-
- AAPI (Asian American Pacific Islander) community, 14. See also BIPOC (Black, Indigenous, and People of Color) communities
- Abkarians, Chris, 245–248, 257
- Accommodations, travel, 37
- Accomplishments, list of, for negotiation, 52–53
- Account(s):
- older, keeping open, 232
- simplifying your, 166
- user names/passwords for, 265
- Accountability, 90, 264
- Accountant, hiring an, 210
- Accountants of Color, 210
- Actively managed funds, 138–139
- Adjustable-rate mortgages (ARMs), 167
- Adjusted gross income (AGI), 212–213
- Advanced directives, 216
- Advisor, fee-based vs. fee-only, 133
- Advocates for change, 13
- Affordable childcare, 24, 46, 48
- Agency, financial, 22
- Agenda, for money parties, 264–265
- Agent Accelerator Academy, 166
- “Aggressive” investing, 120
- AGI (adjusted gross income), 212–213
- Ali, Suraiya, 245–248
- Aliche, Tiffany, 11–12, 74–75, 156, 194
- Allocation:
- All-or-nothing thinking, 89
- Alternative investments, 139, 152
- AM Best ratings, 198
- “American Dream,” 155
- American Indian households, 14. See also BIPOC (Black, Indigenous, and People of Color) communities
- Anastasio, Lauren, 29, 35, 102, 105, 135, 195–198
- Annualized return, 128
- Annual negotiation cycle, 54–55
- Annual percentage rate (APR), 172, 238
- Antisemitism, xi
- Approval process, mortgage, 170
- Apps, investment, 146
- APR (annual percentage rate), 172, 238
- ARMs (adjustable-rate mortgages), 167
- Asian American Pacific Islander (AAPI) community, 14. See also BIPOC (Black, Indigenous, and People of Color) communities
- Assets. See also Investment(s)
- calculating your, 76
- protecting your, 78–79 (See also Insurance)
- and your will, 217–220
- Asset allocation, 110, 112–114, 117, 146–147
- Attorney:
- estate planning, 220
- real estate, 159–160
- Audit, pay equity, 47
- Authorized users, credit card, 234
- Automatic payments, 230
- Automatic transfers:
- for donations, 92
- for retirement, 118
- for sinking funds, 67
- and your financial plan, 74
- Avalanche method of paying student loan debt, 251
- Awareness:
-
- “Backdoor Roth IRA,” 100
- Back-end DTI ratio, 170–171
- Balance(s). See also Debt
- bank account, 76
- credit card, 77, 226–229, 238
- maintaining a, 226–227
- and net worth, 78
- Bank(s), 90–92
- Bank account(s):
- as available cash, 252–253
- balance of, 76
- inflows in your, 42
- nicknames for your, 278
- with a partner, 79
- revocable trust, 219
- walkaway fund, 33–34
- Bankruptcy, 188, 255
- Baradaran, Mehrsa, 12
- Base salary, 55
- Basic Benefit plan, 98
- Bear market, 149
- Benchmarks, 139
- Beneficiary(-ies):
- estate, 217–218
- life insurance, 194–195
- Benefits, in compensation negotiation, 55
- Betterment, 130
- Bias. See also Equity in personal finance; Racism; Wealth gap(s)
- addressing systemic, 53
- in company practices, 47–48
- and digital mortgages, 169
- BIPOC (Black, Indigenous, and People of Color) communities, 8–9, 15. See also Black community(-ies)
- accountants from, 210
- history of exploiting, 14–17
- and inclusive investing, 127
- student loans in, 247–248
- Bitcoin, 106, 153, 154
- Black community(-ies). See also BIPOC (Black, Indigenous, and People of Color) communities
- homeownership in, 61, 156
- student loans in, 247–248
- wealth gap for women in, 11
- women as breadwinners in, 25
- Black eXp Network, 166
- Black Wall Street (Tulsa, Okla.), 16
- Bonds, 111, 117, 137
- Bonuses, 55
- Brand research, for consumer activism, 89
- Bravely Go, 82
- Broadly diversified funds, 139–140
- Brody, Lauren Smith, 52, 54
- The Broke Black Girl, 12–13, 61
- Broke Millennial (Lowry), 278
- Brokerage account(s):
- apps for, 146
- choosing a, 142–144
- definition of, 135
- investing with, 130, 138
- and IRA investments, 99
- Broker fees, for home sale, 159
- Bubble (investment), 149
- Budget:
- for car purchase, 258–259
- considerations, 83
- for dependent care, 36
- health and safety, 74–75, 254
- for health care expenses, 185–187
- for home purchase, 156–157, 166–167
- relocation, 55
- for starting a business, 36
- for starting a family, 35–36
- The Budgetnista (Aliche), 11
- Buffett, Warren, 126, 214–215
- BuildingBread, 16
- Bull market, 149
- Burey, Jodi-Ann, 53
- Business, cost to start, 36
- Buyer's budget, 166–167
- Buying:
- consumer activism and decision not to buy, 85
- renting a home vs., 155, 157
- Buying power, 81
-
- Capital gains tax, 150, 206
- Captive insurance agents, 197
- Career Contessa Salary Project, 50
- Car insurance, 191–193
- Car loans, 77
- Car purchase debt, 258–259
- Cash:
- available, 252–253
- paying in, 61
- tracking use of, 252–253, 267
- Certified financial planner (CFP), 134
- Change, see Consumer activism
- Chapter 11 bankruptcy, 188
- Charity Navigator, 92
- Childcare:
- cost of, 11, 35
- high-quality and affordable, 24, 46, 48
- lack of, 18, 20
- Children:
- adding, to your health insurance, 182
- appointing guardians for your, 217–218
- college savings for, 120
- and life insurance decisions, 198
- Climate, impact of decisions on, 82–83, 85, 87
- Closing costs, 158–160
- Clothing, secondhand or consignment, 83–84
- Coalition building, 24
- COBRA, (Consolidated Omnibus Budget Reconciliation Act), 182
- Cohabitation agreements, 78–79
- Coinsurance, 180
- Colleagues, comparing salary to, 50
- Collective good, 82
- College, 120–122. See also Student loan(s)
- College Scorecard, 246
- The Color of Money (Baradaran), 12
- Commissions, 143, 197
- Communication:
- with credit card companies, 240
- with political leaders, 64
- Company size, market capitalization and, 139–140
- Compensation, 43, 55
- Compound interest, 95–96, 238
- Comprehensive and collision car insurance, 192–193
- Condo, purchasing a, 162
- Confidence, in salary negotiation, 52
- Consignment stores, 83–84
- Consolidated Omnibus Budget Reconciliation Act (COBRA), 182
- Consolidation, of student loans, 245
- Consumer activism, 81–94
- bank choice, 90–92
- brokerage account choice, 143
- definition of, 81
- inspiration for, 81–84
- in investing, 140–141
- as lens for spending audit, 85–87
- and not buying anything, 85
- with a partner, 93
- and practice of giving, 92–93
- ranking criteria for, 84
- shifting purchases for, 87
- step by step process for, 88–89
- and updating your spending plan, 93, 276
- and using your voice, 85
- Conventional loans, 167
- Cooke, Henry, 15
- Co-op, purchasing a, 162
- Copay, and health insurance, 180
- Corrections, market, 149
- COVID-19 pandemic, 14, 20, 37, 189
- Credit, 25
- building, 231–233
- new, and credit score, 230
- repairing, after report errors, 234
- Credits (mortgage), 172
- Credit card(s):
- authorized users of, 234
- balance on, 228–229
- compound interest on, 238
- how they work, 238
- information, unsaving, 61
- late fees with, 240
- maintaining a balance on, 226–227
- number of, 235
- opening, 233
- refinancing debt on, 258
- secured, 234
- taking inventory of your, 240–241
- Credit card companies, communication with, 240
- Credit card debt, 28, 30, 77, 237–242
- Credit card payments, 241, 267
- Credit checks, 223–224
- Credit history, 229–230, 235
- Credit Karma, 225
- Credit limit, 232, 237
- Credit reports, 224–225
- Credit score(s), 223–236
- and car insurance rates, 192
- checking your, 226
- and FHA loans, 168
- and financial well-being, 223–224
- finding your, 225–226
- frequently asked questions about, 233–235
- and homeownership, 165, 166
- increasing your, 224–225, 231–233
- makeup of, 227–231
- myths about, 226–227
- Credit Sesame, 225
- Credit utilization, 228–231
- Crenshaw, Kimberlé, 18
- Cryptocurrency, 153. See also Bitcoin
- Culture, sharing your, 73
- Culture of investing, 126
- Current expenses, 58
- CV (curriculum vitae), 52
-
- Dakota Access Pipeline, 90
- Deadline, tax, 208
- Death benefit, 194–195
- Debt, 237–259. See also Student loan(s)
- ability to take on, 223
- avoiding overpayment on, 252
- cancellation of, 22–23
- from car purchase, 258–259
- credit card, 237–242
- deferment or forbearance of, 254–255
- inventory of your, 249–250
- and life insurance, 195
- medical, 24
- paying down, 28, 250–254, 275
- refinancing of, 174–175, 255–258
- relationship with, 136
- shame about, 239–240
- Debt-to-income (DTI) ratio, 170–171
- Declaration page, of car insurance, 191–192
- Decor, home, 161–162
- Deductible:
- health insurance, 180–181, 183–184
- homeowners insurance, 190
- Deferment, of student loan debt, 254–255
- Dependents, tax filings by, 213
- Dependent care, 36, 187
- Digital mortgage companies, 169–170
- Disabilities, people with:
- medical debt for, 188
- permanent insurance for, 196
- wage gap for, 46
- Disability insurance, 199–201
- Disability planning documents, 216
- Discount points, mortgage, 172
- Discrimination, see Equity in personal finance; Wealth gap(s)
- Diversification, of investments, 111
- Dividends, reinvesting, 149
- Divorce, planning for, 78–79
- Dollar-cost averaging, 150
- Domestic violence, 34
- Donations, making, 92–93
- Double bind, for women, 49–50
- Double health insurance, 183
- Double-spending, 85
- Double X Economy, 19–21
- The Double X Economy (Scott), 19
- Douglass, Lori Anne, 216–220
- Douglass Rademacher LLP, 216
- Dow Jones Industrial Average, 139
- Down payment, estimating your, 157–158
- Dry cleaners, avoiding, 63
- DTI (debt-to-income) ratio, 170–171
-
- Early retirement, 105–107
- Earnings, increasing, 43
- Ebrahimian, Setareh, 47
- ECOA (The Equal Credit Opportunity Act of 1974), 19, 90
- “Eco-friendly” products, purchasing, 85
- Economic infrastructure, 24
- Economic libel, xi
- Education:
- about personal finance, 12, 26
- college, saving for, 120–122
- Egg freezing (fertility treatment), 185
- El-Amin, Cinneah, 36–37
- Elder dependents, care for, 36
- Ellevest, 13, 103, 126, 130, 151
- Emergency funds:
- rainy-day funds for, 28, 29, 32–33
- for your home, 160–161
- Emotional investing, 110, 130, 131
- Emotional method for paying student loan debt, 251
- Emotional ties, to money, 3–4
- Employee resource group (ERG), 52
- Employer:
- health insurance from your, 181
- life insurance from, 195–197
- Employer match:
- for donations, 92
- 401(k) contributions, 29–30, 55, 97
- End-of-life decisions, 216
- Environment, best choice for, 82–83, 85
- Environmental, social, and governance (ESG) funds, 115, 140–141
- The Equal Credit Opportunity Act of 1974 (ECOA), 19, 90
- Equality:
- equity vs., 25
- financial, 90–91
- The Equal Pay Act (1963), 19, 47
- Equal Pay Day calendar, 45
- Equal pay policy, 47
- Equifax, 224–225
- Equity (company ownership), 55
- Equity in personal finance, 11–26. See also Racial disparity; Wealth gap(s)
- and Double X Economy, 19–21
- education in, 26
- equality vs., 25
- gender, wealth gap, 17–22
- and history of BIPOC exploitation, 14–17
- policies to improve, 22–25
- and politics, 11–13
- racial, wealth gap, 13–14
- and wealth disparity, 11
- ERG (employee resource group), 52
- Errors, credit report, 224–225, 234
- Escrow fees, 159
- ESG (environmental, social, and governance) funds, 115, 140–141
- Espinal, Yanely, 278
- Estate planning, 216–220
- Estate tax, 206
- ETF (exchange-traded fund), 111–112, 153
- Ethereum, 153
- Ethical funds, 115
- E-trade, 135
- Exchange-traded funds (ETFs), 111–112, 153
- Executor, estate, 218
- Expenses:
- cancellation of, 88
- credit card payments as, 267
- current, 58
- dependent care, 187
- irregular, 64–65
- maintenance, 162
- prepaid, 159
- recurring, 88
- reimbursable work, 267–268
- “small,” 68–69
- technology to track, 4
- “trying on” homeowner, 164
- variable, 58
- Expense planning. See also Financial plan
- avoiding pitfalls in, 68–69
- mapping out, 57–60
- for multigenerational living, 61
- and Pink Tax, 63–64
- setting up a sinking fund, 64–67
- spending awareness, 61–63
- Expense ratio, 115–116
- Experian, 224–225
- Experian Boost, 233
- Expert advice, on investing, 150–151
- Extended repayment option, 243
- Extension, tax filing, 208
-
- Fagan, Chelsea, 278
- Family(-ies):
- cost to start a, 35–36
- health insurance in, 181, 182
- permanent insurance in, 196
- Family and Medical Leave Act (FMLA), 201
- Fast fashion, 83–84
- Federal Housing Administration (FHA), 16–17, 90, 168
- Federal student loans, 243–246, 257
- Federal Trade Commission (FTC), 224
- Fees:
- brokerage account, 143
- credit card, 242
- investment, 118
- mortgage, 159
- Fee-based advisors, 133
- Fee-only advisors, 133
- Fee-only fiduciaries, 133
- Feminism, 24–25. See also Mothers; Women
- Fertility treatments, 35, 185
- FHA, see Federal Housing Administration
- FICO score, 225, 227–231. See also Credit score
- Fidelity, 127, 135
- Fiduciaries, fee-only, 133
- Fiduciary standards, suitability vs., 132
- The Fifth Trimester (Brody), 52
- Filing status, tax, 207
- Financial activism, 34. See also Consumer activism
- Financial adulting:
- barriers to, 1–5
- definition of, 6–9
- impetus for, 1
- optimism about, 5–6
- Financial advisors, 132–133, 152
- Financial aid office, 247, 248
- Financial assistance programs, for first-time homebuyers, 168
- Financial coaching, 261–262, 277–278. See also Money parties
- The Financial Diet, 278
- Financial directives, 216
- Financial Independence/Retire Early (FI/RE) movement, 106–107
- Financial knowledge, shame about lack of, 2–3
- Financial plan. See also Expense planning
- and automatic transfers, 74
- calculating your, 69–72
- creating, with partner, 45, 72–73
- definition of, 41–42
- and health/safety budget, 74–75
- including sinking funds in, 67
- inflows for, 42–45
- and protecting your assets, 78–79
- and tracking your net worth, 75–78
- Financial planners, investing with, 134
- Financial power of attorney, 216–217, 219–220
- Financial services industry, 3
- First-time homebuyers, 168
- Fisher Phillips, 47
- Fitzgerald, Jennifer, 179, 197–198, 202
- 529 plans, 120–122, 212
- Fixed-rate mortgages, 167
- Flexible spending accounts (Fas), 43, 186–187, 212–213
- Flood insurance, 189–190
- Flynanced, 36–37
- FMLA (Family and Medical Leave Act), 201
- Forbearance, of student loan debt, 254–255
- 401(k) plans, 43
- matching contributions in, 29–30, 55
- for retirement, 96–98, 101–102
- rolling over your, 119–120
- tax deductions, 211
- vesting in, 119
- 403bwise (nonprofit), 98
- Four-week months, expense planning for, 69
- Fractional shares, 146
- Fraser, Jane, 126
- Freedman's Savings Bank, 15
- Freelance work, 208
- Front-end DTI ratio, 170
- FSAs, see Flexible spending accounts
- FTC (Federal Trade Commission), 224
- Fun, making money parties, 262
- Fund(s):
- actively vs. passively managed, 138–139
- broadly diversified, 139–140
- environmental, social, and governance, 140–141
- index, 111–112, 148
- money market, 111
- mutual, 111–112
- researching, 115–118
- types of, 111–112
-
- GDP (gross domestic product), 21
- Gender disparity, 5, 8–9. See also Wealth gap(s)
- in ability to retirement, 107
- in disability insurance costs, 200
- and the double bind, 49–50
- in investing, 125–126
- in personal finance, 17–22
- and the Pink Tax, 63
- Gender-neutral pricing, 63
- Gentry, Fee, 166, 168–169, 171
- Geographic regions, portfolio diversification in terms of, 139–140
- Get Good With Money (Aliche), 12, 74
- Giving, practice of, 92–93
- Glassdoor, 50
- Goal(s). See also Money goals
- allocation, 31
- of homeownership, 157
- incorporating your, 69
- revisiting contributions to your, 272
- savings, for homeownership, 163–165
- short, medium, and long-term, 137
- tracking progress on, 273
- using automatic deposits to meet, 74
- visual presentation of, 274
- “Golden rule,” of personal finance, 42
- Governmental policy, 12–13
- Graduated repayment option, 243
- Grauerholz, Liz, 63
- Great Recession, 108
- Green, Emily, 126, 151
- Gross domestic product (GDP), 21, 48
- Gross monthly income, 170
- Guardians, for your children, appointing, 217–218
- GuideStar, 92
-
- Happiness allocation, 41, 135
- Hard inquiry, credit score, 226, 255
- Harvard Business Review (HBR), 53
- HCV (housing choice voucher) program, 168
- HDHPs (high-deductible health plans), 183, 186
- Head of household, filing status, 207
- Health and safety budget, 74–75
- Healthcare directives, 216
- Healthcare expenses, 185–187
- Healthcare proxy, 216–217, 219–220
- Healthcare reform, 24
- Health insurance, 179, 180–189
- budgeting for, 185–187
- choosing your, 183
- deductible, 180–181
- direct purchase of, 181–182
- double, 183
- negotiating with providers of, 184–185
- terminology in, 180–181
- treatment exclusions in, 185
- when to get, 182
- where to get, 181–182
- Health maintenance organizations (HMOs), 183
- Health savings accounts (HSAs), 43, 183, 186, 212
- Hester, Tanja, 81–82, 85, 87, 90, 92
- High-deductible health plans (HDHPs), 183, 186
- High-net-worth individuals, 139
- Hiring, internal, 47–48
- Hispanic families, wealth gap for, 13–14
- HMOs (health maintenance organizations), 183
- HOA (homeowner's association), 162
- HOLC (Home Owners Loan Corporation), 16–17
- Home:
- broker fees for sale of, 159
- market value of, 76
- updates/renovations and decor for, 161–162
- Home emergency fund, 160–161
- Home inspection, 159–160
- Homeowner's association (HOA), 162
- Homeownership, 155–177
- in Black community, 61, 156
- cost of, 157–165
- down payment for, 34
- factors to consider for, 155–157
- financial preparation for, 165–172
- and mortgage paydown, 173–174
- with a partner, 173
- and refinancing, 174–175
- and REITs, 175–176
- saving for, 164–165
- Homeowners insurance, 159–160, 179, 189–191
- Home Owners Loan Corporation (HOLC), 16–17
- Homestead Act (1862), 15
- “House poor,” 157
- Housing choice voucher (HCV) program, 168
- HSAs, see Health savings accounts
- Hu, Emily, 53, 140
- Hunt, Lauren, 78–79, 173
- Hurricane insurance, 189
- Hussey, Georgia Lee, 55, 82, 83–84, 112, 114, 122, 130, 134, 141–142, 150, 154, 196, 205
-
- IBR (Income-Based Repayment) plan, 244
- ICR (Income-Contingent Repayment), 244
- IdenitityIQ, 225
- Illiquid estate, 196
- Immigrants, credit history for, 235
- Impact, 82–84. See also consumer activism
- Imposter syndrome, 53
- Impulsive spending, 63
- Inclusion, financial, 90–91, 125–127
- Income. See also Wage gap
- as financial plan inflow, 42–45
- gross monthly, 170
- negotiations over, 48–55
- from side hustles, 45
- sources of, 39
- supplemental, 45
- taxable, 213
- Income-based repayment, 243–244
- Income-Based Repayment (IBR) plan, 244
- Income-Contingent Repayment (ICR), 244
- Income-Sensitive Repayment Plan, 244
- Income tax, 214–215
- Independent agents, life insurance, 197–198
- Index fund, 111–112, 148
- Indigenous People, 15. See also BIPOC (Black, Indigenous, and People of Color) communities
- Inequality, cost of, 19–21
- Inflows, financial plan, see Income
- In-network healthcare, 180, 183, 189
- Insurance, 179–203
- car, 191–193
- disability, 199–201
- health, 180–189
- and healthcare, 188–189
- homeowners, 159–160, 189–191
- life, 160, 194–199
- long-term care, 201–202
- renters, 190–191
- revisiting need for, 202
- travel, 37
- types of, 179
- umbrella policies, 194
- Interest:
- Interest-only mortgages, 167–168
- Interest rate(s), 30, 172, 175, 238–239, 257–258
- Intergenerational wealth, ix–x
- Internal hiring, 47–48
- Internal Revenue Service (IRS), 206, 209, 211, 213, 215
- International students, credit history for, 235
- Intersectionality, 18, 25
- Investing, 28. See also Retirement investments
- “aggressive,” 120
- author's story of, 126–127
- avoiding pitfalls in, 152–153
- bad behavior related to, 110
- with brokerage accounts, 142–144
- changes in strategy for, 151–152
- culture of, 126
- definition of, 128–129
- expert advice on, 150–151
- with financial planners, 134
- getting started with, 135–138
- long-term, 108, 129
- methods of, 129–134
- preparing for, 127–128
- privilege of, 125–126
- with robo-advisors, 144–145
- by stock picking, 153–154
- terminology for, 108–112
- timing for, 136–137
- values-based, 141–142
- on your own, 130
- Investment(s):
- allocation for, 135
- annual check in on, 275–276
- choosing your, 146–148
- and consumer activism, 140–141
- in cryptocurrency, 153
- publicly traded, 138
- purchasing or selling, 148–150
- reallocating, 114
- rebalancing, 114, 117, 275–276
- for retirement, 97, 105–106, 114–118
- tax-free, 97
- types of, 138–140
- value, 76
- Investment apps, 146
- Investment documents, for tax filing, 208
- In vitro fertilization (IVF), 35, 185
- IRA(s). See also 401(k) plans
- automatic contributions to, 118
- maximum contribution to, 105
- researching investments by, 114–117
- rolling over, 119–120
- taxes on contributions to, 208
- traditional, Roth vs., 99–102
- Irregular expenses, 64–66
- IRS, see Internal Revenue Service
- Itemized tax deductions, 212
- IVF (in vitro fertilization), 35, 185
-
- Jim Crow laws, 17
- Jointly, filing taxes, 207
- Journal, money, 61
- Jumbo mortgages, 167
- Juno (company), 245
-
- Labor, unpaid, of women, 48
- Labor practices, consumer activism related to, 83
- Ladies Get Paid (Wasserman), 49
- Large-cap companies, 140
- Late fees, credit card, 240
- Latinas, gender wealth gap for, 11
- Lawrence, Rachel Sanborn, 103, 107, 135, 139
- Learning, from financial advisors, 152
- Lenders, mortgage, 169–171
- Lending discrimination, 90, 171
- LGBTQ+ community, 8–9, 185, 207
- Liabilities, calculating your, 77
- Liability car insurance, 193
- Liability limits, for homeowners insurance, 189
- Lieberman, Alex, 151–152
- Life insurance, 160, 179
- amount of, 198
- definition of, 194–195
- from employer, 195–197
- independent agents for, 197–198
- types of, 195–197
- Lifestyle upgrades, 58
- Limit orders, investing, 148
- LinkedIn, 52
- Living wills, 216, 219–220
- Loan(s), 77, 159, 244. See also Debt; specific types
- Long-term capital gains, 129
- Long-term care insurance, 201–202
- Long-term disability insurance, 199–201
- Long-term goals, 137
- Long-term investing, 108, 129
- Los Angeles, Calif., 14
- Low minimum brokerage accounts, 142
- Lowry, Erin, 278
-
- MAGI (modified adjusted gross income), 100
- Maintenance expenses, 162
- Market cap, definition of, 140
- Market corrections, 149
- Market orders, 148
- Market rate, of compensation, 50–51
- Market value, of home, 76
- Married filing jointly status, 207
- Married filing separately status, 207
- Maternity leave, 201
- Matthews, Kevin, II, 16
- Medicaid, 182, 183
- Medical bills, negotiating your, 185
- Medical debt, 188
- Medical directives, 216
- Medicare, 182, 205–206
- Medium-term goals, 137
- Mehrsa, Baradaran, 12–13, 15–17, 23
- Meta spending, 88–89
- Microsoft, 140
- Minimum limits, car insurance, 192
- Minimum payment, credit card, 238
- Minimum wage, 11, 22
- MIP (mortgage insurance premium), 168
- Modernist Financial, 55, 82, 141, 150, 196
- Modified adjusted gross income (MAGI), 100
- Molina, Tony, 116, 131, 148, 151
- Money:
- borrowed, 77
- emotional ties to, 3–4
- rationality about, 130
- relationship with, 2–3
- shame about, 2–3
- stress related to, 2
- Money awareness, 7
- Money Game, 268–271
- Money goals, 27–40
- amount needed to meet, 32–37, 135
- focusing on, 39–40
- listing, 28
- motivations for, 27–28
- with a partner, 37
- and preliminary plan, 38–39
- prioritizing, 29–31
- setting, 38
- as SMART goals, 31–32
- Money journal, 61
- Money market funds, 111
- Money mindset, 3–4
- Money parties, 262–264, 271–274
- agenda for, 264–265
- and the Money Game, 268–271
- quarterly/annual checklist for, 274–277
- running monthly numbers for, 265–268
- Money personality, 73
- Money Scoop (newsletter), 151
- Monte Carlo simulation, 103
- Morgan Stanley Capital International (MSCI), 141
- Morning Brew (newsletter), 151
- Mortgage(s), 77
- amortization of, 174
- approval process for, 170
- and closing costs, 158–159
- conventional, 158
- and credit score, 223–224
- paying down your, 173–174
- terminology for, 172
- types of, 167–169
- Mortgage insurance premium (MIP), 168
- Mortgage interest, 208
- Mortgage lenders, 169–171
- Mothers. See also Childcare; Family
- paid leave for, 24
- short-term disability for, 201
- wage gap for, 11, 18
- Motivation, 27–28, 31, 38, 277–278
- Moving costs, 163
- MSCI (Morgan Stanley Capital International), 141
- Multigenerational businesses, 196
- Multigenerational living, 61
- Municipal bonds, 140
- Mutual funds, 111–112
- Negotiation. See also Salary negotiation
- of college costs, 248
- of medical bills, 184–185
- Nest egg, see Retirement investments
- Net worth:
- and account balances, 78
- monthly update of, 78
- quarterly update of, 274–275
- tracking your, 75–78
- New Deal, 16
- New York City Department of Consumer Affairs, 63
- New York Stock Exchange, 19
- New York Times, 214
- Next Gen Personal Finance, 278
- NFTs (nonfungible tokens), 106, 153
- Nicknames, for bank accounts, 278
- No minimum brokerage accounts, 142
- Nonfungible tokens (NFTs), 106, 153
- Nonprofits, supporting, 92
- Northwestern Mutual, 197
- No Surprises Act, 189
- Nursing homes, cost of, 201–202
-
- One-time costs, home purchase, 163
- Online savings accounts, 66
- On-time payments, 228
- Open enrollment, for health insurance, 182
- Optimism, 5–6, 68
- Otter, Dan, 98
- Outflows, financial plan, see Expenses
- Out-of-network healthcare, 180, 183
- Out-of-pocket maximum, health insurance, 180–181
- Own-occupation disability insurance policy, 200
-
- Paid leave, 23–24, 55
- Parental leave, 201
- Parent PLUS loans, 246–247
- Partners:
- bank accounts with, 79
- consumer activism with, 93
- financial planning with, 45, 72–73
- home ownership with, 173
- money goals with, 37
- money parties with, 264
- Passively managed funds, 138–139
- Passports, 37
- Passwords, account, 265
- Paternity leave, 24, 201
- Pay band, 50–51
- Paychecks, timing of, 42–43
- Pay equity audit, 47
- Payments:
- Payment history, as credit score factor, 228
- Pay range, 50–51
- PayScale, 50
- PCP (primary care physician), 183
- Perez, Kara, 82
- Perks, credit card, 242
- Permanent insurance, 196–197
- Personal injury protection, car insurance for, 193
- Personal loans, 77
- Personal property, 76
- Pink Tax, 63–64
- PMI (private mortgage insurance), 159–160
- Points (mortgage), 172
- Policygenius, 179
- Politics, and equity in personal finance, 11–13
- Portfolio(s), 112–113. See also Investing; Investment(s)
- diversified, 139–140
- rebalancing, 117
- speculative investment percentage of, 154
- Postnuptial agreement (postnup), 78–79
- Power of attorney, financial, 216–217, 219–220
- Preferred provider organizations (PPOs), 183
- Pregnancy Discrimination Act (1978), 19
- Premium:
- health insurance, 180
- life insurance, 194
- Prenuptial agreement (prenup), 78–79
- Prepaid expenses, 159
- Pretax retirement contributions, 98
- Prices:
- of investments, 149
- and Pink Tax, 63–64
- Primary care physician (PCP), 183
- Primary health insurance, 183
- Principal, paying down additional, 174
- Private mortgage insurance (PMI), 159–160
- Private student loans, 243, 245–247
- Privilege, ix–x, 8–9, 28, 125–126, 137
- Probate, 218–219
- Professional development expenses, 55
- Profit, investment, 128
- Progressive tax, 214
- Promotion processes, 47–48, 54
- Property taxes, 161
- Publicly traded investments, 138
- Public service loan forgiveness (PSLF), 243–245
- Purchasing decisions, consumer activism and, 85, 87
-
- Qualifying events, for health insurance changes, 182
- Qualifying widower tax status, 207
-
- Racial disparity, 5, 8–9, 11, 107. See also Equity in personal finance; Wealth gap(s)
- in ability to retire, 107
- in college costs, 247
- in homeownership, 156
- in investing, 125–126
- and lending discrimination, 90, 171
- in medical debt, 188
- in personal finance, 13–14
- and tax system, 214–215
- Racism, xi, 8, 16, 91, 156. See also Bias; Wealth gap(s)
- Rainy-day funds, 28, 29, 33, 186–187. See also sinking funds
- Raise, asking for a, 43, 55
- Real estate attorney, 159–160
- Real estate investment trusts (REITs), 175–176
- Realized gains, 128–129
- Realized losses, 129
- Recession, 21
- Recurring expenses, 88
- Recurring payments, 233
- Redlining, 16
- Refinancing debt, 174–175, 255–258
- Refunds, tax, 208
- Regressive tax, 214
- Reinvesting dividends, 149
- REITs (real estate investment trusts), 175–176
- Relocation budget, 55
- Renovations, home, 161–162
- Rental income, 208
- Renters insurance, 190–191
- Renting a home:
- Repairs, home, 160–161
- Reparations, 23
- REPAYE (Revised Pay As Your Earn), 243–244
- Replacement cost, for home, 189
- Resume, 52
- Retirement, 28, 29, 95–123
- early, 106–107
- gender/racial gaps in ability to retire, 107
- savings goals for, 34–35, 102–104
- and Social Security, 104–105
- Retirement investments:
- accounts for, 105–106
- annual check in on, 275–276
- asset allocation, 112–114
- automatic contributions for, 118
- calculations for, 102–103
- choosing, 114–118
- compound interest on, 95–96
- in 401(k) plan, 96–98, 101–102
- frequently asked questions about, 119–122
- in IRAs, 99–101
- Roth vs. traditional, 99–102
- terminology related to, 108–112
- Return, annualized, 128
- Revised Pay As Your Earn (REPAYE), 243–244
- Revocable trusts, 218–219
- Rewards, for money parties, 263
- Rich & REGULAR (brand), 106
- Risk:
- investment, 108–110, 113
- systemic and unsystemic, 137–138
- Risk tolerance, 110
- Robo-advisors, 130–132, 144–145
- Rollovers, IRA and 401(k) plan, 119–120
- Roommates, and renters insurance, 191
- Roosevelt, Franklin D., 104
- Roth IRAs, 99–102
-
- Salary.com, 50
- Salary negotiation, 48–55
- as annual process, 54–55
- and the double bind, 49–50
- market rate for, 50–51
- preparing for, 52–53
- reframing, 48–49
- responding to “no” in, 53–54
- and total compensation, 55
- walkaway rate in, 51
- Sales emails, 63
- Sales tax, 45, 206, 215
- Saunders, Julien, 106–107
- Saunders, Kiersten, 106–107
- Savings:
- and homeownership, 163–165
- and the Money Game, 268–270
- and retirement, 102–104
- Savings accounts, online, 66
- Schedule flexibility, in compensation negotiation, 55
- Scheele, Margaret, 47
- Scott, Linda, 19–20, 24
- Secondary health insurance, 183
- Secondhand clothing, 83–84
- Sector investing, 139–140
- Secured credit cards, 234
- Securities, 131
- Self-directed IRAs, 99
- Self-worth, 75
- Separately, filing taxes, 207
- Shame, 2–3, 239–240
- Shares, choosing number of, 148
- “Shecession,” 19–20
- Shopping locally, 83
- Short-term capital gains, 129
- Short-term disability, 201
- Short-term disability insurance, 199–201
- Short-term goals, 137
- Side hustles, 45
- Siebert, Muriel, 19
- Single filing status, 207
- Sinking funds, 64–69, 242
- automatic transfers for, 67
- incorporating goals with, 69
- for medical bills, 186–187
- planning for, 67–69
- using and adjusting your, 272–273
- theSkimm, 20, 39–40
- Small-cap companies, 140
- SMART goals, 31–32
- Snowball method of paying student loan debt, 250–251
- “Socially responsible” investing, 141–142
- Social Security, 104–105, 205–206, 208
- SoFi, 73, 130, 134, 184
- Soft inquiry, credit score, 226
- So Money (podcast), 13, 150
- S&P 500, 108, 139, 151
- Speculative investing, 153
- Spending awareness, 61–63
- Spending decisions:
- about travel, 37
- audit lens for, 85–87
- emotional, 110
- impulsive, 63
- Spending plan, 93, 276
- Spending threshold, 73
- SPIC insurance, 143
- Standard repayment option, 243
- Standard tax deduction, 212
- Stanford University, 104
- Starbucks, 83
- Stash, 29, 102, 195
- State Farm, 197
- State marketplace, health insurance, 181
- Steinem, Gloria, 20
- Steinhaus, Elyse, 39–40
- Stocks, 110–111, 117, 137
- Stock picking, 153–154
- Stop limit orders, 148
- Stop orders, 148
- Stress, 2, 213–214
- Student loan(s), 77, 242–249
- canceling debt from, 22–23
- difficulty paying, 254–255
- effect of, on Black commmunity and women, 247–248
- and investment, 135–136
- PSLF program for, 244–245
- repayment options for, 243–244
- taking inventory of your, 249
- and taxes, 208, 212
- types of, 243, 246–247
- Suitability standards, fiduciary vs., 132
- Super wealthy, taxing, 23
- Supplemental income, 45
- Sustainability, 82–83
- Systemic oppression, 11
- Systemic risk, 137–138
-
- Target date funds, 114
- Taxes, 205–215
- definition of, 205–206
- minimizing what you owe, 209–212
- progressive, 214
- property, 161
- and retirement investments, 30, 97, 116, 207, 210–211
- sales, 45, 206, 215
- for super wealthy, 23
- and wealth inequality, 214–215
- Taxable income, 97, 213
- Tax credits, 210–211
- Tax deductions, 211–212
- Tax filing, 209–214
- additional documents for, 208
- common mistakes with, 213
- deadline for, 208
- documentation for, 213–214
- free services, 209
- minimizing stress of, 213–214
- 1099 forms, 208
- W-2 forms, 207
- W-4 forms, 206–207
- Tax filing status, 207
- Tax-free contributions, HSA, 186
- “Tax fund,” 45
- Tax-loss harvesting, 131
- Tax preparation services, 209–210
- Tax rate, for IRAs, 99–100
- Tax refunds, 208
- TD Ameritrade, 135
- 1040 form, 209
- 1099 forms, 208
- Term life insurance, 195–198
- Tesla, 146, 154
- The 30-Day Money Cleanse (Gerstley), 3, 72, 262
- Thrift Savings Plan (TSP), 98
- Ticker symbol, 115, 138
- Timing:
- of homeownership, 156
- of investing, 136–137
- Title insurance, 159
- Torabi, Farnoosh, 13, 22, 23, 150–151, 153
- Tracking, index, 148
- Trading fees, 143
- Traditional IRAs, 99–102, 211
- Trans-related healthcare, 185
- TransUnion, 224–225
- Travel costs, 36–37
- Travel insurance, 37
- Treatment exclusions, health insurance, 185
- Trustees, 218
- TSP (Thrift Savings Plan), 98
- Tulsa Race Massacre, 16
- Tulshyan, Ruchika, 53
-
- UltraFICO, 233
- Umbrella insurance policies, 194
- Uninsured/underinsured motorist insurance, 193
- Universal life insurance, 196
- University of California Irvine, 12
- University of Oxford, 19
- Unpaid labor, by women, 48
- Unrealized gains, 128–129
- Unrealized losses, 129
- Unsystemic risk, 137–138
- Updates, home, 161–162
- USDA mortgages, 168
- User names, account, 265
-
- Values-based investing, 141–142
- VA mortgages, 168
- Vanguard, 108, 115, 135
- VantageScore, 225
- Variable expenses, 58
- Variable life insurance, 196
- Vesting, 55, 119
- Visas, 37
-
- W-2 form, 207
- W-4 form, 206–207
- Wage, minimum, 11, 22
- Wage gap(s):
- and ability to retire, 107
- closing, 46–48, 54
- for mothers, 11
- for people with disabilities, 46
- for women, 13
- Walkaway fund, 33–34
- Walkaway rate, 51
- Wallet Activism (Hester), 81–82
- Walsh, Brian, 73, 134, 135, 154, 184, 194, 197, 202, 258
- Wasserman, Claire, 49, 54
- Wealth, need for women to have, 21–22
- “Wealth chasm,” 13–14
- Wealthfront, 116, 130, 151
- Wealth gap(s). See also Equity in personal finance; Gender disparity; Racial disparity
- and college costs, 247
- and financial equality, 90–91
- and homeownership, 156
- and medical debt, 188
- and racial lending discrimination, 171
- and reparations, 23
- and taxes, 214–215
- Well-being, financial, 223–224
- White families:
- and investing culture, 19
- net worth of, 13–14
- Whole life insurance, 196
- Widower, qualifying, 207
- Will, for estate planning, 217–219
- Women. See also Gender disparity; Mothers; Wage gap
- disability insurance rate for, 200
- double bind for, 49–50
- economic opportunities for, 21, 54
- effects of COVID-19 pandemic on, 20
- imposter syndrome for, 53
- investing by, 125–127
- need for wealthy, 21–22
- overlooked/unpaid labor of, 48, 52
- Pink Tax for, 63
- salary negotiation by, 49
- with student loans, 247–248
- systemic barriers for, 18–19
- walkaway fund for, 33–34
- Workers' rights, 83
- Work expenses, reimbursable, 267–268
- Workforce, equal representation in, 54
- Work-optional lifestyle, see Retirement
-
- Zero percent interest transfers, 257–258
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