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Quick Steps to Financial Stability
Find money you didn't think you had
Deal with your debt
Make the most of tax breaks
Boost your investment returns
Get your kids through college
Ditch the job and retire
Choose the right loan
Save time and money by using our easy-to-follow templates
No time to figure it all out on your own? Let Quick Steps to Financial Stability be your guide.
"When it comes to financial self-help advice, Al Lavine and Gail Liberman are as good as it gets. Whether it's setting up a budget, reducing debt, or taking out the right loans, Lavine and Liberman boiled it all down in this latest book to a series of practical steps to make complicated financial planning simple."
—David Callaway, editor-in-chief, MarketWatch
Looking to get your finances on track? It's as easy as following the steps outlined in this book. You needn't be an accountant or a financial planner. Get the straight and simple scoop on how to take the bull by the horns yourself—just follow the step-by-step approach outlined in Quick Steps to Financial Stability. Have access to a computer? If so, it's even easier. And there are several online calculators you can use to help you get the job done.
Alan Lavine and Gail Liberman are husband-and-wife syndicated columnists. Their columns run in the Boston Herald, Pittsburgh Post-Gazette, Palm Beach Daily News, several Scripps Howard newspapers, and several online websites. They also write a biweekly consumer banking column for Dow Jones MarketWatch. They have been guests on CBS's The Early Show, Fox and Friends, CNN, CNBC, The 700 Club, and PBS. Their book, Rags to Riches, was featured on Oprah's television show and hit two best-seller lists. They live in Palm Beach Gardens, Florida.
Download Chapter 3: Zeroing In on Your Debt
Introduction
Part I Are You Ready?
Chapter 1 Examining Your Financial Condition
Net Worth: Finding Your Bottom Line
Step 1: Round Up Your Assets
Step 2: List All Your Liabilities or Debts
Step 3: Subtract Your Liabilities from Your Assets
Reviewing Income and Expenses
Step 1: Calculate Your Monthly Income
Step 2: Categorize Monthly Expenses
Step 3: Determine Where You Stand
Setting Your Financial Goals
Freeing Up Quick Cash
Controlling Your Debt
Trimming Expenses
Beefing Up Your Income
Summary
Chapter 2 Identifying Your Financial Goals
Preparing for Life
Identifying Your Insurance Needs
Setting Financial Goals
Considering Your Savings Plan
Planning for Big Goals
Buying a Home
Having a Baby
Saving for Your Children’s Education and Retirement
Summary
Chapter 3 Zeroing In on Your Debt
Over Your Head in Debt? Try These Fixes
Controlling Debt Yourself
Credit Counseling
Consolidating Your Debts
Bankruptcy
Understanding Your Credit Score
Getting Your Score
Check Your Credit Report to Raise Your Credit Score
Correcting Mistakes on Your Credit Report
What If Your Bad Credit Score Is Accurate?
Summary
Part II Creating a Simple Investment Plan
Chapter 4 Weighing the Pros and Cons of Simple Investment Options
Understanding Basic Investments
Cash
Bonds
Stocks
Basic Investment Rules
What Kind of Investor Are You?
Investing in Mutual Funds and Exchange-Traded Funds
Summary
Chapter 5 Creating a Plan That Works for You
Choose Low-Risk Investments for Short-Term Goals
Bank Deposits
U.S. Treasury Securities
Other Lower-risk Investments
Stocks: More Risk for Better Long-Term Returns
Choose Mutual Funds to Help You Diversify
Analyzing the Risk of Mutual Funds
Pinpoint Your Strategy with Life-Cycle and Target Funds
Take a More Conservative Approach with Balanced Funds
Boost Your Performance
Stick with No-Load Funds
Use Index Funds
Opting for Actively Managed Funds
Consider Dollar Cost Averaging
Rebalance Your Investments
Always Consider Taxes
Summary
Chapter 6 Protecting the Downside: Insurance and Other Safeguards
Finding Financially Secure Companies
Health Insurance
Policy Types
What to Examine Before Buying a Policy
Cut the Cost of Medical Insurance
Disability Insurance
Life Insurance
Low-Load Companies
Getting Professional Help
Long-Term Care Insurance
Property Insurance
Automobile Insurance
Homeowner’s Insurance
You Need a Will
Summary
Part III Supercharging Your Savings Plan
Chapter 7 Saving for Retirement
Determine What to Expect from Your Retirement Income Sources
Your Retirement Plan Options
401(k)
IRAs
Roth IRA
Annuities
Can You Retire?
Need More?
Other Ways to Retire
Summary
Chapter 8 How to Pay for Your Children’s Education
Getting Your Hands Around the Cost of College
Step 1: Determine What You Can Save
Step 2: Examine Your Investment Options
529 Plans
Coverdell Educational Savings Accounts
Uniform Transfers to Minors Act and Uniform Gifts to Minors Act
Other Tax-Advantaged Options
Tax Breaks for College Savings
The Hope Scholarship Credit
The Lifetime Learning Credit
Tax Deduction for Student Loan Interest
Rules for College Investing
Financial Aid
If You Must Borrow
Other Ways to Get Your Children to College
Summary
Chapter 9 Save by Choosing the Right Loans
Your Loan Objectives
The Scoop on Credit Cards
Understanding Car Loans and Leases
Picking a Mortgage
Checking Out Loan Upfront Costs and Fees
Choosing a Mortgage Type
Finding Information on Special Mortgage Programs
Home Equity Loans and Lines
Other Low-Cost Ways to Borrow
Beware When You Borrow Money
Eliminating Debt from Your Financial Life
Refinance Your Home
Prepay Your Mortgage
Consider a Biweekly Mortgage
Summary
Chapter 10 Your Keys to the Good Life, Now and Later
Evaluate Your Income and Spending
Evaluate Your Insurance Coverage
Review Your Investments
Review Your Tax Situation
Update Your Estate Plan
Enjoy Your Great New Financial Life
Summary
Part IV Appendixes
Appendix A References and Resources
Appendix B Finding the Right Help
Appendix C Mortgage Shopping Worksheet
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