Thirty-Five Minutes to Riches

Find promising funds

Time it takes: 5 minutes

You can cut through the 8,000 or so mutual funds out there by sticking to the MONEY 70. Or run a screen for similar funds at morningstar.com (click on the Funds tab and go to the Mutual Fund Screener link). Pick a category, and then limit expenses to less than the category average. Next screen for funds whose managers have five years of tenure or more - greater experience is linked to better performance. Cut funds that failed to beat their five- or 10-year category averages.

Track your returns

Time it takes: 35 minutes

It's a pain to figure out how your investments are doing, especially if your money is scattered among several accounts. Spend 35 minutes setting up the portfolio tracker at portfolio.morningstar.com (you must first register at the site) so that you can start calculating your own rate of return. For a Web tool that can be clunky, Morningstar's tracker is particularly well designed and easy to use. You will, however, have to update it when you reinvest dividends or buy more shares.

Find out if you're paid enough

Time it takes: 15 minutes

Before you can make your case for a raise, you need something to measure yourself against. Salary.com offers Salary Wizard for free. Plug in your title and zip code and you'll get the median pay in your area for comparable positions. Or spend 10 minutes filling out a questionnaire with more variables, such as the size of your employer, and get 12 pages of data by buying a Personal Salary Report for $29.95 to $79.95 (the price varies by title).

Run a retirement plan

Time it takes: 5 minutes

On the road to riches, the key question is whether you're on track for financial independence. So pull out your retirement and investment account statements, plus projections for any pensions. Running that simple math can be surprisingly valuable: Researchers have found that people who plan for retirement have a higher net worth than those who do nothing.

Estimate your life insurance

Time it takes: 35 minutes

How much coverage is enough? For a fast ballpark estimate, multiply your annual income by five. With 35 minutes you can use the detailed calculator from the Life and Health Insurance Foundation for Education (life line.org). You'll be asked for your assets and debts, plus answers to tough questions like how long your family would need income after your death. If you find you need more coverage, get a quote on a term policy in five minutes at accuquote.com.

Learn your tax bracket

Time it takes: 20 minutes

Knowing what rate you pay on the last dollar you earn can help you to, among other things, pick a taxable vs. a municipal bond fund. Pull out your most recent 1040 and look for taxable income (line 43 in 2006). Adjust for any big changes in your income or the deductions you expect to take this year, then find where you fit in at irs.gov (search for "2007 federal tax rate schedule").

To choose between a muni and a taxable fund, divide the muni's yield by 100% minus your tax rate. If that number is higher than the taxable yield, go tax-free.

Escape late fees

Time it takes: 6 minutes

Why mess with checks and trips to the post office? Why risk a late payment when, according to Consumer Action, 85% of credit-card issuers impose penalty rates that average 24.5% if you're late on one or two bills? Pay bills online at your bank. First register at the site. Then gather your bills. Many bank sites have a pull-down menu of merchants; select yours and enter your account number. Or plug in the name, address and account number manually.

Write bounce-proof checks

Time it takes: 9 minutes

The median fee for bouncing a check recently hit $27.50, according to Bankrate.com. Call your bank or visit its website to sign up for overdraft protection. With that service, the bank will cover your check with money from a linked savings account. It may cost you $10, but that's less than half the charge for insufficient funds - not to mention what the payee demands.

Get bank alerts

Time it takes: 4 minutes.

Avoid bounced checks and spot ID theft early by having your bank notify you when your balance falls below a certain level or when there's unusual activity in your account. Citibank, for example, offers alerts via e-mail or text message. To activate them, log into your online account and select Account Info and then E-mail and Wireless Alerts. You can add up to two e-mail addresses and a mobile-phone number for alerts. Use the menu of options to designate what updates you want.

Pay less in auto insurance

Time it takes: 7 minutes

Simply raising your deductible can save you up to 30%. With an old car, drop your collision and comprehensive coverage when the car is worth less than 10 times what you pay for the insurance. Or shop for a lower premium at insweb.com, an easy-to-navigate comparison site. You'll be guided through five screens of information such as driving history, car make and model. A few minutes later the site will give you the lowest quote from its database (which doesn't include all the biggest insurers). Agents will also e-mail or call you with quotes from other insurers.

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