Authors: Janet C. Arrowood
ISBN-13: 9781578864096, ISBN-10: 1578864097
Format: Hardcover
Publisher: The Rowman & Littlefield Publishing Group Inc
Date Published: October 2006
Edition: (Non-applicable)
Janet C. Arrowood develops training materials for financial advisors and has previously worked as a financial advisor. She is the author of numerous financial and educational books and articles for both investors and professional advisors.
Book Synopsis
Two of the most important aspects of good money management are the time-value of money and its associated compounding and the true concept of credit. Financial Success for Young Adults and Recent Graduates explains these issues at length, provides case studies, and also addresses: paying for college; insurance; retirement benefits; savings and investment options; and obtaining and managing credit loans.
VOYA
With the Internet, peers, and flashy television ads tempting teens and recent college grads to spend, spend, spend, this new book might be just what they need. Arrowood covers everything from handling credit to doing taxes in clear and easy-to-understand language. Quotes from teens, recent graduates, and their parents are included in each chapter so that the reader not only hears the author's views but also many others. Arrowood uses a pair of fictional twins who are alike in many ways (same income, same major, etc,) but very different in their spending and investing habits to illustrate a variety of situations. For example, sixteen-year-old Alex saves $112 a week, whereas Phoenix saves only $45. Arrowood explains how at age sixteen, it might not be a big difference, but as time goes on, a penny saved is truly a penny earned. To further challenge the reader, there are thought-provoking exercises included at the end of each chapter. Although only the most financially minded teens would pick up this resource on their own, it would be a great tool for classroom use. For this reason, it is highly recommended for school libraries but only suggested for public libraries where there is a demand for this topic.
Table of Contents
Acknowledgments ix
Introduction xi
The Basics 1
Money Management and Financial Planning 3
The Importance of Planning 5
Taking (or Giving Up) Control: The Choice Is Yours 7
More Money Management and Financial Planning 17
What's in It for You 23
The Highlights: What's in This Book for You 25
A Brief History of Money and Credit 27
Money: A History 29
Credit: A History 31
What Affects the Value of Your Money? 33
Interest 35
Inflation 41
The Time Value of Money 43
What Is Credit? How Do You Mangage Credit? 49
Credit and Loans 51
Credit Cards: The Nitty-Gritty 57
Getting and Using Credit Cards 61
Managing Credit Cards and Avoiding Becoming a Fraud Victim 69
Protecting Your Credit, Yourself, and Your Credit Rating 75
Protecting Your Credit 77
Managing Your Credit 79
Identity Theft 87
Life Is Very Taxing 95
Taxes, Deductions, and Your Income: The Basics 97
Taxes, Deductions, and Your Income: The Details 101
Basic Tax Planning 111
Getting (and Losing) a Job 113
Finding the "Perfect" Job 115
Losing Your Job/Changing Jobs 125
Managing Your Money: The Basics 129
Savings Accounts 131
Checking Accounts 133
Managing Your ATM/Debit/Bank Card 143
Managing Overdraft Protection 147
Alternatives to Checks 149
Getting and Paying for an Education 151
Choosing a High School 153
To "Gap" or Not to Gap 155
What Do Colleges Look For? 157
Choosing the "Right" College or University 163
Maximizing Your Ability to Get Financial Aid: At Any Age 169
Where's the Money? For College,That Is! 171
Understanding and Getting Financial Aid 179
Stand Out in the Crowd 189
Living within Your Means 191
The Budget Process 193
Saving and Investing 199
Building Your Savings and Starting an Investing Program 201
Saving and Investing: Advanced 207
Personal Retirement Plans 215
Understanding, Obtaining, and Managing Personal Insurance 219
Auto Insurance 221
Personal Property Insurance 223
Life Insurance 227
Personal Disability (Sick Pay) Insurance 231
Personal Medical Insurance 233
Putting the Pieces Together 235
Building a Personal Financial Plan 237
Let's Merge 243
When Two Become One 245
Employer-Provided or -Sponsored Benefit Plans 247
Group Insurance Benefits 249
Retirement Plans and Stock Options 253
Other Employer-Offered or-Sponsored Benefits 259
Planning for Major Purchases without Breaking the Bank 261
The "Wise" Use of Debt 263
Making the Big Purchases 265
Starting a Business 267
The Major Elements for a Successful Business 269
Glossary 275
Useful Forms and Documents 277
Answers to Practice Problems 313
About the Author 319
Subjects