Get a Financial Life: Personal Finance in Your Twenties and Thirties PDF
Preview Get a Financial Life: Personal Finance in Your Twenties and Thirties
Praise for GET A FINANCIAL LIFE “This is a must read for anyone in their twenties or thirties hoping to have a shot at using their hard-earned money to get ahead financially. It will give you an easy-to-use framework for managing your money, along with countless lessons for avoiding costly mistakes and saving money. Best of all, it’s easy reading.” —Matt Fellowes, founder of HelloWallet “This is the book I wish I’d read when I was just out of college. Filled with life-altering financial lessons, this new edition of Get a Financial Life reinvents the money guide for a new generation.” —Farnoosh Torabi, financial expert and host of the award-winning podcast So Money “Kobliner provides concise but comprehensive solutions to the biggest financial issues facing young people today. This guide is just what millennials need to fix their finances, especially since personal finance is a subject far too many schools fail to teach.” —Scott Gamm, correspondent for TheStreet.com and author of More Money, Please “One of the best guides to help young people get a handle on money matters.” —Burton G. Malkiel, Chemical Bank Chairman’s Professor of Economics Emeritus, Princeton University; author of A Random Walk Down Wall Street “Beth Kobliner’s book provides a much- needed and sensible guide.” —Paul A. Volcker, former chairman, Federal Reserve Board “Beth’s book packs a punch of practical advice. It speaks the language of young professionals and students without dumbing down crucial concepts. Definitely a must read for any young person looking to get an edge on life.” —Ted Gonder, cofounder and CEO of Moneythink “A highly readable and substantial guide to the grown-up worlds of money and business. . . . Backed up by bibliographies, source lists, and useful phone numbers, this book could be tucked into one of those ubiquitous backpacks to guide novices through the thickets of apartment rentals, mortgage applications, taxes, and more. Its strength is in explaining both the principles and the practicalities involved in each chunk of the landscape.” —The New York Times “If you’re saddled with student loan debt from years in college and want tips on how to pay it down effectively, need to understand the basics of things like health insurance and why you get bills even though your insurer pays for other things, and don’t see how it’s at all possible to save for a home of your own someday, this book is for you.” —Lifehacker.com “Shaw said youth is wasted on the young. I suspect the Kobliner financial wisdoms will work out well at all our ages.” —Paul A. Samuelson, Institute Professor Emeritus, MIT; Nobel laureate in economics “Kobliner’s done it again! Get a Financial Life gives clear and straightforward advice on how to manage your money—even in a financial meltdown. A must read for twenty-and thirty-somethings who want to be fiscally smart and financially secure.” —Soledad O’Brien, TV news anchor “Get a Financial Life gives you the essential information you need to get your finances in order as you’re starting your career. The rest is up to you. Educate yourself, get motivated, and get your finances in shape now by reading this book.” —Sharon Epperson, personal finance correspondent, CNBC “Smart, thorough—a tremendously useful guide to all the essentials of sound personal finance.” —Fortune “A daring book . . . A life’s worth of smart financial advice.” —Newsweek “With numerous insights, this fine book demonstrates that, through discipline and enterprise, anyone can win their financial independence.” —Tom Gardner, cofounder of The Motley Fool “Beth Kobliner is telling you it’s time to smell the latte. In Get a Financial Life, Kobliner serves a rich, smooth brew of common sense on everything from paying off your student loans to saving for (gasp) your future. The advice is thoughtful, precise, and up-to-date. But the simple, step-by-step explanations make getting a financial life easier than steaming the perfect froth on a cappuccino.” —Saul Hansell, business reporter, The New York Times “An eminently digestible resource. Buying this book right now is probably one of the best—and cheapest—investments.” —Time Out New York “Get it. Read it. Reference it often.” —Kiplinger’s “Get a Financial Life is a great option for a young, analytical, and thoughtful person—it doesn’t just cram a conclusion down your throat, but explains options in a clear and reasonable way.” —TheSimpleDollar.com “This was the book I had been waiting for; everything you need to know about saving, budgeting, credit cards, debt, insurance, owning a home, and much more is in this book.” —Cara Newman, YoungMoney.com “Sometimes the very best books are the simplest. And that’s the beauty of Get a Financial Life. . . . It offers the fundamental ABCs of how to manage your money. . . . Kobliner’s book is a gentle guide, carefully walking her money neophytes through the nuts and bolts of personal finance. There’s no magic formula for taking control of your financial life here, but rather frank meat-and- potatoes money-management moves that have stood the test of time.” —USA Today “Informative, laden with sound advice, and attractively packaged with charts and lists, this small book is ideal for anyone needing a primer on personal finance.” —The Christian Science Monitor “Beth Kobliner has written one of the best personal finance books currently available. Get a Financial Life is ‘must’ reading for young adults—and has a lot of solid information for the forty- and-over crowd as well.” —The Midwest Book Review Thank you for downloading this Touchstone eBook. Join our mailing list and get updates on new releases, deals, bonus content and other great books from Touchstone and Simon & Schuster. CLICK HERE TO SIGN UP or visit us online to sign up at eBookNews.SimonandSchuster.com CONTENTS Introduction Chapter 1: Crib Notes A Cheat Sheet for Time-Pressed Readers Who Need Help Now Chapter 2: Taking Stock of Your Financial Life Figuring Out Where You Are and Where You Want to Go Putting a Price Tag on Your Goals Learning How to Reach Your Goals Where Does Your Money Go? Three Financial Rules of Thumb Getting Your Financial Life in Order Keeping Track of Money Coming In and Going Out Chapter 3: Dealing with Debt Finding the Cheapest Loans and Getting Yourself Out of Hock Four Pointers for Anyone with Debt of Any Kind Credit Cards Student Loans Car Loans Credit Scores and Credit Reports Identity Theft If You’re in Serious Debt When to Consider Bankruptcy Chapter 4: Basic Banking How to Keep Your Costs Low and Your Money Safe A Bank by Any Other Name What to Look for in a Bank Managing Your Checking Account Using the ATM Wisely Internet-Only Banks What to Do with Your Savings Joint Versus Separate Accounts A Warning About Bank-Sold Investments Chapter 5: All You Really Need to Know About Investing It’s Time to Have Some Fun(ds) Two Pointers for New Investors Fund Fundamentals Money Market Funds A Word About Inflation Stock Funds Bond Funds The Right Mix of Investments Investment Fees Really Matter My Favorite Low-Cost Funds Socially Responsible Investing Do I Need a Financial Advisor? Chapter 6: Living the Good Life in 2070 Think It’s Crazy to Start Saving Now for Retirement? It’s Crazy Not To What Are Retirement Savings Plans, Anyway? How Your Retirement Savings Grow Contributing to Your 401(k) Contributing to an IRA Getting at the Money in Your 401(k) or IRA If You Really Need It Inflation and Taxation Retirement Plan FAQs If You’re Self-Employed Chapter 7: Oh, Give Me a Home Advice on Affording a Place of Your Own What Every Renter Needs to Know Should You Rent or Buy? What Lenders Look For The Real Costs of Owning a Home Special Programs for Home Buyers If You Don’t Qualify for a Mortgage Shopping for a Mortgage Making the Process Go Smoothly Chapter 8: Insurance: What You Need and What You Don’t Finding the Right Policies and Skipping Coverage You Can Do Without Getting the Best Deal Checking Out Credentials Making the Most of Your Employer’s Plans Health Insurance Car Insurance Disability Insurance Home Insurance Life Insurance Insurance You Probably Don’t Need Chapter 9: How to Make Your Life Less Taxing Put More Money in Your Pocket and Less in Uncle Sam’s Why Is Your Paycheck So Small? The Taxes You Pay Figuring Out Your Tax Rate Filing Your Tax Return Maximizing Your Tax Breaks Deductions for the Self-Employed Getting Your Tax Life in Order Do You Need a Tax Preparer? Chapter 10: Making the Most of Military Benefits Know What You Deserve If You Serve Education Perks Financial Assistance with Your Home Protecting Your Health and Your Assets Help Paying Off Your Debt Support for Your Family Guidance on Legal, Tax, and Personal Finance Matters Securing Your Savings Further Reading Special Acknowledgments Acknowledgments About the Author Index To my parents, Harold and Shirley Kobliner, who taught me how to handle money, and to Sylvia Porter, who gave me the opportunity to write about it.
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