Ken Clark - The Complete Idiots Guide to Boosting Your Financial IQ

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Table of Contents

To the honest and knowledgeable advisors out theremay everyone recognize
how priceless your wisdom is.

Introduction

As a kid, one of my favorite Saturday morning rituals was watching that Looney Tunes cartoon featuring the Road Runner and Wile E. Coyote. I used to love watching that poor coyote fail miserably in his quest to nab the Road Runner. It was a seemingly simple task that always ended with the coyote being blown up, falling off a cliff, or being run over by a semi truckusually with a look of exhausted resignation on his face.

Well, my guess is that if youre picking up this book, youre probably feeling a little bit like that coyote. But instead of chasing after the Road Runner, youre chasing after financial stability, the growth of your net worth, and even financial freedom. But no matter how hard you try to accomplish your goals, you may feel like you just cant seem to catch a break. In fact, just like that ACME company in the old cartoon, the only people who seem to be getting ahead are the people who sell you the supposed solutions to your financial problems.

That brings me to what this book is meant to be. Its an insiders guide to catching your financial Road Runner. More than that, its a manual to helping you understand what the ACMEs of your world are trying to sell you. Its a behind-the-scenes look at what works, what doesnt work, and how others are trying to maximize their profits off your quest for financial freedom. Its about boosting your financial IQ so you feel more in control of your financial future.

By the time youve finished this book, youll be able to walk down the street with your head held a little higher. Youll feel smart enough to have a conversation with that fast-talking stockbroker, wise enough to say no to that new account youre offered at the bank, and informed enough to avoid some of the most common financial pitfalls that detour most people.

In this book, youll learn:

How banks, brokerages, and every other kind of financial service profession makes their money at your expense.

How to spot and protect yourself against some of the nastiest tricks of the trade.

How to read that dreaded fine print, as well as the rules they dont want you to notice.

How to negotiate and save big on some of lifes biggest expenses.

Some little known shortcuts on the road to financial freedom and security.

Since were on a mission to increase your financial IQ, I want you to view this book as your textbook of sorts. Except that you can write all over this one without your teacher getting mad at you (in fact, Id like to encourage you to do just that).

How This Book Is Organized

The wisdom crammed into this book is divided into five parts grouped by common themes. That way, if youve got a pressing need in one of these areas, youll know exactly where to skip to:

Part 1, The Basics of Financial IQ, reviews the day-to-day topics youll encounter as you manage the flow of money in and out of your household. Not only will we talk about how to protect yourself from your profit-hungry bank and credit card companies, well give you the opportunity to quiz your knowledge and see exactly what subjects you need the most help on.

Part 2, Grow Your Investing IQ, takes the mystery out of some of the most confusing and frustrating financial relationships many of us have. Well take a look at Wall Streets efforts to profit at your expense, your investment advisors hidden agendas, and the fine print of mutual funds and 401(k)s.

Part 3, Build Your Real Estate IQ, takes a hard look at an industry that has left many Americans feeling cheated, lied to, and taken advantage of. Youll learn how to cut through the sales pitches so that life after you move in doesnt turn into a living nightmare.

Part 4, Lifes Big Expenses, gives you the heads up on some of lifes costs that are major setbacks for the unprepared and less than savvy. Whether its understanding health care, buying a car, dealing with college costs, or getting life insurance, youll be armed and ready to make an informed financial stand.

Part 5, Dealing with Your Uncle Sam, helps you deal with that obnoxious member of your financial family that you wish would stop showing up and ruining all the fun. Whether its taxes, Social Security, Medicare, or government assistance programs, youll learn how to take charge and protect yourself.

Extras

One of the things that sticks out to me about those with a high IQ is how they are masters of the random factoid. They know all kinds of useful tidbits about all kinds of stuff. Well, when it comes to having a high financial IQ, I want you to be that person. Not just because I want you to be able to impress people at cocktail parties, but because there are a lot of little things that you just need to know. So throughout this book, Ive added four types of sidebars to help fill you in:

definition

No longer will you sit there with a glazed-over look when some professional starts in with the financial jargon. By the time youre done, youll know exactly what theyre talking about.

Watch Your Back

Increasing your financial IQ isnt just about book knowledge, but also about street smarts. As we go, Ill point out some of the dark alleys and shady figures you want to be sure to avoid.

In the Know

These short nuggets of knowledge are some of the best tips and tricks Ive run across for getting your financial ducks in a row.

Your Bottom Line

Many of the topics in this book have a direct effect on your financial bottom line. Whether they change your credit score, save you some cold hard cash, or improve the way your money grows, you can look here to see how itll affect you in real dollars.

Acknowledgements

As always, Id like to thank my amazingly patient and wise editors at Penguin/Alpha Books, Randy Ladenheim-Gil and Lynn Northrup.

To my agent, Bob Diforio at D4EO Literary Agency, Im continually thankful for your advice and guidance.

To the marketing and publicity gurus who have helped me make a career out of writing; Gardi Wilks and Patty Henek at Wilks PR and Dawn Werk at Penguin Books.

To the other talented authors and editors whove given me a chance to share my knowledge and hone my skills, especially Melissa Phipps at About.com, Sean Joyner at Investopedia.com, Rachel Humenny at Investopedia.com, and Tara Struyk at Investopedia.com.

To my dad, Ken Clark Sr., who wrote the book on caring for clients like they were family.

To my grandparents, Hu and Patty Clark, who filled my childhood with science, culture, politics, and travels. No discussion of IQ would be complete without mentioning the impact you two have had.

To Drew, Price, and Ryan, who are all so smart and unique in their own ways. Ive learned as much watching you as Ive ever been able to teach.

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