Personal Finance
Personal Finance
Achieving your financial goals
About the Book
This textbook is an excellent resource for anyone looking to gain a better understanding of personal finance. It provides comprehensive coverage of the subject, applying practical approaches and strategies to help readers make informed financial decisions. The book presents a clear, step-by-step guide on how to manage one’s finances and build a secure financial future. It focuses on topics such as budgeting, savings, debt management, insurance, investments, and retirement planning. This textbook is sure to become a valuable addition to any library devoted to personal finance.
About the Author
Table of Contents
- Book License
- Why I Wrote this Textbook
- About the Author
- Chapter 1 - A Short Introduction to Personal Finance
- What is personal finance?
- Why is personal finance important?
- The importance of starting early
- Setting financial goals
- Topics covered in this textbook
- A note regarding length
- Chapter 2 - Budgeting and Cash Flow
- What is budgeting?
- How do you create a budget?
- Popular budgeting philosophies
- Popular budgeting tools
- Personal financial statements
- Who can create personal financial statements?
- What is cash flow?
- Why it is important to be cash flow positive
- Needs vs. wants
- Conclusion
- Chapter 3 - Financial Institutions and Regulators
- Banking
- Investment and insurance companies
- Broker-dealers and Registered Investment Advisors (RIAs)
- Tax preparers and the Internal Revenue Service (IRS)
- Regulators
- Consumer protection entities
- Credit bureaus
- Chapter 4 - Credit
- What is credit?
- Should I utilize some forms of credit instead of others?
- Why do banks, landlords, and companies care about credit scores and/or reports?
- What is a credit report?
- How often should I check my credit report?
- The Three Credit Bureaus
- Reviewing your credit reports regularly (annually)
- The making of a credit score
- How do I get a high credit score?
- Why is a high credit score important?
- Fraud and your credit report
- Bankruptcy and default
- Chapter 5 - Federal Income Taxes
- Where to go for information
- Does everyone need to file federal income taxes?
- Important federal income tax forms
- Withholding taxes (Form W-4) and estimated taxes
- The structure of Form 1040
- Standard deduction vs. itemized deduction
- Where to go to get your taxes filed
- Working with a tax professional
- When are taxes due?
- A comprehensive resource for filing individual income taxes
- A brief discussion of paying taxes for a business
- Where to go for help
- State and local income taxes
- Chapter 6 - Purchasing and Spending
- Spending basics (a review)
- Smart spending strategies
- Couponing
- Buying in bulk
- Choosing the right grocery store
- Buying used versus new
- Using discount services
- Comparison shopping
- A positive spending philosophy to consider
- Parting words on spending
- Chapter 7 - Housing Decision (Rent vs. Buy)
- Should I rent?
- Should I buy a house?
- Rent vs. buy summary
- Saving for a down payment on a home
- What is a reasonable down payment?
- How much should I spend on housing?
- How the mortgage process works
- Common mortgage types
- What you qualify to buy vs. what you should buy
- The most affordable places to buy a home
- Is a house a store of value?
- A house can help you retire
- Chapter 8 - Insurance
- Insurance is all about managing risk
- What is a deductible?
- Personal Insurance
- Auto insurance
- Renters insurance
- Homeowners insurance
- Umbrella insurance
- Disability insurance
- Health insurance
- Life insurance
- What is an annuity?
- Business insurance
- Chapter 9 - The Time Value of Money (TVM)
- Chapter licensing information and attribution
- A gentle introduction to the Time Value of Money
- How and why the passage of time affects the value of money
- The lump sum payment or receipt
- Single-period scenario
- The impact of compounding
- Putting this knowledge into practice
- More resources on TVM calculations
- Inflation
- Compounding interest
- The Rule of 72
- Investing and risk
- Chapter 10 - The Economy and Stock Market
- What is an economy?
- What is supply and demand?
- Why does an investor need to understand the economy?
- Tracking economic indicators
- The stock market
- What the stock market is not
- Why people invest in stocks
- What stock markets are in the United States?
- Proceeding with humility and a desire to learn
- Chapter 11 - Investing and the Personal Risk Profile
- Risk management and personal risk profile
- What is investing?
- Types of investments - stocks, bonds, mutual funds, and more
- Benefits of investing
- Investment strategies
- Important investment terms
- Steps to smart investing
- Investing resources and getting additional help with investing
- Conclusion
- Chapter 12 - Retirement and Estate Planning
- Retirement planning four steps
- Saving for retirement
- Social Security in the United States
- Popular retirement savings vehicles
- Working with a financial professional to plan retirement
- What is an estate plan?
- The essential estate planning documents
- What is a beneficiary?
- What is probate?
- What is a trust?
- Who you should work with to build an estate plan
- Chapter 13 - Career Planning
- Personality and career choice
- Uncovering your MBTI®
- Taking the Holland Codes quiz
- Taking the next step
- Digging deeper - CliftonStrengths®
- Reflecting on the past
- Gaining practical work experience
- Will your career have a return on investment?
- How to check the ROI of a career
- Using the university career center
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