Launching Financial Grownups
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Оглавление
Bobbi Rebell. Launching Financial Grownups
Table of Contents
Guide
Pages
Launching Financial Grownups. Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart
Foreword
Preface
Introduction
Notes
CHAPTER 1 Orientation
The COVID-19 Boomerang
Stepping Up as Stakeholders
It's Not Your Imagination: Things Have Changed
The Xbox Doesn't Take Cash
Incentives Matter
The Big Picture
Review
Note
CHAPTER 2 The Family Ecosystem
The Grownup Mindset
The Benefits of a Strategic Boost
Review
Notes
CHAPTER 3 Blind Spots
Stop Blaming the Kids for Your Money Mess
Student Parent Loans
Look in the Mirror
Doing the Work
Getting Real about Our Blind Spots
Be Their Coach, not Their Teammate
Review
Notes
CHAPTER 4 D Is for Debt
Priceless Education Is Expensive
College Financial Aid: Make It about Them
Make Sure They Are Doing the Math (Have a Budget)
Don't Let Debt Be Their Dream Crusher
Paying Down Debt
Major Decisions
College Alternatives
Review
Notes
CHAPTER 5 Career Foundations
Focus on Your Own Listening Skills
Negotiation Skills Are Nonnegotiable
Life Is Tough Enough – Make the Introductions (If You Can)
Leveraging Skills
Do the Math and Do the Budgets
Living Their Best Life – Not Yours
Review
CHAPTER 6 Homeroom
Let the Boomerang Begin
Rules + Expectations = Launch
There Has to Be a Timeline
Review
CHAPTER 7 (Lifestyle) Inflation
Early Adulting with Money
Adulting Milestones Are Expensive
When and How to Step In
Review
Notes
CHAPTER 8 Exit Strategy: Getting Your Kids to Pay Their Own Bills
Mixed Messages
To Subsidize or Not to Subsidize?
Credit Cards
Discretionary, Entertainment, Dining Out
Health Insurance
Phone Plans
Car and Transportation-Related Costs
Get Everyone Onboard
Review
Note
CHAPTER 9 Paycheck 101
They Got Paid! Helping Your Child Understand Their First Paycheck
Employee Identifying Information
Pay Period
Gross Wages
YTD Gross Wages
Net Pay
Pretax Deductions
After-Tax Deductions
The Self-Employed Child
Taxes
Retirement Plans
Business-Related Deductions
Review
CHAPTER 10 Jobs with Benefits
Health Coverage
Terms to Know
Savings Plans
Plan Types
Dental Coverage
Vision Insurance
Life Insurance
Disability Insurance
Mental Health Resources
Health and Wellness Perks
Commuter Benefits
Legal Services
Paid Time Off
Education and Career Development
Student Debt Repayment
Coaching
Emergency Childcare
Product Discounts
Donation Matching
Pet Insurance
Free Premium Event Tickets
Retirement
401(k)
Traditional vs. Roth
The DIY Benefits Plan
Work Culture: Best Behavior and Making Good Choices
You Are Not the Boss of You at Work
Showing Up Really Is Half the Battle
Dress the Part
Review
Notes
CHAPTER 11 Grownup Investing
When and Exactly How?
Brace Yourself
Start with Goals
Short-Term Goals
Medium-Term Goals
Long-Term Goals
Choosing the Right Buckets
Savings and Money Market Accounts
Certificates of Deposit (CDs)
Bonds
Stocks
Dividends
Mutual Funds
Exchange Traded Funds (ETFs)
Non-Fungible Tokens, Cryptocurrencies, Art, Real Estate, and Other Investments
Who's Holding the Money?
Full-Service Brokerages and Money Managers
Discount Brokerages
Robo-Advisors
Free Trading Apps
Review
CHAPTER 12 Grownup Home Economics
The Cost of Adulting
Renting
Owning a Home
Creating a (Paper) Trail
Home Maintenance
Pet Projects
Medical Care
Ongoing Expenses
Insurance
Living Their Best Life
Review
Note
CHAPTER 13 Generosity
Helping Your Child Find Their Causes
Religious Gifts
Corporate Matching Donation Programs
When Their Friends Ask
Don't Forget the Tax Deduction
Review
CHAPTER 14 Driver's Ed
Who Pays for What?
Getting Ready for the Transaction
The Case for Owning
The Case for Leasing
Car Power
Insurance
Other Factors to Consider
Are You Ready to Let Them Be Drivers?
Review
CHAPTER 15 Cultural Studies
Review
CHAPTER 16 Til Death Do Us Part
This Is Awkward
You Don't Have to Bare All
No Lottery Winners
Extenuating Circumstances
The Basics of Getting It Done
Advance Directives
Insurance
Wills and Trusts
A Note about Technology and Passwords
The Kids Need a Plan, Too
Paying for It
Review
CHAPTER 17 Stepping Back: A Parental Pep Talk
Celebrate Wins
What's Your Financial Grownup Story?
Cherish the Memories
Review
Epilogue My Advice for Financial Grownups By Ashley Jessica Kaufman. Money Tips for Young Adults
Compare Prices Across Stores
Split Up Costs with Friends
Consider the Long Term
Discounts
Maximize Credit Card Offers and Join Loyalty Programs
Buy Refurbished
Acknowledgments
About the Author
Index
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Отрывок из книги
BOBBI REBELL
Bobbi, who was a global business news anchor at Thomson Reuters at the time, asked if I would do an interview with her about my latest project. After 15 years, I had updated my #1 New York Times bestselling book The Automatic Millionaire, and Bobbi wanted to amplify the critical messages this little book has taught millions. Over our talk together I highlighted the simple, yet life-changing power of paying yourself first, saving money automatically, and the importance of buying a home. Once again, we found ourselves very much in agreement as I explained my belief that there are really two primary escalators to building wealth in America – investing in stocks and in real estate – and the sooner you start investing, the easier everything in life is. Bobbi had bought her first home at age 23 and had been investing since she was a teen. But her dad worked on Wall Street, and she had a very proactive grandfather who pushed her to learn about investing at a young age. She knew she was more the exception than the rule. She also realized she had learned about investing from family, not from school.
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We were not alone. I started to hear stories of kids leaving school to come home and help save their parents’ businesses. Many stepped up to help out with bills. Family finances tend to become a lot more transparent in a crisis. I have been so impressed with all the young adults who rose to the challenge of giving back to their parents when they needed them most.
That is the silver lining in this unique chapter of our lives. The time families are spending together has created a season of our family evolution where we have had few distractions and many opportunities to better understand each other. Families have bonded in a common mission: to protect the family financial ecosystem. It's one thing to “get financially naked” with your partner; it's another to do it with your kids no matter their age.
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