9780132341615

Let's Get Real About Money! Profit from the Habits of the Best Personal Finance Managers

by
  • ISBN13:

    9780132341615

  • ISBN10:

    0132341611

  • Edition: 1st
  • Format: Paperback
  • Copyright: 2007-11-13
  • Publisher: FT Press
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Summary

Correct the habits putting you financially at risk and build the proven good habits that lead to long-term success. bull; By Eric Tyson, America's #1 personal finance author (5,000,000 copies sold!) award winning columnist, and financial counsellor. bull; Contains worksheets, checklists and tools for transforming your financial life. bull; Tyson offers proven, comprehensive, highly practical advice on a broad range of issues supported by cited research and his own experiences as a practitioner.

Author Biography

With more than 5 million books sold, Eric Tyson is one of the top bestselling personal finance authors in the country and has penned five national best-sellers. (He is also the only author to have four of his books simultaneously on Business Week’s business book best-seller list.) His syndicated newspaper column, “Investor’s Guide,” is read by more than 4 million people nationwide. His Personal Finance for Dummies, which was a Wall Street Journal bestseller, won the Benjamin Franklin Award for Best Business Book of the Year. Eric’s work has been featured and quoted in hundreds of publications and media outlets, including Newsweek, The Wall Street Journal, Los Angeles Times, Chicago Tribune, Forbes, Kiplinger’s Personal Finance Magazine, Money, Worth, Parenting, USA Today, and on ABC, Fox, PBS Nightly Business Report, CNN, CNBC, and on CBS national radio, NPR’s Marketplace, and Bloomberg Business Radio. He’s also been a featured speaker at a White House conference on retirement planning.

 

Eric is a former management consultant to Fortune 500 financial service firms. In 1990, Eric founded a financial counseling firm that worked exclusively on an hourly basis. In addition to his counseling work, Eric also hoped to make an impact in the writing and media fields. Much of the personal finance writing and reporting he saw and heard was biased, jargon-laden and, in some cases, provided bad advice. In addition to his writing and counseling, Eric also taught the nation’s most highly attended personal financial management course at the University of California. He has spoken at many corporations and nonprofits. His educational background includes having earned his bachelor’s degree in economics at Yale and an MBA at the Stanford Graduate School of Business.

 

Table of Contents

Getting Real, Not Real Obsessed, About Your Moneyp. 1
The Surprising Wealth-Happiness Connectionp. 4
Buying the Good Lifep. 6
Choosing Your Role Modelsp. 7
The Power of Money Knowledgep. 9
The Basicsp. 9
p. 13
Scoring and Evaluating Your Quiz Resultsp. 14
Key Conceptsp. 15
Answers to Personal Finance Quiz IIp. 19
Getting Motivatedp. 23
Avoidance Behaviorsp. 27
Understanding Why We Procrastinatep. 29
Conquering Money Avoidance and Disorganizationp. 30
Your Money Beliefs and Practicesp. 35
Your Money Historyp. 36
Taking Stock of Your Money Backgroundp. 37
Your Friends and Moneyp. 39
Your Environment and Moneyp. 40
Developing Your Personal Financial Action Planp. 41
Background Informationp. 43
Goals and Concernsp. 44
Assetsp. 44
Planningp. 47
Net Worth Calculationp. 48
Retirement Expectations Versus Meansp. 48
Pension Decisionsp. 59
Major Purchase Planningp. 63
College Cost Planningp. 64
Prioritizing Different Goalsp. 66
Love and Moneyp. 67
How Men and Women Handle Money Differentlyp. 69
Finding Financial Peace as a Couplep. 72
Money and Divorcep. 78
Money Passed Down: Estates and Inheritancesp. 80
Families and Moneyp. 83
Priorities: Work Versus Familyp. 85
Balancing Family and Work: Spend Less, Work Lessp. 87
Teaching Kids About Moneyp. 92
What (and How) Kids Learn About Moneyp. 93
Getting Children on the Right Financial Pathp. 95
Valuing Saving and Spendingp. 103
Why Most People Have Trouble Saving Enoughp. 104
Buying Things You Don't Needp. 109
Excess Spending and Its Consequencesp. 111
Can You Save Too Much?p. 113
Postponing Achievable Dreamsp. 116
When Enough Never Isp. 118
Hoarding and Cheatingp. 120
Gaining Appreciation for What You Havep. 120
Balancing Spending and Savingp. 122
Establishing a Savings Foundationp. 123
Giving Yourself an Unfair Advantagep. 124
Keeping Money Accumulation in Proper Perspectivep. 131
Your Spending Planp. 135
Tracking Your Spendingp. 136
Necessities Versus Luxuriesp. 138
Budgeting Strategiesp. 139
Ways to Reduce Your Expendituresp. 141
Housing Expensesp. 141
Taxesp. 142
Food and Diningp. 143
Autos and Transportationp. 143
Recreation and Entertainmentp. 144
Clothingp. 144
Utility Billsp. 145
Insurancep. 145
Kid-Related Expensesp. 146
Charitable Contributionsp. 146
Reducing Your Taxesp. 147
Using Your Tax Ratep. 149
Taxes and Childrenp. 153
Borrowing and Debt Managementp. 155
Ways to Borrow in Emergenciesp. 156
Right Reasons to Borrowp. 157
Borrowing for Home Purchasesp. 159
Choosing a Mortgagep. 160
Refinancingp. 162
Paying Off Debt Earlyp. 163
Assessing Consumer Debtp. 164
Strategies for Getting Out from Under High-Cost Consumer Debtp. 165
Compulsive Spenders and Debtorsp. 166
Do You Have a Shopping Problem?p. 167
Investing for Bountiful Harvestsp. 169
Proven Intelligent Investmentsp. 172
Stocksp. 173
Real Estatep. 176
Small Businessp. 179
"Safe Money" Investmentsp. 180
Investing in Stocks or Fundsp. 181
Cultivating Good Investing Habitsp. 191
Understanding Feesp. 193
Monitoring and Trading Your Investmentsp. 194
Chasing Hot Sectorsp. 197
Developing Better Investing Habitsp. 199
Pundits, Predictions, and Confronting Your Fearsp. 203
Jim Cramer: Stock Market Maven or Uncalibrated Opinions?p. 204
How Predictions Affect Investorsp. 208
Addressing Investing Fearsp. 211
Your Investing Planp. 213
Assessing Your Current Portfoliop. 215
Asset Allocationp. 217
Worksheet-Asset Allocation for Retirementp. 218
Allocations for Shorter-Term Goalsp. 224
Next Stepsp. 225
Selecting the Best Mutual Fundsp. 225
Selecting the Right Money Fundp. 228
Investing in Stock and Bond Fundsp. 229
Worksheet for Actively Managed Fundsp. 232
Insurancep. 237
Don't Sweat (Insurance for) the Small Stuffp. 239
Insurance Not to Buyp. 241
Buying Your Way out of the Costliest Risksp. 242
Long-Term Disability Insurancep. 243
Life Insurancep. 244
Health Insurancep. 247
Insurance on Your Assetsp. 248
Managing Risks Involves More Than Buying Insurancep. 249
Buy a Home at Low Risk for Natural Disastersp. 250
Maximize Your Personal Healthp. 252
Buy a Safe Car and Reduce Your Driving Risksp. 253
Conquer and Avoid Addictionsp. 256
Gamblingp. 258
Substance Abuse: Drugs and Alcoholp. 261
Smokingp. 268
Protecting Teens and Kidsp. 271
Your Insurance Planp. 273
Health Insurancep. 274
Disability Insurancep. 277
Life Insurancep. 280
Will, Trusts, and Estate Planningp. 281
Auto Insurancep. 283
Home Insurancep. 285
Excess Liability Insurancep. 286
Information and Edutainment Resourcesp. 287
Understanding the Role of Advertisingp. 288
Question What You Read and Hearp. 292
Booksp. 295
Who's Your Rich Dad?p. 298
Financial Books and Authors Worth Readingp. 300
Hiring Financial Helpp. 303
The Keys to Finding the Best Advisorsp. 305
Financial Advisors and Plannersp. 308
Budget Counselorsp. 310
Investment Managersp. 311
Real Estate Agentsp. 313
Tax Preparers and Advisorsp. 317
Insurance Agentsp. 318
Attorneysp. 318
Table of Contents provided by Ingram. All Rights Reserved.

Excerpts

Praise for Let's Get Real About Money Praise for Let's Get Real About Money! "In this book Eric Tyson adds a welcome, coherent approach for putting your financial life into proper perspective." --Christopher J. Platt, Senior Editor, Bottom Line/Personal "It was a pleasure to read this book. Tyson cuts through the marketing hype and helps us make the decisions about money that are best for us and our families." --Joseph Schmelzeis, President, JPS International, Inc. "Finally, a much needed break from the seemingly endless stream of 'get rich quick' books that pass for financial advice. Eric Tyson leverages his years of experience and clearly lays out a refreshing way to look at often-overlooked 'real' issues around money--giving the reader a myriad of real-life questions and a practical approach to discovering sensible solutions." --Craig Litman, Managing Partner, Litman/Gregory Asset Management, LLC "Eric Tyson uses the latest research and his own experience to clearly explain why many people fail to take the right actions with their money and how to overcome those obstacles." --Bob Carlson, Editor of Retirement Watch newsletter "It's about time. Let's Get Real About Money! throws the book at infomercial come-ons and get-rich-quick schemes by properly presenting successful personal finance as a discipline of fiscal fitness." --Broderick Perkins, DeadlineNews.Com "Eric Tyson's latest book is a gold mine of excellent advice on personal finances and ways to maximize your wealth. Everyone can benefit from reading this book." --Russell L. Blaylock, M.D., author ofHealth and Nutrition Secrets That Can Save Your Life "Eric has a rare ability to simplify the complex. He truly understands all facets of money, but he doesn't worship it. Eric views money in a refreshingly wholesome way--as a means to an end, not as an end in itself." --Ray Brown, Real Estate Broker and coauthor of Home Buying For Dummies, House Selling For Dummies, and Mortgages For Dummies "Whether you consider yourself a financial neophyte or a savvy investor, Eric Tyson provides plenty of useful advice on how to avoid those self-sabotaging mistakes that can prevent you from reaching your financial goals. For those who are wondering why they can't seem to get ahead financially, this easy-to-understand book is essential reading." --Kalman A. Chany, author of Paying for College Without Going Broke "Eric Tyson cuts through the get-rich-quick hucksterism of today's greed mongers, offers smart and sensible advice about achieving long-term economic security, and encourages readers to ask the ultimate financial question: What good is money anyway if you sacrifice family, friends, health, and life balance to try and get it?" --John de Graaf, coauthor of Affluenza: The All-Consuming Epidemic and Editor of Take Back Your Time "Eric Tyson demonstrates once again his leadership and expertise in educating individuals in the many elements of personal financial management, but with a twist: Making the right life choices, not just money, is the goal." --John A. Haslem, Professor of Finance at the University of Maryland, mutual funds researcher, and author of Mutual Funds: Risk and Performance Analysis for Decision Making "Many people have developed attitudes, beliefs, and fears about money that prevent them from acquiring, investing, and spending it in healthy ways. In Let's Get Real About Money!, Eric Tyson helps readers get past all that, shed their budgetary baggage, and start building happy and healthy financial futures. Everyone can profit from this new book-- I did." --Dr. Brian Russell, Psychologist as seen on CNN, Court TV, and Fox News; Professor, University of Kansas Copyright Pearson Education. All rights reserved.

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