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Zusammenfassung von The Index Card

Name: The Index Card
Rating: 3.7 (61 reviews)
Author: Helaine Olen and Harold Pollack

Helaine Olen and Harold Pollack

Why Personal Finance Doesn’t Have to Be Complicated

3.7 (61 Bewertungen)

15 Min.

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Retirement

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What’s in it for me? Rein in your financial life before it’s too late.

In 2013, a University of Chicago professor named Harold Pollack interviewed the financial journalist Helaine Olen. Somewhere along the conversation, he told her that personal finance was so simple that everything you needed to know about it could be written on an index card.

In fact, he was so convinced of this point that he proved it by grabbing an index card, writing down a set of rules, and posting a picture of it online. It wasn’t long before the picture went viral and the pair understood there was a book behind this idea.

In the fleshed out version of this viral financial advice card, the authors explain in precise detail how you can gain control over your finances and why you should. The good news is that it really is simple. By adopting a few straightforward tips, you can begin saving for the future today. The trick is to make smart financial decisions, seek advice from the right people and start immediately!

In these blinks you’ll learn:

why you should pay for your financial advice;
how your employer can help you save for retirement; and
the secret to getting out of debt.

Saving money today is hard, but a few tips can help.

We’ve all been there; you cash your paycheck only to see it disappear as you pay rent, cover utilities and buy groceries. And let’s not forget the ever-present threat of an unexpected car repair.

So, how can you pull yourself out of this financial debacle and gain control over your money?

Naturally, it starts with saving, but that’s easier said than done. After all, the median annual household income in America dropped by $3,000 between 1998 and 2013 as wages decreased or stagnated. At the same time, the cost of living has gone up.

This perfect storm of plummeting wages and rising costs has resulted in some frightening statistics: a whopping 27 percent of US households have a net worth of just $5,000 or less, and 47 percent of Americans say they couldn’t come up with $400 in an emergency without borrowing money or selling something.

Since so many people are struggling to get their financial houses in order, if you don’t have any savings, you shouldn’t feel bad. But you should take action. If you fail to come up with a savings plan soon, you’ll never be able to invest for the future or even pay off your debt.

Think of it this way: if you save just 10 percent of your income every month, by the end of your first year you’ll already have a whole month’s salary put away!

Here are a few tips to get you started:

First, use cash instead of plastic. This may sound silly, but lots of studies have shown that people spend over 20 percent more when paying with a credit card or online than they do when they pay with physical money. Spending bills and coins is less abstract, so it’s harder for people to part with them.

You can also set up an automatic savings account. These automatically deduct and save a portion of your paycheck every month, which means you don’t have to endure the temptation of spending it. Lots of employers can even reroute some of your salary toward a savings account for you.

Take financial control by repaying your credit card debt in full.

When your grandparents stumbled upon a must-have purchase that they didn’t have the cash to cover, they paid for it in weekly installments, eventually paying off the item in full. But today, no such delayed gratification is necessary. Credit cards have removed this barrier, and the average credit-card owning American has 3.7 cards to her name.

However, this doesn’t spell financial freedom. In fact, it’s a recipe for financial doom. That’s because this rapid transition toward easily accessible, high-interest credit means that the average American household bears a shocking $7,000 in credit card debt.

Shop around for your mortgage to save thousands.

The budget people set when shopping for a house is generally based on the amount they can borrow. But invariably, people fall in love with a dream home; before long, they begin to wonder if they can stretch their mortgage just a little bit.

Unfortunately, this is a huge mistake. Rather than reaching past your price bracket, you should assess what you can afford. To do so, there’s a simple rule of thumb: only buy a house if you can put down 20 percent of the purchase price.

Start saving for retirement today and make the most of all your options.

Imagine you’ve just started a new job and are signing your contract and other forms. You come across one that asks what percentage of your salary you’d like to contribute toward your retirement plan. You’re young and healthy, so you toss it in the trash. Just like that, you may have thrown away your future. This mistake can easily be avoided.

That’s because the common failure to save for retirement often stems from faulty logic. People tend to think they’ll never retire while the majority of retirees report being forced to stop working sooner than they had planned. In fact, just 20 percent of people work past age 65. You never know when health difficulties, age discrimination, or a crisis in the family might take matters out of your control.

Protect your family and finances by planning for the worst.

It’s no secret that shopping for insurance can be a depressing and demoralizing experience; preparing for the future brings you face-to-face with all the horrible things that could happen to you and your family. Who wants to do that?

But it’s even scarier to think about what would happen if something went wrong and you weren’t properly insured. What would your loved ones do if something happened to you? Would they suffer financially? If so, you need life insurance.

Choose your financial advisor carefully and be prepared to pay her.

If you’re in the market for a financial advisor, you might come across people with titles as confusing as “chartered college planning specialist” or “retirement management analyst.” After all, financial advisors depend on convincing clients of their reputation. As a result, there are over 50 different job titles to describe people who specialize in financial planning for senior citizens alone!

So, who should you trust for your financial advice?

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Worum geht es in The Index Card?

The Index Card (2016) simplifies personal finance. These blinks cover everything from getting a good deal on your mortgage to securing quality life insurance, starting your own savings account and even choosing a financial advisor.

Bestes Zitat aus The Index Card

Surveys routinely find about half of us are petrified of running out of money in retirement.

—Helaine Olen and Harold Pollack

Wer The Index Card lesen sollte

Students and millennials who are staring down a rocky financial future
People who are in debt
First-time homebuyers

Über den Autor

Helaine Olen is an award-winning financial journalist who’s among the top 50 Women Who Are Changing the World according to Business Insider.

Harold Pollack is a professor at the University of Chicago.

Kategorien mit The Index Card

Money & Investments

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