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    Financial Planning For Your First Job
    Financial Planning For Your First Job
    Financial Planning For Your First Job
    Ebook102 pages1 hour

    Financial Planning For Your First Job

    By Matthew Brandeburg

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    About this ebook

    "Financial Planning For Your First Job" provides the tools you need to manage your money and take charge of your financial life. Inside this book you will be introduced to the practice of personal financial planning and you will learn how to create and monitor a successful financial plan. If you're a young adult who needs the guidance of a financial planner but can't afford the high price tag, this book is for you.

    You Will Learn To:
    - Set specific and achievable financial goals
    - Apply economic analysis to all financial decisions
    - Analyze income and asset protection strategies
    - Integrate and monitor your personal financial plan

    Topics Covered In Detail:
    - Cash flow management
    - College planning
    - Debt management
    - Insurance
    - Investing
    - Retirement planning
    - Tax planning

    Some Of The Strategies Revealed Inside:
    - How to manage your debt
    - How to think like a professional investor
    - How to manage your cash flow
    - How to recession-proof your financial plan
    - What lines of insurance you need today

    If You Answer YES To Any Of These Questions, This Book Is For You:
    - Trying to decide between paying off student loans and saving for retirement?
    - Trying to decide which debt to pay off first?
    - Wondering whether you should buy or rent your first home?
    - Wondering which is better for you, a 401k or Roth IRA?

    Foreword written by Cincinnati Reds pitcher Burke Badenhop.

    LanguageEnglish
    PublisherCoventry House Publishing
    Release dateMar 6, 2015
    Financial Planning For Your First Job
    Author

    Matthew Brandeburg

    Matthew Brandeburg is a Certified Financial Planner in Columbus, Ohio. He serves as the Chief Operating Officer for a fee-only financial planning firm with over $700 million in assets under management and he's an active member of the National Association of Personal Financial Advisors (NAPFA). Matthew is the author of the books "Financial Planning For Your First Job," "Your Guide to the CFP Certification Exam," and "CFP Certification Exam Practice Question Workbook." In addition, he teaches the class "Financial Planning in your 20s and 30s" at Ohio State University.

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      Book preview

      Financial Planning For Your First Job - Matthew Brandeburg

      Contents

      Foreword

      Part 1: Savings Time and Money

      1 - Financial Planning For Your First Job

      2 - Building Your Cash Reserve

      Part 2: Investing

      3 - How to Think Like an Investor

      4 - Measuring Risk

      5 - Building Your First Portfolio

      6 - Short-Term Investing

      7 - The Truth about Company Stock

      8 - How to Open an Investment Account

      9 - Your Retirement Roadmap

      Part 3: Insurance

      10 - Understanding Insurance

      11 - Auto and Homeowner’s Insurance

      12 - Health Insurance

      13 - Disability Insurance

      14 - Life Insurance

      Part 4: Managing Debt

      15 - How to Manage Your Debt

      16 - Understanding Student Loans

      17 - Pay Off Student Loans or Save for Retirement?

      18 - Buy or Lease?

      Part 5: Surviving a Recession

      19 – Recession-Proof Your Financial Plan

      20 – Surviving a Job Loss

      21 – Recession-Proof Investing

      22 – The Saver’s Credit

      23 – How to Hire a Financial Planner

      Epilogue: Your Next Steps

      Glossary

      Foreword

      I thought I was well prepared for entering the real world after college. I majored in business and graduated magna cum laude from Bowling Green State University. I thought I knew all the basics when it came to managing my money. I was frugal, a disciplined saver, and lived a modest lifestyle. What else was there to know? Unfortunately, I would find out, a lot.

      After graduating from Bowling Green State University I had two job offers. One offer was for a job in procurement at a large pharmaceutical company, and the other was to play professional baseball. I owed it to myself to give baseball a try, despite the horror stories of low pay and long bus rides in the minor leagues. After a handful of successful seasons in the Detroit Tigers minor league system, and one very beneficial trade, I found myself playing in the big leagues for the Florida Marlins just three years after college graduation. Along with my new role as a professional pitcher came a high six-figure salary and a new set of opportunities. I knew it was important that I remain careful with my money so I did not become one of the many professional athletes forced into bankruptcy because they spent their money on cars and bad investments. However, I would soon have my eyes opened to the world of personal finance and learn that financial planning is much more than just saving money.

      My first lesson came shortly after being called up by the Florida Marlins. I had never had a credit card in college or the minor leagues, and I thought it was time I start to build credit. I walked into my local bank, sat down with a personal banker, and told him I’d like to apply for a credit card. The first question he asked me was, What is your annual income? Thinking my high annual income would warrant a gold or platinum card at the very least, I told him my salary. Unfortunately, after punching a few numbers into his computer, he told me he could not offer me a single credit card. I thought a mistake must have been made. How could I not qualify for a credit card, even one with a miniscule limit? As it turned out, I was ineligible for a credit card because I had no prior credit history.

      How could I have not known something like this? Why was I unprepared for something so seemingly very simple? I would find out more about my personal finance assumptions as my first year in the major leagues went on. I found myself with questions about credit, car insurance deductibles, 401k allocations, health insurance, and the onset of a financial recession. I had always paid attention during my college classes, but how to deal with these topics was not discussed. Fortunately, the chapters in this book create a solid foundation for handling your finances and teach you that financial planning is more than just saving money.

      Once I learned how many of my assumptions were wrong, I took control of my finances and turned them into a financial plan through the use of this book. Even though baseball careers are short, my financial plan will have me prepared for all aspects of my financial future. I just wish I had read this book before I had to play catch-up.

      Burke Badenhop

      Pitcher – Cincinnati Reds

      Part 1

      Saving Time and Money

      1

      Financial Planning For Your First Job

      If you’re struggling to make ends meet but can’t afford high-priced financial advice, then you’ve found the right book. Managing your money is easier than you think, and the following chapters will show you how to begin your path to financial independence. Did you know that it takes a financial planner an average of three to five years to erase a new client’s past financial mistakes? Think about what that means. Not only has the average client made significant financial mistakes in his past, but the mistakes have been so severe that it takes years of work and thousands of dollars to undo them. Think of all the time and money you could save by getting off to the right start today and not having to make up for today’s mistakes tomorrow.

      Taking Your Financial Snapshot

      In order to manage your financial life you first need to know your starting point. By recognizing where you are today, you’ll be able to set tangible goals and track your success from this point forward. To find your starting point, you need to identify your assets, liabilities, income, and expenses. Knowing these items is critical because they help you determine your net worth and manage your cash flow. You can’t expect to manage your financial life with any degree of success unless you take the time to complete this all-important first step.

      First, focus on your assets and liabilities. Assets are things you own and liabilities are things you owe. Some examples of assets would be your car, laptop, and cell phone. Liabilities would include your car payment, credit card bills, and student loans. Write down all of your assets and liabilities on a sheet of paper and

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