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Personal Finance in Your 20s & 30s For Dummies


Personal Finance in Your 20s & 30s For Dummies


3. Aufl.

von: Eric Tyson

17,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 30.04.2021
ISBN/EAN: 9781119805441
Sprache: englisch
Anzahl Seiten: 336

DRM-geschütztes eBook, Sie benötigen z.B. Adobe Digital Editions und eine Adobe ID zum Lesen.

Beschreibungen

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

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