European Parliament Library

Financial security for dummies, Eric Tyson

Financial security for dummies, Eric Tyson
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non fiction
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Financial security for dummiesFinancial Security for Dummies
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Responsibility statement
Eric Tyson
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For Dummies
Boost your financial health so you're ready for any economic or personal upheaval Crisis is inevitable--but it doesn't have to torpedo your finances! Financial Security For Dummies offers proven advice to help you prep your finances for the next economic downturn, personal setback, pandemic, plague of locusts--or anything else life throws your way. This book contains the historical perspective and up-to-date info you'll need to anticipate, understand, and navigate a wide range of personal financial challenges. If your monthly income and expenses are on steady ground and you're ready to secure your financial future, this is the For Dummies guide for you. Not only will you create a plan to keep your family's finances afloat during turbulent times, but you'll also be liberated from the pressure to "keep up with the Joneses" so you can make smarter financial decisions, starting today. This book will help you: Gain an understanding of how unforeseen personal or global events could affect your financial life Learn strategies for protecting your assets when economic downturns and other emergencies occur Feel confident in your unique path to financial freedom so you can remain calm when life takes an unexpected turn Build a survival plan for protecting yourself with broader safety nets, better money decisions, and improved financial literacy Whether you want to reduce your stress surrounding your financial goals or take advantage of financial opportunities crises create, Financial Security For Dummies will equip you to navigate financial challenges and ultimately achieve peace of mind
Table Of Contents
Intro -- Title Page -- Copyright Page -- Table of Contents -- Introduction -- About This Book -- Foolish Assumptions -- Icons Used in This Book -- Beyond the Book -- Where to Go from Here -- Part 1 Understanding Financial Security -- Chapter 1 Navigating the (Bumpy) Road to Financial Independence -- Reaching for Financial Security -- Defining what you value -- Assessing where you are -- Grasping financial lingo and trends -- Trying not to avoid money -- Making use of insurance: A necessary evil -- Coping with Crises -- Everyone faces challenges, obstacles, and setbacks -- Common crisis -- Making Decisions Based on Changing Circumstances -- Chapter 2 Understanding Capitalism and Economic Downturns -- Understanding Our Economic System -- Capitalism strengths and criticism -- History of growth and downturns -- Touring Past Crises: What Happened and Why -- Why pilot training has relevance for your tour . . . -- The Panic of 1907 -- The Great Depression -- World War II -- Arab oil embargo and Watergate/Nixon's resignation -- 9/11 terrorist attacks and recession -- 2008 financial crisis -- 2020 COVID-19 Pandemic -- Mistakes Made . . . and Lessons to Carry With You -- Chapter 3 Coping with Personal Crises -- When a Crisis Comes Calling -- Losing your job or a significant source of income -- Facing a medical crisis -- Caring for elderly parents unexpectedly -- Splitting from your spouse -- Coping with the death of a spouse -- Dealing with a natural disaster -- Success Plans for Personal Crises and Life Changes -- Keeping your big picture in mind -- Considering a comprehensive checklist -- Part 2 Crisis Mode: Accessing Safety Nets and Emergency Measures -- Chapter 4 Your Safety Nets -- Taking Stock of Your Resources -- Surveying your accessible money and spending options -- Finding assistance from family -- Ensuring adequate insurance coverageSurveying Societal Safety Nets -- Health insurance subsidies -- Unemployment insurance benefits -- Federal refundable tax credits -- Help with housing -- For more information on safety net programs. . . -- Chapter 5 Digging Out and Forging Ahead -- Turning Your Eye toward Recovery -- Knowing how long it will take to regain stable financial footing -- Coping with frustration and moving on -- Thinking (and Researching) Before Making Financial Moves -- Wise financial actions to take -- Boneheaded financial actions to avoid -- Leaning on an Expert for Help -- Knowing how experts can help -- Being careful in a time of need -- Finding financial advisors and planners -- Being aware of budget counselors -- Investing in investment managers -- Looking into real estate agents -- Making note of tax preparers and advisors -- Dealing with insurance agents -- Tuning in to attorneys -- Minding Your Media Intake -- Example 1: The COVID-19 pandemic -- Example 2: The 2008 Financial Crisis -- Example 3: Corporations not paying income taxes -- Lessons learned and keys to remember -- Part 3 undefined -- Chapter 6 So Many Numbers! Making Sense of Economic Reports -- Keeping Economic Reports in Perspective -- Reports are a (small) snapshot in time -- Beware annualized numbers -- Take a long-term view of the numbers -- Sleuthing Through Economic Reports -- Employment/jobs reports -- Gross Domestic Product -- Consumer confidence -- Corporate profits -- Consumer prices (also known as inflation) -- The reports you can mostly ignore -- Interpreting Media Coverage of Economic Data -- Understanding the short-term and provocative focus -- Keeping an eye out for biases -- Example 1: The COVID-19 pandemic -- Example 2: The 2008 financial crisis -- Chapter 7 Says Who? Weighing "Experts'" Advice -- Understanding Why Particular Pundits Get AttentionImportant things to know about the "news" media -- Getting media attention is a competitive business -- Controversial points of view often attract -- Political partisans can be hazardous to your wealth -- Uncovering Gurus' Agendas -- Figuring out what they're really selling -- Checking out their qualifications and track records -- Deciding Whether Hiring an Advisor Is the Right Choice -- Chapter 8 Following Financial Markets -- Understanding Stocks and Bonds -- Making Informed Investing Decisions -- Connecting corporate profits to stock prices -- Looking at financial market efficiency -- Focusing on interest rates, inflation, and the Federal Reserve -- Challenging Financial Markets During Changing Times -- What really moves financial markets (in the short term) -- Why market timing is so hard to do -- Part 4 Keeping Your Personal Finance House in Order -- Chapter 9 Getting on the Right Road with Spending and Saving -- Getting a Handle on Your Spending -- Differentiating necessities from luxuries -- Reducing your expenditures -- Setting and following a budget -- Some final spending reminders . . . -- Saving: Necessary Rocket Fuel -- Understanding compounded returns -- Considering your short- and long-term personal and financial goals -- Noting the power of tax-deferred retirement accounts -- Upping Your Income -- Lowering Your Tax Bill -- Knowing your income tax rate -- Using your income tax rate -- Taxing issues regarding children -- Making quarterly tax filing requirements -- Ouch! Dealing with Major Medical Bills -- Reviewing your billing statements for accuracy -- Negotiating with providers or an insurance company -- Chapter 10 Investing Wisely and Securely -- Checking Out All the Places You Can Invest Your Money -- Noting how investment types differ from one another -- Understanding the major investments -- Building wealth with stocksLocating money through real estate -- Turning to small business options -- Searching for safe money investments -- Cultivating Good Investing Habits -- Understanding fees -- Managing monitoring and trading your investments -- Keeping your emotions from following market trends -- Dealing with investment setbacks -- Developing a Personal Investing Plan -- Taxing situations -- Assessing your current portfolio -- Allocating those assets -- Selecting the Best Mutual Funds and Exchange-Traded Funds (ETFs) -- Investing in stock and bond funds -- Minding the ABCs of ETFs -- Seizing Investment Opportunities During Tough Times -- Cashing in on reduced stock and real estate prices -- Mustering the courage to buy when more people are selling -- Chapter 11 Getting and Maintaining Proper Insurance -- Being Prepared: A Quick Lesson on Insurance -- Don't sweat the small losses . . . -- Define a small loss . . . -- Insurance not to buy -- Insurance worth purchasing -- Protecting Your Health -- Reviewing your current health insurance -- Saving tax dollars with health savings accounts -- Maximizing your personal health -- Securing Your Income-Earning Ability -- Long-term disability insurance -- Life insurance -- Insurance on Your Assets -- Insuring your home -- Auto insurance -- Excess liability insurance -- Will, Trusts, and Estate Planning -- Starting with a will -- Preparing other useful legal documents -- Considering your preparation options -- Protecting Yourself from Identity Theft and Fraud -- Part 5 Prepping for Future Armageddon -- Chapter 12 What Pundits Scare People About -- Fearmongers Have Been Scaring Folks for Generations -- Case study: Peter Schiff has been scaring investors for generations -- Understanding what pundits are trying to sell you -- Seeing why fearmongers' predictions are often wrong -- Surveying the Leading Worries Being Pitched TodayExcessive government debts -- High inflation and worthless currencies -- Anarchy and the breakdown of society -- Chapter 13 Preparing Yourself for Unexpected Future Crises -- What Possible Future Crises Should You Be Prepared For? -- Dangers of excessive dependence upon technology and internet -- Hazards of faster and inaccurate "news" flow -- Spreading socialism -- Climate change (also known as global warming) -- Power grid failures and resource shortages -- Solvency of Social Security -- Preparing Financially and Otherwise for New Future Crises -- Part 6 The Part of Tens -- Chapter 14 Tens Ways to Improve Your Personal Safety -- Combine Your Instincts with Proven Strategies -- What You Don't Know Can Hurt You -- Do Unto Others As You Would Have Others Do Unto You -- Err on the Side of Caution -- There's (Some) Safety in Numbers, But There May be a Weak Link -- If It Looks Too Good to Be True, It Probably Is -- Don't Assume "Lightning Never Strikes Twice" -- Don't Judge a Book by Its Cover -- Trust Your Instincts -- Share Your Concerns with Someone You Trust -- Chapter 15 Ten Ways to Address Over-Saving -- Understanding the Over-Saver Mindset -- Balancing Spending and Saving -- Keeping Money Accumulation in Proper Perspective -- Giving Yourself Permission to Spend More -- Doing Some Retirement Analysis -- Getting Smart about Investing Your Money -- Going On a News Diet -- Treating Yourself to Something Special -- Buying More Gifts for the People You Love -- Going Easy When It Comes to Everyday Expenses -- Index -- EULA
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