Check out the Federal Reserve Bank of Dallas’ Building Wealth E-Book
Check out the Federal Reserve Bank of Dallas’ Building Wealth E-Book
I recently came across an e-book published by the Federal Reserve Bank of Dallas, titled “Building Wealth – A Beginner’s Guide To Securing Your Financial Future”. It’s an EXCELLENT resource that helps individuals and families develop a plan for building personal wealth. It presents an overview of personal wealth-building strategies that includes setting financial goals, seeking guidance, budgeting, saving and investing, and managing debt.
I’ve put together a table of contents of some sorts, so you can get an idea of what’s covered. It pretty much covers all the bases, while avoiding getting too technical. Download it here!
Enjoy!
Introduction: Building Wealth
Define what wealth means to you. Once you have done that, you need to know how to acquire it. Building wealth requires having the right information, planning, and making choices.
1. Wealth Creation: Learn The Language
a. Assets
b. Liabilities
c. Net Worth
2. Budget To Save
a. Set short- and long-term financial goals
b. Develop a budget and live by it
i. Track day-to-day spending
ii.Get a handle on income and expenses
3. Save and Invest
a. Get guidance
b. Take advantage of compound interest
c. Understand the relationship between risk and return
d. Tools for saving
i. Savings Account
ii. Money Market Account
iii. Certificate Of Deposit
e. Tools For Investing
i. Bonds – Lending your money
ii. Stocks – Owning part of a company
iii. Mutual Funds – Investing in many companies
f. Invest For Retirement
i. Individual Retirement Accounts (IRAs)
ii. 401(k) Plans
iii. Qualified Plans
g. Other Investments
i. Investing in your house
ii. Starting your own business
iii. Other investment alternatives
4. Take Control Of Debt
a. Why people get into trouble with debt
i. Tips for controlling debt
b. Speaking of Interest
c. Avoid Credit Card Debt
d. Beware the perils of payday loans and predatory lenders
e. Know what creditors say about you
f. Keep your good name
g. Save money by choosing the right loan
h. Save money by paying loans off early
i. Take steps to control your debt
j. Guard your identity
i. Some tips to protect your identity
5. Protect Your Wealth
a. Property Insurance
i. Auto Insurance
ii. Home Insurance
1. Homeowners Insurance
2. Home Warranty
3. Renters or Contents Insurance
b. Health Insurance
i. Medical Insurance
1. Flexible Spending Accounts
2. Health Savings Accounts
3. Health Insurance for Children
c. Disability Insurance
d. Life Insurance
e. Long Term Care Insurance
f. Tips for protecting your wealth
6. Review Section
7. Glossary
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