Building Wealth on a Dime - Finding Your Financial Freedom

Your personal roadmap to financial freedom through small but mighty changes to your money
 
In a world where you have questions about money and Google has a million different answers, it can be hard to know how to make the most of what you have...
 
Especially if you don't have a ton of it.
 
In Building Wealth on a Dime: Finding Your Financial Freedom, financial educator and Latina Kimberly Hamilton delivers an engaging guide for building wealth through small but powerful changes to your money - even if you're starting small. As a former student debt warrior turned homeowner, Kimberly knows this experience first-hand, but this book isn't about her. Through the financial lives of everyday moneymakers like Claire in New York, Tanya in Chicago, and Eric in Portland, Kimberly teaches you how to take control of your finances, eliminate debt, and invest for your financial future. Written in a tone that sounds more like a friend than financial advice, you'll gain the tools you need - psychological and financial - to change your mindset and achieve your own financial freedom.
 
In Building Wealth on a Dime, you'll discover how to shift your financial trajectory "on a dime" and gain confidence in your money ASAP. You'll also find:
* Efficient techniques for eliminating debt
* How to calculate and implement a guilt-free weekly spending cap
* A complete breakdown on investing for beginners, including the different types of accounts, investments, and methods you need to be strategic
* Completely legal (but rarely talked about) tax loopholes that can save you thousands
* What you need to consider when buying your first home or real estate investment
A can't-miss handbook for the everyday money maker, working professional, or soon-to-graduate, Building Wealth on a Dime belongs on the bookshelves of anyone seeking to improve their relationship with money and accelerate their journey to financial freedom.

List of contents

Preface
 
1 Million Dollar Habits 1
 
No. 1: Start Small, Dream Big 3
 
No. 2: Don't Compare Yourself to Others 5
 
No. 3: Automate and Stay Consistent 5
 
No. 4: Start with Day 1 6
 
No. 5: Keep It Real 7
 
No. 6: Invest Early and Often 9
 
Summary 12
 
Notes 13
 
Worksheet: Million Dollar Habits 14
 
2 Plans Change - So Can Your Money 15
 
The Story No One Told You 17
 
The Real Reasons Money Feels Tight 18
 
A New Plan for Your Money 26
 
Summary 29
 
Notes 29
 
3 Money Mindset and Your Emotions 31
 
Emotions and Your Money 34
 
Step 1: Identify Your Money Mindset 35
 
Step 2: Tackle Your Emotional Spending 41
 
Step 3: Take Action 46
 
Summary 47
 
Notes 48
 
Worksheet: Shift Your Money Mindset 49
 
4 Flip the Script on Budgets 51
 
What a Budget Should Be 53
 
Step 1: Get Organized 58
 
Step 2: Set Your Money Goals 64
 
Step 3: Build Your Budget 73
 
Step 4: Automate Your Money 80
 
Summary 85
 
Worksheet: Build Your Budget 87
 
5 Tackle Your Debt 95
 
Develop Your Debt Payoff Plan 101
 
Find Extra Money to Pay Down Your Debt 114
 
Accelerate Your Debt Payoff 120
 
For the Student Debt Warriors 124
 
Summary 131
 
Notes 136
 
Worksheet: Debt Payoff 137
 
6 Get Your Full Financial Picture 141
 
Net Worth 143
 
Your Credit Score 144
 
Your Liquidity Ratio 146
 
Your Debt-to-Income (DTI) Ratio 147
 
How Often Should I Check These Numbers? 149
 
Summary 151
 
Worksheet: Get Your Financial Picture 152
 
7 Invest Early and Often 155
 
The Magic of Investing: Compound Growth 158
 
Tanya's Wealth Journey 163
 
How Much Should I Invest? 169
 
Update Your Investment Goals 175
 
Summary 177
 
Notes 178
 
8 Investing 101 179
 
The Magic of Tax-Advantaged Accounts 181
 
The Average Money Maker's Guide to Investments 208
 
Summary 220
 
Notes 221
 
Worksheet: Investing 101 222
 
9 Beyond the Basics 225
 
Tanya's Next Steps 227
 
How to Open a Brokerage Account 232
 
For High Income Earners: Consider a Backdoor Roth 240
 
Get Penalty-Free Access to Your Investments? Using a Roth Ladder 241
 
Tracking Your Investments Across Multiple Accounts 243
 
Creating Generational Wealth 243
 
Summary 249
 
10 Confessions of a First-Time Homebuyer 251
 
My Homeownership Journey 253
 
Lessons Learned 259
 
11 The Rent Versus Buy Debate 267
 
Why Buying a House Can Be Difficult 268
 
The Pros and Cons of Homeownership 272
 
Questions to Ask Yourself Before Buying a Home 274
 
Summary 276
 
Notes 276
 
12 Nine Steps to Homeownership 277
 
Real Estate Lingo 278
 
Step 1: Find Out How Much You Can Afford 282
 
Step 2: Shop Around for Lenders 289
 
Step 3: Find Your Home 291
 
Step 4: Make a Strong Offer 292
 
Step 5: Finalize Your Mortgage 293
 
Step 6: Get Your Inspection 294
 
Step 7: Get Homeowners Insurance 295
 
Step 8: Final Walk-Through 295
 
Step 9: Closing Day! 295
 
Building Wealth with Real Estate 296
 
Summary 302
 
Closing 305
 
Appendix 309
 
Acknowledgments 317
 
About the Author 319
 
Index 321

About the author

KIMBERLY HAMILTON is the Founder of Beworth Finance where she helps women and millennials make smart money moves. As a Certified Financial Education Instructor, Kimberly's advice has been featured in major publications such as Forbes, Business Insider, and Health magazine, among others. To learn more, you can follow her on social media @BeworthFinance.

Summary

Your personal roadmap to financial freedom through small but mighty changes to your money

In a world where you have questions about money and Google has a million different answers, it can be hard to know how to make the most of what you have...

Especially if you don't have a ton of it.

In Building Wealth on a Dime: Finding Your Financial Freedom, financial educator and Latina Kimberly Hamilton delivers an engaging guide for building wealth through small but powerful changes to your money - even if you're starting small. As a former student debt warrior turned homeowner, Kimberly knows this experience first-hand, but this book isn't about her. Through the financial lives of everyday moneymakers like Claire in New York, Tanya in Chicago, and Eric in Portland, Kimberly teaches you how to take control of your finances, eliminate debt, and invest for your financial future. Written in a tone that sounds more like a friend than financial advice, you'll gain the tools you need - psychological and financial - to change your mindset and achieve your own financial freedom.

In Building Wealth on a Dime, you'll discover how to shift your financial trajectory "on a dime" and gain confidence in your money ASAP. You'll also find:
* Efficient techniques for eliminating debt
* How to calculate and implement a guilt-free weekly spending cap
* A complete breakdown on investing for beginners, including the different types of accounts, investments, and methods you need to be strategic
* Completely legal (but rarely talked about) tax loopholes that can save you thousands
* What you need to consider when buying your first home or real estate investment
A can't-miss handbook for the everyday money maker, working professional, or soon-to-graduate, Building Wealth on a Dime belongs on the bookshelves of anyone seeking to improve their relationship with money and accelerate their journey to financial freedom.

Product details

• Authors: Hamilton, K Hamilton, Kimberly Hamilton
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 31.03.2023
• EAN: 9781119900009
• ISBN: 978-1-119-90000-9
• No. of pages: 352
• Subjects: Guides > Law, job, finance > Money, bank, stock market; Social sciences, law, business > Business > Business administration; Personal finance, Private Finanzplanung, Finance & Investments, Finanz- u. Anlagewesen