Abstract
For academic faculty, developing and managing a strategy with respect to one’s personal and household assets and finances is as important as developing and managing one’s academic career. “How to Manage Personal Finances” leads the academic reader through different facets of her or his personal financial world. First, common personal finance terms are defined, and financial rules of thumb and other pieces of conventional wisdom are reviewed. Second, the management of personal income—a salary—is described along with the advantages of income deferral and other payroll deductions as a way to save for the future and minimize personal income taxes. In addition, savings and retirement plans are reviewed and terms such as “defined contribution” and “defined benefit” plans are defined. Next, personal risk management strategies are described with an emphasis on using different types of insurances as risk management mechanisms. Finally, wills and powers of attorneys are discussed as a component of a personal risk management and planning strategy.
Published Version
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