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    Personal Finance Under One Hour
    Personal Finance Under One Hour
    Personal Finance Under One Hour
    Ebook121 pages1 hour

    Personal Finance Under One Hour

    By Andrew Brown and Brendan Connolly

    ()

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    About this ebook

    Personal finance is not usually taught in school which leads to learning most financial lessons by making costly mistakes in the real world. Additionally, most financial experts are actually salespeople in disguise whom are looking out for their commission rather than your investment. While you personally do not need to be an expert, having some basic knowledge on personal finance, and doing some research, will drastically help when making financial decisions. This book will start you in the right direction.
    Personal Finance Under One Hour does not encompass everything there is to learn about personal finance, but instead is designed to give you a basic overview in only an hour. Let’s be honest, most people do not have the time to read a 300 page book on any topic, but many people can spare an hour.
    Many sources, such as books, websites, and personal mentors, have inspired the contents of this book. The goal is to sum up the best information these sources offer so you can get the most important points in the least amount of time. By reading Personal Finance Under One Hour you will gain the necessary knowledge to expand your financial IQ and make better financial decisions.
    Under One Hour books are broken down into six 10 minute sections making it easier to read and learn on the go. Each section contains two or three main topics with sub-topics to explore. Bold words or phrases are the highlight of the topic or paragraph while italicized words are ideas to be explored further outside of the book.

    LanguageEnglish
    PublisherUnder One Hour, LLC
    Release dateOct 20, 2014
    ISBN9781310820045
    Personal Finance Under One Hour

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      Book preview

      Personal Finance Under One Hour - Andrew Brown

      copyright

      Personal Finance Under One Hour

      By Andrew W. Brown, CHP & Brendan M. Connolly

      Copyright © 2016, 2014 Under One Hour, LLC

      Published by Under One Hour, LLC 2012-2014

      Discover other titles by Under One Hour at www.UnderOneHour.com

      This book is available in print at most online retailers.

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to your favorite ebook retailer and purchase your own copy. Thank you for respecting the hard work of this author.

      Dedication

      To the loves of our lives:

      Kathy Brown and Erin Connolly

      Thank you to all of our friends and family that have inspired, helped, and encouraged us throughout this creative journey. We look forward to writing many other great books for your enjoyment!

      Table of Contents

      Note: Approximate Length in time is determined by

      the average US reading speed of 300 words per minutes.

      I. Introduction

      1. Income and Spending (First 10 Minutes)

      - Income (1,200 Words, 4 Minutes)

      1. Types of Income

      2. Rental Income

      3. Business Income

      4. Royalty Income

      5. Annuity Income

      6. Dividend Income

      7. Income Philosophy

      8. Income Diagram

      - Spending (1,800 Words, 6 Minutes)

      1. Consumer Traps

      2. Celebrations

      3. Vacations

      4. Donating

      5. Spending Diagram

      2. Banking and Budgeting (Second 10 Minutes)

      - Banking (2,350 Words, 8 Minutes)

      1. Checking Accounts

      A. Direct Deposit

      B. Electronic Payment Methods

      C. Physical Payment Methods

      D. Additional Tools

      2. Savings Accounts/Certificates of Deposit

      A. Compounding

      a. Compounding Effect Chart

      B. Certificates of Deposit

      3. Banking Process Diagram

      - Budgeting (900 Words, 3 Minutes)

      1. Simple Budget Chart

      2. Spending Bucket Pie Chart

      3. Budgeting Plan

      3. Personal and Lifestyle Debt (Third 10 Minutes)

      First Five Parts (2,200 Words, 7 Minutes)

      - Types of Debt

      - Goal of a Loan

      - Credit Score

      - College Funding

      - Vehicle

      - Housing (950 Words, 3 Minutes)

      1. Preparing to Buy a home

      2. Buying a Home

      4. Credit Cards, Paying Down Debt, and Retirement (Fourth 10 Minutes)

      - Credit Cards (1,050 Words, 3 Minutes)

      1. How to Choose a Credit Card

      2. Credit Card Spending

      - Paying Down Debt (650 Words, 2 Minutes)

      1. The Plan

      - Retirement (1,550 Words, 5 Minutes)

      1. Social Security

      2. 401K, IRA, and Pension Accounts

      3. Annuities and Whole Life Insurance

      4. Whole Life

      5. Investment Horizon, Inflation, and Taxes

      5. Insurance (Fifth 10 Minutes)

      - Insurance Overview (300 Words, 1 Minute)

      - Health Insurance (600 Words, 2 Minutes)

      1. Types of Health Insurance

      2. HSA’s and FSA’s

      - Life Insurance (1,000 Words, 3 Minutes)

      1. Types of Life Insurance

      2. Term or Whole

      3. Affordability and Legacy

      Last Four Parts (1,250 Words, 4 Minutes)

      - Disability and Long-Term Care Insurance

      - Property and Auto Insurance

      - Renters Insurance

      - Insurance Tips

      6. Investing and Trading (Final 10 Minutes)

      - Investing (1,200 Words, 4 Minutes)

      1. Starting Out

      2. Inflation

      3. Professional VS Individual Investing

      4. Rebalancing/Re-diversifying

      5. Taxes

      - Trading (2,000 Words, 7 Minutes)

      1. Stock Markets, Bonds, Futures, and Currencies

      2. Mutual Funds vs ETF’s

      3. General Trading Strategies

      7. Bonus Section (2,700 Words, 9 Minutes)

      8. Helpful Resources/Inspiration

      9. About the Authors

      Introduction

      Personal finance is not usually taught in school which leads to learning most financial lessons by making costly mistakes in the real world. Additionally, most financial experts are actually salespeople in disguise whom are looking out for their commission rather than your investment. While you personally do not need to be an expert, having some basic knowledge on personal finance, and doing some research, will drastically help when making financial decisions. This book will start you in the right direction.

      Personal Finance Under One Hour does not encompass everything there is to learn about personal finance, but instead is designed to give you a basic overview in only an hour. Let’s be honest, most people do not have the time to read a 300-page book on any topic, but many people can spare an hour.

      Many sources, such as books, websites, and personal mentors, have inspired the contents of this book. The goal is to sum up the best information these sources offer so you can get the most important points in the least amount of time. By reading Personal Finance Under One Hour you will gain the necessary knowledge to expand your financial IQ and make better financial decisions.

      Under One Hour books are broken down into six 10 minute sections making it easier to read and learn on the go. Each section contains two or three main topics with sub-topics to explore. Bold words or phrases are the highlight of the topic or paragraph while italicized words are ideas to be explored further outside of the book.

      Please enjoy the contents of Personal Finance Under One Hour and be sure to check out www.UnderOneHour.com to look for additional and upcoming books. We have new books coming out once per month as well as templates, merchandise and a blog so be sure to sign up for our newsletter. Finally, follow our progress on Facebook and Twitter here:

      www.facebook.com/UnderOneHour

      https://twitter.com/UnderOneHour

      Andrew & Brendan

      - 2014

      Income and spending

      (First 10 Minutes)

      Income

      Much of our world revolves around making money. Fortunately, there are many different ways to do so. www.investopedia.com defines income as Money that an individual or business receives in exchange for providing a good or service. Most people are familiar and comfortable working for a company (employment income) every day to earn a paycheck. Other income includes: rental, business, royalty, annuity, dividends, and more.

      Income can be active or passive and is differentiated by the amount of time and energy required to earn each type of income. Employment income is active while rental and annuity income are passive. Most people have a combination of these types of income as described below.

      Types of Income

      The most common income stream tends to be employment income; in order to earn this, you trade your time and skills for money. Employment skills can be acquired through college degrees, training programs, certificates, life experiences and previous employers. Employment income involves daily commitment and use of those skills which an employer decides how much those skills are worth. As you gain work experience and additional skills, employers offer promotions which usually give you more money and responsibility.

      Many people will continue to earn this type of income until they decide to retire, typically around age 65.

      RENTAL Income

      Rental income is earned from owning property or other assets (Car, Boat, etc.) and then lending out the use of that asset in return for payment. There is usually a contract, called a lease, which binds the renter to pay the owner a predetermined amount for the use of that asset. Rental income can be very beneficial in situations where the owner does not need to

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