Best Financial Advise (credit, loans, sell, interest)

[UseJeff]

The best advice I ever received was "win the lotto" ... although if I don't win it soon, I may have to actually go buy a ticket. I've always figured my odds were pretty much the same of winning if I buy or don't buy one

[sweetana3]

books: Your Money or Your Life for a plan, The Millionaire Mind for analysis, Dave Ramsey's Total Money Makeover for interesting stories.

[mach]

I second dave Ramseys advice.

[brentington]

"Your Money or Your Life" is a great financial book. Really puts everything into perspective. Also, "the Richest Man in Babylon" is reall good, too. Most important advice: Pay Yourself First. Nobody else is going to pay your first. It's the only way you'll ever get ahead. It's not what you make that counts, it's what you keep.

[Kyusa]

stick with cash such as CD, savings acct, MM. i put 100k into savings act recently that pays 5.50% not much but its safe, and i still get $5500 per year in interest......thats my vacation money

[killer2021]

Understanding the true concept of inflation and taxation. Many people think that just because the price of your assets goes up (ie. your stocks, real estate whatever) it is somehow associated with you getting more things. Even though we all hear the stories about how in 1962 your Grandpa was able to get a burger for 25 cents or buy a gallon gasoline for 30 cents. Likewise, these artificial gains as I like to call them get taxed as if the asset were really increasing in value when in reality all they are doing is adjusting against an asset that always goes down in value (fiat currencies). This type of system is nothing more than a tax on your wealth!

IMO, this is the main reason people want a stable currency (like gold/silver backed currencies) to prevent inflation taxation.

This vid explains more about it, with examples:

YouTube - Will The Dow Jones Crash?

[killer2021]

Originally Posted by Kyusa

stick with cash such as CD, savings acct, MM. i put 100k into savings act recently that pays 5.50% not much but its safe, and i still get $5500 per year in interest......thats my vacation money

You have to pay taxes and inflation on that amount.....

[Kyusa]

Originally Posted by killer2021

You have to pay taxes and inflation on that amount.....

yes i do, but its better than stock market gamble

[lilypad]

I have no debt except my school loan, no credit card debt, car paid off. Live well below my means. Have a large savings, but not sure where to put it. As stated above, some say to put in CD or MM. I have MM fund, where it has landed. Have less than zero knowledge about mutual funds, is there a really basic first grade level mutual fund website to learn what to do to get a better return on my savings? Am looking into continuing ed type courses at the university where I live, but not coming up with much. Maybe a "dummies" book?

[joee]

Putting money in cd's, mm, high yeilding savings is the safest way to go if your worried about that investment but you have to take into account the rate of inflation of say 3% then good ol uncle same takes his say 15% cut so your earned income off that 100,000 amount which is 5500 dollars you only realize a net gain of roughly 4500 dollars total return of 4.5%, that 100,000 could be put into a fund making say 8% return then do a monthly distribution of roughly 4.5-5.5% then your still earning a small amount on your initial investment and funding that vacation or what ever at the same time, a roth ira is another option depending upon age but i forget what the rules are on roths, or heck take a look at dividend yeilding stocks, i'm not in touch with the markets, rules & regs much anymore but something to kick around.