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Eric Tyson. Personal Finance in Your 20s & 30s For Dummies
Personal Finance in Your 20s & 30s. Building a Solid Personal Finance Foundation in Your 20s and 30s
Managing Finances and Daily Living in Your Young-Adult Years
Protecting Yourself and Your Income
Praise for Eric Tyson
More Bestselling For Dummies Titles by Eric Tyson. Investing For Dummies
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Personal Finance in Your 20s & 30s For Dummies® To view this book's Cheat Sheet, simply go to www.dummies.com and search for “Personal Finance in Your 20s & 30s 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
Getting Started with Personal Finance
Your Financial Checkup
Calculating Your Financial Worth
Defining net worth
Figuring what you own: Financial assets
VALUING SOCIAL SECURITY AND PENSIONS
Determining what you owe: Financial liabilities
Netting the difference
Grasping the Importance of Your Savings Rate
Calculating your income and outgo
Assessing the change in your net worth
Understanding and Improving Your Credit Score
Deciphering how lenders use credit reports and scores
Obtaining your credit reports and fixing errors
Getting your credit score
Improving your credit reports and score
Comprehending Your Investment Options
Examining Insurance Coverage
Identifying Common Financial Mistakes Young Adults Make
Budgeting, Goal Setting, and Valuing Saving
Developing a Savings Mindset
What It’s Worth: Valuing Savings over Time
The power of continual savings
The rewards of earning a (slightly) higher annual return on your investment
Budgeting and Boosting Your Savings
CONSIDERING ANOTHER BUDGETING METHOD
Setting and Prioritizing Your Savings Goals
Identifying common goals of accomplished savers
Valuing retirement accounts and financial independence
Dealing with competing goals
Saving When You’re Strapped
Using Loans and Paying Down Debts
Eyeing the Causes of Generational Debt
Making the Most of Loans
Dealing With Student-Loan Debt
Tracking your student loans and making timely payments
Prioritizing the payback of student loans
Using education tax breaks
Weighing the costs and benefits of education expenditures
Making the most of student loans, grants, and other financial aid
Benefits for military people
Paying Off Consumer Debt
Kicking the credit-card habit
Discovering debit cards: Convenience without credit temptation
Lowering the interest rate on consumer debt
Negotiating better rates from your current credit card
Tapping investments to reduce consumer debt
Paying down balances
Getting Help for Extreme Debt
Seeking counseling
Considering bankruptcy
Deciphering the bankruptcy laws
Obtaining sound bankruptcy advice
Preventing Consumer Debt Relapses
Everything Credit: Scores and Reports
A Primer on Credit Reports and Credit Scores
Differentiating between credit reports and credit scores
Credit reports
Credit scores
Understanding how credit scores are determined
Valuing of a good credit score
Jump-starting your credit score as a young adult
Getting Your Hands on Your Credit Reports and Scores
Recommended websites for free credit scores
Websites to avoid
Scrutinizing Your Credit Reports to Improve Them
Identifying errors and getting them fixed
Boosting your credit score
Preventing Identity Theft
Saving and Earning More
Proven Ways to Spend Less and Save More
Containing Housing Costs
Reducing rental costs
Share a rental with roommates
Move to a lower-cost rental
Negotiate your rental increases
Live with relatives
Get on the path to purchasing your own home
Slicing homeowner expenses
Buy a home that fits your budget
Get a roommate (and some rental income)
Contain your utility costs
Cutting Your Taxes
Managing Food and Restaurant Spending
Trimming Transportation Expenses
Finessing Fashion Finances
WHY WE BUY THINGS WE DON’T NEED
Relaxing on a Budget
THE BENEFITS AND DRAWBACKS OF CREDIT-CARD REWARD PROGRAMS
Taming Technology Spending
HOW BANKS MAKE MONEY ON CREDIT CARDS
Keeping Down Insurance Costs
Getting Affordable and Quality Professional Advice
Handling Healthcare Expenses
Taxes: Reduce Them When You Can!
Understanding Taxable Income
STATE INCOME TAXES
Comparing Marginal Taxes
Changes from the Tax Cut and Jobs Act Bill
Reducing Taxes on Work Income
Contributing to retirement plans
AVOIDING RETIREMENT ACCOUNT WITHDRAWAL PENALTIES
Using health savings accounts
Deducting self-employment expenses
Increasing Your Deductions
Lowering Investment Income Taxes
Investing in tax-free money market funds and bonds
Selecting other tax-friendly investments
Making your profits long term
Enlisting Education Tax Breaks
Preparing Your Tax Return and Minimizing Your Taxes
Housing: Comparing Renting and Buying
The Ins and Outs of Renting
Seeing the benefits of renting
Considering the long-term costs of renting
Completing your rental application
Figuring the Costs of Owning and Making It Happen Financially
Deciding to buy
Comparing the costs of owning versus renting
Mortgage
Property taxes
Tax savings in home ownership
Considering your overall financial health
Calculating how much you can borrow
Accumulating your down payment
Finding the Right Property
GATHERING DATA ON PROSPECTIVE NEIGHBORHOODS
Working with Real-Estate Agents
Financing Your Home
Understanding your mortgage options
Deciding which mortgage type is best for you
Avoiding negative amortization and interest-only loans
Getting your mortgage approved
Putting Your Deal Together
Relationships and Money
Handling Roommates
Living-Together Contracts
Getting Married
PREPARING WILLS AND OTHER IMPORTANT LEGAL DOCUMENTS
Understanding Your Money Beliefs and Practices
Examining your money history
Exploring your attitudes toward money
Understanding your friends and money
Making sense of your environment and money
Getting a Grip on Procrastination Where Money Is Concerned
Diagnosing procrastination
Coming to terms with why you may procrastinate with money issues
Overcoming money avoidance
GOING FROM ANXIOUS TO IN CONTROL
Pay your bills automatically
Develop a regular investment program
Close insurance gaps
Hire financial help
Making the Most of Your Career
Getting Your Career Going
Putting everything in order
Educating and training your way to career success
Seeking value for your education dollars
Considering a liberal arts education and alternatives
Understanding the world’s number-one universal language: Business
Investing in your career
Exploring Entrepreneurial Options
Starting a small business
WHAT ABOUT A SIDE HUSTLE OR SECOND JOB?
Purchasing a small business
Investing in a small business
Changing Jobs or Careers
The Young and the Unemployed
Understanding how joblessness can hit younger adults harder
Accessing unemployment benefits
Taking action
Investing for Your Future Goals
Successful Investing Principles
Examining Bonds and Other Lending Investments
Investing in bonds
Considering the downsides to lending
Exploring Stocks, Real Estate, and Small-Business Investments
Socking your money away in stocks
Investing in individual stocks
Discovering the advantages of mutual funds and ETFs
Generating wealth with real estate
Real estate’s attributes
Attractive real-estate investments
Going the small-business investment route
Considering Options, Cryptocurrencies, and Other Hot Vehicles
Opting for options
Calculating cryptocurrencies
Noting leveraged and inverse ETFs aren’t investments
Getting a Handle on Investment Risks
Establishing goals and risks
Comparing the risks of stocks and bonds
Spreading Your Investment Risks
Understanding why diversification is key
Allocating your assets
Holding onto your investments and shunning the herd
Selecting an Investment Firm
Evaluating Pundits and Experts
Making the Best Use of Bank Accounts
Looking at Different Types of Banks
Brick-and-mortar banks
Online banks
Other choices
Understanding Your Bank Account Options
Transaction accounts
Checking accounts
Credit cards
Options for getting cash
Savings accounts
Banking Online
Evaluating a bank: What to look for
Protecting yourself online
Considering Your Alternatives
Brokerage accounts with check writing
Money market funds
Portfolios for a Purpose
Before You Begin Investing
Investing Nonretirement Account Money
Emergency money
Long-term money
Defining your time horizons
Buying Treasuries direct
Purchasing certificates of deposit (CDs)
Investing in stocks and stock funds
Investing Retirement Account Money
Establishing and prioritizing retirement contributions
Allocating money in employer plans
Designating money in plans you design
Vanguard: No-load leader
Fidelity: Investment behemoth
Discount brokers
Investing for Education
Understanding the importance of applying for financial aid
FINANCIAL AID REALLY ISN’T AID AT ALL BUT A PRICING SYSTEM
Using your retirement accounts
Putting money in kids’ names
Using 529 college savings plans
Weighing home equity
Paying for educational costs
Real-Estate Investing
Understanding Real-Estate Investment Pros and Cons
Evaluating Simpler Real-Estate Investments
Assessing Residential Housing Investments
Investing in Commercial Real Estate
Shunning Sure-to-Lose Real-Estate Investments
Researching Where and What to Buy
Considering economic issues
Taking a look at the real-estate market
Examining property valuation and financial projections
Estimating cash flow
Valuing property
Digging for a Good Deal
Insurance: Protect Yourself, Your Loved Ones, and Your Assets
Taking Care with Health Insurance
Making Sure You’re Covered
Transitioning your coverage
Seeing how Obamacare changed your coverage
Recent developments and likely future changes
Finding Your Best Health Plan
Selection of doctors and hospitals
Plan benefits and features
Shopping for Health Insurance
Uncovering the best policies
Dealing with Obamacare’s high health insurance prices
Handling insurance rejection
Health Savings Accounts: Tax Reduction for Healthcare Costs
Safeguarding Your Income
Protecting Your Income for You and Yours: Disability Insurance
Understanding disability coverage you may already have
Determining how much disability insurance you need
Identifying useful disability policy features
Shopping for coverage
Protecting Your Income for Dependents: Life Insurance
Assessing your current life insurance coverage
Determining how much life insurance to buy
Deciding what type of life insurance to buy
MAKING SENSE OF LIFE INSURANCE POLICY ILLUSTRATIONS
Shopping for life insurance
Caring for Your Loved Ones: “Peace of Mind” Insurance
Home, Auto, Renter’s, and Other Insurance Policies
Protecting Your Home and Possessions: Homeowner’s and Renter’s Insurance
Dwelling coverage
Personal property protection
Liability insurance
Renter’s insurance
Natural disaster protection
Shopping for homeowner’s insurance
Insuring Your Car
DRIVING SAFELY
Liability protection
Collision and comprehensive
Riders you should bypass
Getting a good buy
UMBRELLAS AREN’T JUST FOR BAD WEATHER
Avoiding Policies That Cover Small Possible Losses
Extended warranty and repair plans
Home warranty plans
Dental insurance
Credit life and credit disability policies
Daily hospitalization insurance
Cell-phone insurance
Little stuff riders
Your Information Diet
Using Media Resources
Going Online: The Wild West of Advice and Predictions
Eyeing the real cost of “free”
AN INSIDE LOOK AT THE LACK OF JOURNALISTIC STANDARDS ONLINE
Being aware online
Using the web for gathering information
KEEPING AN EYE OPEN FOR THE AGENDA OF EXPENSE-TRACKING SITES AND APPS
Getting Financial Perspectives and Advice from the Media
Being a smart news consumer
Separating the best from the rest
Trusting unnamed “sources” is a bad idea
Understanding that political partisans are hazardous to your wealth
Professionals You Hire
Seeing the Value of Professional Advice
Considering Financial Advisors
Preparing to hire a financial advisor
Finding good financial advisors
Interviewing advisors
Taming Your Taxes with Help
Working with Real-Estate Agents
Using Online Resources to Find Service Providers
Angi
HomeAdvisor
Other resources
The Part of Tens
Ten Ways to Save on a Car
Don’t Buy a Car in the First Place
Pay Cash: Shun Leasing and Borrowing
Consider Total Costs
Compare New with Used
Understand a Car’s Real Value Before Negotiating
Take Care of Your Car
Explore Your Servicing Options
Drive Safely
Take a Lean and Mean Insurance Policy
Track Tax-Deductible Auto Expenses
Ten Things to Value More than Your Money
Investing in Your Health
Staying active and at a healthy weight
Using fitness trackers to monitor your activity level
Making and Keeping Friends
Appreciating What You Have
Minding Your Reputation
Continuing Education
Having Fun
Putting Your Family First
Knowing Your Neighbors
Volunteering and Donating
Caring for Kids
Nearly Ten Things to Know about Apps
You May Well Get What You Paid for with “Free” Apps
Conduct and Manage Financial Tasks
Use Apps Only from Legitimate Companies with Lengthy Track Records
Consider the Alternatives to an App
Keep Focused on Your Spending
Settle up with Friends But Beware Fees
Save Money on Commonly Purchased Items
Tap into the Latest Economic and Financial Data
Invest with Confidence
Index. A
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About the Author
Author’s Acknowledgments
WILEY END USER LICENSE AGREEMENT
