50 financial skills every person needs to have
Posted
Dec 02 2008, 09:30 AM
by
Karen Datko
Rating:
This post comes from partner blog Blueprint for Financial Prosperity.
Popular Mechanics created a list called "100 skills every man should know," which naturally gravitated toward DIY/physical skills like jump-starting a car and splitting firewood. The Frisky listed "30 skills every woman should have before turning 30," which actually touched on more than physical skills (though No. 12 is physical), with a handful of financial skills (Nos. 17-20).
The following isn't a checklist of things you necessarily need to do in your life. It's a list of things you should know how to do in case the need arises.
Banking and credit
Investing
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Open a Roth IRA.
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Open a brokerage account.
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Roll over your 401(k) to an IRA.
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Request a hardship loan against your 401(k).
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Re-balance your investment portfolio.
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Read a stock chart.
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Read a mutual fund prospectus.
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Buy stocks, bonds, ETFs or mutual funds.
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Buy Treasury bonds at a bank and/or through TreasuryDirect.
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Read (and understand) a company's annual report (including the financial sections).
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Day trade.
Taxes
Living and spending
- Create and track a budget.
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Establish an emergency fund.
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Comparison shop.
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Sell something online (eBay, Craigslist).
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Mail in a rebate (and then get on them when they try to screw you).
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Bribe someone (like a maitre d').
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Buy adequate insurance (car, life, home/renters).
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Negotiate with a vendor.
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Threaten to cancel a service to get lower rates.
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Negotiate your salary, pay raise, or benefits.
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Apply for a passport.
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Bid in an auction.
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Barter for goods and services.
End of life
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Prepare a last will and testament.
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Prepare a medical directive.
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Be executor of an estate.
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Assume power of attorney.
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Work with a funeral home/mortuary.
Finally, the other financial skills you need to learn and do -- and this is a bonus pair -- are how to register to vote and then vote. Who gets into office, at any level, has a huge impact on your finances.
Are there any that I missed? (I'm sure there are.)
Other articles of interest at Blueprint for Financial Prosperity:
401(k)s and IRAs are for suckers
Kiplinger's best discount brokers
OPEC despises you, stop buying so much oil
