Taking control of my future.

Today, I decided I'm going to learn about investing and finances. Nothing too complicated, just the basics so that I can have my own money, because at this point, it's pathetic. I'm completely clueless and I hate feeling so helpless.

I think I'm going to look into Suze Orman's books first.

Anyone else have any favorite resources for learning about being financially savvy and independent?

Re: Taking control of my future.

http://www.daveramsey.com

He has written several books and has a popular radio talk show. You can find the radio station in your area on his website. His focus is on how to get out of debt, but he also talks about money management.

[Flynn]

Re: Taking control of my future.

I learned some practical stuff from "The Millionaire Next Door." I think that's the title anyway.

[Meenah]

Re: Taking control of my future.

Suze Orman is going to be on Oprah today.

Re: Taking control of my future.

I recommend "Smart Women Finish Rich" by David Bach.

[Deebs]

Re: Taking control of my future.

We also had many opportunities to meet with financial planners, free of charge. Basically, once they found out DH was in training, they realized that eventually we would have money and might use their services. I really like using books as a start, but it also helped to sit down with a live person and hash things out. Finances were so much easier before DH was a factor in the equation. He has no concept of money!

[planet]

Re: Taking control of my future.

What I want to know is what can be done when you have debt and no extra money. I have read great investment advice, retirement and education account savings advice, even good budgeting ideas. But when you basically pull in what goes out, not including deferred loans, where does it leave you? If anyone has leads, please forward.

Re: Taking control of my future.

What I want to know is what can be done when you have debt and no extra money. I have read great investment advice, retirement and education account savings advice, even good budgeting ideas. But when you basically pull in what goes out, not including deferred loans, where does it leave you? If anyone has leads, please forward.

This is EXACTLY what Dave Ramsey does best. I think you would really enjoy his talk show. If it doesn't come on a radio station where you live, you can download podcasts or just listen from his website. DH and I listened when we lived in TN (he doesn't come on here :| ). His show/advice is very motivating...almost like getting personal and debt counseling.

[locumtenenswife]

Re: Taking control of my future.

For a basic gameplan on how to start being financially independent without getting too overwhelmed, check out http://www.thesimpledollar.com. You can sign up for a daily newsletter and they do reviews of books on personal finance and how to manage your money and your life to reach your personal and financial goals. My husband and I have been working on re-evaluating our spending, and we've prioritized our goals (creating a nest egg, planning for retirement, saving for a new home) and have structured our spending to meet these goals. The newsletter really helps in keeping you focused on the task and not losing sight of why you're trying to save money in the first place. Also, the advice is structured so you can apply it to your daily life and start making changes right away. Good Luck!

Re: Taking control of my future.

I'm watching Oprah right now (Suze is on) and there's some scary stuff on there! The Negative Ameritized (sp?) mortgage, variable mortgages, credit card debt, foreclosures, this lady's husband left her. Holy cow.

I'm getting some books tomorrow!

[DCJenn]

Re: Taking control of my future.

Our financial planner has been great- and trust me, we have had the more moeny going out than coming in situation.

I speak w/ him monthly and tell him whichever money crisis just befell- this time it was the clogged pipes at the same time as the huge party. (same day in fact).

and the other thing I like about him is that he and his wife adopted their first child and he is all too familiar w/ the soul-sucking debt that incurs.

Jenn

Re: Taking control of my future.

How can you find a good financial planner or one you can trust? And how much do they cost? Someone said they talked to one for no charge, but what are they usually?

[medpedspouse]

Re: Taking control of my future.

How can you find a good financial planner or one you can trust? And how much do they cost? Someone said they talked to one for no charge, but what are they usually?

We have a financial planner/advisor that only works with pphysicians. We have had him from PGY 2 to PGY 7 when we had no money to now - post training where we have some money but it is going towards student loans.

But I digress...back to your question. We were not charged anything during training. Now we pay $150 per year which I think it is a bargain considering the past six months we have been talking to him almost every other week. I think the best thing our advisor provides is peace of mind. I sometimes can get very overwhelmed about where we are financially and he can point out where other medical families have been and now are. Oh - and the best service we have received was when he reviewed all of DHs contracts. He provided us us with a report with areas that needed "clarification" and helped us negotiate new contracts.

So, bottom line, yes, I would definetely recommend an advisor. For us, they are well worth it.

ETA - regarding how to find someone you can trust...word of mouth I think is key. We found ours from a friend who did not even live in our town. Turns out our advisor has clients all over the country. So, look beyond your own yellow pages.

[DCJenn]

Re: Taking control of my future.

We use one from our bank (USAA) which specializes in people in the military. (our tax situation is somewhat different)

We paid an initial fee but now we pay $30 bucks a month. He's well worth the dollar a day. and, like I said, he's never once laughed at me. Just with me.

Jenn

Re: Taking control of my future.

Good to know.