Personal Finance in Your 20s & 30s For Dummies E-Book

Eric Tyson

• Herausgeber: John Wiley & Sons
• Kategorie: Ratgeber
• Sprache: Englisch

Seitenzahl: 556

Veröffentlichungsjahr: 2021

Beschreibung

The money lessons you wish you'd learned in school Personal Finance in Your 20s & 30s For Dummies helps Millennials and Zoomers like you make smart financial moves. It's not as tough as it looks to reduce and file your taxes, pay off your student debt, buy a home, keep a budget to save and invest wisely, or start that side hustle, just to name a few. With a little bit of focus, you can start a clear path to financial freedom and avoid mistakes today. Your future self will thank you. This edition is full of updates for the 2020s; wrap your mind around your investment opportunities, the realities of making a second income, higher ed options for career advancement, and lessons learned from the COVID-19 pandemic. If you're in need of financial guidance--and who isn't?--this is the book you need. * Pay off loans, manage your credit, begin the home-buying journey, and more * Set realistic money goals so you can create a solid path for financial success * Make smart decisions to beef up your bank account and investment portfolio * Protect the money you have today and learn how to put your money to work for the future Get ready to turn up the volume on your financial know-how and stop worrying about money!

Leseprobe

Personal Finance in Your 20s & 30s

Building a Solid Personal Finance Foundation in Your 20s and 30s

You’re finished with school and entering the workforce. You want to make sure you create a firm foundation for your personal finances. Keep the following in mind when you start:

Get a checkup:

Just as you benefit from a health checkup, be sure to get a checkup on your finances to ensure you’re making the most of your money and your financial decisions.

Determine what you need with transaction and savings accounts and evaluate which banks and other financial firms offer accounts that best meet your needs.

Be on guard for high fees that erode your savings.

Celebrate the savings habit.

The earlier in life you’re able to save money regularly, the smaller the portion of your income you’ll need to save to accomplish a given goal. Scrutinize your current spending so you know where your money is going and you can identify what to do about it.

Be on the lookout for spending reduction opportunities.

Regularly saving money, especially on a modest income, is challenging. I present many ideas for reducing your spending, but ultimately, how you cut your spending is a matter of personal preference.

Understand good and bad debt.

Debt can be a useful tool to enable the purchase of real estate or other valuable assets. Avoid consumer debt, such as on credit cards and auto loans. Consumer debt tends to be costly, and the interest isn’t tax-deductible.

Managing Finances and Daily Living in Your Young-Adult Years

Getting a paycheck and having a job requires more responsibility. Be sure to consider these important points when you’re encountering finances in your 20s and 30s:

Know and manage your credit score.

Your

credit score

is a number that quantifies for lenders how likely you are to repay debts. Periodically access your credit reports, which you can do for free, and understand the steps you can take, as needed, to boost your credit score. Also take steps to protect your identity.

Consider all options before deciding to rent or buy.

Renting and sharing living space can be both economical and fun if you avoid the pitfalls. Buying and owning may make sense if you see yourself staying put for an extended period of time.

Communicate with your partner about money.

Money is often a source of friction in relationships. Thinking about money and planning how to manage it upfront with loved ones is usually time well spent.

Protecting Yourself and Your Income

Insurance plays a significant role in protecting your interests, including your health, your income, your property, and so on. Make sure you insure the following:

Your health:

Though you may feel that you’re not likely to need it, having health insurance is wise. With a properly designed plan, you can contain the cost and get needed coverage.

Your income:

Even if you have no dependents, you surely depend on your income, so you should have long-term disability insurance. And if you have dependents, you may need life insurance, too.

Your possessions:

Insurance on your car, home, and other valuable possessions protects those assets from loss and damage and protects you from lawsuits. Beware, though, of small-stuff policies that aren’t worth buying.

Praise for Eric Tyson

“Eric Tyson is doing something important — namely, helping people at all income levels to take control of their financial futures. This book is a natural outgrowth of Tyson’s vision that he has nurtured for years. Like Henry Ford, he wants to make something that was previously accessible only to the wealthy accessible to middle-income Americans.”

— James C. Collins, coauthor of the national bestseller Built to Last; former lecturer in business, Stanford Graduate School of Business

“Personal Finance For Dummies is the perfect book for people who feel guilty about inadequately managing their money but are intimidated by all of the publications out there. It’s a painless way to learn how to take control.”

— National Public Radio’s Sound Money

“Eric Tyson … seems the perfect writer for a For Dummies book. He doesn’t tell you what to do or consider doing without explaining the whys and hows — and the booby traps to avoid — in plain English… . It will lead you through the thickets of your own finances as painlessly as I can imagine.”

— Chicago Tribune

“This book provides easy-to-understand personal financial information and advice for those without great wealth or knowledge in this area. Practitioners like Eric Tyson, who care about the well-being of middle-income people, are rare in today’s society.”

— Joel Hyatt, founder of Hyatt Legal Services, one of the nation’s largest general-practice personal legal service firms

More Bestselling For Dummies Titles by Eric Tyson

Investing For Dummies

A Wall Street Journal bestseller, this book walks you through how to build wealth in stocks, real estate, and small business as well as other investments. Also check out Investing in Your 20s and 30s For Dummies.

Mutual Funds For Dummies

This best-selling guide is now updated to include current fund and portfolio recommendations. Using the practical tips and techniques, you’ll design a mutual fund investment plan suited to your income, lifestyle, and risk preferences.

Home Buying Kit For Dummies

America’s #1 real-estate book includes coverage of online resources in addition to sound financial advice from Eric Tyson and frontline real-estate insights from industry veteran Ray Brown. Also available from America’s best-selling real-estate team of Tyson and Brown: House Selling For Dummies and Mortgages For Dummies with Robert Griswold.

Real Estate Investing For Dummies

Real estate is a proven wealth-building investment, but many people don’t know how to go about making and managing rental property investments. Real-estate and property management expert Robert Griswold and Eric Tyson cover the gamut of property investment options, strategies, and techniques.

Small Business For Dummies

Take control of your future, and make the leap from employee to entrepreneur with this enterprising guide. From drafting a business plan to managing costs, you’ll profit from expert advice and real-world examples that cover every aspect of building your own business. Also check out Tyson’s Small Business Taxes For Dummies.

Personal Finance in Your 20s & 30s For Dummies®, 3rd Edition

Published by: John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, www.wiley.com

Copyright © 2021 by John Wiley & Sons, Inc., Hoboken, New Jersey

Published simultaneously in Canada

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Library of Congress Control Number: 2021936959

ISBN 978-1-119-80543-4 (pbk); ISBN 978-1-119-80544-1 (ebk); ISBN 978-1-119-80545-8 (ebk)

Personal Finance in Your 20s & 30s For Dummies®

To view this book's Cheat Sheet, simply go to www.dummies.com and search for “Personal Finance in Your 20s & 30s For Dummies Cheat Sheet” in the Search box.

Table of Contents

Cover

Title Page

Copyright

Introduction

About This Book

Foolish Assumptions

Icons Used in This Book

Beyond the Book

Where to Go from Here

Part 1: Getting Started with Personal Finance

Chapter 1: Your Financial Checkup

Calculating Your Financial Worth

Grasping the Importance of Your Savings Rate

Understanding and Improving Your Credit Score

Comprehending Your Investment Options

Examining Insurance Coverage

Identifying Common Financial Mistakes Young Adults Make

Chapter 2: Budgeting, Goal Setting, and Valuing Saving

Developing a Savings Mindset

What It’s Worth: Valuing Savings over Time

Budgeting and Boosting Your Savings

Setting and Prioritizing Your Savings Goals

Saving When You’re Strapped

Chapter 3: Using Loans and Paying Down Debts

Eyeing the Causes of Generational Debt

Making the Most of Loans

Dealing With Student-Loan Debt

Paying Off Consumer Debt

Getting Help for Extreme Debt

Preventing Consumer Debt Relapses

Chapter 4: Everything Credit: Scores and Reports

A Primer on Credit Reports and Credit Scores

Getting Your Hands on Your Credit Reports and Scores

Scrutinizing Your Credit Reports to Improve Them

Preventing Identity Theft

Part 2: Saving and Earning More

Chapter 5: Proven Ways to Spend Less and Save More

Containing Housing Costs

Cutting Your Taxes

Managing Food and Restaurant Spending

Trimming Transportation Expenses

Finessing Fashion Finances

Relaxing on a Budget

Taming Technology Spending

Keeping Down Insurance Costs

Getting Affordable and Quality Professional Advice

Handling Healthcare Expenses

Chapter 6: Taxes: Reduce Them When You Can!

Understanding Taxable Income

Comparing Marginal Taxes

Changes from the Tax Cut and Jobs Act Bill

Reducing Taxes on Work Income

Increasing Your Deductions

Lowering Investment Income Taxes

Enlisting Education Tax Breaks

Preparing Your Tax Return and Minimizing Your Taxes

Chapter 7: Housing: Comparing Renting and Buying

The Ins and Outs of Renting

Figuring the Costs of Owning and Making It Happen Financially

Finding the Right Property

Working with Real-Estate Agents

Financing Your Home

Putting Your Deal Together

Chapter 8: Relationships and Money

Handling Roommates

Living-Together Contracts

Getting Married

Understanding Your Money Beliefs and Practices

Getting a Grip on Procrastination Where Money Is Concerned

Chapter 9: Making the Most of Your Career

Getting Your Career Going

Exploring Entrepreneurial Options

Changing Jobs or Careers

The Young and the Unemployed

Part 3: Investing for Your Future Goals

Chapter 10: Successful Investing Principles

Examining Bonds and Other Lending Investments

Exploring Stocks, Real Estate, and Small-Business Investments

Considering Options, Cryptocurrencies, and Other Hot Vehicles

Getting a Handle on Investment Risks

Spreading Your Investment Risks

Selecting an Investment Firm

Evaluating Pundits and Experts

Chapter 11: Making the Best Use of Bank Accounts

Looking at Different Types of Banks

Understanding Your Bank Account Options

Banking Online

Considering Your Alternatives

Chapter 12: Portfolios for a Purpose

Before You Begin Investing

Investing Nonretirement Account Money

Investing Retirement Account Money

Investing for Education

Chapter 13: Real-Estate Investing

Understanding Real-Estate Investment Pros and Cons

Evaluating Simpler Real-Estate Investments

Assessing Residential Housing Investments

Investing in Commercial Real Estate

Shunning Sure-to-Lose Real-Estate Investments

Researching Where and What to Buy

Digging for a Good Deal

Part 4: Insurance: Protect Yourself, Your Loved Ones, and Your Assets

Chapter 14: Taking Care with Health Insurance

Making Sure You’re Covered

Finding Your Best Health Plan

Shopping for Health Insurance

Health Savings Accounts: Tax Reduction for Healthcare Costs

Chapter 15: Safeguarding Your Income

Protecting Your Income for You and Yours: Disability Insurance

Protecting Your Income for Dependents: Life Insurance

Caring for Your Loved Ones: “Peace of Mind” Insurance

Chapter 16: Home, Auto, Renter’s, and Other Insurance Policies

Protecting Your Home and Possessions: Homeowner’s and Renter’s Insurance

Insuring Your Car

Avoiding Policies That Cover Small Possible Losses

Part 5: Your Information Diet

Chapter 17: Using Media Resources

Going Online: The Wild West of Advice and Predictions

Getting Financial Perspectives and Advice from the Media

Chapter 18: Professionals You Hire

Seeing the Value of Professional Advice

Considering Financial Advisors

Taming Your Taxes with Help

Working with Real-Estate Agents

Using Online Resources to Find Service Providers

Part 6: The Part of Tens

Chapter 19: Ten Ways to Save on a Car

Don’t Buy a Car in the First Place

Pay Cash: Shun Leasing and Borrowing

Consider Total Costs

Compare New with Used

Understand a Car’s Real Value Before Negotiating

Take Care of Your Car

Explore Your Servicing Options

Drive Safely

Take a Lean and Mean Insurance Policy

Track Tax-Deductible Auto Expenses

Chapter 20: Ten Things to Value More than Your Money

Investing in Your Health

Making and Keeping Friends

Appreciating What You Have

Minding Your Reputation

Continuing Education

Having Fun

Putting Your Family First

Knowing Your Neighbors

Volunteering and Donating

Caring for Kids

Chapter 21: Nearly Ten Things to Know about Apps

You May Well Get What You Paid for with “Free” Apps

Conduct and Manage Financial Tasks

Use Apps Only from Legitimate Companies with Lengthy Track Records

Consider the Alternatives to an App

Keep Focused on Your Spending

Settle up with Friends But Beware Fees

Save Money on Commonly Purchased Items

Tap into the Latest Economic and Financial Data

Invest with Confidence

Index

About the Author

Advertisement Page

Connect with Dummies

End User License Agreement

List of Tables

Chapter 1

TABLE 1-1 Your Savings Rate over the Past Year

Chapter 2

TABLE 2-1 Nest Egg Growth

Chapter 6

TABLE 6-1 2021 Federal Income Tax Rates for Singles and Married Households Filin...

TABLE 6-2 “Saver’s Tax Credit” for Retirement Plan Contributions

Chapter 7

TABLE 7-1 Monthly Renting versus Owning Comparison

TABLE 7-2 Your Monthly Mortgage Payment Multiplier

Chapter 12

TABLE 12-1 Allocating 401(k) Investments

Chapter 15

TABLE 15-1 Figuring Life Insurance Needs

List of Illustrations

Chapter 4

FIGURE 4-1: Credit scores show the probability of defaulting on a loan.

Chapter 9

FIGURE 9-1: More education translates into lower unemployment rates and higher ...

Chapter 11

FIGURE 11-1: Sample Truth in Savings Disclosure for a bank’s savings account.

Chapter 21

FIGURE 21-1: GasBuddy can help you save money on gas.

FIGURE 21-2: The FRED app puts financial data at your fingertips.

Guide

Cover

Title Page

Copyright

Table of Contents

Begin Reading

Index

About the Author

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Introduction

Your 20s and 30s are such an exciting time. During this period you’re experiencing some dramatic changes in your life, exploring new endeavors, making your way in the world, trying new things, and meeting new people, while hopefully staying in touch with old friends and your family.

But as with anything else in life, your young-adult years can pose challenges as well. Some young people suffered layoffs and reduced employment incomes during the 2008 financial crisis and its aftermath and then again with the 2020 COVID-19 pandemic. Maybe you’ve experienced a failed relationship and a broken heart. You’ve likely had to deal with a difficult boss (or two) or a job (or two) you don’t like — or perhaps you’re in danger of losing your job.

And then there are the money issues. Most of you are out of the nest and out from under your parents’ wings, and your 20s are when you experience firsthand earning your own money and paying your own expenses. This isn’t true for all twenty-somethings, of course, because some young people still live at home or have some financial dependence on their folks — maybe that’s why they bought you this book! No matter your living situation, your young adult years can be a challenging time, but this friendly guide can help make those years smoother and more rewarding financially.

About This Book

Based on my experiences teaching courses, counseling clients, writing articles and books, and corresponding with friends, family, and people through my website, I’ve discovered how important having healthy and strong personal finances is. With that in mind, I wrote this book to help you begin to lay a strong financial foundation. Your early adult years are the best time to start.

I’ve worked with and taught people from all financial situations, so I know the financial concerns and questions of real folks just like you. Believe it or not, I first became interested in money matters when, as a middle-school student, my father was laid off and received some retirement money. I worked with my dad as he made investing decisions with the money. A couple of years later, I won my high school’s science fair with a project on what influences the stock market.

In my 20s, I worked hard to keep my living expenses low and save money so I could leave my job and pursue my entrepreneurial ideas. I accomplished that goal in my late 20s. My goal in writing this book is to give you lots of tools and information to help you get your personal finances in order so you, too, can achieve your goals and dreams.

I also wrote this book to protect you, to watch your back. Hucksters out to separate you from your hard-earned money know an easy mark when they see one, and being young and, therefore, less experienced makes you a target. You’re also at increased risk of “being taken” because your generation spends so much time online where the rules and agenda of many sites and apps are murky or worse. The information and advice in this book can help you identify and steer around common pitfalls and bad deals before you suffer the consequences.

Foolish Assumptions

No matter what your current situation is — whether you’re entering the job market right after school, graduating college with or without student loans, living with your parents, or living on your own — I thought of you as I wrote this book. I made some assumptions about you:

You want expert advice about important financial topics — such as getting a financial checkup, budgeting, paying off some debt, boosting your credit score, and investing — and you want answers quickly.

Or perhaps you want a crash course in personal finance and are looking for a book you can read cover to cover to help solidify major financial concepts and get you thinking about your finances in a holistic fashion.

Or maybe you’re just tired of feeling financially frazzled and want to get better organized and on top of your money matters.

This book is basic enough to help a novice get his or her arms around thorny financial issues. But readers who are a bit more advanced in financial matters will be challenged, as well, to think about their finances in a new way and identify areas for improvement.

Icons Used in This Book

The icons in this book help you find information you need:

This target flags strategy recommendations for making the most of your money.

This icon points out information that you definitely want to remember.

This icon marks things to avoid and points out common mistakes people make when managing their finances.

This icon tells you when you should consider doing some additional research. Don’t worry — I explain what to look for and what to look out for.

Beyond the Book

To view this book’s Cheat Sheet, simply go to www.dummies.com and enter “Personal Finance in Your 20s and 30s For Dummies Cheat Sheet” in the Search box. There you’ll get quick tips on understanding financial basics, managing day-to-day finances, and growing your money through basic investing.

Where to Go from Here

This book is organized so you can go wherever you want to find complete information. Want advice on minimizing your taxes, for example? Go to Part 2 for that. You can use the table of contents to find broad categories of information or the index to look up more specific topics.

If you’re not sure where to go, you may want to start with Part 1. It gives you all the basic info you need to assess your financial situation and points to places where you can find more detailed information for improving it.

Part 1

Getting Started with Personal Finance

IN THIS PART …

Evaluate your net worth, savings rate, credit health, investment portfolio, and insurance coverage.

Develop a savings mindset, as well as budgeting and saving strategies.

Conquer consumer debt and recognize the best uses for loans and the types of debt to avoid.

Get and understand your credit report and credit score. Use your credit report and other tools to prevent identity theft.

Chapter 2

Budgeting, Goal Setting, and Valuing Saving

IN THIS CHAPTER

Getting in the savings mindset

Quantifying the impact of long-term saving

Budgeting and goal setting

Prioritizing your financial goals

Unless you’re the offspring of wealthy parents or grandparents who have left you a sizable sum of money, you need to save money to accomplish your personal and financial goals. Early in your working years, saving money can be a challenge, of course, especially since you’re likely not earning a super-high income.

When you’re first starting out, your salary is probably somewhat low, and after fixed expenses (such as rent/mortgage, food, insurance, cell-phone service, and other payments that you can’t easily get rid of), you may not have much money left for “fun” discretionary spending, let alone additional savings. Remember, though, that when it comes to building wealth, it doesn’t matter what you make — it’s what you spend and, therefore, are able to save. Many wealthy people didn’t get rich based exclusively on their big salaries, but through disciplined savings and wise investing over time.

In this chapter, I discuss smart budgeting strategies and the tremendous and surprising long-term value that comes from regular saving and investing.

Developing a Savings Mindset

People typically learn their financial habits, both good and not so good, at a young age. During childhood, most people are exposed to messages and lessons about money, both at home with their parents and siblings and also in the world at large, such as at school; with their friends; and through society and media, including social media. In fact, social media presents a challenge to the savings mindset and has taken center stage in marketing to young adults on ways to spend their money.

The expression “You can’t teach an old dog new tricks” has some validity, at least for our four-legged friends, but even then, the expression actually requires some modification to be accurate. It should be, “It’s hard to teach an old dog new tricks, but how hard it is depends on the dog.”

My experiences have shown me the same to be true for people and their financial habits and decision making. For most people, spending money is easier and more enjoyable than earning and saving it. Of course, you can and should spend money, but there’s a world of difference between spending money carelessly and spending money wisely.

I show you how to save money, even if you haven’t been a good saver before. And even if you do think you’re pretty good at saving, I have some tips and tricks so you can get even better at saving more and spending less:

Live within your means.