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How did you learn about personal finance and investing...??? (I was not able to edit the post's title!)
Looking back, there are several way I leanred about in saving and personal finance. I learned a lot from my grandmother who was quite savvy considering her background. She taught me a lot about stocks, CDs, and saving. Her and my grandfather did well with their modest incomes and no pensions. Both had saved up and enjoyed a retirement where they were free from any debt and could enjoy traveling.
In my 20s, I took a liking to Bob Brinker's radio show. It was on both Saturdays and Sundays for three hours each day. I was abLe to listen to to the first hour both days at work as I was finishing up my shift at work. After work I would listen at my house.
I also use enjoy reading Money and Kiplinger's Personal Finance magazines when I was in my 20s. What I really enjoyed where there profile articles on people and their financial situations. It was interesting to learn from these articles/profiles.
Now days, it's nice to have financial ino via the Internet. So convenient and easy. Lots of good i formation out there.
How did you learn about personal finance and investing...??? (I was not able to edit the post's title!)
Looking back, there are several way I leanred about in saving and personal finance. I learned a lot from my grandmother who was quite savvy considering her background. She taught me a lot about stocks, CDs, and saving. Her and my grandfather did well with their modest incomes and no pensions. Both had saved up and enjoyed a retirement where they were free from any debt and could enjoy traveling.
In my 20s, I took a liking to Bob Brinker's radio show. It was on both Saturdays and Sundays for three hours each day. I was abLe to listen to to the first hour both days at work as I was finishing up my shift at work. After work I would listen at my house.
I also use enjoy reading Money and Kiplinger's Personal Finance magazines when I was in my 20s. What I really enjoyed where there profile articles on people and their financial situations. It was interesting to learn from these articles/profiles.
Now days, it's nice to have financial ino via the Internet. So convenient and easy. Lots of good i formation out there.
Happy Trails,
MtMtnMan
I actually started with Charles J. Givens's book "More Wealth Without Risk" in my sophomore year of college. Although I do think he promotes some awfully wacky ideas, questionable tax loopholes, and claiming investments to be "risk free" when they are not, it can nonetheless be a good read.
I am mostly just the buy-and-hold-mutual-funds type. It seems that one really gets the most bang for one's buck. Sure some people really hit it big with small businesses, tax lien certificates, or highly leveraged real estate, but the vast majority of these are either very high risk, or require you to spend a lot of time and thus carry a large opportunity cost since the time could otherwise be spent on a second job. It's only fair to account for this if you are going to compare, for instance, tax liens vs. mutual funds. If you don't do your "homework" (e.g. researching the laws and the property) you are at high risk of losing your investment. If you do do your homework, then you end up spending a lot of time that could otherwise be used to earn more money elsewhere. Either way you're at a disadvantage compared to passive investing.
I started in the business in my teens working in the back office of a wealth management firm and I've never left. I took the series 7 while still in my teens, added the series 63, 10, 65, 9 and 3 in that order. I read a lot online and that tends to be my biggest source of learning outside of work
How did you learn about personal finance and investing...??? (I was not able to edit the post's title!)
Looking back, there are several way I leanred about in saving and personal finance. I learned a lot from my grandmother who was quite savvy considering her background. She taught me a lot about stocks, CDs, and saving. Her and my grandfather did well with their modest incomes and no pensions. Both had saved up and enjoyed a retirement where they were free from any debt and could enjoy traveling.
In my 20s, I took a liking to Bob Brinker's radio show. It was on both Saturdays and Sundays for three hours each day. I was abLe to listen to to the first hour both days at work as I was finishing up my shift at work. After work I would listen at my house.
I also use enjoy reading Money and Kiplinger's Personal Finance magazines when I was in my 20s. What I really enjoyed where there profile articles on people and their financial situations. It was interesting to learn from these articles/profiles.
Now days, it's nice to have financial ino via the Internet. So convenient and easy. Lots of good i formation out there.
In my 20s, I took a liking to Bob Brinker's radio show.
Bob is spot on. Buy low cost index funds like VOO (the S & P 500 index) and AGG (the total bond market index) then rebalance (to maintain your desired bond / stock allocation ratio) as needed. How much you invest in one versus the other depends on things like your age and appetite for risk.
These sites will help you decide on allocation ratio. You don't have to pick the funds they recommend. For example Ric Edelman is way over the top with so many funds. You are already widely diversified with VOO and AGG.
As of late 2014, this was Jim Cramer's general bond / stock allocation ratio recommendation:
Younger than 30 - No reason to own bonds In your 30's - 10% - 20% bonds In your 40's - 20% - 30% bonds In your 50's - 30% - 40% bonds 60 to retirement - 40% - 50% bonds
Similarly Bob Brinker recommends a 50/50 bond / stock allocation for a retired 70 year old.
There is nothing complicated about investing. Open an account with E Trade or AmeriTrade and place your buy orders. The worst thing you can do is go to a broker / adviser (non fiduciary). As Bob Brinker says, there as soooo many sharks out there. Their goal is to get your money either through expensive products or through services.
Bob is spot on. Buy low cost index funds like VOO (the S & P 500 index) and AGG (the total bond market index) then rebalance (to maintain your desired bond / stock allocation ratio) as needed. How much you invest in one versus the other depends on things like your age and appetite for risk.
These sites will help you decide on allocation ratio. You don't have to pick the funds they recommend. For example Ric Edelman is way over the top with so many funds. You are already widely diversified with VOO and AGG.
As of late 2014, this was Jim Cramer's general bond / stock allocation ratio recommendation:
Younger than 30 - No reason to own bonds In your 30's - 10% - 20% bonds In your 40's - 20% - 30% bonds In your 50's - 30% - 40% bonds 60 to retirement - 40% - 50% bonds
Similarly Bob Brinker recommends a 50/50 bond / stock allocation for a retired 70 year old.
There is nothing complicated about investing. Open an account with E Trade or AmeriTrade and place your buy orders. The worst thing you can do is go to a broker / adviser (non fiduciary). As Bob Brinker says, there as soooo many sharks out there. Their goal is to get your money either through expensive products or through services.
Using a broker or advisor isn't the worst thing you can do as the great folks at Vanguard, the low cost king say that an advisor net of fees can be worth as much as 1.5-3% per year
vanguard is right judging by the studies that are done on tracking small investors as a group and that is coming from the grand pappy of do it yourself investing
vanguard is right judging by the studies that are done on tracking small investors as a group and that is coming from the grand pappy of do it yourself investing
I see much larger investors daily and it applys to most of then too that go it alone. It's a human nature issue I believe
I learned from my father. He started teaching all three kids when we were young. Taught us the stock market back when they had fractions in the price (made us good at fractions)
sadly I'm the only 1 Of 3 who keep learning and researching. I then turned toTV and internet to learn more.
Got another 30 To 40 years but off to a great start
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