Financial Security For Dummies
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portes grátis
Financial Security For Dummies
Tyson, Eric
John Wiley & Sons Inc
12/2021
304
Mole
Inglês
9781119780786
15 a 20 dias
430
Descrição não disponível.
Introduction 1
About This Book 1
Foolish Assumptions 2
Icons Used in This Book 2
Beyond the Book 3
Where to Go from Here 3
Part 1: Understanding Financial Security 5
Chapter 1: Navigating the (Bumpy) Road to Financial Independence 7
Reaching for Financial Security 8
Defining what you value 8
Assessing where you are 10
Grasping financial lingo and trends 11
Trying not to avoid money 11
Making use of insurance: A necessary evil 12
Coping with Crises 13
Everyone faces challenges, obstacles, and setbacks 13
Common crisis 14
Making Decisions Based on Changing Circumstances 15
Chapter 2: Understanding Capitalism and Economic Downturns 17
Understanding Our Economic System 18
Capitalism strengths and criticism 18
History of growth and downturns 22
Touring Past Crises: What Happened and Why 25
Why pilot training has relevance for your tour 25
The Panic of 1907 26
The Great Depression 27
World War II 29
Arab oil embargo and Watergate/Nixon's resignation 29
9/11 terrorist attacks and recession 30
2008 financial crisis 31
2020 COVID-19 Pandemic 32
Mistakes Made and Lessons to Carry With You 35
Chapter 3: Coping with Personal Crises 39
When a Crisis Comes Calling 40
Losing your job or a significant source of income 40
Facing a medical crisis 43
Caring for elderly parents unexpectedly 44
Splitting from your spouse 46
Coping with the death of a spouse 47
Dealing with a natural disaster 48
Success Plans for Personal Crises and Life Changes 49
Keeping your big picture in mind 50
Considering a comprehensive checklist 50
Part 2: Crisis Mode: Accessing Safety Nets and Emergency Measures 53
Chapter 4: Your Safety Nets 55
Taking Stock of Your Resources 55
Surveying your accessible money and spending options 56
Finding assistance from family 57
Ensuring adequate insurance coverage 58
Surveying Societal Safety Nets 59
Health insurance subsidies 59
Unemployment insurance benefits 63
Federal refundable tax credits 64
Help with housing 65
For more information on safety net programs 66
Chapter 5: Digging Out and Forging Ahead 67
Turning Your Eye toward Recovery 67
Knowing how long it will take to regain stable financial footing 68
Coping with frustration and moving on 69
Thinking (and Researching) Before Making Financial Moves 70
Wise financial actions to take 70
Boneheaded financial actions to avoid 70
Leaning on an Expert for Help 71
Knowing how experts can help 72
Being careful in a time of need 72
Finding financial advisors and planners 72
Being aware of budget counselors 75
Investing in investment managers 76
Looking into real estate agents 77
Making note of tax preparers and advisors 79
Dealing with insurance agents 80
Tuning in to attorneys 80
Minding Your Media Intake 80
Example 1: The COVID-19 pandemic 81
Example 2: The 2008 Financial Crisis 83
Example 3: Corporations not paying income taxes 85
Lessons learned and keys to remember 86
Part 3: Being a Smart Consumer of Economic Information 87
Chapter 6: So Many Numbers! Making Sense of Economic Reports 89
Keeping Economic Reports in Perspective 90
Reports are a (small) snapshot in time 90
Beware annualized numbers 91
Take a long-term view of the numbers 92
Sleuthing Through Economic Reports 93
Employment/jobs reports 93
Gross Domestic Product 95
Consumer confidence 96
Corporate profits 97
Consumer prices (also known as inflation) 99
The reports you can mostly ignore 100
Interpreting Media Coverage of Economic Data 102
Understanding the short-term and provocative focus 102
Keeping an eye out for biases 102
Example 1: The COVID-19 pandemic 103
Example 2: The 2008 financial crisis 105
Chapter 7: Says Who? Weighing "Experts'" Advice 109
Understanding Why Particular Pundits Get Attention 110
Important things to know about the "news" media 110
Getting media attention is a competitive business 112
Controversial points of view often attract 112
Political partisans can be hazardous to your wealth 114
Uncovering Gurus' Agendas 118
Figuring out what they're really selling 118
Checking out their qualifications and track records 119
Deciding Whether Hiring an Advisor is the Right Choice 120
Chapter 8: Following Financial Markets 121
Understanding Stocks and Bonds 122
Making Informed Investing Decisions 123
Connecting corporate profits to stock prices 124
Looking at financial market efficiency 125
Focusing on interest rates, inflation, and the Federal Reserve 126
Challenging Financial Markets During Changing Times 129
What really moves financial markets (in the short term) 130
Why market timing is so hard to do 131
Part 4: Keeping Your Personal Finance House in Order 133
Chapter 9: Getting on the Right Road with Spending and Saving 135
Getting a Handle on Your Spending 136
Differentiating necessities from luxuries 136
Reducing your expenditures 137
Setting and following a budget 143
Some final spending reminders 144
Saving: Necessary Rocket Fuel 145
Understanding compounded returns 146
Considering your short- and long-term personal and financial goals 146
Noting the power of tax-deferred retirement accounts 149
Upping Your Income 151
Lowering Your Tax Bill 152
Knowing your income tax rate 152
Using your income tax rate 153
Taxing issues regarding children 156
Making quarterly tax filing requirements 157
Ouch! Dealing with Major Medical Bills 158
Reviewing your billing statements for accuracy 158
Negotiating with providers or an insurance company 158
Chapter 10: Investing Wisely and Securely 161
Checking Out All the Places You Can Invest Your Money 161
Noting how investment types differ from one another 162
Understanding the major investments 164
Building wealth with stocks 165
Locating money through real estate 171
Turning to small business options 174
Searching for safe money investments 175
Cultivating Good Investing Habits 176
Understanding fees 177
Managing monitoring and trading your investments 178
Keeping your emotions from following market trends 180
Dealing with investment setbacks 181
Developing a Personal Investing Plan 182
Taxing situations 183
Assessing your current portfolio 183
Allocating those assets 185
Selecting the Best Mutual Funds and Exchange-Traded Funds (ETFs) 188
Investing in stock and bond funds 189
Minding the ABCs of ETFs 191
Seizing Investment Opportunities During Tough Times 191
Cashing in on reduced stock and real estate prices 192
Mustering the courage to buy when more people are selling 193
Chapter 11: Getting and Maintaining Proper Insurance 195
Being Prepared: A Quick Lesson on Insurance 196
Don't sweat the small losses 196
Define a small loss 197
Insurance not to buy 198
Insurance worth purchasing 199
Protecting Your Health 199
Reviewing your current health insurance 200
Saving tax dollars with health savings accounts 201
Maximizing your personal health 202
Securing Your Income-Earning Ability 204
Long-term disability insurance 204
Life insurance 207
Insurance on Your Assets 209
Insuring your home 210
Auto insurance 213
Excess liability insurance 217
Will, Trusts, and Estate Planning 217
Starting with a will 217
Preparing other useful legal documents 218
Considering your preparation options 219
Protecting Yourself from Identity Theft and Fraud 219
Part 5: Prepping for Future Armageddon 223
Chapter 12: What Pundits Scare People About 225
Fearmongers Have Been Scaring Folks for Generations 226
Case study: Peter Schiff has been scaring investors for generations 227
Understanding what pundits are trying to sell you 231
Seeing why fearmongers' predictions are often wrong 232
Surveying the Leading Worries Being Pitched Today 233
Excessive government debts 233
High inflation and worthless currencies 237
Anarchy and the breakdown of society 238
Chapter 13: Preparing Yourself for Unexpected Future Crises 241
What Possible Future Crises Should You Be Prepared For? 242
Dangers of excessive dependence upon technology and internet 243
Hazards of faster and inaccurate "news" flow 243
Spreading socialism 245
Climate change (also known as global warming) 245
Power grid failures and resource shortages 247
Solvency of Social Security 248
Preparing Financially and Otherwise for New Future Crises 249
Part 6: The Part of Tens 251
Chapter 14: Tens Ways to Improve Your Personal Safety 253
Combine Your Instincts with Proven Strategies 253
What You Don't Know Can Hurt You 254
Do Unto Others As You Would Have Others Do Unto You 254
Err on the Side of Caution 255
There's (Some) Safety in Numbers, But There May be a Weak Link 255
If It Looks Too Good to Be True, It Probably is 255
Don't Assume "Lightning Never Strikes Twice" 256
Don't Judge a Book by Its Cover 257
Trust Your Instincts 257
Share Your Concerns with Someone You Trust 257
Chapter 15: Ten Ways to Address Over-Saving 259
Understanding the Over-Saver Mindset 259
Balancing Spending and Saving 261
Keeping Money Accumulation in Proper Perspective 261
Giving Yourself Permission to Spend More 262
Doing Some Retirement Analysis 262
Getting Smart about Investing Your Money 262
Going On a News Diet 262
Treating Yourself to Something Special 263
Buying More Gifts for the People You Love 263
Going Easy When It Comes to Everyday Expenses 263
Index 265
About This Book 1
Foolish Assumptions 2
Icons Used in This Book 2
Beyond the Book 3
Where to Go from Here 3
Part 1: Understanding Financial Security 5
Chapter 1: Navigating the (Bumpy) Road to Financial Independence 7
Reaching for Financial Security 8
Defining what you value 8
Assessing where you are 10
Grasping financial lingo and trends 11
Trying not to avoid money 11
Making use of insurance: A necessary evil 12
Coping with Crises 13
Everyone faces challenges, obstacles, and setbacks 13
Common crisis 14
Making Decisions Based on Changing Circumstances 15
Chapter 2: Understanding Capitalism and Economic Downturns 17
Understanding Our Economic System 18
Capitalism strengths and criticism 18
History of growth and downturns 22
Touring Past Crises: What Happened and Why 25
Why pilot training has relevance for your tour 25
The Panic of 1907 26
The Great Depression 27
World War II 29
Arab oil embargo and Watergate/Nixon's resignation 29
9/11 terrorist attacks and recession 30
2008 financial crisis 31
2020 COVID-19 Pandemic 32
Mistakes Made and Lessons to Carry With You 35
Chapter 3: Coping with Personal Crises 39
When a Crisis Comes Calling 40
Losing your job or a significant source of income 40
Facing a medical crisis 43
Caring for elderly parents unexpectedly 44
Splitting from your spouse 46
Coping with the death of a spouse 47
Dealing with a natural disaster 48
Success Plans for Personal Crises and Life Changes 49
Keeping your big picture in mind 50
Considering a comprehensive checklist 50
Part 2: Crisis Mode: Accessing Safety Nets and Emergency Measures 53
Chapter 4: Your Safety Nets 55
Taking Stock of Your Resources 55
Surveying your accessible money and spending options 56
Finding assistance from family 57
Ensuring adequate insurance coverage 58
Surveying Societal Safety Nets 59
Health insurance subsidies 59
Unemployment insurance benefits 63
Federal refundable tax credits 64
Help with housing 65
For more information on safety net programs 66
Chapter 5: Digging Out and Forging Ahead 67
Turning Your Eye toward Recovery 67
Knowing how long it will take to regain stable financial footing 68
Coping with frustration and moving on 69
Thinking (and Researching) Before Making Financial Moves 70
Wise financial actions to take 70
Boneheaded financial actions to avoid 70
Leaning on an Expert for Help 71
Knowing how experts can help 72
Being careful in a time of need 72
Finding financial advisors and planners 72
Being aware of budget counselors 75
Investing in investment managers 76
Looking into real estate agents 77
Making note of tax preparers and advisors 79
Dealing with insurance agents 80
Tuning in to attorneys 80
Minding Your Media Intake 80
Example 1: The COVID-19 pandemic 81
Example 2: The 2008 Financial Crisis 83
Example 3: Corporations not paying income taxes 85
Lessons learned and keys to remember 86
Part 3: Being a Smart Consumer of Economic Information 87
Chapter 6: So Many Numbers! Making Sense of Economic Reports 89
Keeping Economic Reports in Perspective 90
Reports are a (small) snapshot in time 90
Beware annualized numbers 91
Take a long-term view of the numbers 92
Sleuthing Through Economic Reports 93
Employment/jobs reports 93
Gross Domestic Product 95
Consumer confidence 96
Corporate profits 97
Consumer prices (also known as inflation) 99
The reports you can mostly ignore 100
Interpreting Media Coverage of Economic Data 102
Understanding the short-term and provocative focus 102
Keeping an eye out for biases 102
Example 1: The COVID-19 pandemic 103
Example 2: The 2008 financial crisis 105
Chapter 7: Says Who? Weighing "Experts'" Advice 109
Understanding Why Particular Pundits Get Attention 110
Important things to know about the "news" media 110
Getting media attention is a competitive business 112
Controversial points of view often attract 112
Political partisans can be hazardous to your wealth 114
Uncovering Gurus' Agendas 118
Figuring out what they're really selling 118
Checking out their qualifications and track records 119
Deciding Whether Hiring an Advisor is the Right Choice 120
Chapter 8: Following Financial Markets 121
Understanding Stocks and Bonds 122
Making Informed Investing Decisions 123
Connecting corporate profits to stock prices 124
Looking at financial market efficiency 125
Focusing on interest rates, inflation, and the Federal Reserve 126
Challenging Financial Markets During Changing Times 129
What really moves financial markets (in the short term) 130
Why market timing is so hard to do 131
Part 4: Keeping Your Personal Finance House in Order 133
Chapter 9: Getting on the Right Road with Spending and Saving 135
Getting a Handle on Your Spending 136
Differentiating necessities from luxuries 136
Reducing your expenditures 137
Setting and following a budget 143
Some final spending reminders 144
Saving: Necessary Rocket Fuel 145
Understanding compounded returns 146
Considering your short- and long-term personal and financial goals 146
Noting the power of tax-deferred retirement accounts 149
Upping Your Income 151
Lowering Your Tax Bill 152
Knowing your income tax rate 152
Using your income tax rate 153
Taxing issues regarding children 156
Making quarterly tax filing requirements 157
Ouch! Dealing with Major Medical Bills 158
Reviewing your billing statements for accuracy 158
Negotiating with providers or an insurance company 158
Chapter 10: Investing Wisely and Securely 161
Checking Out All the Places You Can Invest Your Money 161
Noting how investment types differ from one another 162
Understanding the major investments 164
Building wealth with stocks 165
Locating money through real estate 171
Turning to small business options 174
Searching for safe money investments 175
Cultivating Good Investing Habits 176
Understanding fees 177
Managing monitoring and trading your investments 178
Keeping your emotions from following market trends 180
Dealing with investment setbacks 181
Developing a Personal Investing Plan 182
Taxing situations 183
Assessing your current portfolio 183
Allocating those assets 185
Selecting the Best Mutual Funds and Exchange-Traded Funds (ETFs) 188
Investing in stock and bond funds 189
Minding the ABCs of ETFs 191
Seizing Investment Opportunities During Tough Times 191
Cashing in on reduced stock and real estate prices 192
Mustering the courage to buy when more people are selling 193
Chapter 11: Getting and Maintaining Proper Insurance 195
Being Prepared: A Quick Lesson on Insurance 196
Don't sweat the small losses 196
Define a small loss 197
Insurance not to buy 198
Insurance worth purchasing 199
Protecting Your Health 199
Reviewing your current health insurance 200
Saving tax dollars with health savings accounts 201
Maximizing your personal health 202
Securing Your Income-Earning Ability 204
Long-term disability insurance 204
Life insurance 207
Insurance on Your Assets 209
Insuring your home 210
Auto insurance 213
Excess liability insurance 217
Will, Trusts, and Estate Planning 217
Starting with a will 217
Preparing other useful legal documents 218
Considering your preparation options 219
Protecting Yourself from Identity Theft and Fraud 219
Part 5: Prepping for Future Armageddon 223
Chapter 12: What Pundits Scare People About 225
Fearmongers Have Been Scaring Folks for Generations 226
Case study: Peter Schiff has been scaring investors for generations 227
Understanding what pundits are trying to sell you 231
Seeing why fearmongers' predictions are often wrong 232
Surveying the Leading Worries Being Pitched Today 233
Excessive government debts 233
High inflation and worthless currencies 237
Anarchy and the breakdown of society 238
Chapter 13: Preparing Yourself for Unexpected Future Crises 241
What Possible Future Crises Should You Be Prepared For? 242
Dangers of excessive dependence upon technology and internet 243
Hazards of faster and inaccurate "news" flow 243
Spreading socialism 245
Climate change (also known as global warming) 245
Power grid failures and resource shortages 247
Solvency of Social Security 248
Preparing Financially and Otherwise for New Future Crises 249
Part 6: The Part of Tens 251
Chapter 14: Tens Ways to Improve Your Personal Safety 253
Combine Your Instincts with Proven Strategies 253
What You Don't Know Can Hurt You 254
Do Unto Others As You Would Have Others Do Unto You 254
Err on the Side of Caution 255
There's (Some) Safety in Numbers, But There May be a Weak Link 255
If It Looks Too Good to Be True, It Probably is 255
Don't Assume "Lightning Never Strikes Twice" 256
Don't Judge a Book by Its Cover 257
Trust Your Instincts 257
Share Your Concerns with Someone You Trust 257
Chapter 15: Ten Ways to Address Over-Saving 259
Understanding the Over-Saver Mindset 259
Balancing Spending and Saving 261
Keeping Money Accumulation in Proper Perspective 261
Giving Yourself Permission to Spend More 262
Doing Some Retirement Analysis 262
Getting Smart about Investing Your Money 262
Going On a News Diet 262
Treating Yourself to Something Special 263
Buying More Gifts for the People You Love 263
Going Easy When It Comes to Everyday Expenses 263
Index 265
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<p>Financial security; financial health; natural disaster; pandemic; economic downturn; recession planning; retirement planning; financial planning; financial literacy; financial advisor; financial stability; insurance; investing; emergency fund</p>
Introduction 1
About This Book 1
Foolish Assumptions 2
Icons Used in This Book 2
Beyond the Book 3
Where to Go from Here 3
Part 1: Understanding Financial Security 5
Chapter 1: Navigating the (Bumpy) Road to Financial Independence 7
Reaching for Financial Security 8
Defining what you value 8
Assessing where you are 10
Grasping financial lingo and trends 11
Trying not to avoid money 11
Making use of insurance: A necessary evil 12
Coping with Crises 13
Everyone faces challenges, obstacles, and setbacks 13
Common crisis 14
Making Decisions Based on Changing Circumstances 15
Chapter 2: Understanding Capitalism and Economic Downturns 17
Understanding Our Economic System 18
Capitalism strengths and criticism 18
History of growth and downturns 22
Touring Past Crises: What Happened and Why 25
Why pilot training has relevance for your tour 25
The Panic of 1907 26
The Great Depression 27
World War II 29
Arab oil embargo and Watergate/Nixon's resignation 29
9/11 terrorist attacks and recession 30
2008 financial crisis 31
2020 COVID-19 Pandemic 32
Mistakes Made and Lessons to Carry With You 35
Chapter 3: Coping with Personal Crises 39
When a Crisis Comes Calling 40
Losing your job or a significant source of income 40
Facing a medical crisis 43
Caring for elderly parents unexpectedly 44
Splitting from your spouse 46
Coping with the death of a spouse 47
Dealing with a natural disaster 48
Success Plans for Personal Crises and Life Changes 49
Keeping your big picture in mind 50
Considering a comprehensive checklist 50
Part 2: Crisis Mode: Accessing Safety Nets and Emergency Measures 53
Chapter 4: Your Safety Nets 55
Taking Stock of Your Resources 55
Surveying your accessible money and spending options 56
Finding assistance from family 57
Ensuring adequate insurance coverage 58
Surveying Societal Safety Nets 59
Health insurance subsidies 59
Unemployment insurance benefits 63
Federal refundable tax credits 64
Help with housing 65
For more information on safety net programs 66
Chapter 5: Digging Out and Forging Ahead 67
Turning Your Eye toward Recovery 67
Knowing how long it will take to regain stable financial footing 68
Coping with frustration and moving on 69
Thinking (and Researching) Before Making Financial Moves 70
Wise financial actions to take 70
Boneheaded financial actions to avoid 70
Leaning on an Expert for Help 71
Knowing how experts can help 72
Being careful in a time of need 72
Finding financial advisors and planners 72
Being aware of budget counselors 75
Investing in investment managers 76
Looking into real estate agents 77
Making note of tax preparers and advisors 79
Dealing with insurance agents 80
Tuning in to attorneys 80
Minding Your Media Intake 80
Example 1: The COVID-19 pandemic 81
Example 2: The 2008 Financial Crisis 83
Example 3: Corporations not paying income taxes 85
Lessons learned and keys to remember 86
Part 3: Being a Smart Consumer of Economic Information 87
Chapter 6: So Many Numbers! Making Sense of Economic Reports 89
Keeping Economic Reports in Perspective 90
Reports are a (small) snapshot in time 90
Beware annualized numbers 91
Take a long-term view of the numbers 92
Sleuthing Through Economic Reports 93
Employment/jobs reports 93
Gross Domestic Product 95
Consumer confidence 96
Corporate profits 97
Consumer prices (also known as inflation) 99
The reports you can mostly ignore 100
Interpreting Media Coverage of Economic Data 102
Understanding the short-term and provocative focus 102
Keeping an eye out for biases 102
Example 1: The COVID-19 pandemic 103
Example 2: The 2008 financial crisis 105
Chapter 7: Says Who? Weighing "Experts'" Advice 109
Understanding Why Particular Pundits Get Attention 110
Important things to know about the "news" media 110
Getting media attention is a competitive business 112
Controversial points of view often attract 112
Political partisans can be hazardous to your wealth 114
Uncovering Gurus' Agendas 118
Figuring out what they're really selling 118
Checking out their qualifications and track records 119
Deciding Whether Hiring an Advisor is the Right Choice 120
Chapter 8: Following Financial Markets 121
Understanding Stocks and Bonds 122
Making Informed Investing Decisions 123
Connecting corporate profits to stock prices 124
Looking at financial market efficiency 125
Focusing on interest rates, inflation, and the Federal Reserve 126
Challenging Financial Markets During Changing Times 129
What really moves financial markets (in the short term) 130
Why market timing is so hard to do 131
Part 4: Keeping Your Personal Finance House in Order 133
Chapter 9: Getting on the Right Road with Spending and Saving 135
Getting a Handle on Your Spending 136
Differentiating necessities from luxuries 136
Reducing your expenditures 137
Setting and following a budget 143
Some final spending reminders 144
Saving: Necessary Rocket Fuel 145
Understanding compounded returns 146
Considering your short- and long-term personal and financial goals 146
Noting the power of tax-deferred retirement accounts 149
Upping Your Income 151
Lowering Your Tax Bill 152
Knowing your income tax rate 152
Using your income tax rate 153
Taxing issues regarding children 156
Making quarterly tax filing requirements 157
Ouch! Dealing with Major Medical Bills 158
Reviewing your billing statements for accuracy 158
Negotiating with providers or an insurance company 158
Chapter 10: Investing Wisely and Securely 161
Checking Out All the Places You Can Invest Your Money 161
Noting how investment types differ from one another 162
Understanding the major investments 164
Building wealth with stocks 165
Locating money through real estate 171
Turning to small business options 174
Searching for safe money investments 175
Cultivating Good Investing Habits 176
Understanding fees 177
Managing monitoring and trading your investments 178
Keeping your emotions from following market trends 180
Dealing with investment setbacks 181
Developing a Personal Investing Plan 182
Taxing situations 183
Assessing your current portfolio 183
Allocating those assets 185
Selecting the Best Mutual Funds and Exchange-Traded Funds (ETFs) 188
Investing in stock and bond funds 189
Minding the ABCs of ETFs 191
Seizing Investment Opportunities During Tough Times 191
Cashing in on reduced stock and real estate prices 192
Mustering the courage to buy when more people are selling 193
Chapter 11: Getting and Maintaining Proper Insurance 195
Being Prepared: A Quick Lesson on Insurance 196
Don't sweat the small losses 196
Define a small loss 197
Insurance not to buy 198
Insurance worth purchasing 199
Protecting Your Health 199
Reviewing your current health insurance 200
Saving tax dollars with health savings accounts 201
Maximizing your personal health 202
Securing Your Income-Earning Ability 204
Long-term disability insurance 204
Life insurance 207
Insurance on Your Assets 209
Insuring your home 210
Auto insurance 213
Excess liability insurance 217
Will, Trusts, and Estate Planning 217
Starting with a will 217
Preparing other useful legal documents 218
Considering your preparation options 219
Protecting Yourself from Identity Theft and Fraud 219
Part 5: Prepping for Future Armageddon 223
Chapter 12: What Pundits Scare People About 225
Fearmongers Have Been Scaring Folks for Generations 226
Case study: Peter Schiff has been scaring investors for generations 227
Understanding what pundits are trying to sell you 231
Seeing why fearmongers' predictions are often wrong 232
Surveying the Leading Worries Being Pitched Today 233
Excessive government debts 233
High inflation and worthless currencies 237
Anarchy and the breakdown of society 238
Chapter 13: Preparing Yourself for Unexpected Future Crises 241
What Possible Future Crises Should You Be Prepared For? 242
Dangers of excessive dependence upon technology and internet 243
Hazards of faster and inaccurate "news" flow 243
Spreading socialism 245
Climate change (also known as global warming) 245
Power grid failures and resource shortages 247
Solvency of Social Security 248
Preparing Financially and Otherwise for New Future Crises 249
Part 6: The Part of Tens 251
Chapter 14: Tens Ways to Improve Your Personal Safety 253
Combine Your Instincts with Proven Strategies 253
What You Don't Know Can Hurt You 254
Do Unto Others As You Would Have Others Do Unto You 254
Err on the Side of Caution 255
There's (Some) Safety in Numbers, But There May be a Weak Link 255
If It Looks Too Good to Be True, It Probably is 255
Don't Assume "Lightning Never Strikes Twice" 256
Don't Judge a Book by Its Cover 257
Trust Your Instincts 257
Share Your Concerns with Someone You Trust 257
Chapter 15: Ten Ways to Address Over-Saving 259
Understanding the Over-Saver Mindset 259
Balancing Spending and Saving 261
Keeping Money Accumulation in Proper Perspective 261
Giving Yourself Permission to Spend More 262
Doing Some Retirement Analysis 262
Getting Smart about Investing Your Money 262
Going On a News Diet 262
Treating Yourself to Something Special 263
Buying More Gifts for the People You Love 263
Going Easy When It Comes to Everyday Expenses 263
Index 265
About This Book 1
Foolish Assumptions 2
Icons Used in This Book 2
Beyond the Book 3
Where to Go from Here 3
Part 1: Understanding Financial Security 5
Chapter 1: Navigating the (Bumpy) Road to Financial Independence 7
Reaching for Financial Security 8
Defining what you value 8
Assessing where you are 10
Grasping financial lingo and trends 11
Trying not to avoid money 11
Making use of insurance: A necessary evil 12
Coping with Crises 13
Everyone faces challenges, obstacles, and setbacks 13
Common crisis 14
Making Decisions Based on Changing Circumstances 15
Chapter 2: Understanding Capitalism and Economic Downturns 17
Understanding Our Economic System 18
Capitalism strengths and criticism 18
History of growth and downturns 22
Touring Past Crises: What Happened and Why 25
Why pilot training has relevance for your tour 25
The Panic of 1907 26
The Great Depression 27
World War II 29
Arab oil embargo and Watergate/Nixon's resignation 29
9/11 terrorist attacks and recession 30
2008 financial crisis 31
2020 COVID-19 Pandemic 32
Mistakes Made and Lessons to Carry With You 35
Chapter 3: Coping with Personal Crises 39
When a Crisis Comes Calling 40
Losing your job or a significant source of income 40
Facing a medical crisis 43
Caring for elderly parents unexpectedly 44
Splitting from your spouse 46
Coping with the death of a spouse 47
Dealing with a natural disaster 48
Success Plans for Personal Crises and Life Changes 49
Keeping your big picture in mind 50
Considering a comprehensive checklist 50
Part 2: Crisis Mode: Accessing Safety Nets and Emergency Measures 53
Chapter 4: Your Safety Nets 55
Taking Stock of Your Resources 55
Surveying your accessible money and spending options 56
Finding assistance from family 57
Ensuring adequate insurance coverage 58
Surveying Societal Safety Nets 59
Health insurance subsidies 59
Unemployment insurance benefits 63
Federal refundable tax credits 64
Help with housing 65
For more information on safety net programs 66
Chapter 5: Digging Out and Forging Ahead 67
Turning Your Eye toward Recovery 67
Knowing how long it will take to regain stable financial footing 68
Coping with frustration and moving on 69
Thinking (and Researching) Before Making Financial Moves 70
Wise financial actions to take 70
Boneheaded financial actions to avoid 70
Leaning on an Expert for Help 71
Knowing how experts can help 72
Being careful in a time of need 72
Finding financial advisors and planners 72
Being aware of budget counselors 75
Investing in investment managers 76
Looking into real estate agents 77
Making note of tax preparers and advisors 79
Dealing with insurance agents 80
Tuning in to attorneys 80
Minding Your Media Intake 80
Example 1: The COVID-19 pandemic 81
Example 2: The 2008 Financial Crisis 83
Example 3: Corporations not paying income taxes 85
Lessons learned and keys to remember 86
Part 3: Being a Smart Consumer of Economic Information 87
Chapter 6: So Many Numbers! Making Sense of Economic Reports 89
Keeping Economic Reports in Perspective 90
Reports are a (small) snapshot in time 90
Beware annualized numbers 91
Take a long-term view of the numbers 92
Sleuthing Through Economic Reports 93
Employment/jobs reports 93
Gross Domestic Product 95
Consumer confidence 96
Corporate profits 97
Consumer prices (also known as inflation) 99
The reports you can mostly ignore 100
Interpreting Media Coverage of Economic Data 102
Understanding the short-term and provocative focus 102
Keeping an eye out for biases 102
Example 1: The COVID-19 pandemic 103
Example 2: The 2008 financial crisis 105
Chapter 7: Says Who? Weighing "Experts'" Advice 109
Understanding Why Particular Pundits Get Attention 110
Important things to know about the "news" media 110
Getting media attention is a competitive business 112
Controversial points of view often attract 112
Political partisans can be hazardous to your wealth 114
Uncovering Gurus' Agendas 118
Figuring out what they're really selling 118
Checking out their qualifications and track records 119
Deciding Whether Hiring an Advisor is the Right Choice 120
Chapter 8: Following Financial Markets 121
Understanding Stocks and Bonds 122
Making Informed Investing Decisions 123
Connecting corporate profits to stock prices 124
Looking at financial market efficiency 125
Focusing on interest rates, inflation, and the Federal Reserve 126
Challenging Financial Markets During Changing Times 129
What really moves financial markets (in the short term) 130
Why market timing is so hard to do 131
Part 4: Keeping Your Personal Finance House in Order 133
Chapter 9: Getting on the Right Road with Spending and Saving 135
Getting a Handle on Your Spending 136
Differentiating necessities from luxuries 136
Reducing your expenditures 137
Setting and following a budget 143
Some final spending reminders 144
Saving: Necessary Rocket Fuel 145
Understanding compounded returns 146
Considering your short- and long-term personal and financial goals 146
Noting the power of tax-deferred retirement accounts 149
Upping Your Income 151
Lowering Your Tax Bill 152
Knowing your income tax rate 152
Using your income tax rate 153
Taxing issues regarding children 156
Making quarterly tax filing requirements 157
Ouch! Dealing with Major Medical Bills 158
Reviewing your billing statements for accuracy 158
Negotiating with providers or an insurance company 158
Chapter 10: Investing Wisely and Securely 161
Checking Out All the Places You Can Invest Your Money 161
Noting how investment types differ from one another 162
Understanding the major investments 164
Building wealth with stocks 165
Locating money through real estate 171
Turning to small business options 174
Searching for safe money investments 175
Cultivating Good Investing Habits 176
Understanding fees 177
Managing monitoring and trading your investments 178
Keeping your emotions from following market trends 180
Dealing with investment setbacks 181
Developing a Personal Investing Plan 182
Taxing situations 183
Assessing your current portfolio 183
Allocating those assets 185
Selecting the Best Mutual Funds and Exchange-Traded Funds (ETFs) 188
Investing in stock and bond funds 189
Minding the ABCs of ETFs 191
Seizing Investment Opportunities During Tough Times 191
Cashing in on reduced stock and real estate prices 192
Mustering the courage to buy when more people are selling 193
Chapter 11: Getting and Maintaining Proper Insurance 195
Being Prepared: A Quick Lesson on Insurance 196
Don't sweat the small losses 196
Define a small loss 197
Insurance not to buy 198
Insurance worth purchasing 199
Protecting Your Health 199
Reviewing your current health insurance 200
Saving tax dollars with health savings accounts 201
Maximizing your personal health 202
Securing Your Income-Earning Ability 204
Long-term disability insurance 204
Life insurance 207
Insurance on Your Assets 209
Insuring your home 210
Auto insurance 213
Excess liability insurance 217
Will, Trusts, and Estate Planning 217
Starting with a will 217
Preparing other useful legal documents 218
Considering your preparation options 219
Protecting Yourself from Identity Theft and Fraud 219
Part 5: Prepping for Future Armageddon 223
Chapter 12: What Pundits Scare People About 225
Fearmongers Have Been Scaring Folks for Generations 226
Case study: Peter Schiff has been scaring investors for generations 227
Understanding what pundits are trying to sell you 231
Seeing why fearmongers' predictions are often wrong 232
Surveying the Leading Worries Being Pitched Today 233
Excessive government debts 233
High inflation and worthless currencies 237
Anarchy and the breakdown of society 238
Chapter 13: Preparing Yourself for Unexpected Future Crises 241
What Possible Future Crises Should You Be Prepared For? 242
Dangers of excessive dependence upon technology and internet 243
Hazards of faster and inaccurate "news" flow 243
Spreading socialism 245
Climate change (also known as global warming) 245
Power grid failures and resource shortages 247
Solvency of Social Security 248
Preparing Financially and Otherwise for New Future Crises 249
Part 6: The Part of Tens 251
Chapter 14: Tens Ways to Improve Your Personal Safety 253
Combine Your Instincts with Proven Strategies 253
What You Don't Know Can Hurt You 254
Do Unto Others As You Would Have Others Do Unto You 254
Err on the Side of Caution 255
There's (Some) Safety in Numbers, But There May be a Weak Link 255
If It Looks Too Good to Be True, It Probably is 255
Don't Assume "Lightning Never Strikes Twice" 256
Don't Judge a Book by Its Cover 257
Trust Your Instincts 257
Share Your Concerns with Someone You Trust 257
Chapter 15: Ten Ways to Address Over-Saving 259
Understanding the Over-Saver Mindset 259
Balancing Spending and Saving 261
Keeping Money Accumulation in Proper Perspective 261
Giving Yourself Permission to Spend More 262
Doing Some Retirement Analysis 262
Getting Smart about Investing Your Money 262
Going On a News Diet 262
Treating Yourself to Something Special 263
Buying More Gifts for the People You Love 263
Going Easy When It Comes to Everyday Expenses 263
Index 265
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