Take these steps to improve your finances now.

There is no time like the present to start improving your finances. “Procrastination is the No. 1 reason people fail in retirement,” says Luke Lloyd, wealth advisor and investment strategist with Strategic Wealth Partners in Independence, Ohio.

However, it’s not just your retirement that will benefit from being proactive about finances. You can save money on debt, eliminate headaches for your heirs and free up cash for the things you want by making the following 14 expert-backed money moves.

Budget for future expenses.

A budget is at the foundation of good personal finance, and if you don’t have one already, it should be your first priority. Don’t just plan for regular monthly expenses either. Rather, look at the big picture. “If we have any debt, have we done anything to manage that?” asks Aaron Bell, a wealth management advisor with Northwestern Mutual in New York City.

In addition to extra debt payments, plan for quarterly and annual expenses such as insurance premiums, vacations and holiday spending. Track your spending by using an app like Mint or PocketGuard. When you hit the budgeted limit for each category, stop buying.

Max out your 401(k) match.

If your employer offers a 401(k) plan, you should contribute as much as possible. Traditional 401(k) plans offer an immediate tax deduction on contributions while Roth 401(k) plans will let you take out money tax-free in retirement. In 2020, the contribution limit to a 401(k) account is $19,500.

Many employers will match a portion of worker contributions, up to a certain amount. “I’m surprised in my practice how many people don’t even put in their 401(k) what their employer matches,” says Steve Azoury, financial representative and owner of Azoury Financial in Troy, Michigan. If you aren’t sure how much to contribute to a 401(k), make sure you’re at least depositing enough to get the maximum employer match.

Consider refinancing your home equity loan.

In the past, homeowners could deduct the interest on home equity loans on their federal income tax return. However, the tax code changes enacted in the Tax Cuts and Jobs Act of 2017 eliminated that deduction for many people. To keep deducting the interest, you could refinance your main mortgage and roll in the balance of the home equity loan.

Even if you don’t have a home equity loan, it may make sense to refinance a mortgage right now. “We are in a historically low interest rate environment,” Lloyd says. To minimize the costs associated with refinancing, see if your current lender offers any streamline options that may waive or reduce fees.

Keep your home equity loan deduction.

Despite tax reform changes, some homeowners might still be able to deduct the interest from a home equity loan. According to the IRS website, interest is deductible for home equity loans and lines of credit that are used to “buy, build or substantially improve the taxpayer’s home that secures the loan.”

Interest on home loans totaling up to $750,000 are deductible for couples and single taxpayers while the limit is $375,000 for a married taxpayer filing a separate return. People should carefully document how they spent the money from a home equity loan so they can justify the deduction if audited.

Refinance or minimize your student loans.

Refinancing student loans could be a smart money move for some people. Extending the loan to a longer term could reduce payments and free up cash while a shorter term will save on total interest cost. However, those with federal student loans need to think carefully before refinancing. Doing so could make them ineligible for government debt forgiveness programs.

If you or a child are heading off to college, avoid taking out loans beyond what is needed to cover necessary expenses. For example, don’t use loans to pay for an expensive apartment when lower-cost housing options are available. “This can lead to a very dangerous situation,” says Lisa Zeiderman, an attorney and board member of Savvy Ladies, a nonprofit that provides free financial education. “I have seen people run up huge school loans that can’t be discharged in bankruptcy and must be paid off.”

Open a 529 plan.

For years, families have opened 529 plans to fund their kids’ college educations. Money deposited into 529 accounts grows tax-free and can be withdrawn without a tax penalty for qualified higher education expenses. Some states, such as Michigan and Illinois, also give a state tax deduction for qualified contributions.

Under the new tax code, money in these accounts can also be used to pay tuition for students in kindergarten through 12th grade. For parents who plan to send their children to a private elementary school or high school, this is one more reason to open a tax-advantaged 529 plan.

Rebalance your portfolio.

After a long period of sustained economic growth, the markets have swung widely in 2020. That means portfolios may now be unbalanced as aggressive and conservative funds have grown and contracted at different rates. Now is a good time to reevaluate fund balances. “That can be the most basic housekeeping strategy (for investments),” Bell says.

For stock allocations, a rule of thumb is to subtract your age from 100; the result is the percentage of money you should consider keeping in equities. However, a financial planner may be able to provide a more nuanced recommendation based on your risk tolerance and personal goals.

Harvest your investment losses.

Investments made outside 401(k) and IRA accounts are subject to capital gains tax, which maxes out at 20%. However, if investments are sold for a loss, that amount can be used to offset any capital gains or income tax. Savvy investors can dump losing stocks and use them to reduce their tax burden.

However, be aware of the wash-sale rule, which prohibits investors, their spouses or their personal companies from buying a substantially identical stock within 30 days before or after a sale. Doing so will eliminate the possibility of a tax deduction for the loss.

Shop for new insurance.

Insurance rates can vary between companies, and it’s worthwhile to shop for new rates every year or two. Compare quotes from several companies to see if cheaper insurance for auto, homeowner and life policies is available. A simple way to lower rates is to raise your deductibles, Azoury says. However, be sure to have a new plan before canceling your old coverage.

Don’t forget you also have an annual open enrollment period to shop for a new health insurance policy. Regardless of whether you get your insurance through an employer, Medicare or the government marketplace, use this time to compare plans and find one with the best network and lowest out-of-pocket costs for your medical needs.

Open a health savings account.

Those with qualified, high-deductible health insurance plans are eligible to open health savings accounts. These accounts are eligible for triple tax benefits. Money deposited into the account is tax deductible, funds grow tax-free and withdrawals are tax-free when used for health care expenses. People with individual health insurance policies can contribute up to $3,500 to a health savings account in 2020. Family plans have a contribution limit of $7,100, and those age 55 and older can make an additional $1,000 catch-up contribution.

Money in a health savings account rolls over each year and can be invested. “This can also help you plan in advance for things like your child’s braces or other items that may be needed in the future,” says Tara Rivera, vice president of finance at DentalPlans.com. “The money will be there when you need it, helping you avoid debt.”

Reassess and negotiate monthly bills.

You’ll have more money in your pocket if you take time to trim monthly bills. Cable, streaming services, cellphone and internet service are all prime places to save, thanks to a competitive market. In some cases, you may not even have to change companies to get better rates. Contact current providers to ask if you can get a reduced price in exchange for your continued business.

Don’t forget to also look for lower prices on financial products. “One of the best ways to save money on debt is to try to take advantage of zero interest alternatives or personal loans if the rate is better than your current credit cards,” Rivera says.

Be strategic with charitable donations.

For the 2020 tax year, the standard tax deduction for a married couple is $24,800. That means not many people are likely to itemize their deductions. Since charitable donations can only be written off by those who itemize, people may have to be strategic about when they give to get a deduction now.

One strategy is to move up donations that would typically be given in January to December. Or taxpayers may find it best to make larger contributions every other year. Just be aware that you can generally only itemize contributions of up to 60% of your adjusted gross income.

Update beneficiary information.

Your loved ones will be grateful if you take time to review beneficiaries. These are the people designated to receive money from life insurance policies, retirement funds and bank accounts after your death. So you’ll want to review your beneficiaries on at least an annual basis.

A beneficiary designation overrides any other directive you’ve given about your finances. For instance, if you divorce and forget to remove your ex-spouse as your life insurance beneficiary, they will get the death benefit regardless of what it says in your will. If a beneficiary isn’t named, an estate may have to go through an expensive and long probate process before the funds can be released to heirs. However, avoiding that headache is easy, according to Azoury. “It could have all been solved by one signature (on a beneficiary form),” he says.

Conduct an annual review.

It’s easier to make smart money moves if you have a good understanding of your overall financial picture. “I recommend couples mark a day or evening to sit down at least once per year to evaluate their assets, liabilities and expenses, including credit card debt, and any investments or retirement accounts they might have,” Zeiderman says.

As part of that process, review your credit reports and credit score. Consumers are entitled to one free credit report each year from each of the major credit bureaus: Experian, Equifax and TransUnion. These can be requested at AnnualCreditReport.com. Meanwhile, credit scores can be checked for free through credit card issuers such as Discover or services like CreditWise from Capital One. Monitoring your credit score and credit reports ensures errors don’t slip through and adversely affect your chances of approval for a loan or lower interest rate. What’s more, it can help you spot identity theft early.

Meet your financial goals with these tips.

— Budget for future expenses.

— Max out your 401(k) match.

— Consider refinancing your home equity loan.

— Keep your home equity loan deduction.

— Refinance or minimize your student loans.

— Open a 529 plan.

— Rebalance your portfolio.

— Harvest your investment losses.

— Shop for new insurance.

— Open a health savings account.

— Reassess and negotiate monthly bills.

— Be strategic with charitable donations.

— Update beneficiary information.

— Conduct an annual review.

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Whether you’re dealing with money problems, facing financial uncertainty or simply feel overwhelmed by the economic situation right now, these tips should help you to feel more in control.

1. Try not to panic: “Count with me. 1, 2, 3, inhale … 1,2,3 exhale. Breathe,” Smart says. “We are all in a state of chaos, but you should not panic even if you think everything is coming crashing down. Allowing your mind to be free may be exactly what you need to think about new strategies to make an additional source of income or to cut costs.”

2. Give yourself a break: “Do things that take your mind off your money problems,” Smart recommends. “It’s important that you don’t let yourself spiral into a state of sadness or depression which money problems usually cause. So to combat this, do fun activities like painting, get on the phone to your family and friends and maybe even binge-watch your favourite TV show. Staring and panicking about the problem won’t make it go away but taking a break from it might give you fresh eyes and perspective.

3. Make a plan: “If you still have a job, that’s great – but you should still make a plan to save as much as possible over the next few months,” Smart says. “Ask yourself what the most important next step for you is. Is it calling your bills provider to negotiate a different plan? Is it sitting down to write a short e-book on marketing you can sell on social media? What’s your immediate next step – that’s what you should focus on right now. Then make a plan on the other steps that follow.”

You worked hard your entire life and are now ready to fulfill a lifelong dream of retiring abroad. So, what will it be? Costa Rica? Belize? How about somewhere a bit closer, like the pristine beaches of Thailand? Perhaps the Philippines?

Like buying your first house back home, your retirement dream home comes with a set of financial challenges and responsibilities. But this time around the challenges is more important and could catch you by surprise.

Did you even think of how to pay for your dream home? The seller in a foreign country will only accept the local currency and bringing a suitcase full of cash through international borders is reckless, and perhaps illegal.

The safest and cheapest way to pay for a dream home is through an online money transfer platform — but which one should you use? Online review sites like Send Money Australia can help Australians moving abroad better understand the many options available.

Tip 1: How To Pay For Your House

The most important step in moving abroad is, as expected, the process of buying your new home. Sure, the local bank that you have used for decades can assist in the payment process, but at a higher exchange rate with hidden fees.

Instead, online money transfer services are known for offering a much better rate. And we aren’t talking about saving a couple of dollars. The savings on a $250,000 house can be more than $10,000.

The best part is each platform will be happy to provide a free quote and estimate. This guarantees you will receive the best possible rate possible.

The process of signing up for an online foreign exchange provider requires filling in standard forms, submitting a valid ID along with address documents.

Tip 2: Get A Local Bank Account

Each and every time you use your old Australian debit or credit card, the bank will add a foreign exchange fee and maybe even a fixed fee. This can add up to a lot of money over time, especially if bank machines limit the amount of cash that can be withdrawn per transaction.

The solution around this is simple. Open a local bank account and never pay exorbitant fees again. The process of transferring money from your old Australian bank to your new one can be done through an online transfer service.

Tip 3: Managing Your Investments

Moving from a first-world economy like Australia to an emerging market economy doesn’t mean you need to move all of your assets.

As the 12th largest economy in the world, Australia offers superior investment opportunities, including a world-renowned stock market that averaged an annual 11.2% yearly return for the 10-year period ending 2019.

By comparison, emerging stocks returned an inferior 8.2% yearly return over the same time period.

Also, moving assets from Australian stocks to a foreign market could result in a large one-time tax bill. Instead, you can sell your Australian stocks and investments as needed and transfer the proceeds to a local bank account through an online money transfer service.

It is important to keep note that tax laws are often complex and confusing. As is always the case, a chat with an accountant and/or financial advisor is highly recommended to maximize your savings.

Tip 4: Don’t Forget You Aren’t On Holiday

Perhaps the most important money-saving tip for expats is to understand you aren’t on holiday. It might be difficult at first to avoid the temptation of splurging and acting frivolously as people normally do on holiday.

While the cost of living might be cheaper in a new country, this isn’t a reason to live like royalty for an extended period of time. This attitude can lead to untold strains on one’s personal finances.

The best course of action is to start living like a local. Most notably, understand where the local population goes shopping for food and household goods. Tourist traps where it is more likely to find a merchant that speaks your first language might be a tempting option — and an expensive one also.

Speaking of which, always be mindful of local customs, traditions, and etiquette. What is considered to be normal behavior in your home country might be frowned upon.

Bottom Line: Don’t Forget What’s More Important Than Money

It is important to be mindful of your finances and how to save money, but it is perhaps more important not to forget your friends and family back home.

Moving to a new country is not only a financial decision, but it is also an emotional one. Your family and friends will miss seeing you and will certainly want to hear about your new adventures. Make sure everyone understands how best to use technology to keep in contact, including video-sharing platforms like Skype and Zoom.

It might be easy to forget someone’s birthday back home so keep your calendar full of all the important dates and set up reminders in advance.

You worked hard your whole life for this moment. Don’t forget to keep in contact with all the important people who helped you along the way.

For parents who want to teach their kids about money and financial literacy, one of the best things to do is to help your child open a savings account. Many banks and credit unions offer special savings accounts for kids that can be opened under the child’s name.

Opening a kids’ savings account can help your child learn more about managing money, saving for the future and other aspects of personal finance, starting from a young age.

Before you open your child’s savings account, it’s important to do your research, shop around for rates and features and decide what the most important priorities are for having a savings account for your child. Several states have laws around allowing minors to open savings accounts; check with your local financial institutions to make sure this option is possible where you live.

Here are a few of the top considerations to keep in mind when looking for a children’s savings account.

Should You Choose a Kids’ Savings Account or a Custodial Account?

There are typically two types of accounts you can open for your child: a savings account or a custodial account, and the difference is important. If you open a savings account, you and your child will have joint ownership of the account, and your child will be able to access funds from the account (with the parent being able to monitor the account).

If you open a custodial account, also referred to as a Uniform Transfers/Gifts to Minors Act (UTMA/UGMA) account, the money in the account is treated as a gifted asset that is fully owned by your child, and cannot be accessed until they turn 18. There are potentially complicated tax implications for using this type of account. So unless you have a particular reason to want to choose a custodial account, you may want to go with a typical savings account.

What Are Your Goals for Your Child’s Savings Account?

Why do you want your child to have a savings account? There are several good reasons:

• To help your kids learn more about money and finance. Having a savings account can help your child learn about the magic of compound interest, different types of financial accounts and how to manage money in everyday life.
• To help your children learn more about banking. Your child can learn how to do online banking, how to deposit a check, how to handle real-life banking conversations at a brick-and-mortar bank and more.
• To help your kids develop the habit of saving their own money that they receive from an allowance, getting paid for chores or a part-time job. If you are trying to teach your child how to manage their money, how to save a certain percentage of their income or how to use money for different financial goals, having a savings account can make all of this more real for them.
• To save money for a specific short-term financial goal. For example, if your child wants to buy a new video game console, wants to save money for summer camp or wants to save up for some other special purchase, they could use their savings account to save for these specific goals.

Having their own savings account can help your child learn how to set financial goals and make decisions about how to use their money responsibly. Talk with your child about their savings account before you choose a bank or credit union. Make sure your child is old enough to understand and be curious about saving money.

See what questions they have, and use that conversation to guide your search. Having a real savings account of their own can help your child feel special and grown-up. You may even inspire them to learn more about finance and develop better financial habits at a young age.

Should You Use a Kid’s Savings Account to Save for College?

If you want to save for your kids’ college education, a savings account is probably not the best choice of financial vehicle for that goal. Set up a 529 savings plan instead. A children’s savings account typically pays low interest, making it better for short-term savings and smaller amounts.

A 529 plan can help you save for college more aggressively, with a broader range of long-term investment options. Depending on your state, putting money into a 529 plan also may help you get a deduction on your state income taxes.

What Interest Rate Can You Get on a Children’s Savings Account?

The COVID-19 crisis has caused the Fed to cut interest rates to near zero, and many banks are paying near-zero interest rates on savings accounts. The same is true for kids’ savings accounts. You’re probably not going to find very high APY rates in today’s low-interest rate environment. Some of the highest-yield kids’ savings accounts include:

• First Internet Bank Tomorrow’s Tycoon Account: 0.70% APY
• Capital One Kids Savings Account: 0.50% APY

These are some of the highest APY rates on children’s savings accounts that are available from banks as of July 13, 2020. Some credit unions offer higher APY rates than these, but you may have to be a member of a particular employer, organization and/or live in a certain state in order to participate in those accounts.

Other national banks like Wells Fargo and Bank of America offer children’s savings accounts, but the APY rates are quite low, almost zero. Don’t expect to get a high-yielding account for your child’s savings. The primary goal of a child’s savings account is not to build significant wealth or accrue a big ROI; rather, it’s to learn about money and have a safe place for your child to watch their savings grow.

What Features Should You Look for in a Kids’ Savings Account?

Along with a decent APY rate, the best children’s savings accounts sometimes offer unique features that can help make saving fun for kids. For example:

• Matching programs. Wells Fargo can help parents set up a “savings matching program” for their kids.
• Automatic savings plans. Other banks may offer an automatic savings deposit plan, where a certain amount of money can get transferred into the child’s account automatically each month.
• Financial education. Some banks offer a special financial education website for kids, with interactive activities to help kids learn about money. Bank of America’s Better Money Habits website helps parents and kids learn about money.
• Mobile apps/online banking. See what features are available for your child to use online banking, mobile banking or deposit checks via mobile app. Children are often tech-savvy, and they may enjoy saving money even more if they can make a game of it with mobile technology. Parents also have access to the account’s banking app.
• Savings goals. The Capital One Kids Savings Account lets you set up multiple accounts and track different savings goals. For example, you could help your child set up separate accounts for “Summer Camp,” “New Bike” or “New Xbox.”
• Debit card. Some banks will offer debit cards that your child can use to get cash from their savings accounts at ATMs.
• FDIC insurance. Your child’s savings account should be FDIC insured, just like any other bank account. Double-check the bank website to make sure it is an FDIC-insured institution.

These are just a few of the specific features for kids’ savings accounts that you may want to look for or ask about; some banks have more customized offerings than others.

What Are the Fees and Requirements of a Children’s Savings Account?

Kids’ savings accounts tend to be fairly simple, straightforward products offered by banks, but some banks will charge a few fees or have different requirements for the accounts. Watch out for different requirements for:

• Minimum opening deposit. Some kids’ savings accounts have a very low minimum opening deposit, like $25 or less. Others might require $100 or more. It depends on the bank. Be prepared to help your children save up (or give your child a “down payment”) to cover the opening deposit on their savings accounts.
• Minimum daily balance. Pay attention to the minimum daily balance requirements. Many children’s savings accounts don’t require your child to have any money in the account, but some might require keeping a minimum daily balance to avoid being charged a fee.
• Monthly maintenance fees. Most children’s savings accounts do not charge monthly fees, but make sure to check the details before you open an account.

What Documents Do You Need to Open a Children’s Savings Account?

Most banks will want you to bring one of the following documents to open your child’s savings account. The documents should be in your child’s name:

• Birth certificate
• Social Security card
• Immunization records
• School photo ID
• Passport
• Driver’s license (if your child is old enough to have one)

If you’re opening your kid’s savings account with an online bank, you will follow the usual online procedures for opening an account. In this case, it’s the parent who’s opening the children’s savings account, as the joint account owner.

If you’re opening your kid’s savings account with a brick-and-mortar bank, you will typically need to set an appointment to visit your local branch to open the account. Take along your child and this can be a fun occasion to help your kids learn more about banking and might even feel like a rite of passage: Your child is becoming part of the world of banking.

What Happens to a Kid’s Savings Account When the Child Reaches Age 18?

Most banks will automatically convert a child’s savings account to a regular savings account when the child turns 18. Depending on your bank, there may be different fees, additional paperwork to sign or other adjustments that your child may want to make to their account. For example, your child might want to have full control of their own account starting at age 18, without their parent’s serving as a joint account holder.

Talk with your kids about their overall banking needs as they become legal adults. Managing your child’s savings account can be part of a larger discussion about debit cards, credit cards, getting an auto loan or other financial needs your children may have as they enter adulthood.

Bottom Line

Children’s savings accounts can be a fun and educational way for your child to save some money of their own and watch their savings grow over time. Most banks are not paying high yields on kids’ savings accounts, so don’t expect to use these accounts as a way to generate big returns or build a large nest egg for college; 529 plans are a better choice for that goal.

A kids’ account is a safe place for your child to keep their money and to develop good savings habits. If you want to make it easy to help your child learn about money, how budgeting works and how to save for specific goals, opening a children’s savings account can be a wonderful way to introduce your child to the world of banking and personal finance.

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Managing your finances has always been a crucial aspect of your personal life, but with a global pandemic underway, uncertainty is surrounding more than just your savings account. Checking out and not keeping a close eye on your financial well-being is not an option. Instead, taking stock of how you manage your money may bring you greater peace of mind in this troubling time.

Uncertainty surrounds everything from your paycheck to federal interest rates but focusing on these three goals for managing your money may help you find some additional security in a post-COVID world.

Find a high savings rate

Saving money becomes even harder during a crisis, but one of the smartest things you can do now is open a high-yield savings account. Explore different online banks and see what they can offer as far as the annual percentage yield.

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With an HSA, you can allocate money on a pre-tax basis to cover medical expenses both now and in the future. But the best way to maximize that account is to contribute more than what you expect to need for near term medical costs.

The reason? HSA funds never expire, and any money you don’t use immediately can be invested for added growth, the same way you’re able to invest the money you save in an IRA or 401(k). Now, imagine you put an extra $2,400 a year into an HSA over 20 years, and invest it at an average annual 5% return (which is a fairly conservative return). You’ll wind up growing that extra money into over $79,000, which you can then use as a source of retirement income.

And remember, you get a triple tax break on the money you put into an HSA. Your contributions are tax-free, investment growth in that account is tax-free, and withdrawals are tax-free, as long as they’re used to cover qualified medical expenses.

Speaking of medical expenses, you’re apt to have your fair share of them as a senior, from Medicare premiums to deductibles to copays. Having funds set aside for that purpose will help you better manage your money in retirement, and it will also put less of a strain on your Social Security income and savings.

Of course, not everyone is eligible for an HSA. To participate, you must be enrolled in a high-deductible health insurance plan and meet other requirements. You can check out this HSA guide to learn more. But if you have an HSA, don’t just use it to set aside funds for immediate medical expenses. Instead, use it as another way to sock away money for retirement. Even if you don’t end up using that money for medical expenses as a senior, you won’t be penalized if you withdraw HSA funds for non-healthcare purposes once you turn 65. The only benefit you’ll lose in that case is tax-free withdrawals, but that’s really no different than taking withdrawals from a traditional IRA or 401(k).

With the economy in a tailspin and coronavirus quarantines persisting into the summer months, this is a good moment to catch up on your reading while boosting your personal finance know-how. Sure, there’s an infinite number of websites, influencers and apps to help you manage your money — but few of them are equal to a good book. 

Here are some of the best personal finance books, including some of my own personal favorites and some from Amazon’s best-seller list. A few are brand new and others have stood the test of time for decades. A couple of them aren’t even about money per se. But all of them are good reads stuffed with worthwhile financial lessons. 

Amazon

The 7 Habits of Highly Effective People by Stephen R. Covey has been around for 30 years, and with good reason. It’s been named one of the most influential business books of the 20th century. Though it’s considered more of a self-help book than a finance-specific one, there are plenty of lessons about money therein.

The basic premise is that if we can change our perception of the world, we can change our outlook for life. Some tips: Challenge yourself to be proactive, consider the ending before you begin — and take a look at how you prioritize the different components of your life.

Originally published in 1949, this book might seem to be from too distant a past to be relevant today. But this revised edition, with commentary from prominent modern investors including Warren Buffet, explains why you should seek to minimize losses over maximizing profits. It’s a true investing textbook — with lessons for long-term investors and day traders alike. It emphasizes the need for discipline, having a plan and sticking to it whether you’re investing in stocks, bonds or other securities. 

You don’t need a high-flying job to become rich. Making smart decisions about your money is vital — regardless of your salary or income bracket. That’s the premise of Rich Dad Poor Dad. Geared towards parents, this book will help you better understand money so you can teach your kids about it. Given that most schools don’t teach personal finance, it’s more important than ever for parents to educate their children on how to make smart choices when it comes to money.

A true Renaissance man, 50 Cent is so much more than just a platinum-selling rapper. A huge contract for executive producing the crime-drama show Power has made him one of the highest-paid executives in the media. And his early investment in Vitamin Water netted him millions.

The book contains some autobiography, some self-help lessons and plenty of personal finance tips. Curtis Jackson explains how the risks he took laid the groundwork for his success.

Sometimes the best finance books don’t have much to do with money, but rather, how you approach different aspects of your life. The Maxwell Daily Reader encourages growth and change within yourself and then passing the benefits along to others.

This book is more about leadership than money and finances, but you can use the tools you learn through this book in your financial journey. Leadership shines with constant practice — the more you do through thoughtful action, the better leader you’ll be. You can practice through getting your budget on track.

Success in personal finance can start from other areas. Gladwell asks, what makes successful people stand out?

Instead of focusing on what they do, pay attention to how they got there. Look at what makes someone the best at something or how they built one of the most successful companies in the world. Learn some secrets of the most successful people in the world and use that knowledge to organize your money. Use those people’s tools to build and maintain solid personal finance skills.

There’s more to operating than action-no action, normal action and no action — there’s also the fourth degree: massive action. This book delves into the myth of time management and details how some people fail while others succeed. If you’re ready to go to the “next” level, it’s time to use the 10x rule. 

Even though this book is geared toward management and leadership positions, it’s also a good fit for tackling your finances. There are some people who fail at money management — you can learn how this happens and what steps you need to take to crush your money goals.

Personal finance has a little to do with money and a lot to do with organization. Time management references like this book help teach you to earn more in less time, outsource when you can and adapt the right kind of shortcuts to success. Author Timothy Ferriss says you don’t have to be born into wealth to achieve it. You just have to use the right resources. 

Sometimes it takes spending money to make money. Think of things like outsourcing taxes and auto-paying your utilities to free up time to work on real projects. Case studies include real-life examples of successful people who have reduced their work to free up time for more important things. You can use these templates to set up personal finance hacks for everyday wins.

Nearly 60% of Americans live paycheck to paycheck. Breyer put together a step-by-step guide in this book to getting out of debt, building up an emergency fund and avoiding major budget traps.

If you’ve never made a budget or you want to give yours a makeover, you’ll find what one looks like here, as well as how to maintain one. Budgeting sounds daunting but it’s one of the most vital tools you need to get out of debt and save money. The book is less than 130 pages — a quick read so you can delve right into overhauling your finances.

Dave Ramsey has built a career telling people how to fix their money woes. His book, The Total Money Makeover, is still one of the most bought money books on the market. It has seven steps towards financial freedom, including how to save a quick $1,000 for an emergency, using the debt snowball method, and building three to six months of savings. There are also some sections on saving for retirement, investing and paying off your mortgage. 

It also uses a cash envelope system: Every dollar should have a purpose, so put it towards something. That could range from paying off debt or saving for a major purpose. Create a plan, set goals and you’re on your way to financial freedom.

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On passive index funds, you get a much better break: The average yearly expense ratio was 0.13 percent last year. Competition is so fierce that some fund companies are charging negligible or zero expenses on select funds.

Even if you work for a small or medium-size company, you can request that it search for lower-cost providers. “There are so many small plans that have incredibly high fees,” said Michael Bird, a retirement plan adviser who works with small companies in Bend, Ore. “A 401(k) plan should be reviewed every three years” for fees, he said. “There’s always a lot of room for improvement.”

All told, doing some homework pays off. A 2015 White House study found that 401(k) fees could total tens of thousands of dollars over a lifetime of investing. That lost money could be invested to create a more robust retirement fund.

Working with your employer is an essential first step. You may, though, encounter resistance or flat-out refusal from your company to reduce expenses or change vendors. In that case, another option is to sue your company. Under the Employee Retirement Income Security Act, the federal law governing retirement plans, your employer has a fiduciary obligation to prudently find the lowest-cost plan provider.

Some disenchanted workers, upset over excessive fees, have taken their employers to court in recent years: More than 100 new 401(k) complaints were filed in 2016-17 alone, the most recent years tracked, according to a paper published in 2018 by the Center for Retirement Research at Boston College.

Although he has not updated this study with more recent data, Geoffrey T. Sanzenbacher, a professor of economics at Boston College and an author of the research, said it was possible there would be a new surge in 401(k) lawsuits, mimicking the increase after the 2008 meltdown. He said that the employee lawsuits that had the greatest degree of success were those that involved an imprudent process of fund selection or conflicts of interest.

“A lot of people aren’t aware they are paying plan fees at all,” Professor Sanzenbacher said. “The level of employee engagement is low, even though 1 percent in annual fees means a 1 percent reduction in return. Over time, that’s costly.”

Of course, suing your employer is a time-consuming and difficult journey. It can take years to get a settlement, or the lawsuit may be thrown out. It is usually far easier to work with a willing employer to vet fees and find lower-cost funds.