The Investment Answer

[Thirteen]

I agree with K: it's been a slow process for both of us.
I tackled the 401k first, then the term life, then an umbrella policy,then the short term disability.
We are now venturing into the HSA, the 403(b), and maybe some 528s and/or setting up a trust for the life insurance.

I ask a lot of questions, read websites, bother spotty dog () and shop around.


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[spotty_dog]

I would love to just hire spotty dog and be done with it, but one thing I've learned is that ultimately we have to be in charge. It sucks, but there it is.

Naw, you don't want me! I'm muddling about same as anyone! It's only because all the material I've read points me at such a straightforward approach (my buying decisions include, "What do I need more of? Buy that.") and because we save so aggressively and because our situation is pretty simple (self-employed, no state taxes, not the highest tax bracket) that I'm feeling pretty good about the whole shebang. But the more I learn about fee-only planners the more I think that's a great direction for probably a majority of our medspouses. I'm looking for someone now to do a checkup for me too. (There's one CFP with an office in my town and he's firmly focused on retirees, but he does use a passive indexed method when he manages people's money for them. There's a second CFP in my geographic area and he sounds pretty good albeit with a military bent.)

But for an alternative, I've started reading the Gone Fishin' Portfolio and I love the introductory material a great deal. It's really well written and lays things out simply, and unlike the Investment Answer it touches on the whole of personal finance (saving, taxes) and is aimed at getting individuals to manage their money without professional help. WCI reviewed it a little while ago so when I saw it on my library shelf I snatched it up and just started reading it last night: http://whitecoatinvestor.com/gone-fishin-a-book-review/

[spotty_dog]

I agree with K: it's been a slow process for both of us.
I tackled the 401k first, then the term life, then an umbrella policy,then the short term disability.
We are now venturing into the HSA, the 403(b), and maybe some 528s and/or setting up a trust for the life insurance.

I ask a lot of questions, read websites, bother spotty dog () and shop around.

PMs are fun!

[MAPPLEBUM]

Re: YNAB. I don't particularly want or feel the need to budget. We offset our more expensive months with going cheap the next month or two. As in, we can fly to California and vacation without having to save beforehand but couldn't do that for a trip to Hawaii. Now if I wanted to plan a big trip, I would start another fund. I'm just always curious what and how people track.

Is it horrible to say I also feel kind of proud about how we're doing since most of our friends have no savings, investments, and are usually still in forbearance? Its small scale stuff what we're doing but forming good habits and becoming somewhat fluent on these matters.

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[spotty_dog]

Not horrible at all, and you should be proud! Even having this stuff on your radar is definitely an advantage over your peers...but just make sure that you're considering your own situation foremost, more than comparing to others, you know?

I suggested YNAB because it's a way to track All the Things including making sure your "fund" money stays set aside for when you need it. It was just a thought (I don't use it but I think MissCrabbette recommended it highly some time ago...and I'm tempted to try it myself! Except I'd end up stressed over DH's purchases since I don't always know when they happen or how to categorize them...) But certainly if it ain't broke don't fix it.