Financial Success for Young Adults and Recent Graduates: Managing Money, Credit, and Your Future » (New Edition)

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.

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.

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