The Commissioner

The Commissioner

by Peter Dunn
The Commissioner

The Commissioner

by Peter Dunn

Paperback

$16.99 
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Overview

The Commission takes a completely unique approach to a personal finance and money management for fluctuating incomes. A practical and comprehensive plan to even out your income and avoid bad months. Tables, graphs, and charts to apply your actual numbers to the plan. Discussions about how to pay off debts, save for the future and stop hating your financial life.

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

Peter Dunn, a.k.a. Pete the Planner®, is an award-winning financial mind and a popular personal finance commentator.In 2012, Cision ranked personal finance broadcasters based on their Klout social media scoring, Pete ranked fourth above the likes of Clark Howard and Jean Chatzky.Pete is the host of the popular The Pete the Planner Radio Show on 93.1 WIBC FM and the popular podcast Ask Pete the Planner® Podcast. He is also the resident personal finance expert on Fox 59 News. Pete appears regularly on Fox News, Fox Business, CNN Headline News, and numerous nationally syndicated radio programs. Pete is a weekly columnist for USA Today, The Indianapolis Star, and 10 other regionalGannett newspapers.Pete is an expert keynote speaker, and is hired by organizations nationwide to speak on the importance of financial wellness. Pete focuses on the practical answers to technical financial questions. As a former comedian, he's able to inject humor into a typically dry subject area. This combination of humor and practical advice is what keeps Pete's audience coming back for more.

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

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