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Making millions for dummies - Coggle Diagram
Making millions for dummies
Part 1. Getting your finances in order
Chapter 1. Gathering the building blocks
Shattering money myths
Understanding your relationship with money
Asking yourself how you think about money
Changing your thinking
Making a plan
Choosing your path to wealth
Staying there when you get there
Things wealthy people know
Chapter 2. Understanding your money personality
Figuring out how you feel about money
The planner
The spender
The needster
The lord (or Lady) Bountiful
The hoarder
Changing how you feel about money
For the planner: Focusing on flexibility
For the spender: Discovering yourself
For the needster: Unlocking emotions
For the lord (or Lady) Bountiful: Compromising
For the hoarder: Growing up
Knowing what you won't do for money
Living your values
Understanding trade-offs
Minimizing your risk
Knowing what you're getting into
Developing a long-term outlook
Starting a new life with money
Chapter 3. Setting your financial goals
Identifying what's important to you
What you want in the next five years
What you want for the future
What you want now
Putting your goals in writing
Starting with the general
Making your goals SMART
Keeping your goals in mind
Staying on track
Chapter 4. Working out finances with your spouse and partner
Spill your guts: sharing your financial story
How much you know
What you need to know
Why you need to know
Getting the most out of your financial partnership
You like potato and i like potahto: identifying your differences
Talking about your expectations
Discussing your goals
Go team! setting priorities together
Finding a mutual comfort zone
Focusing on the positive
Part 2. Strategies for building wealth
Chapter 5. Living below your means
Spending money you don't have
The instant gratification factor
Who are you keeping up with again?
Changing your spending habits
Anticipating changes in your means
Losing an income
Dealing with a struggling economy
Planning for new expenses
Chapter 6. Managing debt and freeing up your money
Understanding your credit
The credit bureau
Your credit score
Good debt versus bad debt
Figuring out what your debt costs you
Getting a handle on your debt
Organizing your budget
Getting started
Creating your budget
Keeping it flexible
Freeing up your money
Saving money with your car
Saving money at home
Saving money when you're shopping
Avoiding fees and extra charges
Overdraft charges
Maintenance fees
Late fees
Chapter 7. Starting on your savings plan
Understanding why saving matters
Unexpected expenses
Major life changes
Developing a saving attitude
Finding pleasure in saving
Saving for specific things
Changing your life
Figuring out where to start
Setting your priorities
Paying yourself first
Making it automatic
Putting it beyond temptation's reach
Filling your emergency fund
After your emergency fund is full
Chapter 8. Getting the most from your job
Allocating your paycheck
Using direct deposit to augment your savings
Taking advantage of pretax deductions
Pensions
Stock plans
Stock options
Employee stock purchase plans
Restricted stock awards
Restricted stock units
Using what you've earned
Holiday, vacation, and personal time
Raises
Bonuses
Other perks
Changing jobs
What to do with your 401(k)
Severance pay
Health insurance
Part 3. Paths paved with gold
Chapter 9. Starting your own business
Before you jump in
Starting from scratch
Determining the kind of business you want
Assessing your skills
Figuring out what you'll need
Building it into the black and beyond
Buying a franchise
Weighing the pros and cons
Focusing on funding
Determining the best opportunity for you
Taking over an existing business
Reviewing financial statements
Keeping an eye on contracts and leases
Paying attention to potential or ongoing litigation
Unvestigating other areas
Chapter 10. Inventing a better mousetrap
Coming up with your big idea
Pairing problems and solutions
Checking out your idea
Getting paid for your big idea
Seeing the value in your idea
Outcommercializing the competition
Licensing versus producing and selling outright
Protecting your bid idea
Patents, trademarks, and copyrights
Confidentiality
Recordkeeping
Chapter 11. Inheriting wealth
Dealing with the emotional impact
Understanding what you feel
Taking your time
Thinking of your inheritance as yours
Managing your inheritance
Recognizing the tax implications
Braking out that list of goals
Matching goals and strategies
Blowing it - or at least some of it
Chapter 12. Winning wealth
Coping with sudden wealth
Building wealth from winnings
Taking your time
Getting professional advice
Talking to your family
Implementing a management plan
Treating gambling as what it is
Understanding the odds
Taking the right attitude
Chapter 13. Investing for wealth
Developing your investment philosophy
Determining your risk tolerance
Getting advice from the big guns
Choosing whom to listen to
Taking control of your investments
Investing in the stock market
The importance of diversifying
Cultivating patience
Things to look for
Things to avoid
Getting a broker
Doing it yourself
Avoiding big mistakes
Hidden fees
Misrepresentations
High-pressure sales tactics
Ceding control to your broker
Chapter 14. Joining the landed gentry
Building wealth in your home
Knowing what you can afford
Understanding your mortgage options
Building equity - and keeping it
Considering investment property
Figuring out your plan
Understanding the market
Dedicating your time
Developing your professional network
Exploring real estate investment groups
Understanding real estate investment trusts
Things to look for
Things to avoid
Part 4. Managing your wealth
Chapter 15. Going to the pros
Choosing a financial planner
What to look for
Where to look
Meeting prospective planners
Knowing what you're paying for
Choosing an investment broker
What to look for
Figuring out the fees
What to stay away from
Choosing an attorney
What to look for
Where to look
What to avoid
Choosing an insurance agent
Independents versus captive agents
Where to look
Choosing a tax preparer
What to look for
What to avoid
Chapter 16. Going for growth versus going for income
Determining the right mix for you
Factoring in your risk tolerance
Assessing other factors
Understanding investment risks
Low-risk investments
Moderate-risk investments
High-risk investments
Keeping your balance
Reassessing your goals
Avoiding common (and expensive) mistakes
Chapter 17. Minimizing uncle sam's share
Filling out your W-4 form
Selecting your filing status
Claiming single/zero
Claiming allowances
Figuring deductions and adjustments
Keeping records
Knowing what's deductible
Investing in accounting software
Creating your own spreadsheet
Crunching the numbers
Are you better off itemizing?
Will you run up against the alternative minimum tax?
How can you offset capital gains?
Avoiding common mistakes
Missing deductions you're entitled to
Setting yourself up for penalties
Doing it yourself or hiring a pro
Chapter 18. Covering your assets
Insurance basics
Understanding coverage and limitations
Weighing deductibles and premiums
Evaluating insurance companies
Homeowner's insurance
Auto insurance
Collision
Comprehensive
Liability
Insuring against the inevitable
How much life insurance you need
Term life versus whole life
Disability insurance
Your employer's plan
Private disability insurance
Social security disability
Long-term-care insurance
Insurance you may not need
Car-rental insurance
Travel insurance
Life insurance for your kids
Chapter 19. Planning for your heirs
Putting your wishes in writing
Figuring out what you have to leave
Choosing an executor
Divvying up your estate
Paying final expenses
Using trusts in estate planning
Defining trusts
Recognizing the advantage of trusts
Getting professional help
Starting early
Getting the right kind of help
Knowing what it'll cost
Storing your estate-plan documents
Chapter 20. Keeping your finances in good health
Keeping it simple
Engaging the autopilot
Cleaning up the clutter
Taking the universal view
Letting your money work for you
Giving your finances regular checkups
Rebalancing your portfolio
Weeding out what you no longer need
Part 5. The part of tens
Chapter 21. Ten traits of millionaires
Seeking independence
Living life, not the lifestyle
Working hard - and long
Staying positive
Overcoming failure
Being organized
Building a network
Being the boss
Striking a balance between money and your life's work
Growing, growing, growing
Chapter 22. Ten ways to find more (of your own) monwy
Keeping track of your spending
Distinguishing between "I need" and "I want"
Assigning your own value to purchases
Avoiding bargains that really aren't
Spending now to save later
Getting rid of credit card balances
Eliminating hidden fees
Maximizing tax deductions
Using coupons, rebates, and rewards programs
Finding lost money
Chapter 23. Ten ways to make your money work harder
Paying yourself first
Making your money earn its keep
Socking away money in CDs and Money-market accounts
Maximizing matching funds
Finding free money
Saving for major purchases
Funding traditional IRAs
Taking advantage of roth IRAs
Saving for college with 529 plans
Taking a long view
Chapter 24. Ten ways you can tell you're a millionaire
What got you here stays with you
You work because you want to
You focus on yourself - not on what others have
You update your goals
You stay informed and in control
You say no
You see the benefits of risk
You're prepared
You enjoy the abundance in your life
You count your blessings