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Personal finance in your 20s and 30s

Author: Eric Tyson
Publisher: Hoboken, NJ : For Dummies, [2018] ©2018
Series: --For dummies.
Edition/Format:   eBook : Document : EnglishView all editions and formats
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Genre/Form: Electronic books
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Eric Tyson
ISBN: 9781119431350 1119431352 9781119431374 1119431379
OCLC Number: 1008962925
Notes: Includes index.
Description: 1 online resource.
Contents: Introduction 1 About This Book 1 Foolish Assumptions 2 Icons Used in This Book 3 Beyond the Book 3 Where to Go from Here 3 Part 1: Getting Started with Personal Finance 5 Chapter 1: Your Financial Checkup 7 Calculating Your Financial Worth 8 Defining net worth 8 Figuring what you own: Financial assets 8 Determining what you owe: Financial liabilities 9 Netting the difference 10 Grasping the Importance of Savings 10 Netting your income and spending 10 Assessing the change in your net worth 11 Understanding and Improving Your Credit Score 12 Deciphering how lenders use credit reports and scores 12 Obtaining your credit reports and fixing errors 13 Getting your credit score 14 Improving your credit reports and score 15 Comprehending Your Investment Options 15 Examining Insurance Coverage 17 Identifying Common Financial Mistakes Young Adults Make 17 Chapter 2: Budgeting, Goal Setting, and Valuing Saving 21 Developing a Savings Mind-Set 22 What It's Worth: Valuing Savings over Time 24 The difference of continual savings 24 The difference a few percentage points on your return makes to your investment 25 Budgeting and Boosting Your Savings 25 Setting and Prioritizing Your Savings Goals 27 Identifying common goals of accomplished savers 27 Valuing retirement accounts 28 Dealing with competing goals 30 Saving When You're Strapped 30 Chapter 3: Using Loans and Paying Down Debts 31 Eyeing the Causes of Generational Debt 31 Making the Most of Loans 32 Dealing With Student-Loan Debt 33 Tracking your student loans and making timely payments 33 Prioritizing the payback of student loans 34 Using education tax breaks 35 Weighing the costs and benefits of education expenditures 36 Making the most of student loans, grants, and other financial aid 37 Benefits for military people 38 Working Off Consumer Debt 38 Kicking the credit-card habit 39 Discovering debit cards: Convenience without credit temptation 39 Lowering the interest rate on consumer debt 40 Negotiating better rates from your current credit card 41 Tapping investments to reduce consumer debt 41 Paying down balances 42 Getting Help for Extreme Debt 43 Seeking counseling 43 Considering bankruptcy 44 Preventing Consumer Debt Relapses 47 Chapter 4: Everything Credit: Scores and Reports 49 A Primer on Credit Reports and Credit Scores 49 Differentiating between credit reports and credit scores 50 Understanding how credit scores are determined 51 Knowing the value of a good credit score 52 Jump-starting your credit score as a young adult 52 Getting Your Hands on Your Credit Reports and Scores 53 Recommended websites for free credit scores 54 Websites to avoid 54 Scrutinizing Your Credit Reports to Improve Them 55 Identifying errors and getting them fixed 55 Boosting your credit score 56 Preventing Identity Theft 57 Part 2: Saving and Earning More 61 Chapter 5: Proven Ways to Spend Less and Save More 63 Containing Housing Costs 63 Reducing rental costs 64 Slicing homeowner expenses 66 Cutting Your Taxes 67 Managing Food Costs 68 Trimming Transportation Expenses 69 Finessing Fashion Finances 71 Relaxing on a Budget 72 Taming Technology Spending 74 Keeping Down Insurance Costs 76 Getting Professional Advice 76 Handling Healthcare Expenses 77 Chapter 6: Taxes: Reduce Them or Else! 79 Understanding Taxable Income 79 Comparing Marginal Taxes 80 Reducing Taxes on Work Income 83 Contributing to retirement plans 83 Using health savings accounts 85 Deducting self-employment expenses 86 Increasing Your Deductions 87 Lowering Investment Income Taxes 88 Investing in tax-free money market funds and bonds 89 Selecting other tax-friendly investments 89 Making your profits long term 90 Enlisting Education Tax Breaks 90 Preparing Your Tax Return and Minimizing Your Taxes 91 Chapter 7: Housing: Comparing Renting and Buying 93 The Ins and Outs of Renting 93 Seeing the benefits of renting 94 Considering the long-term costs of renting 94 Completing your rental application 95 Figuring the Costs of Owning and Making It Happen Financially 96 Deciding to buy 96 Comparing the costs of owning versus renting 96 Considering your overall financial health 99 Calculating how much you can borrow 99 Accumulating your down payment 100 Finding the Right Property 100 Points to research 101 Working with Real-Estate Agents 103 Financing Your Home 104 Understanding your mortgage options 104 Deciding which mortgage type is best for you 105 Avoiding negative amortization and interest-only loans 106 Getting your mortgage approved 107 Putting Your Deal Together 108 Chapter 8: Relationships and Money 109 Handling Roommates 109 Living-Together Contracts 111 Getting Married 112 Understanding Your Money Beliefs and Practices 114 Examining your money history 115 Exploring your attitudes toward money 116 Understanding your friends and money 117 Making sense of your environment and money 117 Getting a Grip on Procrastination Where Money is Concerned 118 Diagnosing procrastination 118 Coming to terms with why you may procrastinate with money issues 119 Overcoming money avoidance 120 Chapter 9: Making the Most of Your Career 125 Getting Your Career Going 125 Putting everything in order 125 Educating and training your way to career success 126 Seeking value for your education dollars 127 Investing in your career 130 Exploring Entrepreneurial Options 131 Starting a small business 131 Purchasing a small business 132 Investing in a small business 132 Changing Jobs or Careers 133 The Young and the Unemployed 134 Understanding how joblessness can hit younger adults harder 134 Accessing unemployment benefits 135 Taking action 135 Part 3: Investing for Your Future Goals 137 Chapter 10: Successful Investing Principles 139 Understanding Investments 139 Examining bonds and other lending investments 139 Exploring stocks, real estate, and small-business investments 141 Getting a Handle on Investment Risks 148 Establishing goals and risks 149 Comparing the risks of stocks and bonds 149 Spreading Your Investment Risks 151 Understanding why diversification is key 152 Allocating your assets 152 Holding onto your investments and shunning the herd 153 Selecting an Investment Firm 154 Evaluating Pundits and Experts 155 Chapter 11: Making the Best Use of Bank Accounts 157 Identifying Your Options 157 Brick-and-mortar banks 158 Online banks 158 Other choices 159 Understanding Your Bank Account Options 159 Transaction accounts 159 Options for getting cash 160 Savings accounts 161 Banking Online 161 Evaluating a bank: What to look for 161 Protecting yourself online 163 Considering Your Alternatives 164 Brokerage accounts with check writing 165 Money market funds 165 Chapter 12: Portfolios for a Purpose 167 Before You Begin Investing 167 Investing Nonretirement Account Money 168 Emergency money 168 Long-term money 169 Investing Retirement Account Money 172 Establishing and prioritizing retirement contributions 173 Allocating money in employer plans 173 Designating money in plans you design 175 Investing for Education 177 Understanding the importance of applying for financial aid 177 Paying for educational costs 180 Chapter 13: Real-Estate Investing 183 Understanding Real-Estate Investment Pros and Cons 183 Evaluating Simpler Real-Estate Investments 186 Assessing Residential Housing Investments 187 Investing in Commercial Real Estate 188 Shunning Sure-to-Lose Real-Estate Investments 189 Researching Where and What to Buy 191 Considering economic issues 191 Taking a look at the real-estate market 192 Examining property valuation and financial projections 193 Digging for a Good Deal 195 Part 4: Insurance: Protect Yourself, Your Loved Ones, and Your Assets 199 Chapter 14: The Lowdown on Health Insurance 201 Making Sure You're Covered 202 Transitioning your coverage 202 Seeing how the 2010 healthcare laws (Obamacare) changed your coverage 203 Trumpcare? 204 Finding Your Best Health Plan 205 Selection of doctors and hospitals 205 Plan benefits and features 205 Shopping for Health Insurance 206 Uncovering the best policies 206 Handling insurance rejection 207 Health Savings Accounts: Tax Reduction for Healthcare Costs 209 Chapter 15: Safeguarding Your Income 211 Protecting Your Income for You and Yours: Disability Insurance 211 Understanding disability coverage you may already have 212 Determining how much disability insurance you need 213 Identifying useful disability policy features 213 Shopping for coverage 214 Protecting Your Income for Dependents: Life Insurance 215 Assessing your current life insurance coverage 215 Determining how much life insurance to buy 216 Deciding what type of life insurance to buy 216 Shopping for life insurance 217 Caring for Your Loved Ones: "Peace of Mind" Insurance 219 Chapter 16: Home, Auto, Renters, and Other Insurance Policies 221 Protecting Your Home and Possessions: Homeowners and Renters Insurance 222 Dwelling coverage 222 Personal property protection 223 Liability insurance 223 Natural disaster protection 223 Shopping for homeowners insurance 224 Insuring Your Car 227 Liability protection 227 Collision and comprehensive 228 Riders you should bypass 229 Getting a good buy 229 Part 5: Your Information Diet 231 Chapter 17: Using Media Resources 233 Going Online: The Wild West of Advice and Predictions 234 Eyeing the real cost of "free" 234 Being aware online 235 Using the web for gathering information 236 Getting Financial Perspectives and Advice from the Media 238 Being a smart news consumer 238 Separating the best from the rest 239 Trusting unnamed "sources" is a bad idea 240 Understanding that political partisans are hazardous to your wealth 242 Chapter 18: Professionals You Hire 243 Seeing the Value of Professional Advice 243 Considering Financial Advisors 244 Preparing to hire a financial advisor 244 Finding good financial advisors 245 Interviewing advisors 246 Taming Your Taxes with Help 248 Working with Real-Estate Agents 249 Using Online Resources to Find Service Providers 251 Angie's List 251 HomeAdvisor 252 Other resources 253 Part 6: The Part of Tens 255 Chapter 19: Ten Ways to Save on a Car 257 Don't Buy a Car in the First Place 257 Pay Cash: Shun Leasing and Borrowing 258 Consider Total Costs 259 Compare New with Used 259 Understand a Car's Real Value Before Negotiating 259 Take Care of Your Car 260 Explore Your Servicing Options 260 Drive Safely 261 Take a Lean and Mean Insurance Policy 261 Track Tax-Deductible Auto Expenses 261 Chapter 20: Ten Things to Value More Than Your Money 263 Investing in Your Health 263 Staying active and at a healthy weight 264 Using fitness trackers to monitor your activity level 264 Making and Keeping Friends 265 Appreciating What You Have 266 Minding Your Reputation 266 Continuing Education 266 Having Fun 266 Putting Your Family First 267 Knowing Your Neighbors 267 Volunteering and Donating 268 Caring for Kids 268 Chapter 21: Nearly Ten Things to Know About Apps 269 You May Well Get What You Paid for with "Free" Apps 270 Conduct and Manage Financial Tasks 270 Use Apps Only from Legitimate Companies with Lengthy Track Records 271 Consider the Alternatives to an App 271 Keep Focused on Your Spending 271 Settle up with Friends but Beware Fees 272 Save Money on Commonly Purchased Items 272 Tap Into the Latest Economic and Financial Data 273 Invest With Confidence 274 Investing in Your 20s & 30s For Dummies 275 Bonus: Investing in Funds: Mutual Funds and Exchange-Traded Funds 277 Understanding the Advantages of Funds 278 Maximizing Your Chances for Fund Investing Success 280 Understanding the importance of performance and risk 280 Examining fund management experience 281 Keeping costs down 281 Understanding and using index funds 282 Understanding exchange-traded funds: Index funds that trade 283 Creating and Managing a Fund Portfolio 284 Identifying the Best Mutual Funds and ETFs 286 Investing in the best ETFs 286 Picking the best stock funds 288 Balancing your act: Funds that combine stocks and bonds 290 Finding the best bond funds 291 Considering Alternatives to Investing in Funds 296 Your own online fund 296 Unit investment trusts 297 Brokerage managed accounts 297 Hedge funds for the wealthier 298 Index 299
Series Title: --For dummies.
Responsibility: by Eric Tyson.

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