I Hope I Never See You In My Office
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About this ebook
Want to learn more about personal finance? This book provides a comprehensive guide to personal finance topics such as credit, credit scores, credit reports, mortgage loans, income tax, insurance, investments, retirement, and estate planning. You will gain a foundational understanding of these topics which you can use to build your financial future.
Patrick Riley
Attorney and Accredited Financial CounselorWake Forest University, B.A.Oxford University, Richter FellowshipWake Forest University School of Law, J.D.Accredited Financial Counselor, AFCPE
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I Hope I Never See You In My Office - Patrick Riley
I HOPE I NEVER SEE YOU IN MY OFFICE
PATRICK D. RILEY
ATTORNEY & ACCREDITED FINANCIAL COUNSELOR ®
Copyright 2011 Patrick D. Riley
Smashwords Edition
This ebook is licensed for personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person please purchase and additional copy for each recipient. If you are reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.
CHAPTER ONE: INTRODUCTION
Since an early age I have maintained a personal obsession with personal finance. I opened my first savings account at age seven and began saving for retirement at age sixteen. After college and law school I began to focus my career on personal finance. I operate a full-time law practice as well as an independent financial counseling practice. My law practice is focused on helping individuals and businesses address issues such as bankruptcy, tax, and estate planning. I am an Accredited Financial Counselor ® with the Association for Financial Counseling and Planning Education. My financial counseling practice is designed to help clients look backwards and make remedial changes.
I hope I never see you in my office.
Well, at least not for assistance when facing financial stress. I would rather help you plan for your financial future or have you stop by for a visit.
There are literally thousands of books, audio lessons, and television programs devoted to personal finance. I have done my best to read, listen, and watch as many of these as possible. If you are looking for a get rich quick scheme then you need to look elsewhere. From my studies I have found that there is not a single book that can teach you everything you need to know about personal finance. From my work with clients I have learned that there is not a step-by-step plan that you can follow to become rich. I remind each client that the first word of personal finance is personal and we all carry our own definition of rich.
I have written this book with two goals in mind – to educate readers on personal financial topics and assist them with their own financial planning. It is my personal belief that financial education is vital in order to achieve financial success. However, education is useless if not properly applied. It is my hope that the information provided in this book can provide you with a strong financial education and help you create a financial plan that will allow for you to achieve your financial goals. I will leave the application up to you.
CHAPTER TWO: WHERE DO YOU STAND?
When you evaluate your personal finances you must look at your financial past, present, and future. Before you can start you must ask three tough questions: where do you stand; how did you get there; and where are you headed?
Financial records are documents that reflect your financial transactions such as bills, receipts, bank statements, paystubs and tax returns. Your financial records demonstrate your financial past. These records demonstrate how you got where you are today. Financial statements are compilations of personal financial data that describe your current financial condition.
One of the most useful financial statements to determine your current financial position is a balance sheet (or net worth statement) which reports everything you own and everyone that you owe. Your balance sheet provides a snapshot view of your financial position on a specified date in time by demonstrating your assets, liabilities, and overall net worth. It answers the question of where do you stand?
Assets are property you own that have monetary value. This means that the asset could be bought, sold, or traded for cash or cash equivalents. Your assets should be valued at fair market value which represents the amount that a willing buyer would pay you for the good and not the amount that you originally paid or the amount that you expect it would be worth at a future time. Personal and family items may be valued more to you than they would be an independent seller or purchaser of the item. Make sure to be reasonable with values that you attach to these items.
Monetary assets (also known as liquid assets or cash equivalents) include cash, checking, savings, and money market bank accounts, and non-cash items that can be converted to cash with little to no loss in value. Monetary assets are primarily used for the maintenance of living expenses, financial emergencies, savings, and payment of bills.
Tangible assets (or use assets) are personal property used to maintain your everyday lifestyle. An example of a tangible asset is your automobile or household goods. These items will generally depreciate in value over time as they are used up
in your day-to-day living.
Investment assets (also known as capital assets) include tangible and intangible items that are acquired primarily for the purpose of generating income or with the expectation that they will increase in value over time. Such assets generally have a higher initial cost but a longer expected period of use or value. Examples of investment assets include stocks, bonds, mutual funds, real property, and annuity investments.
To calculate assets, start by making a list of your tangible assets including