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The money lessons you wish you’d learned in schoolPersonal Finance in Your 20s & 30s For Dummies helps Millennials and Zoomers like you make smart financial moves. It’s not as tough as it looks to reduce and file your taxes, pay off your student debt, buy a home, keep a budget to save and invest wisely, or start that side hustle, just to name a few. With a little bit of focus, you can start a clear path to financial freedom and avoid mistakes today. Your future self will thank you.This edition is full of updates for the 2020s; wrap your mind around your investment opportunities, the realities of making a second income, higher ed options for career advancement, and lessons learned from the COVID-19 pandemic. If you’re in need of financial guidance—and who isn’t?—this is the book you need. Pay off loans, manage your credit, begin the home-buying journey, and moreSet realistic money goals so you can create a solid path for financial successMake smart decisions to beef up your bank account and investment portfolioProtect the money you have today and learn how to put your money to work for the futureGet ready to turn up the volume on your financial know-how and stop worrying about money!
Produktinformation
- Utgivningsdatum2021-07-01
- Mått183 x 231 x 23 mm
- Vikt408 g
- FormatHäftad
- SpråkEngelska
- Antal sidor336
- Upplaga3
- FörlagJohn Wiley & Sons Inc
- ISBN9781119805434
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Eric Tyson, MBA, is a bestselling personal finance author, counselor, and writer. He is the author of the national bestselling financial books Investing For Dummies, Personal Finance For Dummies, and Home Buying Kit For Dummies.
- Introduction 1About This Book 1Foolish Assumptions 2Icons Used in This Book 3Beyond the Book 3Where to Go from Here 3Part 1: Getting Started with Personal Finance 5Chapter 1: Your Financial Checkup 7Calculating Your Financial Worth 8Defining net worth 8Figuring what you own: Financial assets 8Determining what you owe: Financial liabilities 9Netting the difference 10Grasping the Importance of Your Savings Rate 10Calculating your income and outgo 11Assessing the change in your net worth 11Understanding and Improving Your Credit Score 13Deciphering how lenders use credit reports and scores 13Obtaining your credit reports and fixing errors 14Getting your credit score 15Improving your credit reports and score 15Comprehending Your Investment Options 16Examining Insurance Coverage 17Identifying Common Financial Mistakes Young Adults Make 18Chapter 2: Budgeting, Goal Setting, and Valuing Saving 21Developing a Savings Mindset 22What It’s Worth: Valuing Savings over Time 24The power of continual savings 24The rewards of earning a (slightly) higher annual return on your investment 25Budgeting and Boosting Your Savings 26Setting and Prioritizing Your Savings Goals 28Identifying common goals of accomplished savers 28Valuing retirement accounts and financial independence 29Dealing with competing goals 30Saving When You’re Strapped 31Chapter 3: Using Loans and Paying Down Debts 33Eyeing the Causes of Generational Debt 34Making the Most of Loans 35Dealing With Student-Loan Debt 36Tracking your student loans and making timely payments 36Prioritizing the payback of student loans 37Using education tax breaks 38Weighing the costs and benefits of education expenditures 39Making the most of student loans, grants, and other financial aid 40Benefits for military people 41Paying Off Consumer Debt 41Kicking the credit-card habit 42Discovering debit cards: Convenience without credit temptation 42Lowering the interest rate on consumer debt 44Negotiating better rates from your current credit card 44Tapping investments to reduce consumer debt 45Paying down balances 45Getting Help for Extreme Debt 46Seeking counseling 46Considering bankruptcy 47Preventing Consumer Debt Relapses 50Chapter 4: Everything Credit: Scores and Reports 51A Primer on Credit Reports and Credit Scores 52Differentiating between credit reports and credit scores 52Understanding how credit scores are determined 53Valuing of a good credit score 55Jump-starting your credit score as a young adult 55Getting Your Hands on Your Credit Reports and Scores 56Recommended websites for free credit scores 57Websites to avoid 57Scrutinizing Your Credit Reports to Improve Them 58Identifying errors and getting them fixed 58Boosting your credit score 59Preventing Identity Theft 60Part 2: Saving and Earning More 65Chapter 5: Proven Ways to Spend Less and Save More 67Containing Housing Costs 68Reducing rental costs 68Slicing homeowner expenses 71Cutting Your Taxes 72Managing Food and Restaurant Spending 73Trimming Transportation Expenses 75Finessing Fashion Finances 76Relaxing on a Budget 78Taming Technology Spending 79Keeping Down Insurance Costs 81Getting Affordable and Quality Professional Advice 81Handling Healthcare Expenses 82Chapter 6: Taxes: Reduce Them When You Can! 83Understanding Taxable Income 83Comparing Marginal Taxes 84Changes from the Tax Cut and Jobs Act Bill 86Reducing Taxes on Work Income 87Contributing to retirement plans 87Using health savings accounts 89Deducting self-employment expenses 90Increasing Your Deductions 91Lowering Investment Income Taxes 92Investing in tax-free money market funds and bonds 92Selecting other tax-friendly investments 92Making your profits long term 93Enlisting Education Tax Breaks 93Preparing Your Tax Return and Minimizing Your Taxes 94Chapter 7: Housing: Comparing Renting and Buying 97The Ins and Outs of Renting 97Seeing the benefits of renting 98Considering the long-term costs of renting 98Completing your rental application 99Figuring the Costs of Owning and Making It Happen Financially 100Deciding to buy 100Comparing the costs of owning versus renting 101Considering your overall financial health 103Calculating how much you can borrow 104Accumulating your down payment 104Finding the Right Property 105Working with Real-Estate Agents 108Financing Your Home 109Understanding your mortgage options 109Deciding which mortgage type is best for you 109Avoiding negative amortization and interest-only loans 110Getting your mortgage approved 111Putting Your Deal Together 112Chapter 8: Relationships and Money 115Handling Roommates 115Living-Together Contracts 117Getting Married 118Understanding Your Money Beliefs and Practices 120Examining your money history 121Exploring your attitudes toward money 122Understanding your friends and money 123Making sense of your environment and money 124Getting a Grip on Procrastination Where Money Is Concerned 124Diagnosing procrastination 124Coming to terms with why you may procrastinate with money issues 125Overcoming money avoidance 127Chapter 9: Making the Most of Your Career 131Getting Your Career Going 131Putting everything in order 132Educating and training your way to career success 133Seeking value for your education dollars 133Investing in your career 138Exploring Entrepreneurial Options 138Starting a small business 138Purchasing a small business 140Investing in a small business 140Changing Jobs or Careers 141The Young and the Unemployed 142Understanding how joblessness can hit younger adults harder 142Accessing unemployment benefits 143Taking action 143Part 3: Investing for Your Future Goals 145Chapter 10: Successful Investing Principles 147Examining Bonds and Other Lending Investments 148Investing in bonds 148Considering the downsides to lending 149Exploring Stocks, Real Estate, and Small-Business Investments 150Socking your money away in stocks 150Generating wealth with real estate 153Going the small-business investment route 155Considering Options, Cryptocurrencies, and Other Hot Vehicles 156Opting for options 156Calculating cryptocurrencies 157Noting leveraged and inverse ETFs aren’t investments 158Getting a Handle on Investment Risks 159Establishing goals and risks 160Comparing the risks of stocks and bonds 160Spreading Your Investment Risks 161Understanding why diversification is key 161Allocating your assets 162Holding onto your investments and shunning the herd 163Selecting an Investment Firm 164Evaluating Pundits and Experts 164Chapter 11: Making the Best Use of Bank Accounts 167Looking at Different Types of Banks 167Brick-and-mortar banks 168Online banks 168Other choices 169Understanding Your Bank Account Options 169Transaction accounts 169Options for getting cash 170Savings accounts 171Banking Online 171Evaluating a bank: What to look for 171Protecting yourself online 174Considering Your Alternatives 175Brokerage accounts with check writing 175Money market funds 175Chapter 12: Portfolios for a Purpose 177Before You Begin Investing 177Investing Nonretirement Account Money 178Emergency money 178Long-term money 179Investing Retirement Account Money 182Establishing and prioritizing retirement contributions 182Allocating money in employer plans 183Designating money in plans you design 185Investing for Education 187Understanding the importance of applying for financial aid 187Paying for educational costs 190Chapter 13: Real-Estate Investing 193Understanding Real-Estate Investment Pros and Cons 193Evaluating Simpler Real-Estate Investments 196Assessing Residential Housing Investments 197Investing in Commercial Real Estate 198Shunning Sure-to-Lose Real-Estate Investments 199Researching Where and What to Buy 201Considering economic issues 201Taking a look at the real-estate market 201Examining property valuation and financial projections 203Digging for a Good Deal 205Part 4: Insurance: Protect Yourself, Your Loved Ones, and Your Assets 209Chapter 14: Taking Care with Health Insurance 211Making Sure You’re Covered 212Transitioning your coverage 212Seeing how Obamacare changed your coverage 213Recent developments and likely future changes 214Finding Your Best Health Plan 215Selection of doctors and hospitals 216Plan benefits and features 216Shopping for Health Insurance 217Uncovering the best policies 217Dealing with Obamacare’s high health insurance prices 218Handling insurance rejection 220Health Savings Accounts: Tax Reduction for Healthcare Costs 221Chapter 15: Safeguarding Your Income 223Protecting Your Income for You and Yours: Disability Insurance 224Understanding disability coverage you may already have 224Determining how much disability insurance you need 225Identifying useful disability policy features 226Shopping for coverage 227Protecting Your Income for Dependents: Life Insurance 227Assessing your current life insurance coverage 228Determining how much life insurance to buy 228Deciding what type of life insurance to buy 229Shopping for life insurance 231Caring for Your Loved Ones: “Peace of Mind” Insurance 231Chapter 16: Home, Auto, Renter’s, and Other Insurance Policies 233Protecting Your Home and Possessions: Homeowner’s and Renter’s Insurance 234Dwelling coverage 234Personal property protection 235Liability insurance 235Renter’s insurance 236Natural disaster protection 236Shopping for homeowner’s insurance 237Insuring Your Car 238Liability protection 240Collision and comprehensive 241Riders you should bypass 241Getting a good buy 242Avoiding Policies That Cover Small Possible Losses 243Extended warranty and repair plans 244Home warranty plans 244Dental insurance 244Credit life and credit disability policies 245Daily hospitalization insurance 245Cell-phone insurance 245Little stuff riders 246Part 5: Your Information Diet 247Chapter 17: Using Media Resources 249Going Online: The Wild West of Advice and Predictions 250Eyeing the real cost of “free” 250Being aware online 252Using the web for gathering information 252Getting Financial Perspectives and Advice from the Media 254Being a smart news consumer 255Separating the best from the rest 256Trusting unnamed “sources” is a bad idea 256Understanding that political partisans are hazardous to your wealth 258Chapter 18: Professionals You Hire 261Seeing the Value of Professional Advice 261Considering Financial Advisors 262Preparing to hire a financial advisor 263Finding good financial advisors 264Interviewing advisors 264Taming Your Taxes with Help 266Working with Real-Estate Agents 267Using Online Resources to Find Service Providers 269Angi 270HomeAdvisor 270Other resources 271Part 6: The Part of Tens 273Chapter 19: Ten Ways to Save on a Car 275Don’t Buy a Car in the First Place 276Pay Cash: Shun Leasing and Borrowing 276Consider Total Costs 277Compare New with Used 277Understand a Car’s Real Value Before Negotiating 277Take Care of Your Car 278Explore Your Servicing Options 278Drive Safely 279Take a Lean and Mean Insurance Policy 279Track Tax-Deductible Auto Expenses 279Chapter 20: Ten Things to Value More than Your Money 281Investing in Your Health 281Staying active and at a healthy weight 282Using fitness trackers to monitor your activity level 282Making and Keeping Friends 283Appreciating What You Have 284Minding Your Reputation 284Continuing Education 285Having Fun 285Putting Your Family First 285Knowing Your Neighbors 286Volunteering and Donating 286Caring for Kids 286Chapter 21: Nearly Ten Things to Know about Apps 287You May Well Get What You Paid for with “Free” Apps 288Conduct and Manage Financial Tasks 288Use Apps Only from Legitimate Companies with Lengthy Track Records 289Consider the Alternatives to an App 289Keep Focused on Your Spending 289Settle up with Friends But Beware Fees 290Save Money on Commonly Purchased Items 290Tap into the Latest Economic and Financial Data 291Invest with Confidence 292Index 293