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Eric Tyson. Financial Security For Dummies
Financial Security For Dummies® To view this book's Cheat Sheet, simply go to www.dummies.com and search for “Financial Security For Dummies Cheat Sheet” in the Search box. Table of Contents
List of Tables
List of Illustrations
Guide
Pages
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Beyond the Book
Where to Go from Here
Understanding Financial Security
Navigating the (Bumpy) Road to Financial Independence
Reaching for Financial Security
Defining what you value
Assessing where you are
Grasping financial lingo and trends
Trying not to avoid money
Making use of insurance: A necessary evil
Coping with Crises
Everyone faces challenges, obstacles, and setbacks
Common crisis
Making Decisions Based on Changing Circumstances
Understanding Capitalism and Economic Downturns
Understanding Our Economic System
Capitalism strengths and criticism
Comparing socialism to capitalism
Understanding wealth and income inequality
History of growth and downturns
Touring Past Crises: What Happened and Why
Why pilot training has relevance for your tour …
The Panic of 1907
The Great Depression
World War II
Arab oil embargo and Watergate/Nixon’s resignation
9/11 terrorist attacks and recession
2008 financial crisis
2020 COVID-19 Pandemic
DR. PHIL DECLARED A FINANCIAL 9-1-1 IN LATE 2008
Mistakes Made … and Lessons to Carry With You
Coping with Personal Crises
When a Crisis Comes Calling
Losing your job or a significant source of income
LOOKING AT LOWER TAXES OWED
UNDERSTANDING THE RISKS OF SMALL BUSINESS
Facing a medical crisis
Caring for elderly parents unexpectedly
Splitting from your spouse
Coping with the death of a spouse
Dealing with a natural disaster
Success Plans for Personal Crises and Life Changes
Keeping your big picture in mind
Considering a comprehensive checklist
Crisis Mode: Accessing Safety Nets and Emergency Measures
Your Safety Nets
Taking Stock of Your Resources
Surveying your accessible money and spending options
Finding assistance from family
Ensuring adequate insurance coverage
Surveying Societal Safety Nets
Health insurance subsidies
Surveying the different levels of plans
Understanding how Obamacare subsidies work
Using a nifty online subsidy calculator
What if your employer offers coverage?
How Medicare eligibility affects Obamacare coverage
Unemployment insurance benefits
UNDERSTANDING STATE-BASED MEDICAID PROGRAMS
Federal refundable tax credits
Help with housing
For more information on safety net programs…
Digging Out and Forging Ahead
Turning Your Eye toward Recovery
Knowing how long it will take to regain stable financial footing
Coping with frustration and moving on
Thinking (and Researching) Before Making Financial Moves
Wise financial actions to take
Boneheaded financial actions to avoid
Leaning on an Expert for Help
Knowing how experts can help
Being careful in a time of need
Finding financial advisors and planners
MISTAKES PEOPLE MAKE WHEN OVERWHELMED
Being aware of budget counselors
Investing in investment managers
Looking into real estate agents
Making note of tax preparers and advisors
Dealing with insurance agents
Tuning in to attorneys
Minding Your Media Intake
Example 1: The COVID-19 pandemic
Example 2: The 2008 Financial Crisis
Example 3: Corporations not paying income taxes
Lessons learned and keys to remember
Being a Smart Consumer of Economic Information
So Many Numbers! Making Sense of Economic Reports
Keeping Economic Reports in Perspective
Reports are a (small) snapshot in time
Beware annualized numbers
Take a long-term view of the numbers
Sleuthing Through Economic Reports
Employment/jobs reports
Gross Domestic Product
Consumer confidence
Corporate profits
HIGH-FREQUENCY ECONOMIC DATA
Consumer prices (also known as inflation)
The reports you can mostly ignore
Initial claims for unemployment benefits
Other economic data sometimes in the news
Interpreting Media Coverage of Economic Data
Understanding the short-term and provocative focus
Keeping an eye out for biases
Example 1: The COVID-19 pandemic
Greatly overstating the number of unemployed
Focusing on industries getting hit hard
Presenting annualized GDP and other data
Example 2: The 2008 financial crisis
Corporate profits plunged 85 percent in 2008?
Consumers have a “new frugality?”
Says Who? Weighing “Experts’” Advice
Understanding Why Particular Pundits Get Attention
Important things to know about the “news” media
Getting media attention is a competitive business
Controversial points of view often attract
Political partisans can be hazardous to your wealth
Misleading economic predictions
Knowing what causes economic growth
Watching for economic experience
Looking at a party rather than facts
Uncovering Gurus’ Agendas
Figuring out what they’re really selling
Checking out their qualifications and track records
Deciding Whether Hiring an Advisor Is the Right Choice
Following Financial Markets
Understanding Stocks and Bonds
Making Informed Investing Decisions
Connecting corporate profits to stock prices
Looking at financial market efficiency
Focusing on interest rates, inflation, and the Federal Reserve
Realizing that (much) higher interest rates are generally bad
Seeing the inflation and interest rate connection
Exploring the role of the Federal Reserve
Challenging Financial Markets During Changing Times
What really moves financial markets (in the short term)
Why market timing is so hard to do
Keeping Your Personal Finance House in Order
Getting on the Right Road with Spending and Saving
Getting a Handle on Your Spending
Differentiating necessities from luxuries
Reducing your expenditures
Housing expenses
Taxes
Retirement account contributions
Food and dining
Cars and transportation
Recreation and entertainment
Clothing
Utility bills
Insurance
Kid-related expenses
Charitable contributions
Setting and following a budget
Some final spending reminders …
Saving: Necessary Rocket Fuel
Understanding compounded returns
Considering your short- and long-term personal and financial goals
Major purchase planning
College cost planning
Noting the power of tax-deferred retirement accounts
Upping Your Income
Lowering Your Tax Bill
Knowing your income tax rate
Using your income tax rate
Contribute to lower your income
Choose investments wisely
Consider capital gains
Strengthen your deductions
Taxing issues regarding children
Making quarterly tax filing requirements
Ouch! Dealing with Major Medical Bills
Reviewing your billing statements for accuracy
Negotiating with providers or an insurance company
TAPPING A MEDICAL BILL AUDITOR FOR HELP
Investing Wisely and Securely
Checking Out All the Places You Can Invest Your Money
Noting how investment types differ from one another
Understanding the major investments
Building wealth with stocks
Investing in stocks or funds
Picking your own stocks: A cautionary tale
SPLITTING UP IS HARD TO DO
Understanding the importance of saving versus market timing
Locating money through real estate
Weighing home ownership versus renting
OPPORTUNISTIC SELLING
Looking into investment real estate
Turning to small business options
Searching for safe money investments
Cultivating Good Investing Habits
Understanding fees
Managing monitoring and trading your investments
Keeping your emotions from following market trends
Dealing with investment setbacks
Developing a Personal Investing Plan
Taxing situations
Assessing your current portfolio
Allocating those assets
Worksheet: Figuring your asset allocation for retirement
Allocations for shorter-term goals
Selecting the Best Mutual Funds and Exchange-Traded Funds (ETFs)
Investing in stock and bond funds
Minding the ABCs of ETFs
Seizing Investment Opportunities During Tough Times
Cashing in on reduced stock and real estate prices
Mustering the courage to buy when more people are selling
Getting and Maintaining Proper Insurance
Being Prepared: A Quick Lesson on Insurance
Don’t sweat the small losses …
Define a small loss …
Insurance not to buy
Insurance worth purchasing
Protecting Your Health
Reviewing your current health insurance
LOOKING AHEAD TO LONG-TERM CARE
Saving tax dollars with health savings accounts
Maximizing your personal health
Securing Your Income-Earning Ability
Long-term disability insurance
Looking at types of disability insurance coverage
Reviewing your disability insurance coverage
Life insurance
Term versus cash value life insurance
Figuring your life insurance needs
Insurance on Your Assets
Insuring your home
Understanding the elements of a home insurance policy
Reducing catastrophic risks on your home
Auto insurance
Reviewing the elements of auto insurance policies
Buy a safe car and reduce your driving risks
Excess liability insurance
Will, Trusts, and Estate Planning
Starting with a will
Preparing other useful legal documents
Considering your preparation options
Protecting Yourself from Identity Theft and Fraud
Prepping for Future Armageddon
What Pundits Scare People About
Fearmongers Have Been Scaring Folks for Generations
Case study: Peter Schiff has been scaring investors for generations
Checking how predictions panned out
Following the money trail
Questioning qualifications
Understanding what pundits are trying to sell you
Seeing why fearmongers’ predictions are often wrong
Surveying the Leading Worries Being Pitched Today
Excessive government debts
Putting the amount of debt in perspective
Flipping the coin to surpluses
Is government spending a problem?
High inflation and worthless currencies
WHAT ABOUT FUTURE GOVERNMENT ENTITLEMENTS?
Anarchy and the breakdown of society
Preparing Yourself for Unexpected Future Crises
What Possible Future Crises Should You Be Prepared For?
Dangers of excessive dependence upon technology and internet
Hazards of faster and inaccurate “news” flow
Spreading socialism
Climate change (also known as global warming)
Power grid failures and resource shortages
Solvency of Social Security
Preparing Financially and Otherwise for New Future Crises
The Part of Tens
Tens Ways to Improve Your Personal Safety
Combine Your Instincts with Proven Strategies
What You Don’t Know Can Hurt You
Do Unto Others As You Would Have Others Do Unto You
Err on the Side of Caution
There’s (Some) Safety in Numbers, But There May be a Weak Link
If It Looks Too Good to Be True, It Probably Is
Don’t Assume “Lightning Never Strikes Twice”
Don’t Judge a Book by Its Cover
Trust Your Instincts
Share Your Concerns with Someone You Trust
Ten Ways to Address Over-Saving
Understanding the Over-Saver Mindset
Balancing Spending and Saving
Keeping Money Accumulation in Proper Perspective
Giving Yourself Permission to Spend More
Doing Some Retirement Analysis
Getting Smart about Investing Your Money
Going On a News Diet
Treating Yourself to Something Special
Buying More Gifts for the People You Love
Going Easy When It Comes to Everyday Expenses
Index. A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
Y
Z
About the Author
Dedication
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