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  1. #1
    Join Date
    Sep. 30, 2007
    Posts
    2,709

    Default Financial planning: Good books, resources

    Hoping to get my financial act together. So I am open to any suggestions/advice that anyone has- books, websites, magazines etc. Unfortunately I am starting this later in life-40s (so you young whippersnappers may want to pay attention to this thread!).

    Thanks in advance!



  2. #2
    Join Date
    Aug. 19, 2010
    Posts
    94

    Default

    what type of advice? retirement planning, investment goals? Best bet is set up an appointment with a financial planner, you can usually sit down with one for no fee and go over goals and they will help you shape debt consolidation/repayment, savings, investment options. Usually its to market what is available in their place of business, but you don't necessarily have to use them.



  3. #3
    Join Date
    Dec. 19, 2005
    Location
    Maryland
    Posts
    574

    Default

    I fyou are just looking to keep track of what you are spending, what money is coming in etc. I recommend mint.com - all of your accounts in one place and you can set up e-mail alerts if you go over budget etc.



  4. #4
    Join Date
    Nov. 4, 2003
    Location
    Dallas, Georgia
    Posts
    16,556

    Default

    Best first step: Go through the Financial Peace University course by Dave Ramsey

    The courses are offered regularly across the U.S. Sign up and go.
    <>< Sorrow Looks Back. Worry Looks Around. Faith Looks Up! -- "When they try to tell you these are your Golden years, don't believe 'em.... It's rust."



  5. #5
    Join Date
    Oct. 18, 2000
    Posts
    22,414

    Default

    Consider disregarding the conventional financial wisdom out there. (biggest mortgage, equity loans, how to manage debt,etc). You can't spend your way out of debt.

    Dave Ramsey is excellent - because he defies the conventional wisdom of spend spend spend and manage your debt - to eliminating debt altogether (or to the extent possible or practicable)

    eta - ooh - ChocoMare!!! You're a Dave Ramsey fan too? Cool!

    It's a foreign concept to a lot of Americans.

    One of my favorite financial books is just a bare bones, common sense collection of stories telling the reader how the seemingly poorest person in town - is actually the wealthiest.

    It's called, The Wealthy Barber.http://www.amazon.com/Wealthy-Barber.../dp/0761513116

    It's not a long book, and it's an easy read. It gets a person thinking.

    Best of luck to you!!!!!
    Brothers and sisters, I bid you beware
    Of giving your heart to a dog to tear.
    -Rudyard Kipling



  6. #6
    Join Date
    Jun. 17, 2007
    Posts
    454

    Default FPU

    We just started this because we were given it as a gift. Really optimistic about it. Seems like a great opportunity and great course!
    Equus Doth Indeed Makeus Brokeus. Or Brokeus Meus -- when you have a baby warmblood, it could be either one!



  7. #7
    Join Date
    Oct. 18, 2000
    Posts
    22,414

    Default

    When you graduate, you'll have to change your signature line!
    Brothers and sisters, I bid you beware
    Of giving your heart to a dog to tear.
    -Rudyard Kipling



  8. #8
    Join Date
    Aug. 2, 2004
    Location
    Whidbey Is, Wash.
    Posts
    9,627

    Default

    Another nod to Dave Ramsey. My ex and I got this book as a wedding present, and we got rid of my paltry debt (less than $2k, including a student loan), and his sizeable debt (oooo, more than $30k IIRC), and had three paid off vehicles and a paid off motorcycle and just a mortgage in the three years it took me to decide I didn't like him .

    I am now older and wiser or something like that, so I don't get involved in my fiance's money all that much. We have basically said "ok, we're paying off our individual debt so that we will be close to debt free when we get married." I know I can accomplish this goal, especially by applying Dave Ramsey's "snowball" philosophy. I would have a mortgage and a truck payment left. After we get married we're buying a big LQ trailer, so debt load will go back up, but it'll be manageable.
    Aisha, my heart from 03/06/1986 to 08/22/2008.

    COTH's official mini-donk enabler.
    Odie, aka the Evil Burrito, is on Facebook.



  9. #9
    Join Date
    Jun. 17, 2007
    Posts
    454

    Default

    I am so happy to hear all the Dave Ramsey success stories...and YES, I suppose I will have to change my siggy line It will be so nice to clear out the debt so I dont have to feel guilty every time I want to horse show! DH and I both brought in some significant debt, so we're looking forward to the debt snowball parts of the lessons. I've been doing okay with the investing and saving portions I think, but it will be nice to apply the rest of the teachings. I'm so glad we were given the class as a gift...I'm optimistic about money for the first time in a looooooong time!
    Equus Doth Indeed Makeus Brokeus. Or Brokeus Meus -- when you have a baby warmblood, it could be either one!



  10. #10
    Join Date
    Dec. 21, 2005
    Location
    Colorado Springs, CO
    Posts
    1,835

    Default

    Another vote for Dave Ramsey.

    If you don't want to attend classes, you can do FPU online.
    "Is it ignorance or apathy? Hey, I don't know and I don't care." ~Jimmy Buffett



  11. #11
    Join Date
    Apr. 24, 1999
    Location
    New England
    Posts
    1,264

    Default

    Another vote for Dave Ramsey

    I started my snowball July 2008. Two others in my office started at the same time. We compare notes every quarter just to keep each other on track.

    From 7/2008 to 12/2010 we've paid-off 124k.

    La is debt free, has her 6 month emergency fund and is now focusing on paying off the house.

    Li has 5 more years to go on the snowball (paying off her law school loans)

    I was 6 months from being debt free when "murphy" moved in (truck died for good), I've taken a 2 year set-back on my snowball, but keep slogging along...



  12. #12
    Join Date
    Sep. 30, 2007
    Posts
    2,709

    Default

    Thanks so much everyone. This gives me some good ideas. And thanks in advance for ideas yet to come. I would like to speak to a financial planner but of course want to pick someone who is knowledgeable and has my best interests in mind. I am making some progress but want to make even more.



  13. #13
    Join Date
    May. 8, 2006
    Location
    Northern Indiana
    Posts
    753

    Default

    Dave Ramsey, Dave Ramsey, Dave Ramsey!!!!!!! I've had family do it, I've done it, and it is a totally proven system.

    I just got to the point where I can start putting away for retirement.....it's kind of addictive to watch my IRA and Money Market accounts gain money from me doing absolutely nothing!
    To be loved by a horse should fill us with awe, for we hath not deserved it.



  14. #14
    Join Date
    Jan. 16, 2003
    Location
    Tennessee
    Posts
    2,925

    Default

    We use Quicken, but we really USE it. That is, all accounts are set up. Checking, savings, credit cards, real estate, loans, etc... it's a full blown financial statement so we can see our net worth and we track all spending by category. Starting that years ago, and keeping at it took some discipline. It's hard at first, but it gets easier as you go because you will see some benefits.

    Setting up monthly payroll deductions into savings and 401K accounts took some discipline too. Set up your deductions and then live off whatever is leftover. Change your lifestyle if necessary. Again, hard to do at first, but you'll be happy with the result.

    Dave Ramsey's approach is very good. Just discipline and common sense.
    It's 2014. Do you know where your old horse is?



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