Get a Financial Life: Personal Finance in Your Twenties and Thirties
Genres: Business & Money
Book Preface
IF YOU’RE LIKE most people in their twenties and thirties, you worry about money.
And who can blame you?
The job market is rough. Salaries are flatlining. Student debt loads are at an all-time high. And housing costs—whether you rent or buy—are eating up a bigger chunk of paychecks than ever before. So while the idea of reading a book about money may not be high on your bucket list, it should be.
The good news? Getting your financial life in order is very doable if you start now. All you need is a modest amount of knowledge—much less than you’d think—plus a little effort. This book is your guide.
What makes me so sure? That one’s easy: I’ve seen it happen, again and again. Since Get a Financial Life was first published twenty years ago, more than half a million readers have used this book to help them get out of debt, start to save, and begin to invest. This edition has been entirely updated and completely revised for the financial challenges you face today. I’ve re-reported, reexamined, and rewritten it from cover to cover. I’ve updated facts and links. I’ve also rethought every table, worksheet, and bullet point to help you take control of your finances—whether you’re climbing the corporate ladder or doing your own thing as an entrepreneur, whether you earn $20,000 or $200,000, whether you’re single or married, whether you’re financially inclined or fiscally challenged. Though many of the details have changed, the guiding principle of Get a Financial Life is the same: It focuses exclusively on what you need to know, and leaves out everything else.
You’ll come away with strategies to help you save, even if you are barely scraping by. You’ll get clear advice on paying down your debts—whether you have student loans, credit cards, or both—and learn how to shop for everything from auto loans to mortgages. You’ll discover the best reasons (and the best ways) to save in 401(k)s and IRAs. You’ll find clear guidelines on how to choose the right investments for you, and figure out what kind of bank you need. You’ll get the scoop on whether you should borrow for grad school—and if so, how. You’ll uncover tips based on the latest research on reining in spending, and learn how to avoid fees that eat into your savings. You’ll pick up tax strategies that can easily save you hundreds if not thousands of dollars. You’ll read unbiased advice about what insurance you need—and what insurance you should avoid.
You’ll also get answers to specific questions, including: How can I fix my credit score? When is it smart to rent a place rather than buy? Should I invest in the stock market—and if so, how? Is there a safe place to put my money and earn a decent return? Plus, if you or someone you know is in the military or is a veteran, you’ll get the rundown on available benefits.
Of course, the thought of reading an entire book on personal finance may still feel like pure drudgery. But don’t despair. Start with Chapter 1, which is the “Crib Notes” version of what you need to know. Then peruse the end of each chapter, where you’ll find “Financial Cramming” review sections that spell out the key concepts and online resources for you. And, I promise you, if you do decide to take the plunge and read the full book, you will discover that the details of getting a financial life are actually easier than you think. Especially since you have one major advantage on your side: time.
CONTENTS
Introduction
Chapter 1: Crib Notes
A Cheat Sheet for Time-Pressed Readers Who Need Help Now
Chapter 2: Taking Stock of Your Financial Life
Figuring Out Where You Are and Where You Want to Go
Putting a Price Tag on Your Goals
Learning How to Reach Your Goals
Where Does Your Money Go?
Three Financial Rules of Thumb
Getting Your Financial Life in Order
Keeping Track of Money Coming In and Going Out
Chapter 3: Dealing with Debt
Finding the Cheapest Loans and Getting Yourself Out of Hock
Four Pointers for Anyone with Debt of Any Kind
Credit Cards
Student Loans
Car Loans
Credit Scores and Credit Reports
Identity Theft
If You’re in Serious Debt
When to Consider Bankruptcy
Chapter 4: Basic Banking
How to Keep Your Costs Low and Your Money Safe
A Bank by Any Other Name
What to Look for in a Bank
Managing Your Checking Account
Using the ATM Wisely
Internet-Only Banks
What to Do with Your Savings
Joint Versus Separate Accounts
A Warning About Bank-Sold Investments
Chapter 5: All You Really Need to Know About Investing
It’s Time to Have Some Fun(ds)
Two Pointers for New Investors
Fund Fundamentals
Money Market Funds
A Word About Inflation
Stock Funds
Bond Funds
The Right Mix of Investments
Investment Fees Really Matter
My Favorite Low-Cost Funds
Socially Responsible Investing
Do I Need a Financial Advisor?
Chapter 6: Living the Good Life in 2070
Think It’s Crazy to Start Saving Now for Retirement? It’s Crazy Not To
What Are Retirement Savings Plans, Anyway?
How Your Retirement Savings Grow
Contributing to Your 401(k)
Contributing to an IRA
Getting at the Money in Your 401(k) or IRA If You Really Need It
Inflation and Taxation
Retirement Plan FAQs
If You’re Self-Employed
Chapter 7: Oh, Give Me a Home
Advice on Affording a Place of Your Own
What Every Renter Needs to Know
Should You Rent or Buy?
What Lenders Look For
The Real Costs of Owning a Home
Special Programs for Home Buyers
If You Don’t Qualify for a Mortgage
Shopping for a Mortgage
Making the Process Go Smoothly
Chapter 8: Insurance: What You Need and What You Don’t
Finding the Right Policies and Skipping Coverage You Can Do Without
Getting the Best Deal
Checking Out Credentials
Making the Most of Your Employer’s Plans
Health Insurance
Car Insurance
Disability Insurance
Home Insurance
Life Insurance
Insurance You Probably Don’t Need
Chapter 9: How to Make Your Life Less Taxing
Put More Money in Your Pocket and Less in Uncle Sam’s
Why Is Your Paycheck So Small?
The Taxes You Pay
Figuring Out Your Tax Rate
Filing Your Tax Return
Maximizing Your Tax Breaks
Deductions for the Self-Employed
Getting Your Tax Life in Order
Do You Need a Tax Preparer?
Chapter 10: Making the Most of Military Benefits
Know What You Deserve If You Serve
Education Perks
Financial Assistance with Your Home
Protecting Your Health and Your Assets
Help Paying Off Your Debt
Support for Your Family
Guidance on Legal, Tax, and Personal Finance Matters
Securing Your Savings
Further Reading
Special Acknowledgments
Acknowledgments
About the Author
Index
| Download Ebook | Read Now | File Type | Upload Date |
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Read Now | Epub | December 1, 2021 |
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