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Boost your financial health so you're ready for any economic or personal upheaval
Crisis is inevitable--but it doesn't have to torpedo your finances! Financial Security For Dummies offers proven advice to help you prep your finances for the next economic downturn, personal setback, pandemic, plague of locusts--or anything else life throws your way. This book contains the historical perspective and up-to-date info you'll need to anticipate, understand, and navigate a wide range of personal financial challenges.
If your monthly income and expenses are on steady ground and you're ready to secure your financial future, this is the For Dummies guide for you. Not only will you create a plan to keep your family's finances afloat during turbulent times, but you'll also be liberated from the pressure to "keep up with the Joneses" so you can make smarter financial decisions, starting today. This book will help you:
Gain an understanding of how unforeseen personal or global events could affect your financial life
Learn strategies for protecting your assets when economic downturns and other emergencies occur
Feel confident in your unique path to financial freedom so you can remain calm when life takes an unexpected turn
Build a survival plan for protecting yourself with broader safety nets, better money decisions, and improved financial literacy
Whether you want to reduce your stress surrounding your financial goals or take advantage of financial opportunities crises create, Financial Security For Dummies will equip you to navigate financial challenges and ultimately achieve peace of mind.
Autorentext
Eric Tyson is the only author to have four of his books on Business Week's business book bestseller list simultaneously. He has written six national bestsellers in the personal finance field and has appeared on NBC's Today Show, ABC, CNBC, PBS's Nightly Business Report, and CNN. His books include Personal Finance For Dummies, Investing For Dummies, and Home Buying Kit For Dummies.
Klappentext
Disaster-proof your finances so you can survive any crisis COVID-19, the Great Recession, 9/11 attacks, and nautral disasters if recent decades have shown us anything, it's that life is unpredictable. Keeping your financial life on course when the world hits tilt can be a challenge, but bestselling personal finance author Eric Tyson knows how to help you anticipate, deal with, and navigate a wide range of personal financial challenges. He guides you to smart financial decisions and explains how you can insulate your finances against future disasters. You're going to feel a lot more secure. **Inside...
Inhalt
Introduction 1
About This Book 1
Foolish Assumptions 2
Icons Used in This Book 2
Beyond the Book 3
Where to Go from Here 3
Part 1: Understanding Financial Security 5
Chapter 1: Navigating the (Bumpy) Road to Financial Independence 7
Reaching for Financial Security 8
Defining what you value 8
Assessing where you are 10
Grasping financial lingo and trends 11
Trying not to avoid money 11
Making use of insurance: A necessary evil 12
Coping with Crises 13
Everyone faces challenges, obstacles, and setbacks 13
Common crisis 14
Making Decisions Based on Changing Circumstances 15
Chapter 2: Understanding Capitalism and Economic Downturns 17
Understanding Our Economic System 18
Capitalism strengths and criticism 18
History of growth and downturns 22
Touring Past Crises: What Happened and Why 25
Why pilot training has relevance for your tour 25
The Panic of 1907 26
The Great Depression 27
World War II 29
Arab oil embargo and Watergate/Nixon's resignation 29
9/11 terrorist attacks and recession 30
2008 financial crisis 31
2020 COVID-19 Pandemic 32
Mistakes Made and Lessons to Carry With You 35
Chapter 3: Coping with Personal Crises 39
When a Crisis Comes Calling 40
Losing your job or a significant source of income 40
Facing a medical crisis 43
Caring for elderly parents unexpectedly 44
Splitting from your spouse 46
Coping with the death of a spouse 47
Dealing with a natural disaster 48
Success Plans for Personal Crises and Life Changes 49
Keeping your big picture in mind 50
Considering a comprehensive checklist 50
Part 2: Crisis Mode: Accessing Safety Nets and Emergency Measures 53
Chapter 4: Your Safety Nets 55
Taking Stock of Your Resources 55
Surveying your accessible money and spending options 56
Finding assistance from family 57
Ensuring adequate insurance coverage 58
Surveying Societal Safety Nets 59
Health insurance subsidies 59
Unemployment insurance benefits 63
Federal refundable tax credits 64
Help with housing 65
For more information on safety net programs 66
Chapter 5: Digging Out and Forging Ahead 67
Turning Your Eye toward Recovery 67
Knowing how long it will take to regain stable financial footing 68
Coping with frustration and moving on 69
Thinking (and Researching) Before Making Financial Moves 70
Wise financial actions to take 70
Boneheaded financial actions to avoid 70
Leaning on an Expert for Help 71
Knowing how experts can help 72
Being careful in a time of need 72
Finding financial advisors and planners 72
Being aware of budget counselors 75
Investing in investment managers 76
Looking into real estate agents 77
Making note of tax preparers and advisors 79
Dealing with insurance agents 80
Tuning in to attorneys 80
Minding Your Media Intake 80
Example 1: The COVID-19 pandemic 81
Example 2: The 2008 Financial Crisis 83
Example 3: Corporations not paying income taxes 85
Lessons learned and keys to remember 86
Part 3: Being a Smart Consumer of Economic Information 87
Chapter 6: So Many Numbers! Making Sense of Economic Reports 89
Keeping Economic Reports in Perspective 90
Reports are a (small) snapshot in time 90
Beware annualized numbers 91 <p>...