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Overview
Product Details
ISBN-13: | 9780983458845 |
---|---|
Publisher: | Green Olive Books |
Publication date: | 03/14/2016 |
Pages: | 161 |
Product dimensions: | 6.00(w) x 8.90(h) x 0.50(d) |
About the Author
Table of Contents
Introduction xi
Chapter 1 The Flow 1
Financial Stress 4
Math Problems 6
Forcing Your Income to Match Your Expenses 9
Financial Stress 10
Chapter 2 Debt 13
Your Relationship with Debt 14
Types of Debt 17
Student Loans 19
Bank Credit Card Debt 21
Store Credit Card Debt 23
Car Loan 24
Home Loan (Mortgage) 25
Medical Debt 26
Lines of Credit (Secured and Unsecured) 27
Payday Loans 29
Personal Loans (from a Financial Institution) 30
Personal Loans (from a Family Member or Friend) 30
Tax Debt 31
Collection Debt 32
Judgments 32
Debt Pay-Down Process 33
The Math Method 34
The Momentum Method 36
The Shotgun Method 37
Getting Out of Debt 38
Step 1 Map Out Your Debt 38
Step 2 Build Momentum with Small Debt Victories 39
Step 3 Commit to a Debt-Payment Schedule 42
Your Perspective Needs to Shift 42
What Now? 43
Chapter 3 Budgeting 45
The Ideal Household Budget 48
Housing: 25 Percent 48
Transportation: 15 Percent 52
Groceries and Dining Out: 12 Percent 54
Savings: 10 Percent 56
Utilities: 10 Percent 57
Charity: 5 Percent 58
Clothing: 5 Percent 58
Medical: 5 Percent 58
Entertainment: 5 Percent 59
Holidays and Gifts: 5 Percent 59
Miscellaneous: 3 Percent 60
The Expense Categories You Don't See 60
Daycare 61
Education 61
Debt Reduction 62
Student Loans 63
Your Budget Will Form Your Salary 63
Chapter 4 Pay Yourself a Salary 67
Considering Seasonality, Bonuses, and Overtime 68
Understanding Compensation Structures 71
Salary Only 71
Salary with Commission 72
Commission Only 72
Flipping the Script on Variable Income 74
Your Salary 76
The Pool 77
What Ifs 81
Your Salary Will Bring Stability 83
Chapter 5 Raises and Bonuses 85
The Commissioner Income Raise 88
The Commissioner Bonus 90
Paying a Bonus versus Increasing Your Income 90
What to Do with a Bonus 91
The Invisible Raise 92
The Dangers of Bonuses and Raises 93
Chapter 6 Thriving and Surviving Months 95
Big Money, Big Problems 97
The Commissioner Super-Move 97
Chapter 7 Wealth 101
Savings versus Investing 103
The Role of Net Worth as a Wealth-Building Tool 104
Types of Investments and Investment Vehicles 108
Stock 109
Bond 110
Mutual Fund 110
Exchange Traded Fund 111
Index Fund 112
Target-Date Funds 112
IRA 114
Roth IRA 115
401(k) 115
529 College Savings Plan 116
Why You Can't Wait to Invest 117
Three Steps to Prepare for Long-, Mid-, and Short-Term Money Needs 119
Step 1 Set Up Your Retirement Account, Ideally through Your Employer 120
Step 2 Save at Least 10 Percent of Your Take-Home Pay into a Savings Account (Emergency Fund) 127
Step 3 Create Wealth by Investing with the Midterm Bucket 128
Hiring a Financial Advisor 130
Fees for a Financial Advisor 135
Risk 137
Chapter 8 Making It Stick 141
Eroding Professional Skills 143
Dwindling Pool 144
Increased Salary Need 145
Boredom and Complacency 146
The Commissioner Rules 150
Your Income Is No Longer Arbitrary 151
Index 153