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Financial Mastery for the Career Teacher

by Gene Siciliano Corwin Press
Pub Date:
04/2010
ISBN:
9781412975001
Format:
Pbk 192 pages
Price:
AU$42.99 NZ$43.47
Product Status: Not Our Publication - we no longer distribute
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The money management book that no educator can afford to be without!

Teaching has many rewards, including the opportunity to change young people's lives and make a meaningful difference in a community every day. However, despite the important work they do, teachers often find themselves struggling to survive on a teaching salary.

Written by certified financial advisor and award-winning speaker Gene Siciliano, Financial Mastery for the Career Teacher is a comprehensive yet concise primer for educators balancing modest salaries with skyrocketing expenses in challenging economic times. The author covers the personal finance questions and concerns that all educators face, including:

•Providing for a family on a teacher's salary
•Making every dollar stretch
•Buying a home
•Managing debt
•Planning for retirement
•Understanding and purchasing insurance
•Investing in the stock market or real estate
•Taxes and tax planning
Start planning your financial future now so you can have a fulfilling career as a teacher and still come out ahead!

Acknowledgments
About the Author
1. Why This Book Was Written and Why You Should Read It
2. Your Personal Business Plan: The Master Road Map
Setting Goals
Creating Your Family Budget
3. Managing Your Paycheck: The Source
Setting Up Your Payroll Deductions
Spending Less Than You Earn: Ideas for Stretching Your Dollars!
What to Do With That Annual Bonus
4. Family Finances: Taking Care of the Family's Wish List
College Financial Planning
Life Insurance for the Kids?
Vacation Financing
5. Managing Debt: When You Have Too Much of a Good Thing
Debt Can Stress Your Marriage to the Breaking Point
Credit Cards: Huge Differences Exist Just Beneath the Surface
Getting Help Before It's Too Late: Debt Counseling Services
6. Insurance: Just in Case
Life Insurance
Health Insurance: Staying Healthy
Disability Insurance: In Case Something Breaks
Long-Term Care Insurance: For the Later Years
7. Savings Accounts for Your Cash
The Value of Saving Early: The Power of Compound Interest
How Much Cash Can You Save?
The Rainy-Day Fund
Savings Accounts
Money Market Funds
Certificates of Deposit
8. Buying a Home: Realizing the American Dream
How Much Home Can You Afford?
First Mortgage, Second Mortgage, Equity Credit Lines: The Language of Real Estate Finance
Balloon Payments: A Funny Name for a Not-So-Funny Event
The Home Equity Line of Credit
Structuring Your Payments: Taxes, Insurance, and Impounds
Refinancing for Cash-Out, for Lower Rates, for Better Terms
Teaser Rates, Interest Only, Negative Amortization, and Other Financial Land Mines
Final Thoughts on Home Ownership
9. The Stock Market: All About Bulls and Bears
Risk Tolerance: Where You Are in Your Life and How Securities Fit Into It
How Much Pain Will You Accept Along the Way?
Investing Strategies Overview
Types of Companies You Might Choose to Invest In
10. Other Ways to Own Companies (Besides Starting Your Own)
Other Equity Choices
Bonds: The Safety of Fixed Income
Buy, Sell, or Hold? How to Decide When and How Much
Your Personal Investment Policy
11. Buying Investment Real Estate
Your Home Comes First
So Many Choices, So Little Time
The Nature of the Investment and the Returns You Might Expect
The Power of Leverage
Shared Investment Methods
Your Tax Dollars at Work
If You Want to Know More
12. Taxes and Tax Planning: Keeping All You Legally Can
Income Taxes: Federal, State, Local
Tax Planning Strategies
Property Tax: Real and Personal
Filing Tax Returns: Don't Do It Yourself!
Getting Help: A CPA or Tax Preparer
Tips for Avoiding an IRS Audit
13. Technology That Can Help You
Personal Bookkeeping Software
Online Banking
Protecting Yourself From Identity Theft
14. Retirement Planning: So You Can Live Well for 100 Years
A Checklist for Those in Midcareer
Assessing Your Postretirement Needs
The Home Mortgage Monkey
When to Sign Up for Social Security
Getting Help: The Financial Planner
15. Wills and Trusts
Your Will: Your Last Opportunity to Have It Your Way
Trusts: Making Decisions Now That Provide Long-Term Benefits
16. Final Thoughts
Index

'The tools and explanations in this book will help you in a very significant way to get a head start on mastering your finances and building your own personal wealth. That doesn t mean I m promising you a retirement villa in Italy and a summer place in the Hamptons, but it does mean this: if you use the lessons in this book, you will be well on your way to maximizing your opportunities to live a comfortable life and a secure retirement. That to me is financial mastery.' From Chapter 1 'I wish I d had this book when I began my teaching career many years ago. It is written in a practical, easy-to-understand format with multiple examples and recommendations. This book should be given to every new teacher as soon as they sign their teaching contract. While it is written specifically for teachers, I think everyone could benefit from the author s knowledge.' Cathy D. Hicks, Induction Program Director 'Siciliano s gem of a book is crammed with sage financial advice on topics as far-ranging as budgets and financial goal setting, estate planning, and tips on playing the stock market. Siciliano really knows his stuff, and he writes with such calm, good-natured authority on the full range of financial topics, in a style that is so relaxed and easy going, that you can t help but feel that you are getting top-notch financial advice from a favorite uncle. He reminds us that we need to approach financial planning the way we approach teaching: clear-eyed, armed with facts, and with our eyes on the prize.' Janet Carroll, District Principal of Human Resources
Gene Siciliano, CMC, CPA, is a financial management consultant. His business is helping companies to manage their businesses more profitably. His tools of the trade include management advisory services, business planning and modeling, financial department effectiveness audits, board service, management coaching, and a series of training and workshop programs, largely focused on finance and accounting for predominantly nonfinancial clients. A longtime member of the National Speakers Association and an avid communicator, Mr. Siciliano speaks to corporate and association audiences nationwide on financial and management topics. His articles on financial management, business planning and cost control have been published internationally. He also publishes both print and electronic newsletters on financial management topics, as well as a blog. Following graduation from Penn State University s Smeal College with a business degree in accounting, Mr. Siciliano spent several years on active duty as a Naval Reserve officer. He carries the permanent rank of Commander, U.S. Navy Retired. Returning to civilian life, he joined Alexander Grant and amp; Company (now Grant Thornton), a large public accounting firm. Following nearly eight years as a practicing CPA he entered the corporate world, eventually holding senior financial management positions with Computer Sciences Corporation, Epson America, and several smaller companies. In 1986 he founded Western Management Associates, the consulting business that he owns and operates today. In his practice he often serves as the part-time chief financial officer for client companies, and from that grew the trademark of his business, Your CFO for Rent.« When not in the office, Mr. Siciliano has served a number of nonprofit organizations both professional and charitable as president, board member and treasurer, and he is most often drawn to organizations that help children. In addition to occasional gourmet cooking he enjoys tennis and the theatre in his spare time, both available in abundance near his home in Redondo Beach, California. He can be reached at 310-645-1091 or gene@CFOforRent.com, or by visiting his websites at www.CFOforRent.com or www.GeneSiciliano.com.