Armed Forces Guide to Personal Financial Planning,9780811726641

Armed Forces Guide to Personal Financial Planning

by ; ;
Edition: 4th
ISBN13: 9780811726641
ISBN10: 0811726649
Format: Paperback
Pub. Date: 1998-01-01
Publisher(s): Stackpole Books
List Price: $22.95

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Summary

Newly revised and updated, this comprehensive guide covers all key financial decisions from choosing checking accounts and using credit cards to buying a home, choosing an insurance policy, and financing a comfortable retirement. All military personnel will benefit from the advice given in this reference. The authors, faculty members at West Point, cover each topic in a thorough, logical, and easy-to-read manner. Tables demonstrate financial concepts throughout the book, and appendixes aid servicemembers in understanding their finances and in starting their own strategies for getting ahead.

Table of Contents

Tables
xiii(2)
Introduction xv
PART I: PERSONAL FINANCIAL PLANNING 1(43)
1 Assessing the Situation
1(4)
The Balance Sheet
2 Financial Basic Training
5(10)
What Determines Before-Tax and After-Tax Income?
How Does Inflation Affect Financial Planning?
What is Opportunity Cost?
How Does the Time Value of Money Affect Your Finances?
How Risk and Reward Affect Your Decisions
Summary
3 Military Pay, Allowances, and Benefits
15(13)
What are the Components of Your Monthly Pay?
Travel and Pay Allowances
What Other Important Financial Benefits Do You Have?
What Military Benefits are Paid at Death?
Suggested References
4 Financial Planning and Budgeting
28(16)
How Do You Set Financial Goals?
How Do You Develop a Family Budget?
PART II: FINANCIAL BASICS 44(38)
5 Banking Smart
44(12)
What Banking Services Do You Need?
How Should You Select a Bank?
Types of Bank Accounts
6 Using Credit Wisely
56(15)
How Does Comsumer Credit Fit in a Personal Budget?
What is Involved in a Comsumer Loan?
How Should You Use Credit and Debit Cards?
What Should You Do If You Have Credit Problems?
What are Borrowers' Rights?
Suggested References
7 Paying Your Taxes
71(11)
Federal Income Tax
State and Local Taxes
Local Taxes
Suggested References
PART III: BIG-TICKET ITEMS 82(107)
8 Buying a Car
82(22)
How Much Can You Afford?
Should You Finance the Car?
What Car Should You Buy?
How Can You Get the Best Deal?
How Long Should You Keep the Car?
How Can You Get the Most for Your Old Car?
Suggested References
9 Automobile Insurance
104(11)
What is Automobile Insurance?
Insurance Costs
How Should You Select an Insurance Company?
How are Insurance Premiums Determined?
What (and How Much) Insurance Should You Carry?
Special Insurance Situations
Automobile Insurance Checklist
Suggested References
10 Meeting Medical Expenses
115(21)
Military Health Benefits--TRICARE
What is TRICARE?
Dental Care
Supplemental Health Insurance
Long-Term Care
Suggested References
11 Housing
136(33)
How Should You Decide Where to Live?
Should You Rent?
Should You Buy?
How Should You Finance Your Purchase?
Tax Considerations for Homeowners
When and How Should You Sell Your House?
Rent versus Buy: A Quantitative Analysis
A Checklist for Home Buyers
12 Protecting Your Wealth with Insurance
169(10)
Homeowners' Insurance
Other Insurance for the Homeowner
Other Types of Property Insurance
Liability Protection and Umbrella Policies
Homeowners' Checklist
13 Providing for College Expenses
179(10)
What Impact Do Taxes Have on College Savings?
How and What Should You Invest In?
How Does Financial Aid Work?
PART IV: BUILDING YOUR NEST EGG 189(59)
14 Developing an Investment Strategy
189(17)
What is Wealth?
What is the "Secret" to Increasing Your Wealth?
How Do You Create an Investment Strategy?
Working Through the Process
15 Investing in Financial Assets
206(17)
What are the Various Debt Instruments?
What are Equity Assets, Such as Stocks?
Do Some Assets Combine Debt and Equity Instruments?
How About Pork Bellies and Other Commodity Speculation?
What Final Lessons Should You Know?
16 Mutual Funds
223(17)
What is a Mutual Fund?
What are the Advantages of Mutual Funds?
What is a Mutual Fund Family of Funds?
What are the Different Types of Mutual Funds?
What Fees Do Mutual Fund Companies Charge?
How Do You Read Mutual Fund Prices?
How Do You Select a Mutual Fund?
When and How Should You Invest?
When Should You Sell Your Mutual Fund Shares?
How Do You Calculate Your Mutual Fund Returns?
Suggested References
17 Investing in Real Assets
240(8)
What Role Should Real Estate Play in Your Portfolio?
What are REITs?
What About Turning Homes into Investments?
PART V: PLANNING FOR RETIREMENT AND LATER 248(69)
18 Life Insurance
248(21)
What is the Principle Behind Insurance?
What Do All Those Life Insurance Terms Mean?
What Types of Life Insurance Policies are There?
The Answer to Three Key Questions
19 Military Retirement Benefits
269(9)
How Much is "Standard" Retirement Pay?
What About Retirement Pay If You are Disabled?
What are the Dual Compensations Laws, and Do They Apply to Me?
What Other Retirement Benefits are There?
Former Spouses
20 Estate Planning
278(16)
How is Your Property Controlled?
What Estate-Planning Documents Do You Need?
What is a Trust and How Might You Use It?
How Can You Shift Income to Others?
Do You Need Professional Assistance?
21 Social Security and Veterans Benefits
294(11)
What is Social Security?
What are Your Department of Veterans Affairs Benefits?
Suggested References
22 Retirement Survivor Benefits
305(12)
What is the Survivor Benefit Plan?
How Much Does SBP Cost and What Does It Provide?
Should You Take SBP?
The Bottom Line
PART VI: APPENDIXES 317(54)
A Sources of Assistance 317(11)
B Glossary of Financial Terms 328(18)
C Military Pay Tables
346(9)
D Time Value of Money and Present Value Tables 355(8)
Application to Loans
Valuation of Assets
Application to Assets in General
Using the Financial Tables
E Sample Personal Affairs Record 363(8)
Index 371

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