Financial adulting : everything you need to be a financially confident and conscious adult / Ashley Feinstein Gerstley.

Format:

Book

Author/Creator:

Gerstley, Ashley Feinstein, author.

Language:

English

Subjects (All):

Finance, Personal.

Adulthood.

Physical Description:

1 online resource (323 pages)

Place of Publication:

Hoboken, New Jersey : John Wiley & Sons, Inc., [2022]

Summary:

"Financial Adulting is an easy-to-follow, informative, and fun financial guide. The book covers everything you need to know and do to be a confident and competent financial adult. It includes all the personal finance education most of us were missing, but also the accompanying tactical step-by-step guidance so readers can take action and create systems to set themselves up for success months and years after they read the book. Gerstley shares everything readers need to know about budgeting, building their rainy day fund, retirement investing, understanding insurance, filing taxes, increasing their credit score, making a plan for student loans, and everything in between. Personal finance is also very personal. We all value different things and therefore our money lives will all look unique. Readers will not have to give up their lifestyles or what they love most. They can live big meaningful lives now while also reaching their financial goals. Full of practical advice, Financial Adulting will be a resource that readers will first read cover to cover and then come back to again and again when it's time to adjust their 401(k)s, when they are preparing for a salary negotiation, or are mapping out how to save for a new goal. Gerstley shares all of this from an important racial justice and feminist perspective, as we can't talk about money and personal finance without talking about equity. Financial adults understand this important context and recognize that they may be coming from a place of disadvantage due to historic and systemic obstacles. Financial adults also recognize that their privilege can and should be used to help close racial and gender wealth gaps. The book provides readers with everything they need to become confident and competent financial adults and start building meaningful wealth, one small manageable step at a time."-- Provided by publisher.

Contents:

Cover

Title Page

Copyright Page

Contents

Preface

Let's Talk About My Privilege

Why Do I Share All This?

I'm Hopeful

I'm Learning

Chapter 1 What Is a Financial Adult?

Why Aren't We Financial Adulting?

Missed Out on Early Basics

Unsure of Where to Get Help

Money Is Tied to Emotion

It's Easy Not to Think About Money

Then There's Oppression

But There Is Good News . . .

So, What Exactly Is a Financial Adult?

A Financial Adult Takes Small, Consistent Steps That Add Up to Big Results

A Financial Adult Understands What's Happening with Their Money

A Financial Adult Feels Confident in Their Financial Plans, Knowing They Will Get to Have and Experience What They Want in Life (Which Is the Whole Point of Having Money Anyway!)

A Financial Adult Understands the Critical Context of Equity and Personal Finance, Recognizes That Privilege Can and Should Be Used to Help Close Racial and Gender Wealth Gaps, or Realizes That They May Be Starting at a Disadvantage Due to Historic and Systemic Obstacles

Time to Get Started

Chapter 2 Equity and Personal Finance

The Idea That You Can Pull Yourself Up by Your Bootstraps Is a Scam

The Racial Wealth Gap

A Very Quick History Lesson (That We Missed in School)

The 1862 Homestead Act

Freedman's Savings Bank

Tulsa Race Massacre of 1921

The Federal Housing Administration (FHA)

Redlining

The Gender Wealth Gap

Another Gap That Has a History

The Equal Credit Opportunity Act (ECOA) of 1974

The Equal Pay Act of 1963 and the Pregnancy Discrimination Act of 1978

The Double X Economy

We Need Women to Be Wealthy

What Needs to Happen to Close These Gaps

Raise the Minimum Wage

Cancel Student Loan Debt

Tax the Super-Wealthy

Pay Reparations

Mandate Paid Leave.

Build a System of Universal, Affordable, High-Quality Childcare

Reform Our Healthcare System

Build a Bigger Coalition

Equality versus Equity

Your Education Matters

Your Financial Adulting Action Items

Chapter 3 Your Money Goals

Why Have Financial Goals?

Start by Listing Out Your Goals

Important Goals to Consider

Time to Prioritize

Priority #1: Some Rainy-Day Funds

Priority #2: 401(k) Match

Priority #3: High-Interest Credit Card Debt

Priority #4: Retirement (a.k.a. work becoming optional)

Everything Else

Make Sure Your Goals Are SMART Goals

How Much Is Enough?

How Much Do I Need in My Rainy-Day Fund?

How Much Do I Need in My Walkaway Fund? Wait . . . What's a Walkaway Fund?

How Much Do I Need to Buy a Home?

How Much Money Do I Need to Retire?

How Much Do I Need to Move Out on My Own?

How Much Do I Need to Start a Family?

How Much Do I Need to Take Care of Family or Elder Dependents?

How Much Do I Need to Start a Business?

How Much Do I Need to Take Time Off to Travel?

Decide How Many Goals to Work Toward

Make a Preliminary Plan

Use Your Goals to Focus

Chapter 4 All About Income

What Is a Financial Plan?

What Does a Financial Plan Actually Look Like?

First, the Inflows

Side Hustles

The Gender Wage Gaps

Some Takeaways

Closing the Wage Gap

Pass Policy for Equal Pay

Perform Company Pay Audits

Revamp Internal Hiring and Promotion Processes

Address the Unpaid Labor of Women

Negotiate What You Deserve

Reframe the Negotiation

Understand the Double Bind

Know Your Market Rate

Know Your Walkaway Rate

Prep Your Case

Toot Your Own Horn

Negotiate

Don't Stop with No

It's a Year-Round Process

Other Important Things You Can Negotiate.

Your Financial Adulting Action Items

Chapter 5 Your Money Outflows

Map Out Your Expenses

Add Numbers to Your List

Multigenerational Living

Become Aware of Your Spending

The Pink Tax

Set Up a Sinking Fund

Make a List

Price the Expenses Out

Give Them a Home

Make Them Automatic

Adding Sinking Funds to Your Financial Plan

Plan for Pitfalls

Making Your Plan Too Complicated

Unrealistic or Too-Optimistic Planning

Excluding "Small" Things

Planning for Four-Week Months

Time to Incorporate Your Goals

Putting It All Together

Pay Yourself First

If You Need It - the Health and Safety Budget

Set Up Your Net Worth Tracker

Start with What You Own

Add Up What You Owe

Calculate Your Net Worth

Why Does It Matter?

Chapter 6 Consumer Activism

What Is Consumer Activism?

Some Consumer Activism Inspo

Your Consumer Activism Criteria

Sometimes Not Buying Anything at All Is the Best Option

Use Your Voice

Do a Consumer Activism Spending Audit

Make Note of Anything You'd Like to Shift

Take It Step by Step

Cancel Anything You Don't Need

Make a Commitment to Switch over One Recurring Item per Month

Some of Our Spending Is Meta

It Doesn't Have to Be All or Nothing

Don't Forget About Banks

Black-Owned Banks

How Do I Choose My Bank?

Cultivate a Practice of Giving

Update Changes in Your Spending Plan

Chapter 7 Work Optional (a.k.a. Retirement)

The Power of Compound Interest

What Does Retirement Actually Mean?

Where Do We Keep This Magical Nest Egg?

401(k) Matching

If Your Employer Doesn't Offer a 401(k)

More 401(k) Deets

More IRA Deets

What the Heck Does Roth versus Traditional Mean?

The Backdoor Is Open

Show Me the Money - How Much?.

Using the Retirement Calculators

Are All Calculators Created Equal?

The Results

What About Social Security?

Retirement Accounts Might Be Only Part of the Plan

Retire Early, You Say? Tell Me More

The Gender and Racial Retirement Gaps

Investing Jargon

Risk

Asset Allocation

Stock

Bond

Diversification

Fund

Portfolio

Figure Out Your Asset Allocation

Target Date Funds

Choosing Our Retirement Investments

First, the Name

What's in the Fund?

What About the Fees?

Where Does Asset Allocation Come In?

Look Out for Other Fees

Set Your Investing Up to Be Automatic

Some Frequently Asked Retirement Questions

What Is 401(k) Vesting?

Should I Roll Over My 401(k)?

Should I Choose an "Aggressive" Investing Plan?

Saving for College with 529 Plans

Other Investing Benefits You Might Get Through Work

Chapter 8 Become an Investor for Good

The Opportunity to Invest Is a Privilege

The Culture of Investing

My Investing Story

Before You Get Started

What Is Investing?

Realized versus Unrealized Gains

Long-Term Investing Wins the Tax Game

What If You Lose Money?

The Three Ways to Invest (from Least to Most Expensive)

On Your Own

With a Robo-Advisor

Hiring a Financial Advisor

But Wait, What's a Financial Planner?

What You Need to Get Started

What Is a Brokerage Account?

How Much Money Should I Invest?

Can I Invest Before I Pay Off My Student Loans (or other debt)?

Time Is Very Important

Are You Ready to Level Up Your Risk Knowledge?

The Types of Investments

What's in These Funds?

What Does Broadly Diversified Mean?

Where Does Investing for Good Come In?

What About Socially Responsible or Values-Based Investing?

How to Choose a Brokerage Account

Start with Recommendations.

Look for a Low or No Minimum

Make Sure There Are No Trading Fees

Say No to Other Fees

Do They Pass Your Consumer Activist Criteria?

SIPC Insurance

What If I Don't Want to Do It Myself?

What About the Apps?

Choosing Your Investments

Start with Asset Allocation

Now On to the Funds

Purchasing or Selling an Investment

The Ways You Can Purchase and Sell

Choosing the Number of Shares

It Won't Happen Immediately

Should I Choose to Reinvest Dividends?

How Do I Know What's a Good Price?

Am I Buying at the Right Time?

Do I Invest All My Money at the Same Time?

When Do I Sell My Investments?

Learn from Some Investing Experts

How Your Investing Can Change as You Build Wealth

Protect Yourself from Yourself

Some Other Things That Might Be on Your Mind

What the Heck Is Bitcoin?

Is Individual Stock Picking Like Gambling?

Chapter 9 Buying a Home

Buying a Home - How It Works

Rent versus Buy?

Timing

Your Budget

Your Goals

How Much Will This Cost?

The Down Payment

Mortgage Closing Costs

Other Closing Costs

Life Insurance

Home Emergency Fund

Property Taxes

Updates, Renovations, and Decor

Maintenance Expenses

Costs of the Move Itself

Incorporate These Costs into Your Plan

Add Up the One-Time Costs

Incorporate the Ongoing Costs

"Try On" Your Estimated Homeowner Expenses

Wait, I'm Discouraged

This Is Much More Expensive Than I Thought

Organize Your Finances Before Starting the Process

Check Your Credit Score and Get Credit Ready

Simplify Your Accounts

Go on a Buyer's Budget

Understand the Types of Mortgages Available

Should You Go Digital or Analog?

An Important Ratio to Lenders

What About Discrimination in Lending?

Understand Key Mortgage Jargon.

Should I Pay Down My Mortgage?.

Notes:

Description based on print version record.

Includes index.

Other Format:

Print version: Feinstein Gerstley, Ashley Financial Adulting

ISBN:

9781119817321

1119817323

9781119817314

1119817315

OCLC:

1288423223