Index

  • 4% rule, understanding, 7–8
  • A
  • Ability
    • clarification, 131
    • identification, examples, 85–88
  • Account balances, input, 41–42
  • Accounts, titling, 222
  • Active investing, passive investing (contrast), 179–181
  • Actual cash value, replacement cost (contrast), 213
  • Annual costs, estimation, 46
  • Annual expenses, 47
    • estimation, process, 47
  • Assets
    • allocation, 168, 169–181
      • action/implementation, 193–203
      • maintenance process, 191–192
    • asset-located portfolio, 197–199
      • advantages/disadvantages, 199
    • beneficiary designations, 221–222
    • location, 168, 181–184
    • tax-efficient placement, 201
    • transfer, 221–223
    • types, 169
  • Augustine, Amanda, 124, 128, 134, 137, 138, 139
  • Auto insurance, 214–215
  • B
  • Band, Zvi, 130
  • Bank fees, elimination, 62, 63t
  • Base portfolio structures, 202t
  • Base résumés, 142
  • Beneficiaries, designation, 221–222
    • confirmation, 223
  • Bengen, Bill, 7–8
  • Berg, Justin, 98
  • Blind spots, avoidance, 243
  • Bogle, Jack, 185
  • Bonds
    • allocation, execution (example), 198t
    • company loans, 169
    • investment returns, 171t
    • risk/return characteristics, 171
  • Borrowing plans, future, 55–56
  • Brainstorming, 83
  • Brennan Allamano, Cara, 97, 98
  • Buffett, Warren, 175
  • Burn rate, 40
    • coverage, minimum salary (requirement), 48
    • data, obtaining, 47
    • determination, 46–47
    • metric, 45–49
    • template, 46t
  • Business
    • coach, enlistment, 114–115
    • models, exploration, 113, 114t
  • C
  • Cable fees, negotiation, 64–65
  • Capital appreciation, S&P500 return, 171t
  • Career
    • acceleration, managerial power/political capital, 34
    • coaches, 243–244
    • company sections, review, 124
    • development, managerial support, 34
    • exploration, 125–126
    • ideal, attainment, 13
    • living expenses, impact, 11t
    • love, pursuit (myth), 21–22
    • myths, 16–24
    • path, 141–142
    • roles, narrowing, 133–134
    • starting point, determination, 25
  • Cars, values, 43
  • Cash, risk/return characteristics, 171
  • Chiprich, Erik, 213
  • Christensen, Clay, 16–17
  • Clear, James, 235, 236 - 237
  • Clements, Jonathan, 151
  • Communication skills, 88
  • Companies
    • activity, examples, 83–85
    • career sections, review, 124
    • earnings, 167t
    • exploration, 124–125
    • informational interview, impact, 127
    • job-specific sites/forums, usage, 124–125
    • loans (bonds), 169
    • news articles, search, 124
    • partial ownership (stocks), 169–170
    • research, 142–144
    • resources, avoidance, 111
    • skills, learning opportunities, 135–136
    • team projects, involvement, 135
  • Compensation, requirements, 95
  • Computer skills, 88
  • Consolidation, 73, 74–75
  • Corporate ladder, climbing (myth), 18–20
  • Credit
    • history, length, 54–55
    • information, usage, 50
    • reporting agency information, usage, 51
    • utilization, 54
  • Credit cards
    • cancellation, decision, 55–56
    • debt, reduction, 72–73
    • fees, elimination, 62, 63t
    • FICO score, 52
    • interest rate reduction, request, 73, 74
    • refinancing, 74, 75
    • rewards, maximization, 66
    • transfers, balancing, 75
  • Credit reports, 40
    • metric, 49–50
    • review/checking, 57
  • Credit scores, 40
    • examination, 50–51
    • methodology, 50
    • metric, 49–50
    • obtaining, 51–52
    • timing, 51
    • types, 51
  • Critics, silencing, 234–235
  • D
  • Day-to-day responsibilities, 29
  • Debt
    • cost, reduction options (determination), 73–74
    • high-cost debt, payment, 155
  • Debt inventory, 73t
  • Decembrele, Blair, 93, 101, 139
  • Deductible, term (usage), 207
  • Directional investment guidelines, goal time frame basis, 189t
  • Disability, definition, 212
  • Disability insurance, 210–212
    • benefit amount/period, 212
    • coverage amount/length, 210–211
    • elimination period, 211, 212
    • employer-provided coverage, 210–211
    • policy, selection process, 211–212
    • premium, payment amount, 211
    • pretax/post-tax dollars, 211
  • Discover, FICO score, 51–52
  • Diversification
    • portfolio diversification, holdings (contrast), 173–174
    • reduction/increase, 174–175
  • Dividends, S&P500 return, 171t
  • Dutton, Jane, 29, 98
  • Dweck, Carol, 228–229
  • E
  • Earnings on earnings, original investment (contrast), 167t
  • Educational goals, 155
  • Emergency fund, preparedness, 154
  • Employee benefits
    • comparison, 127
    • impact, 32
    • tax-saving strategies, 71t
    • usage, 70
  • Employee flexibility, company allowance, 127
  • Employer-provided coverage, 210–211
  • Entrepreneurship, exploration, 108
  • Estate planning, 219–221
    • wills, usage, 220
  • Exchange-traded funds (ETFs)
    • consideration, 177–178
    • mutual funds, contrast, 177–179, 179t
    • usage, 176–177
  • Expenses
    • annual expenses, 47
    • decrease, strategies, 61t
    • fixed monthly expenses, 46–47
    • housing expenses, reduction, 68–69
    • investment expenses, 184–186
    • living expenses, 11t, 49, 212
    • net income, relationship, 48
    • reduction, 62–76
    • review, 160, 163
    • shopping expenses, reduction, 65, 65t
    • variable monthly expenses, 47
  • Expenses, bucketing, 46–47
  • F
  • Fair Isaac Corporation (FICO), 50
    • credit history, length, 54–55
    • credit utilization, 54
    • FICO-based scores, 51–52
    • new credit, credit mix, 56
    • payment history, 52–54
    • scoring
      • methodology, 53t
      • model, explanation, 52–57
  • Fear of failure, overcoming, 228–231
  • Federal Student Loans, consolidation, 73, 74–75
  • Feedback, examples, 89
  • Ferri, Rick, 204
  • Ferriss, Tim, 229–230
  • Finances, organization, 151
  • Financial advisors/planners, 244–245
  • Financial capital, evolution, 5f
  • Financial flexibility, 12–13
  • Financial freedom, 8–10
  • Financial goal-setting template, 158t
  • Financial independence, 12–13
    • amount, requirement (understanding), 7–8
    • saving, 155
  • Financial needs, consideration, 92
  • Financial report card, 58t
    • compilation, 39
    • metrics, 40
  • Financial runway, 40, 49t
    • action plan, 61–62
    • improvement, 76–77
    • increase, process, 59
    • length, 6–7
    • metric, 49
    • months
    • power, 8–10
    • update, 77t
  • Fixed monthly expenses, 46–47
    • process, 47
  • Food
    • costs, decrease, 66–67
    • waste, decrease, 67
  • Ford, Anthony, 219, 223
  • G
  • Geographic needs, consideration, 92
  • Goals
    • destination, selection, 154–156
    • determination, 129
    • elimination, 160, 162
    • expenses, review, 160, 163
    • financial goal-setting template, 158t
    • mandatory goals, 154–155
    • mapping, 157–158
    • optional goals, 155
    • plan, refinement, 159–163
    • prioritization, 160–161
    • review, 189–191
    • savings, 157
      • requirement, 158
    • upfront cost, 157
  • Gray, Nick, 130
  • H
  • Hauser, Fran, 100, 129
  • Health care proxies, usage, 220–221
  • Health insurance, 207–210
    • coverage, flexibility, 208
    • decision
  • Hierarchy of needs (Maslow), 18f
  • High-cost debt, payment, 155
  • Hock, Antonia, 131
  • Holden, Luke, 107–108
  • Holding periods, investment returns, 173t
  • Holdings, portfolio diversification (contrast), 173–174
  • Homeowners insurance
    • coverage, 212–213
    • dwelling coverage, 213
  • Home purchase
    • ability, 156
    • decision, 156–157
    • saving, decision, 156–157
    • savings, calculation process, 158–159
  • Houses, values, 43–44
  • Housing
    • expenses, reduction, 68–69
    • location, evaluation, 69
    • roommate, obtaining, 69
    • space/amenities, value alignment, 69
  • Human capital, evolution, 5f
  • I
  • Ideal job, identification, 93–95
  • Identity, diversification, 229–230
  • Illiquid assets, liquid assets (contrast), 44
  • Income
    • decrease, 70
    • dependence, 216–219
  • Industries
    • elimination, 93
    • evaluation, 29
    • research, 142–144
  • Informational interviews, usage, 126–127
  • Insurance, 206–207
    • auto insurance, 214–215
    • disability insurance, 210–212
    • health insurance, 207–210
    • homeowners insurance, 212–213
    • liability insurance, 213
    • life insurance, 216–219
    • needs, 207t
    • policies, review, 223
    • property insurance, 212–213
    • renters insurance, 212–214
    • types, 207–213
    • umbrella/liability insurance, 215
  • Interest rate
    • debt inventory, 73
    • reduction, request, 73, 74
  • Interests
    • identification, 82–90
    • shared interests, determination, 129–130
  • Internet fees, negotiation, 64–65
  • Internet, usage, 114
  • Interpersonal skills, 88
  • Interviewers
    • questions, usage, 144–145
    • research, 143–144
  • Interviews, 142–146
    • practice, 145–146
    • questions, 144–145
    • why questions, answers, 144
  • Investing
    • asset allocation/location, 168
    • decisions, 169–182
    • factors, 168–169
    • fees/expenses, 168
    • initiation, 186
    • knowledge, 165
    • passive investing, active investing (contrast), 179–181
    • power, reasons, 166–168
    • risk, return (contrast), 170–173
  • Investment
    • directional investment guidelines, goal time frame basis, 189t
    • discomfort, 252–253
    • fees, average, 185t
    • fees/expenses, 184–186
    • focus, 227
    • placement, 181–184
    • strategy
      • selection process, 202–203
        • change, 203–204
    • taxable investment, 181
    • tax-deferred investment (pretax investment), 181
    • tax-efficient investments, 198
    • tax-free investment (Roth investment), 181
    • tax-inefficient investments, 198
  • Investment returns
    • holding periods, variation, 173t
    • stocks/bonds, 171t
  • J
  • Job roles
    • changes, considerations, 132–133
    • competitive advantages, 133
    • evaluation, 36t
    • money/time, requirement, 132–133
    • narrowing, 131–134
    • prioritization, 133, 134t
    • research, 123–124
    • skills, requirement, 133
    • transitions, questions, 132
    • type, meaning, 131–132
    • understanding, informational interviews (usage), 126–127
  • Jobs
    • ability, identification (examples), 85–88
    • adjustment process, 97
    • applications, submission, 138
    • change
      • action, 137
      • career myth, impact, 24
      • consideration, 132–133
      • decision, 121–122
      • preparation, 121
    • characteristics, brainstorming, 83
    • choices, flexibility, 12
    • comparison analysis, 147–148
    • compensation, requirements, 95
    • connections
      • building, 128
      • informational interviews, usage, 126–127
    • content, consideration, 95
    • control, 23–24
    • descriptions, review, 124
    • enjoyment, 28
    • expectations/feedback, 34
    • exploration, networking (usage), 126–131
    • exposure, 34
    • factors, 28–35
    • ideal job, identification, 93–95
    • impact, ability, 29
    • interests, identification, 82–90
    • interviews, 142–146
    • job-specific sites/forums, usage, 124–125
    • life, quality (gauging), 32–33
    • LinkedIn profiles, usage, 123
    • location, importance, 95
    • online research, usage, 123
    • online searches, usage, 124
    • opportunities
      • evaluation, 146–147
      • identification/application, 138–139
    • optimization, 79
    • options, role (impact), 30
    • positioning, effectiveness, 139–142
    • positions, elimination, 93
    • practicalities, 110–112
    • preferences
      • identification, 82–83
      • summary, 94t
    • prioritization, 111
    • proposals, 101
      • examples, 101–105
    • prospects, side hustle threat, 111–112
    • purpose, determination, 112
    • pursuit, determination, 112–119
    • quality, 27
      • appearance, 81
      • examples, 83–85
    • quitting, impact, 120
    • recruiters, engagement, 138–139
    • results, time requirement, 111
    • rewards/pay/promotion, fairness, 33
    • search, focus, 122–125
    • situation, summary, 35–37
    • solutions, imagining, 100
    • starting point, determination, 25
    • strengths, identification, 82–90
    • success, appearance, 134
    • supplementation. See Side hustle.
    • team, growth potential, 126
    • time, requirement, 110–111
    • trade-offs, exercise, 92–93
    • transitions, questions, 132
    • tweak
      • helpfulness, 99t
      • improvement, 105–106
    • tweaking
      • brainstorming, 106t
      • process, 97
      • term, identification, 98
    • understanding, 15
    • win-win, 100–101
    • worst-case scenario, 120
  • Jobs, value
    • addition, 29–30
    • attainment, 28–29
    • perception, 33–35
    • role, alignment, 32–33
  • L
  • Leadership, 88
  • Lender debt, inventory, 73
  • Liability insurance, 213
  • Life
    • appearance, identification (exercise), 90–92
    • coaches/therapists, 245–246
    • control, 11–12
    • diversification, 109–110
    • flexibility
      • living expenses, impact, 11t
      • saving, 155
    • quality, 95
      • gauging, 32–33
      • improvement, 32
  • Life insurance, 216–219
    • beneficiary designation, 222
    • cost, 219
    • needs, estimation, 218t
    • policy
      • duration, 217
      • investment component, addition (decision), 218
    • survivors, benefit level (determination), 217–218
    • term life insurance, permanent life insurance
      • contrast, 216–219
      • decision factors, 217–219
  • LinkedIn profiles, usage, 123
  • Liptak, Adam, 19
  • Liquid assets, illiquid assets (contrast), 44
  • Living expenses, 212
    • impact, 11t
    • months, saving, 49
  • Living trusts, 222–223
  • Living wills, usage, 220–221
  • Lottery, winning (dream), 10
  • Lynch, Peter, 175
  • M
  • Magidson, Caitlin, 245, 247
  • Management, job factor, 83
  • Managers
    • job impact, 34
    • proposals, 101
      • examples, 101–105
    • respect, 34
  • Mandatory goals, 154–155
  • Market value, increase, 30–31
  • Maslow, Abraham, 17
    • hierarchy of needs, 18f
  • McGinnis, Patrick, 107
  • McGoff, Brock, 117–118
  • McGoodwin, Lauren, 23, 35, 101, 123
  • Mental fitness, 238–239
  • Miller, Scott, 233, 238
  • Mindset, importance, 228–229
  • Minimum salary, requirement, 48
  • Money
    • amount, availability, 40
    • borrowing, responsibility, 49
    • depletion, path, 45
    • extra, earning, 109
    • impact, 253
    • importance, myth, 16–18
    • saving, 5–6, 48
      • acceleration, 11
    • spending, examination, 60–61
    • work, connection, 1–2
  • Monthly costs, estimation, 46
  • Mornings, exploitation, 233–234
  • Moross, Richard, 130
  • Mortgage, refinancing, 68
  • Must-haves (goals), 160
  • Mutual funds
    • consideration, 177
    • ETFs, contrast, 177–179, 179t
    • usage, 176–177
  • N
  • Net income, expenses (relationship), 48
  • Net revenues, determination, 119
  • Networking, 139
    • follow-up, 130
    • learning/listening, 129–130
    • procedure, 128–131
    • time allotment, 128–129
    • usage, 126–131
    • value, addition, 130
  • Net worth
    • calculation, 41–42
      • automated method, 42
      • old-school method, 41–42
    • checking, 45
    • current price, purchase price (relationship), 44–45
    • equation, 40
    • importance, 4
    • metric, 40–42
    • template, 41t
  • Nice-to-haves (goals), 161
  • O
  • O'Connell, Stefanie, 21–22
  • Office environment, impact, 32
  • O'Meara, Rachael, 239
  • One-bedroom apartment, savings (requirement), 160t
  • One-fund portfolio (target-date fund), 193–194
    • advantages/disadvantages, 194
    • fees, problems, 194–195
    • naming convention/fees, 194t
  • Online (job) research, usage, 123
  • Online searches, usage, 124
  • Online tax calculator, usage, 48
  • Opportunities
    • exploration, job (supplementation), 107
    • testing, 108
  • Optional goals, 155
  • Oransky, David, 203–204, 219
  • Original investments, earnings on earnings (contrast), 167t
  • Out-of-network providers, flexibility, 209
  • Outside interests, examples, 88–89
  • Outstanding balance, inventory, 73
  • P
  • Pasricha, Neil, 118–119
  • Passive investing, active investing (contrast), 179–181
  • Past work, reflection, 113
  • Paycheck, analysis, 48
  • Peace of mind, achievement, 237–239
  • People
    • interactions, 234–237
    • meeting, 109
  • Permanent life insurance, term life insurance (contrast), 216–219
  • Perquisites, usage, 108–109
  • Personal activities, scheduling, 232–233
  • Personal belongings, coverage, 212
  • Personality tests, results, 90
  • Personal loans, usage, 75
  • Phone fees, negotiation, 64–65
  • Portfolio
    • asset-located portfolio, 197–199
    • base portfolio structures, 202t
    • complications, robo-advisors (impact), 201
    • one-fund portfolio (target-date fund), 193–194
    • options, evaluation, 193–203
    • rebalancing process, 191–192
    • three-fund portfolio, 195–197
  • Portfolio construction, 187
    • goals, review, 189–191
    • prerequisites, 188–189
  • Portfolio diversification
    • building, mutual funds/ETFs (usage), 176–177
    • holdings, contrast, 173–174
  • Power of attorney, usage, 221
  • Predictability, job factor, 83
  • Preferences, identification, 82–83, 90–93
  • Premium
    • amount, payment, 211
    • term, usage, 207
  • Prestige, importance (myth), 16–18
  • Pretax investment. See Tax-deferred investment
  • Primary care physician, visit (requirement), 209
  • Priorities, identification, 90–93
  • Private student loan refinancing, 76
  • Problems/projects, questions, 89
  • Proctor, Bob, 253
  • Professional activities, scheduling, 232–233
  • Professional goals, 155
  • Property insurance, 212–213
    • personal belongings, coverage, 212
    • replacement cost, actual cash value (contrast), 213
  • Property, titling, 222
  • Proposals. See Jobs; Managers
  • Protection
    • assets, relationship, 214–215
    • income dependence, 216–219
    • insurance types, 207–213
  • R
  • Ramaswamy, Veena, 76
  • Recruiters, engagement, 138–139
  • Refinancing
    • personal loans, usage, 75
    • private student loan refinancing, 76
    • usage, 74, 75
  • Renters insurance
    • coverage, 212–213
    • decision reason, 214
  • Rent, negotiation, 68
  • Replacement cost, actual cash value (contrast), 213
  • Résumés
    • base résumés, 142
    • bullets, usage, 140
    • clarity, 140–141
    • customization, 141–142
    • keywords, usage, 142
  • Retirement
    • accounts, beneficiary designation, 222
    • money, saving, 5–6, 155
  • Returns. See Investment returns; Risk
    • calculation, 184
  • Ries, Eric, 139
  • Risk, return (contrast), 170–173
  • Robo-advisors
    • considerations, 199–201
    • problems, 201
    • target-date fund, contrast, 200
  • Roles. See Career; Job roles
    • prioritization, 133
    • research, 142–144
    • skills, requirement, 133
    • time/money, requirement, 133
  • Roommate, obtaining, 69
  • Roth, Allan, 179
  • Roth investment. See Tax-free investment
  • Roubini, Nouriel, 176
  • S
  • Salary, contribution, 70
  • Sanity, maintenance, 237–239
  • Savings goals, 155
  • Saying no, learning, 237–238
  • Schedule audit, 231–232
  • Schedule, job factor, 83
  • Sehgal, Kabir, 20
  • Self-comparison, cessation, 236–237
  • Self-help, importance, 239
  • Self-management, 88
  • Seriousness, reduction, 230–231
  • Service providers, 241
    • answers, 242
    • bias, absence, 242–243
    • deliverables, 248
    • experience/credentials, 246–247
    • expertise, 247
    • fees, 248
    • fit/rapport, 247
    • offerings, 242–243
    • types, 243–246
    • vetting process, 246–248
  • Services, cancellation, 64
  • Sethi, Ramit, 60, 61, 231
  • Shared interests, determination, 129–130
  • Shopping expenses, reduction, 65, 65t
  • Side hustle (job supplementation), 107–109
    • action, 115
    • adjustments, 117–119
    • areas, exploration, 112–113
    • base case scenario, 120
    • business
      • coach, enlistment, 114–115
      • models, exploration, 113, 114t
    • case studies, location, 113
    • entry, decision, 119–120
    • evaluation, 117–119
    • extra money, earning, 109
    • funding strategy, consideration, 113–115
    • industry experts, knowledge (usage), 114
    • Internet search, 114
    • job threat, 111–112
    • life, diversification, 109
    • mapping, 116t–117t
    • needs, satisfaction, 108
    • net revenues, determination, 119
    • perquisites, 108–109
    • practicalities, 110–112
    • purpose, determination, 112
    • pursuit, identification, 112–119
    • results, time requirement, 111
    • time, requirement, 110–111
    • type, determination, 112
  • Skills
    • advanced degree program, usage, 136
    • classes/webinars, 135–136
    • examples, 88
    • gaining, 108
    • gap, closure, 134–136
    • learning opportunities, 135–136
    • volunteering, impact, 136
  • Social media, self-comparisons (cessation), 236–237
  • Social pressures, combatting, 235–236
  • Standard & Poor's 500 (S&P500) return, breakdown, 171t
  • Steib, Mike, 232
  • Stocks
    • allocation, execution (example), 198t
    • investment
    • partial company ownership, 169–170
    • risk/return characteristics, 171
    • winners, selection consistency (impossibility), 175–176
  • Strengths, identification, 82–90
  • Stress level, job factor, 83
  • Student loans
    • consolidation, 73
    • debt, reduction, 72–73
    • options, 76
    • private student loan refinancing, 76
    • refinancing, 74, 75
  • Subscriptions, cancellation, 64
  • Success, appearance, 134
  • Survivors, benefit level (determination), 217–218
  • T
  • Target-date fund. See One-fund portfolio
    • robo-advisors, contrast, 200
  • Taxable investment, 181
  • Tax-deferred investment (pretax investment), 181
    • consideration, 184
    • Roth investment, contrast, 182–184
  • Tax-efficient investments, 198
  • Taxes
    • reduction, 69–72
      • employee benefits, usage, 70
    • tax-saving strategies, 70–71, 71t, 72t
  • Tax-free investment (Roth investment), 181
    • consideration, 184
    • pretax investment, contrast, 182–184
  • Tax-inefficient investments, 198
  • Tax-loss harvesting, problems, 200–201
  • Teams
    • projects, involvement, 136
    • research, 143
  • Term life insurance, permanent life insurance (contrast), 216–219
  • Therapy, money (saving), 246
  • Three-fund portfolio, 195–197
    • advantages/disadvantages, 197
    • construction, funds usage (example), 196t
  • Time, usage (efficiency), 111, 231–234
  • Transfer-on-death accounts, beneficiary designation, 222
  • Transfers, balancing, 75
  • True calling, myth, 20
  • Tweaking. See Jobs
    • term, identification, 98
  • U
  • Umbrella/liability insurance, 215
  • V
  • Value. See Jobs
    • addition, 130
    • clarification, 131
    • increase. See Market value.
    • role, alignment, 32–33
  • Vanderkam, Laura, 231
  • VantageScore-based scores, 52
  • Variable monthly expenses, 47
    • process, 47
  • Voluntary activities, forgoing, 110
  • Volunteering, 136
  • W
  • Wang, Jim, 118
  • Wealth protection, 205
  • Weekdays, envisioning, 91, 91t
  • Weekend days, envisioning, 91, 91t
  • Welch, Jack, 23
  • Whitney, Meredith, 176
  • Why questions, answers, 144
  • Wills
    • living wills, usage, 220–221
    • usage, 220–221
  • Win-win (jobs), 100–101
  • Wolfe, Paul, 129, 132
  • Wong, Kristin, 9
  • Work
    • hours, job factor, 83
    • impact, questions, 30
    • money, connection, 1–2
    • past work, reflection, 113
    • responsibilities, reward, 33
    • schedule flexibility, impact, 32
    • work-life balance, myth, 22–23
  • Working, goal (myth), 18–20
  • Workload, comparisons, 127
  • Worst-case scenario (jobs), 120
  • Worth, estimation, 3
  • Wrzesniewski, Amy, 29, 98
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