Best Financial Advise (401k, tax, salary, money)

[davidt1]

Originally Posted by 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?

I get most of my investment education from reading books in the library. I am sure you will be able find a useful investment book at your local library. When you find one you are interested in and want to know what other people think of it, you can google it. There is a good chance that other people have written reviews on it at Amazon. Good luck!

[forest beekeeper]

"The Millionaire Nextdoor", and "The Millionaire Mind" are both great books.

We have learned a great deal from them.

Keep in mind that: "Rich dad, poor dad" was discovered to be a fraud.

[Kyusa]

Best money advice is no advice. do your own thing, be yourself. i made that mistake asking advice on this forum and IRL. if anybody is giving you advice, they are doing for their own ego or trying to steer you into some funds their friends manage. be very suspicious of advice anyone gives you! i even had somebody from here asking me for 5k loans! dont trust anybody with your money period!

[eufo]

Best advice I ever received:

-Pay yourself first (20% of net income into savings)

Best financial book I ever read:

-All Your Worth: The Ultimate Lifetime Money Plan by Elizabeth Warren and Amelia Warren Tyagi

[midwestmom]

Spend your money on things that will save you money.

Avoid student loans.

[Joe107]

invest monthly into stock mutual funds...don't sell for decades and you will do very, very well

[Joe107]

CDs and money markets are really generating you negative or zero rates of return

5% cd
-2% taxes
-3% inflation
___
0% rate of return

The only guarantee here is that you are going to die flat broke!

[forest beekeeper]

Originally Posted by Joe107

invest monthly into stock mutual funds...don't sell for decades and you will do very, very well

Not so much.

Many folks do much better by avoiding stocks all together.

Plus with stocks there are few tax-shelters.

[Kyusa]

Originally Posted by Joe107

CDs and money markets are really generating you negative or zero rates of return

5% cd
-2% taxes
-3% inflation
___
0% rate of return

The only guarantee here is that you are going to die flat broke!

very true, but with 100k in CD i still get 5k per year minus 28% tax, i end up with $3600 i didnt have before. besides, my principal is safe unlike stocks.

[forest beekeeper]

My goodness if I had to begin paying income taxes I would ...

Why aren't you fully tax sheltered?