Soldier of Finance: Take Charge of Your Money and Invest in Your Future
224
Soldier of Finance: Take Charge of Your Money and Invest in Your Future
224Paperback
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Overview
Modeled on the Soldier's Handbook, which is issued to all new U.S. Army recruits, Soldier of Finance is a no-nonsense, military-style training manual to overcoming financial obstacles and building lasting wealth. Financial planner and experienced army veteran Jeff Rose has divided this book into 14 modules, each section covering an essential element of financial success. You will learn how to:
- Evaluate your position and commit to change
- Target and methodically eliminate debt
- Clean up your credit report
- Create tactical budgets
- Build emergency savings
- Invest for the short and long term
Determine an affordable mortgage size, insurance needs, and more. Complete with tales from the trenches and useful tools including quizzes, debriefings, and more, Soldier of Finance is the survival guide you need to face down your finances and bring order and prosperity to your life.
Product Details
| ISBN-13: | 9780814433287 |
|---|---|
| Publisher: | AMACOM |
| Publication date: | 09/09/2013 |
| Pages: | 224 |
| Product dimensions: | 6.00(w) x 9.50(h) x 0.63(d) |
| Age Range: | 18 Years |
About the Author
Read an Excerpt
THE PURPOSE OF SOLDIER OF FINANCE
You don't have to be a soldier to benefit from Soldier of Finance. I share my military experience primarily because the principles I learned for surviving combat and winning against an enemy on the battlefield are the same principles I needed to survive financial prob lems, enabling me to engineer a winning strategy for building stable and enduring wealth.
Most people I meet, especially those who come to me for financial counsel, struggle with finances. They exist in a kind of war zone where debt is the enemy and wealth is the goal. But they have a tough time getting a handle on their own money and they worry over their future security. Most are losing a battle they don't even consciously realize they are in. I have found that there are two basic problems common to the majority of those I talk with:
1. Lack of information
2. Lack of initiative
By approaching my own finances with the mindset I learned in the military, I found the resources and the attitude that I needed to get myself out of debt and begin a successful program of investment. Even if you've never been in the military, you will find within the pages of this book the information needed to build financial security and growth.
If you find yourself asking, as I did my first day at Reception, "What the hell am I doing here?" the answer is simple. You are training yourself to win. You are gaining the essential knowledge and discipline to be a Soldier of Finance.
This manual is organized in modular format so that you can easily identify the areas of greatest benefit to you. I recommend that you read the entire book first, in order to find the areas where you need the most help. Then use it as a reference guide for future planning. You'll find that each section deals with an essential part of your financial success.
The two chapters of Part One tell something of my own story, providing encouragement to those who believe they have no hope because they've made mistakes. I made plenty too, and I've done pretty well.
Part Two addresses the Initial Training Phase of becoming a Soldier of Finance, covering the basics of getting your financial life under control. If you are already in a mess, the goal is to stop the bleeding. You can achieve this by exploring the basics of credit: how to find your credit score, check your credit record, and learn what can be done to fix bad credit. Demonstrating how to set realistic goals and prioritize objectives, Part Two explores methods to keep yourself on track and discover ways to convert your debt into a positive cash flow.
Part Three is the Campaign Phase, designed to familiarize you with the tools available for turning your resources into long-term wealth. It covers the basics of budgeting and explains a variety of investment vehicles.
Part Four, the Consolidation Phase, discusses the last stages of accomplishing your mission, including real estate investing and the types of insurance you need to protect yourself from the unexpected.
Each chapter contains a Go/No Go test. These evaluations are designed to help you gauge your progress. Take the time to fill out each one as you come to it. It will help you identify areas that need work and give you the information you need to prepare your strategy.
The battle is not as difficult as you might think, provided you have the right information and training. In spite of recent economic troubles, opportunity is everywhere. The problem is fear of the unknown. Few people know what to expect from the enemy or what weapons are at their disposal; for lack of knowledge, they struggle and suffer. Unsure of what to do, they either do nothing or make decisions that create more problems than they solve.
As I write this, the U.S. Census Bureau reports that Americans are battling more than $2.9 trillion in consumer debt, unemployment is at record highs, millions of dollars have been lost from 401(k) accounts, and more than half of all Americans have no money saved for retirement. Absolutely none.
The solution? Prepare for the battle. Basic was not easy and there were times I questioned whether or not I could make it, but when I found myself in combat, I knew what to do and how to do it because I was well prepared. The key to success is action based on knowledge.
This is your Soldier of Finance Handbook. It covers the basics you must understand in order to evaluate the enemy, set up your plan of attack, and not only survive financial difficulties, but conquer them efficiently and effectively. No matter where you are now or how hopeless your finances might seem, you are about to turn things around. Welcome to Basic.
Table of Contents
CONTENTS
ACKNOWLEDGMENTS xiii
INTRODUCTION 1
The Soldier's Handbook 2
The Purpose of Soldier of Finance 4
PA R T O N E
DISCOVERY PHASE: WHAT IS YOUR WHY? 7
1 WHY ARE YOU HERE? 8
Shaky Beginnings 10
What's Your Story? 14
What Is a Soldier of Finance? 15
Debriefing: A Soldier of Finance Success Story 15
Go/No Go 17
Summary 19
2 TIME TO ENLIST AND TAKE AN OATH 20
Soldier of Finance Creed 22
Finding a Battle Buddy 23
Identifying Blue Falcons 26
Down to Basics 29
Summary 31
PA R T T W O
INITIAL TRAINING PHASE (WEEKS 1—5) 33
3 WEEK 1: THE ARMY PHYSICAL—MEASURE YOUR DEBT 34
Your Financial Status: Stop Being in Denial 36
Debriefing: The Meaning of "Not Much Debt" 36
The Situation Report 38
P/X Rangers (or Living Beyond Your Means) 41
Summary 44
4 WEEK 2: ROSTER NUMBER—
YOUR CREDIT SCORE FOR LIFE 45
740 Is the New 720 47
Credit Scores and Your Mortgage 48
Finding Your Credit Score 49
Summary 50
5 WEEK 3: LAND MINES—YOUR CREDIT REPORT 51
My First Credit Report 53
Where to Get Your Free Credit Report 54
Carefully Verify the Information 56
Set Up Your Recon 58
Summary 61
6 WEEK 4: THE LOW CRAWL—CREDIT REPAIR 62
Stop the Bleeding 64
My Unnecessary Debt 65
Pay Down Your Debt 66
Debriefing: No Credit to Good Credit 67
Get the Most Out of Your Credit Cards 68
Watch Out for Credit Card Company Dirty Tricks 71
Summary 74
7 WEEK 5: LAND NAVIGATION CERTIFICATION—
IDENTIFY YOUR GOALS 75
Define Your Mission Objectives 77
Op Orders: How to Achieve Your Mission 79
Summary 85
PA R T T H R E E
CAMPAIGN PHASE (WEEKS 6—12) 87
8 WEEK 6: ACCOMPLISHING GOALS—
FROM CHAOS TO PRECISION 88
Into Action 89
Execute the Mission 91
Twenty-One Days to Change 93
Dealing with Setbacks 95
Review the Mission 96
Summary 98
9 WEEK 7: DESTROYING THE ENEMY—
PAYING OFF DEBT 100
Field Artillery: Matching the Cannon to the Objective 103
Ammunition for Targeting Debt 104
Debriefing: Operation Motherhood 108
Don't Be Content with Debt 110
Getting Cash Flow Positive 113
Summary 115
10 WEEK 8: SENSITIVE ITEMS REPORT—
TACTICAL BUDGETING 116
Tie Budgeting to Your Goals 117
The Sensitive Items Report 118
The Basic Training Budget: Identify Your Unnecessary Spending 120
Online Resources 122
Debriefing: Operation Budget 123
Practice Makes Perfect: Why Soldiers Drill 125
Family Battle Drills 126
Summary 129
11 WEEK 9: FRAGO—
THE SAVINGS ACCOUNTS SURVIVAL GUIDE 130
The FRAGO Fund 132
Watch Out for Imposters 134
Making the Most of Your Savings Account 135
You Are Now Ready for Anything 138
Summary 139
12 WEEK 10: MANUALS AND ORDERS—
GETTING STARTED IN INVESTING 141
Why Haven't You Started? 142
Are You Ready? 144
The Magic 10 Percent: A Guideline for Investing 145
Get the Right Advice 147
Secure Your Base of Operations 148
Summary 150
13 WEEK 11: FROM BOOTS TO HUMVEES—
BEGINNING INVESTMENT VEHICLES 152
Remember the Mission 155
Use Boots, Not Buses, for Short Distances 155
Middle-Distance Humvees: Investment Accounts (Individual or Joint) 158
Peer-to-Peer Lending 160
Summary 162
14 WEEK 12: FIVE-TON TRUCKS AND MRAPS—
LONG-DISTANCE INVESTMENT VEHICLES 163
Take an Active Role with a Roth IRA 164
Follow the Roth IRA with a 401(k) 167
The 401(k) for Military Personnel 169
The Stock Market: Be Careful of the Risks 169
Diversify Based on the Size of Your Portfolio 171
Investing for Your Future 171
Summary 173
PA R T F O U R
CONSOLIDATION PHASE (WEEKS 13—14) 175
15 WEEK 13: BASIC HOUSING ALLOWANCE—
MORTGAGE BASICS 176
Debriefing: J. Money's House 178
How Much House Can You Really Afford? 180
What Types of Loans Are Best for You? 182
Housing Traps to Avoid 183
Summary 186
16 WEEK 14: YOUR BODY ARMOR—
YOU NEED INSURANCE 187
Auto Insurance 189
Homeowners/Renters Insurance 190
Medical Insurance 191
Life Insurance 192
Umbrella Liability: Covering the Gaps 196
Summary 198
CONCLUSION 199
RESOURCES 201
INDEX 203
ABOUT THE AUTHOR 209