLX\LZ[ MYLL TH[LYPHSZ


15

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

.SVZZHY`

/LYL `V\»SS ÄUK ZVTL \ZLM\S [LYTZ NH[OLYLK PU VUL WSHJL HUK KLÄULK (\[VTH[LK 7H`TLU[ :LY]PJL (7: ! ( Z`Z[LT [OH[ HSSV^Z :WYPUNIVHYK JSPLU[Z [V OH]L [OLPY +47 WH`TLU[ H\[VTH[PJHSS` ^P[OKYH^U KPYLJ[S` MYVT [OLPY JOLJRPUN VY ZH]PUNZ HJJV\U[ ;OPZ PZ V\Y WYLMLYYLK TL[OVK VM WH`TLU[ HZ P[ LUZ\YLZ JVUZPZ[LU[ TVU[OS` WH`TLU[Z )HURY\W[J`! ( SLNHS WYLJLKPUN [OH[ JHU SLNHSS` YLSLHZL H WLYZVU MYVT YLWH`PUN KLI[Z )\KNL[! ( KL[HPSLK ^YP[[LU YLJVYK VM PUJVTL LHYULK HUK ZWLUKPUN WSHU MVY H ZWLJPÄJ [PTL WLYPVK *OHYNL 6MM! ( KLI[ [OH[ OHZ ILLU ^YP[[LU VMM I` [OL JYLKP[VY HZ \UJVSSLJ[PISL" [OL KLI[ YLTHPUZ ]HSPK HUK Z\IQLJ[ [V JVSSLJ[PVU *VSSLJ[PVU! ( JYLKP[VY»Z H[[LTW[ [V YLJV]LY H WHZ[ K\L WH`TLU[ I` [\YUPUN [OL HJJV\U[ V]LY [V H JVSSLJ[PVU KLWHY[TLU[ VY JVTWHU` /H]PUN H KLI[ PU JVSSLJ[PVU PZ H ZLYPV\Z ULNH[P]L P[LT VU H JYLKP[ YLWVY[ *VUJLZZPVUZ! :VTL JYLKP[VYZ HNYLL [V SV^LY PU[LYLZ[ YH[LZ HUK LSPTPUH[L MLLZ MVY +47 JSPLU[Z 4VZ[ JYLKP[VYZ ^PSS HSZV HNYLL [V H ZTHSSLY TPUPT\T TVU[OS` WH`TLU[ THRPUN P[ WVZZPISL MVY [OVZL VU H +47 [V THRL LUKZ TLL[ *YLKP[ *V\UZLSPUN :LY]PJL! (U VYNHUPaH[PVU [OH[ WYV]PKLZ WLYZVUHS ÄUHUJLK LK\JH[PVU [V JVUZ\TLYZ HUK OLSWZ WLVWSL PU KLI[ JYLH[L ^VYRHISL I\KNL[Z HUK WH` VMM [OLPY KLI[Z *YLKP[ 9LWVY[ ;OL KVJ\TLU[ VM H JVUZ\TLY»Z JYLKP[ OPZ[VY` PUJS\KPUN H YLJVYK VM J\YYLU[ HUK WHZ[ KLI[Z HUK [OL [PTLSPULZZ VM [OLPY YLWH`TLU[ +LI[ 4HUHNLTLU[ 7SHU +47 ! ( YLWH`TLU[ WSHU [OH[ OLSWZ JVUZ\TLYZ WH` VMM [OLPY KLI[Z V]LY H ZL[ WLYPVK VM [PTL ^P[O JVUZVSPKH[LK WH`TLU[Z VM[LU ^P[O YLK\JLK TVU[OS` WH`TLU[Z PU[LYLZ[ YH[LZ HUK MLLZ +LMH\S[ 7\YJOHZL 9H[L! 0M `V\ KLMH\S[ VU `V\Y HJJV\U[ `V\Y JHYK PZZ\LY TH` ZLSS `V\Y KLI[ [V HUV[OLY JVTWHU` VY JVSSLJ[PVU HNLUJ` 0M [OH[ OHWWLUZ `V\ JV\SK IL YLZWVUZPISL MVY H KPMMLYLU[ HUK OPNOLY YH[L ,SLJ[YVUPJ -\UKZ ;YHUZMLY ,-; ! :WYPUNIVHYK KLSP]LYZ JSPLU[ WH`TLU[Z [V JYLKP[VY ]PH ,-; LUZ\YPUN [OH[ V\Y WH`TLU[Z HYL WYVJLZZLK PTTLKPH[LS` >OLU JSPLU[Z \ZL V\Y (\[VTH[LK 7H`TLU[ :LY]PJL (7: [OL LU[PYL WYVJLZZ PZ H\[VTH[LK HSSV^PUN MVY ML^LY TPZ[HRLZ HUK T\JO MHZ[LY KLSP]LY` VM WH`TLU[Z -HPY +LI[ *VSSLJ[PVU 7YHJ[PJLZ (J[ -+*7( ! ( MLKLYHS SH^ [OH[ SPTP[Z ^OH[ JVSSLJ[PVU HNLU[Z JHU KV ^OLU H[[LTW[PUN [V JVSSLJ[ H KLI[ (WWSPLZ VUS` [V YK WHY[` KLI[ JVSSLJ[VYZ UV[ [OL VYPNPUHS JYLKP[VY [OV\NO THU` Z[H[LZ OH]L SH^Z [OH[ LUMVYJL -+*7( YLN\SH[PVUZ VU VYPNPUHS JYLKP[VYZ 0M `V\ OH]L 0U[LYUL[ HJJLZZ .VVNSL ZLHYJO ¸-+*7(¹ MVY TVYL PUMVYTH[PVU -HPY :OHYL! 6UL VM [OL ^H`Z UVU WYVÄ[ JYLKP[ JV\UZLSPUN HNLUJPLZ YLJLP]L M\UKPUN -HPY ZOHYL JVU[YPI\[PVUZ HYL H ]VS\U[HY` KVUH[PVU MYVT JYLKP[VYZ ^OV WHY[PJPWH[L PU [OL KLI[ THUHNLTLU[ WSHU ;OL M\UKPUN PZ VM[LU JHSJ\SH[LK HZ H WLYJLU[HNL VM JSPLU[Z» TVU[OS` WH`TLU[ /V^L]LY `V\Y HJJV\U[Z ^P[O `V\Y JYLKP[VYZ ^PSS HS^H`Z IL JYLKP[LK ^P[O VM [OL HTV\U[ `V\ WH` \Z HUK ^L ^PSS ^VYR ^P[O HSS `V\Y JYLKP[VYZ YLNHYKSLZZ VM ^OL[OLY [OL` JVU[YPI\[L [V V\Y HNLUJ` >L ÄUK HJJLW[PUN MHPY ZOHYL JVU[YPI\[PVUZ MYVT JYLKP[VYZ WYLMLYHISL [V JOHYNPUN OPNOLY MLLZ [V V\Y JSPLU[Z -0*6 :JVYL! ( JYLKP[ ZJVYL YHUNPUN MYVT KL]PZLK I` -HPY 0ZHHJ *VYWVYH[PVU ^OPJO SLUKLYZ \ZL [V KL[LYTPUL ^OL[OLY [OL` ^PSS L_[LUK JYLKP[ [V H JVUZ\TLY HUK H[ ^OH[ PU[LYLZ[ YH[LZ 1\KNTLU[! ( JV\Y[ VYKLY WSHJPUN H SPLU VU H KLI[VY»Z WYVWLY[` HZ ZLJ\YP[` MVY H KLI[ V^LK [V H JYLKP[VY 3H[L -LL! ;OL MLL JOHYNLK J\Z[VTLYZ MVY WH`PUN SH[L VY SLZZ [OHU [OL YLX\PYLK TPUPT\T WH`TLU[ K\L I` [OL K\L KH[L 5VUWYVÄ[! ( I\ZPULZZ VYNHUPaH[PVU [OH[ ZLY]LZ HZ H W\ISPJ ILULÄ[ VYNHUPaH[PVU PZ SLNHSS` JVUZ[P[\[LK [V ZLY]L H W\ISPJ W\YWVZL HUK ^OVZL VIQLJ[P]L PZ [V Z\WWVY[ VY LUNHNL PU HJ[P]P[PLZ VM W\ISPJ ILULÄ[ 6WLU +LI[Z! (SZV RUV^U HZ VWLU SPULZ VM JYLKP[ VY ¸JOHYNL JHYKZ¹ [OLZL KLI[Z HYL K\L PU M\SS H[ [OL LUK VM LHJO TVU[O" [OL TVZ[ JVTTVU VWLU JYLKP[ SPUL PZ [OL [YHKP[PVUHS (TLYPJHU ,_WYLZZ JHYK :LJ\YLK 3VHU! ( SVHU [OH[ PZ IHJRLK I` JVSSH[LYHS Z\JO HZ HU H\[V SVHU VY H SVHU [OH[ ÄUHUJLZ [OL W\YJOHZL VM ZVTL HWWSPHUJLZ VY M\YUP[\YL <UZLJ\YLK 3VHU! ( SVHU [OH[ PZ UV[ IHJRLK I` JVSSH[LYHS" P[ PZ N\HYHU[LLK VUS` I` [OL IVYYV^LY»Z WYVTPZL [V YLWH`


16

:WYPUNIVHYK 5VUWYVÄ[ *VUZ\TLY *YLKP[ *V\UZLSPUN 9VHK 4HW [V -PUHUJPHS -YLLKVT

5V[LZ


Springboard Nonprofit Consumer Credit Management 4351 Latham Street Riverside, CA 92501 PO Box 5438 Riverside, CA 92517-5438 1-800-WISE-PLAN (800.947.3752) www.credit.org springboard@credit.org

COUNCIL ON ACCREDITATION FOUNDED 1977

BBB

ACCREDITED BUSINESS

HUD Approved


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.