Soldier of Finance: Take Charge of Your Money and Invest in Your Future

by Jeff Rose

Overview

Too much debt? Not enough savings? It's time to become a battle-ready financial warrior, prepared to tackle any money challenge.

Modeled on the Soldier's Handbook, which is issued to all new U.S. Army recruits, Soldier of Finance is a no-nonsense, military-style training manual to overcoming financial obstacles and building lasting wealth. Financial planner and experienced army veteran Jeff Rose has divided this book into 14 modules, each section covering an essential element of financial success. You will learn how to:

• Evaluate your position and commit to change
• Target and methodically eliminate debt
• Clean up your credit report
• Create tactical budgets
• Build emergency savings
• Invest for the short and long term

Determine an affordable mortgage size, insurance needs, and more. Complete with tales from the trenches and useful tools including quizzes, debriefings, and more, Soldier of Finance is the survival guide you need to face down your finances and bring order and prosperity to your life.

Product Details

ISBN-13:	9780814433287
Publisher:	AMACOM
Publication date:	09/09/2013
Pages:	224
Product dimensions:	6.00(w) x 9.50(h) x 0.63(d)
Age Range:	18 Years

About the Author

JEFF ROSE, is a Certified Financial Planner(TM) and an Iraq combat veteran. A regular contributor to U.S. News World Report, MarketWatch, and Equifax.com, he is the author of two popular personal finance blogs, SoldierofFinance.com and the nationally recognized goodfinancialcents.com, which has been featured in Forbes, The Huffington Post, Kiplinger, and The Wall Street Journal.

Read an Excerpt

THE PURPOSE OF SOLDIER OF FINANCE

You don't have to be a soldier to benefit from Soldier of Finance. I share my military experience primarily because the principles I learned for surviving combat and winning against an enemy on the battlefield are the same principles I needed to survive financial prob lems, enabling me to engineer a winning strategy for building stable and enduring wealth.

Most people I meet, especially those who come to me for financial counsel, struggle with finances. They exist in a kind of war zone where debt is the enemy and wealth is the goal. But they have a tough time getting a handle on their own money and they worry over their future security. Most are losing a battle they don't even consciously realize they are in. I have found that there are two basic problems common to the majority of those I talk with:

1. Lack of information

2. Lack of initiative

By approaching my own finances with the mindset I learned in the military, I found the resources and the attitude that I needed to get myself out of debt and begin a successful program of investment. Even if you've never been in the military, you will find within the pages of this book the information needed to build financial security and growth.

If you find yourself asking, as I did my first day at Reception, "What the hell am I doing here?" the answer is simple. You are training yourself to win. You are gaining the essential knowledge and discipline to be a Soldier of Finance.

This manual is organized in modular format so that you can easily identify the areas of greatest benefit to you. I recommend that you read the entire book first, in order to find the areas where you need the most help. Then use it as a reference guide for future planning. You'll find that each section deals with an essential part of your financial success.

The two chapters of Part One tell something of my own story, providing encouragement to those who believe they have no hope because they've made mistakes. I made plenty too, and I've done pretty well.

Part Two addresses the Initial Training Phase of becoming a Soldier of Finance, covering the basics of getting your financial life under control. If you are already in a mess, the goal is to stop the bleeding. You can achieve this by exploring the basics of credit: how to find your credit score, check your credit record, and learn what can be done to fix bad credit. Demonstrating how to set realistic goals and prioritize objectives, Part Two explores methods to keep yourself on track and discover ways to convert your debt into a positive cash flow.

Part Three is the Campaign Phase, designed to familiarize you with the tools available for turning your resources into long-term wealth. It covers the basics of budgeting and explains a variety of investment vehicles.

Part Four, the Consolidation Phase, discusses the last stages of accomplishing your mission, including real estate investing and the types of insurance you need to protect yourself from the unexpected.

Each chapter contains a Go/No Go test. These evaluations are designed to help you gauge your progress. Take the time to fill out each one as you come to it. It will help you identify areas that need work and give you the information you need to prepare your strategy.

The battle is not as difficult as you might think, provided you have the right information and training. In spite of recent economic troubles, opportunity is everywhere. The problem is fear of the unknown. Few people know what to expect from the enemy or what weapons are at their disposal; for lack of knowledge, they struggle and suffer. Unsure of what to do, they either do nothing or make decisions that create more problems than they solve.

As I write this, the U.S. Census Bureau reports that Americans are battling more than $2.9 trillion in consumer debt, unemployment is at record highs, millions of dollars have been lost from 401(k) accounts, and more than half of all Americans have no money saved for retirement. Absolutely none.

The solution? Prepare for the battle. Basic was not easy and there were times I questioned whether or not I could make it, but when I found myself in combat, I knew what to do and how to do it because I was well prepared. The key to success is action based on knowledge.

This is your Soldier of Finance Handbook. It covers the basics you must understand in order to evaluate the enemy, set up your plan of attack, and not only survive financial difficulties, but conquer them efficiently and effectively. No matter where you are now or how hopeless your finances might seem, you are about to turn things around. Welcome to Basic.

Table of Contents

CONTENTS

ACKNOWLEDGMENTS xiii

INTRODUCTION 1

The Soldier's Handbook 2

The Purpose of Soldier of Finance 4

PA R T O N E

DISCOVERY PHASE: WHAT IS YOUR WHY? 7

1 WHY ARE YOU HERE? 8

Shaky Beginnings 10

What's Your Story? 14

What Is a Soldier of Finance? 15

Debriefing: A Soldier of Finance Success Story 15

Go/No Go 17

Summary 19

2 TIME TO ENLIST AND TAKE AN OATH 20

Soldier of Finance Creed 22

Finding a Battle Buddy 23

Identifying Blue Falcons 26

Down to Basics 29

Summary 31

PA R T T W O

INITIAL TRAINING PHASE (WEEKS 1—5) 33

3 WEEK 1: THE ARMY PHYSICAL—MEASURE YOUR DEBT 34

Your Financial Status: Stop Being in Denial 36

Debriefing: The Meaning of "Not Much Debt" 36

The Situation Report 38

P/X Rangers (or Living Beyond Your Means) 41

Summary 44

4 WEEK 2: ROSTER NUMBER—

YOUR CREDIT SCORE FOR LIFE 45

740 Is the New 720 47

Credit Scores and Your Mortgage 48

Finding Your Credit Score 49

Summary 50

5 WEEK 3: LAND MINES—YOUR CREDIT REPORT 51

My First Credit Report 53

Where to Get Your Free Credit Report 54

Carefully Verify the Information 56

Set Up Your Recon 58

Summary 61

6 WEEK 4: THE LOW CRAWL—CREDIT REPAIR 62

Stop the Bleeding 64

My Unnecessary Debt 65

Pay Down Your Debt 66

Debriefing: No Credit to Good Credit 67

Get the Most Out of Your Credit Cards 68

Watch Out for Credit Card Company Dirty Tricks 71

Summary 74

7 WEEK 5: LAND NAVIGATION CERTIFICATION—

IDENTIFY YOUR GOALS 75

Define Your Mission Objectives 77

Op Orders: How to Achieve Your Mission 79

Summary 85

PA R T T H R E E

CAMPAIGN PHASE (WEEKS 6—12) 87

8 WEEK 6: ACCOMPLISHING GOALS—

FROM CHAOS TO PRECISION 88

Into Action 89

Execute the Mission 91

Twenty-One Days to Change 93

Dealing with Setbacks 95

Review the Mission 96

Summary 98

9 WEEK 7: DESTROYING THE ENEMY—

PAYING OFF DEBT 100

Field Artillery: Matching the Cannon to the Objective 103

Ammunition for Targeting Debt 104

Debriefing: Operation Motherhood 108

Don't Be Content with Debt 110

Getting Cash Flow Positive 113

Summary 115

10 WEEK 8: SENSITIVE ITEMS REPORT—

TACTICAL BUDGETING 116

Tie Budgeting to Your Goals 117

The Sensitive Items Report 118

The Basic Training Budget: Identify Your Unnecessary Spending 120

Online Resources 122

Debriefing: Operation Budget 123

Practice Makes Perfect: Why Soldiers Drill 125

Family Battle Drills 126

Summary 129

11 WEEK 9: FRAGO—

THE SAVINGS ACCOUNTS SURVIVAL GUIDE 130

The FRAGO Fund 132

Watch Out for Imposters 134

Making the Most of Your Savings Account 135

You Are Now Ready for Anything 138

Summary 139

12 WEEK 10: MANUALS AND ORDERS—

GETTING STARTED IN INVESTING 141

Why Haven't You Started? 142

Are You Ready? 144

The Magic 10 Percent: A Guideline for Investing 145

Get the Right Advice 147

Secure Your Base of Operations 148

Summary 150

13 WEEK 11: FROM BOOTS TO HUMVEES—

BEGINNING INVESTMENT VEHICLES 152

Remember the Mission 155

Use Boots, Not Buses, for Short Distances 155

Middle-Distance Humvees: Investment Accounts (Individual or Joint) 158

Peer-to-Peer Lending 160

Summary 162

14 WEEK 12: FIVE-TON TRUCKS AND MRAPS—

LONG-DISTANCE INVESTMENT VEHICLES 163

Take an Active Role with a Roth IRA 164

Follow the Roth IRA with a 401(k) 167

The 401(k) for Military Personnel 169

The Stock Market: Be Careful of the Risks 169

Diversify Based on the Size of Your Portfolio 171

Investing for Your Future 171

Summary 173

PA R T F O U R

CONSOLIDATION PHASE (WEEKS 13—14) 175

15 WEEK 13: BASIC HOUSING ALLOWANCE—

MORTGAGE BASICS 176

Debriefing: J. Money's House 178

How Much House Can You Really Afford? 180

What Types of Loans Are Best for You? 182

Housing Traps to Avoid 183

Summary 186

16 WEEK 14: YOUR BODY ARMOR—

YOU NEED INSURANCE 187

Auto Insurance 189

Homeowners/Renters Insurance 190

Medical Insurance 191

Life Insurance 192

Umbrella Liability: Covering the Gaps 196

Summary 198

CONCLUSION 199

RESOURCES 201

INDEX 203

ABOUT THE AUTHOR 209

Editorial Reviews

"...wealth of knowledge from both the military and his financial planning practice and breaks it all down in his new book for everyone to enjoy." —Money Qanda

"... [Rose] has a superior knowledge of personal finance and who can talk about money to people like they are actually people." —Dinks Finance

"Jeff gives personal finance an interesting spin stemming very deeply from his own experiences inside and outside of the military.” —Consumerism Commentary

"...a reference book that families could put on their bookshelves and reread on a regular basis to give their finances a checkup." —Enemy of Debt

"...a no-nonsense, military-style training manual to overcoming financial obstacles and building lasting wealth." —Well Kept Wallet

"...a disciplined, no-nonsense, no excuses approach to personal finance..." —Get Rich Slowly

"...one of the best new personal finance books I have read in quite some time. I found Jeff’s story to be unique and identifiable.”—A Young Pro

“…helped me see the normal, every-day personal finance topics that I obsess about all the time in a new light…strongly recommend that you buy Soldier of Finance." —20s Finances

“... provides a solid foundation of personal finance basics…particularly good in explaining how to establish and keep good credit…and the best ways to eliminate debt.” —New York Times

“…best part of the book are the personal anecdotes – mostly from Rose, who talks not just about his experience in the military, but also about his own financial mistakes and successes.” —Quizzle

“This book is for You If: You’re in debt, living on the edge, or stressed about cash.” —Afford Anything

"...survival guide for facing down financial challenges and building prosperity." —Technical Analysis of Stocks & Commodities

"Certified financial planner Jeff Rose's 14 modules give service members a no-nonsense approach to overcome financial obstacles and build lasting wealth.” —Military Officer

"Even if you’re not a soldier, I recommend reading his book, as he does a great job of explaining financial concepts and strategies.” —Financially Wise Women

“…takes PF newbies through basic training, to the financial trenches and out the other side to order and prosperity” —Surviving and Thriving

“Where this book shines is taking all the things you learn as a soldier and translating those skills…into the financial world.” —Life Lessons of a Military Wife

"...gives an easy-to-understand 14-week 'boot camp' to help you overcome your fear, break bad habits and get on the right track." —Life Happens

"Soldier of Finance is one of my favorite books of 2013." —Gerri Detweiler, host Credit Radio

“…tired of making excuses about why you can’t pay off your debt? Then look no further!... Soldier of Finance is perfect for you.” —Double Saving Divas

"It will transform you, turning you into a powerful financial warrior trained to face down challenges and systematically build long-term prosperity." —New Equipment Digest

From the Publisher