Family Child Care Money Management and Retirement Guide


Helps family child care providers gain more financial control over their lives.
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Family Child Care Money Management and Retirement Guide

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Helps family child care providers gain more financial control over their lives.
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Product Details

  • ISBN-13: 9781605540092
  • Publisher: Redleaf Press
  • Publication date: 10/1/2008
  • Series: Redleaf Business Series
  • Pages: 208
  • Product dimensions: 6.90 (w) x 8.90 (h) x 0.60 (d)

Meet the Author

Tom Copeland, JD, has written several books on business issues for the family child care field. He trains thousands of providers each year on record keeping, marketing, contracts, and other business topics.
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Table of Contents

Preface ix

Acknowledgments xi

How This Book Can Help You 1

Money Management in Family Child Care 1

First Steps Toward Financial Health 4

What This Book Doesn't Cover 6

Part I Manage Your Money

Chapter One Reduce Your Spending 9

Track Your Spending Exercise 10

The Culture of Spending 12

Don't Show Your Love by Spending 12

Strategies for Reducing Your Expenses 15

Chapter Two Increase Your Savings 19

Where to Find the Money 20

Short-Term and Long-Term Savings 21

Where to Put Your Short-Term Savings 22

How to Get Started 25

Teach Your Children to Save 26

Chapter Three Get Out of Debt 29

Your Credit Rating 30

Credit Card Debt 31

How to Pay Down Your Debts 33

Credit Counseling Services 35

Chapter Four Raise Your Income 37

Care for More Children 38

Raise Your Rates 40

Increase Your Fees 45

More Strategies for Increasing Your Income 50

Chapter Five Set Your Financial Goals 55

Prioritize Your Goals 55

Develop a Financial Plan 58

Part II Understand Your Options

Chapter Six Buying a Car or Van 63

How Much Should You Spend? 63

Should You Buy New or Used? 64

Should You Buy or Lease? 65

Should You Spend More for the Tax Deduction? 65

How to Pay for Your Next Vehicle 66

What Are the Insurance Costs? 69

Chapter Seven Getting a Business Grant or Loan 71

Getting a Grant 71

Getting a Business Loan 74

Chapter Eight Hiring Employees 79

Who Is an "Employee"? 79

Requirements for Employers 80

Compare the Costs and Benefits 81

Checklist for Hiring an Employee 83

Chapter Nine Moving Your Business Out of Your Home 85

The Pros and Cons of Moving Your Business 85

The Financial Consequences 86

Checklist of Other Issues88

Chapter Ten Handling Major Transitions 89

Getting a Divorce 89

Closing Your Business 93

Part III Prepare for Retirement

Chapter Eleven Social Security and Pensions 101

Pensions 102

Social Security 103

Earned Income 109

Investment Income 109

Chapter Twelve How Much Should You Be Saving? 111

Estimate How Much You Need to Save 112

Experiment with Your Assumptions 114

Refine Your Estimate 116

You Aren't Alone 117

Chapter Thirteen How You'll Reach Your Savings Goal 121

Can You Afford to Save for Retirement? 121

Start with Small Steps 123

How Money Grows Over Time 123

Where to Find the Money to Save 126

Chapter Fourteen The Five Rules of Investing 129

Rule 1: Invest for the Long Term 130

Rule 2: Balance Your Investments 132

Rule 3: Diversify Your Investments 135

Rule 4: Shop Around for Low Fees 137

Rule 5: Educate Yourself about Investing 138

Chapter Fifteen Choosing Your Investments 141

Stock Mutual Funds 141

Index Funds 144

Life Cycle Funds 149

Employer 401(k) and 403(b) Plans 151

More Advanced Investment Options 152

Choose Your First Investments 155

How to Get Started 157

Chapter Sixteen Choosing Your IRA Plans 161

How IRAs Work 161

Why IRAs Are So Important 162

The Six Major IRA Plans 164

Choosing Between the IRA Plans 173

Tax Credit for Low-Income Taxpayers 176

Prioritize Your Retirement Investments 177

How to Set Up an IRA 178

Chapter Seventeen Working with a Financial Advisor 179

Finding a Financial Advisor 180

Choosing a Financial Advisor 182

Working with Your Financial Advisor 184

It's Not Just about the Money 187


Resources 189

Web Resources 191

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