No More Mac 'n Cheese!

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Lise Andreana. No More Mac 'n Cheese!

NO MORE MAC ‘N’ CHEESE! The Real-World Guide to Managing Your Money for 20-Somethings

Introduction

1. The Difference in Finances between the Baby Boomers and Gen Y

1. The Evolution of Personal Finances

Sample 1: Differences between the Baby Boomers and Generation Y

2. Give Your Parents the “Money Talk”

1. Topics to Discuss with Your Parents

1.1 Values

1.2 Education

1.3 Returning to the family home after graduation

3. Steps for Students

1. Course Selection Leading to Success

2. Part-Time Work and the Student

3. Volunteer Work

4. From School to Workplace

1. What Employers Want from You

2. Decide What You Want from the Employer

Sample 2: Comparing a Job with Benefits versus a Job without Benefits

5. From Your Parents’ Basement to Your First Apartment

1. Begin with a Savings Plan

Sample 3: Cassie’s Cash Flow Statement

Sample 4: Cassie’s Net Worth

2. Selecting an Apartment

6. Set Goals

1. Set Your Goals

Sample 5: Setting Goals

1.1 Step 1: Visualization

Exercise 1: Visualization

Exercise 2: Goals, Position, and Strategy (GPS)

1.3 Step 3: Dangers, Opportunities, and Strengths (DOS)

Exercise 3: Dangers, Opportunities, and Strengths (DOS) Analysis

1.4 Step 4: Treasure it, recycle it, trash it

Exercise 4: Treasure It, Recycle It, Trash It

2. Examples of Goal Setting

Sample 6: Matt’s GPS Exercise

Sample 7: Matt’s DOS Analysis

Sample 8: Matt’s Treasure It, Recycle It, Trash It Exercise

Sample 9: Sam’s GPS Exercise

Sample 10: Sam’s DOS Analysis

7. Create a Budget

1. Needs and Wants

Quiz 1: What Is Your Latte Score?

1.1 Control your spending

2. Budgeting to Live within Your Means

2.1 The lifestyle your income will support

2.1a A simple life

2.1b A simple comfortable life

2.1c Above average

2.1d Luxury

2.1e Prestige

2.2 Create and follow a budget

Exercise 5: Cash Flow Statement: Income

Exercise 6: Cash Flow Statement: Expenses

2.3 Typical budget

Exercise 7: Simple Lifestyle Budget

Exercise 8: Simple Comfortable Lifestyle Budget

Exercise 9: Above Average Lifestyle Budget

2.3a Financial obligations

2.3b Needs

2.3c Wants

3. Seize Savings Opportunities

4. Examples of Financial Lifestyles

4.1 Cassie’s financial life plan

4.2 Matt’s financial life plan

4.3 Sam’s financial life plan

8. Calculate Your Net Worth

1. Examples of Net Worth

Sample 11: Matt’s Net Worth

Sample 12: Cassie’s Net Worth Projection

2. Your Most Valuable Asset

Sample 13: Cassie’s Lifetime Income Potential

Sample 14: Matt’s Lifetime Income Potential

Sample 15: Sam’s Lifetime Income Potential

3. Calculating Your Net Worth

Exercise 10: Calculating Your Net Worth

9. Create a Safety Net: Insurance

1. Consider What You Should Insure

1.1 Prioritize your insurance purchases

1.1a Vehicle insurance

1.1b Disability insurance

1.1c Life insurance

1.1d Health insurance

1.1e Property insurance

1.1f Critical illness insurance

1.1g Travel insurance

1.1h Other insurance

2. Learn by Example

3. A Typical Employer’s Benefit Plan

4. Tips for Choosing an Insurance Provider

4.1 Life and health insurance advisor

4.2 Property insurance advisor

10. Debt

1. The Difference between Good Debt and Bad Debt

2. Understand What Your Lender Is Saying

3. Helpful Credit Tips

4. What to Do When Things Go Wrong

11. Saving and Investing

1. The Four Principles for Building Your Foundation of Wealth

1.1 Debt control

1.2 Delayed gratification

1.3 Diversification

1.4 Dollar cost averaging

2. Priorities for Your Savings and Investments

2.1 Priority 1: Emergency fund

2.2 Priority 2: Where you should invest your savings for mid-term goals

2.3 Priority 3: Investing for long-term goals

3. Talk to a Financial Planner

4. Know Your Money Style and Avoid the Pitfalls

Quiz 2: What Type of Investor Are You?

12. Get Financial Help

1. Do-It-Yourself and Group Learning

2. Hiring an Advisor

2.1 Selecting an advisor who can meet your needs

Quiz 3: What Type of Financial Advisor Suits Your Needs?

2.2 Choosing your financial advisor

Exercise 11: Questions to Ask a Potential Financial Advisor

3. Review Your Financial Plan Annually

13. Buying a Vehicle

1. Do Your Research before Buying a Vehicle

2. Should You Buy a New or Used Vehicle?

3. Should You Buy or Lease?

3.1 Buying

3.2 Leasing

Quiz 4: Should You Buy or Lease a Vehicle?

14. Buying a Home

1. Terms You’ll Need to Know

2. Types of Housing

2.1 Single-family home

2.2 Townhouse

2.3 Condominium

3. Borrowing to Buy Your New Home

Sample 16: Mortgage Comparison

4. The Importance of Location

5. Get What You Want without Overpaying

Exercise 12: Steps for Purchasing Your First Home

15. Tips for Couples

1. How to Reconcile Your Money Management Differences

2. Solutions for Who Pays for What

2.1 Pool all the money into one account

2.2 Equal contribution

2.3 Contribute a proportional percentage of earnings

2.4 Keep separate accounts

3. Planning for Happiness While Protecting Yourself

4. Getting Married

4.1 Talk to your parents

Conclusion

Dedication

Acknowledgments

About the Author

Notice to Readers

Self-Counsel Press thanks you for purchasing this ebook

Contents

Отрывок из книги

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.”

Ayn Rand

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2. Bureau of Labor Statistics, “Consumer Price Index,” www.bls.gov/cpi, (2011), accessed June 2011

• How long am I welcome in the family home after graduation (e.g., one year, two years, longer)?

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