Personal Finance For Dummies (E-Book, PDF)

eBook
ISBN/EAN: 9781119517801
Sprache: Englisch
Umfang: 496 S., 9.66 MB
Auflage: 9. Auflage 2018
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Format: PDF
DRM: Adobe DRM
17,99 €
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Take stock of your financial situationFrom budgeting, saving, and reducing debt, to making timely investment choices and planning for the future,Personal Finance For Dummiesprovides fiscally conscious readers with the tools they need to take charge of their financial life.This new edition includes coverage of an extensive new tax bill that took effect in 2018 and the impact on individuals, families, small businesses, and on real estate and investing decisions. Plus, it covers emerging investing interests like technology and global investing, cryptocurrencies, pot stocks, the lifestyle changes occurring with millennials, and more.
  • Evaluate and manage your financial fitness
  • Assess your credit report and improve your score
  • Make smart investments in any economic environment
  • Find out about international investing
The expert advice offered inPersonal Finance For Dummiesis for anyone looking to ensure that their finances are on the right trackand to identify the areas in which they can improve their financial strategies.
Eric Tysonis an internationally acclaimed and bestselling personal finance book author, syndicated columnist, and speaker. He is also the author ofInvesting For Dummies, Personal Finance in Your 20s&30s For Dummiesand coauthor ofHome Buying Kit For Dummies.
Introduction1About This Book 2Foolish Assumptions 3Icons Used in This Book 3Beyond the Book 4Where to Go from Here 4Part 1: Getting Started with Personal Finance5Chapter 1: Improving Your Financial Literacy7Talking Money at Home 8Identifying Unreliable Sources of Information 10Understanding the dangers of free financial content online 10Recognizing fake financial gurus 11Publishers pandering to advertisers 17Jumping over Real and Imaginary Hurdles to Financial Success 18Discovering what (or who) is holding you back 18Developing good financial habits 19Chapter 2: Measuring Your Financial Health21Avoiding Common Money Mistakes 22Determining Your Financial Net Worth 24Adding up your financial assets 24Subtracting your financial liabilities 25Crunching your numbers 26Interpreting your net worth results 26Examining Your Credit Score and Reports 27Understanding what your credit data includes and means 27Obtaining your credit reports and score 28Improving your credit reports and score 29Getting credit report errors corrected 30Knowing the Difference between Bad Debt and Good Debt 32Consuming your way to bad debt 33Recognizing bad debt overload 33Assessing good debt: Can you get too much? 35Playing the credit-card float 35Analyzing Your Savings 36Evaluating Your Investment Knowledge 38Assessing Your Insurance Savvy 39Chapter 3: Managing Where Your Money Goes41Examining Overspending 42Having access to credit 42Misusing credit cards 43Taking out car loans 43Bending to outside influences and agendas 44Spending to feel good 45Analyzing Your Spending 45Tracking spending the low-tech way 46Tracking your spending on free websites and apps 51Chapter 4: Establishing and Achieving Goals53Creating Your Own Definition of Wealth 53Acknowledging what money cant buy 54Managing the balancing act 54Prioritizing Your Savings Goals 56Knowing whats most important to you 57Valuing retirement accounts 57Dealing with competing goals 58Building Emergency Reserves 59Saving to Buy a Home or Business 60Funding Kids Educational Expenses 61Saving for Big Purchases 61Preparing for Retirement/Financial Independence 62Figuring out what you need for retirement/financial independence 64Understanding retirement building blocks 65Crunching numbers for your retirement 69Making up for lost time 71Part 2: Spending Less, Saving More73Chapter 5: Dealing with Debt75Using Savings to Reduce Your Consumer Debt 76Understanding how you gain 76Finding the funds to pay down consumer debts 77Decreasing Debt When You Lack Savings 78Reducing your credit cards interest rate 78Understanding all credit-card terms and conditions 79Cutting up your credit cards 79Discovering debit cards: The best of both worlds 80Turning to Credit Counseling Agencies 82Beware biased advice at credit counseling agencies 82Ask questions and avoid debt management programs 83Filing Bankruptcy 84Understanding bankruptcy benefits 85Coming to terms with bankruptcy drawbacks 86Deciphering the bankruptcy laws 87Choosing between Chapter 7 and 13 88Seeking bankruptcy advice 89Stopping the Spending/Consumer Debt Cycle 89Resisting the credit temptation 89Identifying and treating a compulsion 90Chapter 6: Reducing Your Spending93Unlocking the Keys to Successful Spending 94Living within your means 94Looking for the best values 95Eliminating the fat from your spending 99Turning your back on consumer credit 100Budgeting to Boost Your Savings 101Reducing Your Spending 102Managing food costs 103Saving on shelter 106Cutting transportation costs 109Lowering your energy costs 112Controlling clothing costs 113Repaying your debt 114Indulging responsibly in fun and recreation 115Lowering your phone bills 116Technology: Spending wisely 118Curtailing personal care costs 118Paring down professional expenses 119Managing medical expenses 120Eliminating costly addictions 121Keeping an eye on insurance premiums 122Trimming your taxes 122Chapter 7: Trimming Your Taxes125Understanding the Taxes You Pay 125Focusing on your total taxes 126Recognizing the importance of your marginal tax rate 126Defining taxable income 128Being mindful of the second tax system: Alternative minimum tax 128Analyzing the 2017 Tax Cuts and Jobs Act 129Trimming Employment Income Taxes 131Contributing to retirement plans 131Shifting some income 132Increasing Your Deductions 133Choosing standard or itemized deductions 133Purchasing real estate 134Trading consumer debt for mortgage debt 135Contributing to charities 136Remembering auto registration fees and state insurance 136Deducting self-employment expenses 137Reducing Investment Income Taxes 138Investing in tax-free money-market funds and bonds 139Selecting other tax-friendly investments 139Making your profits long term 140Does funding retirement accounts still make sense? 140Enlisting Education Tax Breaks 141Getting Help from Tax Resources 142Obtaining IRS assistance 142Consulting preparation and advice guides 143Using software and websites 143Hiring professional help 143Dealing with an Audit 145Getting your act together 146Surviving the day of reckoning 146Part 3: Building Wealth Through Investing149Chapter 8: Considering Important Investment Concepts151Establishing Your Goals 151Understanding the Primary Investments 152Looking at lending investments 152Exploring ownership investments 153Shunning Gambling Instruments and Behaviors 154Forsaking futures, options, and other derivatives 155Ditching day trading 155Understanding Investment Returns 156Sizing Investment Risks 157Comparing the risks of stocks and bonds 157Focusing on the risks you can control 158Discovering low-risk, high-return investments 159Diversifying Your Investments 160Spreading the wealth: Asset allocation 162Allocating money for the long term 163Sticking with your allocations: Dont trade 164Investing lump sums via dollar-cost averaging 165Acknowledging Differences among Investment Firms 166Focusing on the best firms 167Places to consider avoiding 169Seeing through Experts Who Predict the Future 173Investment newsletters 174Investment gurus 174Leaving You with Some Final Advice 176Chapter 9: Understanding Your Investment Choices179Slow and Steady Investments 179Transaction/checking accounts 180Savings accounts and money-market funds 180Bonds 181Building Wealth with Ownership Vehicles 183Socking your money away in stocks 183Investing internationally in stocks 188Generating wealth with real estate 189Investing in small business (and your career) 195Off the Beaten Path: Investment Odds and Ends 198Precious metals 199Bitcoin and other cryptocurrencies 199Annuities 201Collectibles 201Chapter 10: Investing in Funds203Understanding the Benefits of Mutual Funds and Exchange-Traded Funds 203Exploring Various Fund Types 205Money-market funds 205Bond funds 206Stock funds 207Balancing bonds and stocks: Hybrid funds 208U.S., international, and global funds 208Index funds 209Specialty (sector) funds 210Selecting the Best Funds 211Reading prospectuses and annual reports 212Keeping costs low 212Evaluating historic performance 214Assessing fund manager and fund family reputations 215Rating tax friendliness 215Determining your needs and goals 216Deciphering Your Funds Performance 216Dividends 217Capital gains 218Share price changes 218Evaluating and Selling Your Funds 219Chapter 11: Investing in Retirement Accounts221Looking at Types of Retirement Accounts 221Employer-sponsored plans 222Self-employed plans 225Individual Retirement Accounts (IRAs) 227Annuities: An odd investment 228Allocating Your Money in Retirement Plans 230Prioritizing retirement contributions 230Setting up a retirement account 230Allocating money when your employer selects the investment options 231Allocating money in plans you design 235Transferring Retirement Accounts 238Transferring accounts you control 238Moving money from an employers plan 241Chapter 12: Investing in Taxable Accounts243Getting Started 244Paying off high-interest debt 244Taking advantage of tax breaks 245Understanding Taxes on Your Investments 245Fortifying Your Emergency Reserves 246Bank and credit union accounts 246Money-market mutual funds 246Investing for the Longer Term (Several Years or Decades) 249Defining your time horizons 250Bonds and bond funds 250Certificates of deposit (CDs) 253Stocks and stock funds 254Annuities 254Real estate 255Small-business investments 255Chapter 13: Investing for Educational Expenses257Figuring Out How the Financial Aid System Works 258Treatment of retirement accounts 259Treatment of money in the kids names 259Treatment of home equity and other assets 262Strategizing to Pay for Educational Expenses 262Estimating college costs 262Setting realistic savings goals 264Tips for getting loans, grants, and scholarships 264Investing Educational Funds 266Good investments: No-load mutual funds and exchange-traded funds 266Bad investments 267Overlooked investments 267Chapter 14: Investing in Real Estate: Your Home and Beyond269Deciding Whether to Buy or Rent 270Assessing your timeline 270Determining what you can afford 270Calculating how much you can borrow 272Comparing owning versus renting costs 272Considering the long-term costs of renting 276Recognizing advantages to renting 277Financing Your Home 277Understanding the two major types of mortgages 277Choosing between fixed- and adjustable-rate mortgages 278Shopping for fixed-rate mortgages 281Inspecting adjustable-rate mortgages (ARMs) 284Avoiding the down-payment blues 288Comparing 15-year and 30-year mortgages 289Finding the best lender 291Increasing your approval chances 293Finding the Right Property 294Condo, town house, co-op, or detached home? 294Casting a broad net 295Finding out actual sale prices 295Researching the area 296Working with Real-Estate Agents 296Recognizing conflicts of interest 297Looking for the right qualities in real-estate agents 298Putting Your Deal Together 300Negotiating 101 300Inspecting before you buy 301Remembering title insurance and escrow fees 302After You Buy 303Refinancing your mortgage 303Mortgage life insurance 305Going with a reverse mortgage: Yes or no? 305Selling your house 306Part 4: Insurance: Protecting What You Have309Chapter 15: Insurance: Getting What You Need at the Best Price311Discovering My Three Laws of Buying Insurance 312Law I: Insure for the big stuff; dont sweat the small stuff 312Law II: Buy broad coverage 317Law III: Shop around and buy direct 319Dealing with Insurance Problems 322Knowing what to do if youre denied coverage 322Getting your due on claims 323Chapter 16: Insurance on You: Life, Disability, and Health329Providing for Your Loved Ones: Life Insurance 330Determining how much life insurance to buy 330Comparing term life insurance to cash value life insurance 332Making your decision 335Buying term insurance 336Considering the purchase of cash value life insurance 338Getting rid of cash value life insurance 338Preparing for the Unpredictable: Disability Insurance 339Deciding whether you need coverage 339Determining how much disability insurance you need 340Identifying other features you need in disability insurance 341Deciding where to buy disability insurance 342Getting the Care You Need: Health Insurance 343Mandating health insurance: The Affordable Care Act (Obamacare) 343Choosing the best health plan 344Buying health insurance 347Looking at retiree medical care insurance 352Chapter 17: Covering Your Assets357Insuring Your Home 357Dwelling coverage: The cost to rebuild 358Personal property coverage: For your things 359Liability insurance: Coverage for when others are harmed 359Flood and earthquake insurance: Protection from Mother Nature 360Deductibles: Your cost with a claim 361Special discounts 361Buying homeowners or renters insurance 362Auto Insurance 101 363Bodily injury/property damage liability 363Uninsured or underinsured motorist liability 364Deductibles 364Special discounts: Auto edition 365Little-stuff coverage to skip 365Buying auto insurance 365Protecting against Mega-Liability: Umbrella Insurance 366Planning Your Estate 367Wills, living wills, and medical powers of attorney 367Avoiding probate through living trusts 368Reducing estate taxes 369Part 5: Where to Go for More Help371Chapter 18: Working with Financial Planners373Surveying Your Financial Management Options 373Doing nothing 374Doing it yourself 374Hiring financial help 374Deciding Whether to Hire a Financial Planner 377How a good financial advisor can help 378Why advisors arent for everyone 379Recognizing conflicts of interest 379Finding a Good Financial Planner 383Soliciting personal referrals 383Seeking advisors through associations 384Interviewing Financial Advisors: Asking the Right Questions 384What percentage of your income comes from clients fees versus commissions? 385What portion of client fees is for money management versus hourly planning? 386What is your hourly fee? 386Do you also perform tax or legal services? 386What work and educational experience qualifies you to be a financial planner? 387Have you ever sold limited partnerships? Options? Futures? Commodities? Invested with Madoff? 387Do you carry liability (errors and omissions) insurance? 388Can you provide references from clients with needs similar to mine? 388Will you provide specific strategies and product recommendations that I can implement on my own if I choose? 389How is implementation handled? 389Learning from Others Mistakes 389Chapter 19: Using Technology to Manage Your Money391Surveying Software, Apps, and Websites 392Adding up financial software benefits 392Understanding how apps can benefit and harm your bottom line 393Surfing hazards online 394Accomplishing Money Tasks on Your Computer, Tablet, or Smartphone 397Paying your bills and tracking your money 397Planning for retirement 399Preparing your taxes 400Researching investments 400Accessing economic and financial data 401Trading online 401Reading and searching periodicals 402Investing through automated investment managers: Robo advisors 402Buying life insurance 402Preparing legal documents 403Chapter 20: On Air and in Print405Observing the Mass Media 405Alarming or informing? 406Teaching questionable values 406Worshipping prognosticating pundits 407Rating Radio and Television Financial Programs 407Finding the Best Websites 408Navigating Newspapers and Magazines 409Betting on Books 409Understanding the book publishing business 410Books at the head of their class 411Part 6: The Part of Tens413Chapter 21: Survival Guide for Ten Life Changes415Starting Out: Your First Job 416Changing Jobs or Careers 417Getting Married 418Buying a Home 420Having Children 420Starting a Small Business 422Caring for Aging Parents 423Divorcing 424Receiving a Windfall 426Retiring 427Chapter 22: Ten Tactics to Thwart Identity Theft and Fraud431Save Phone Discussions for Friends Only 432Never Respond to E-mails Soliciting Information 432Review Your Monthly Financial Statements 433Secure All Receipts 433Close Unnecessary Credit Accounts 433Regularly Review Your Credit Reports 434Freeze Your Credit Reports 434Keep Personal Info Off Your Checks 434Protect Your Computer and Files 435Protect Your Mail 435Glossary 437Index 451
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