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Whats your suggested reading for money management?

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Whats your suggested reading for money management?

Old 02-21-2012, 06:33 PM
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Default Whats your suggested reading for money management?

I'd like to tighten up on some of our family finances and find some practical ways to pay off some of our debt. while at the same time boost my nest egg. I just got done reading a 10 page thread that had some good information and suggested reading for the OP but would like to hear some recommendations from others. What book or literature have you read that assisted you with your daily spending/saving habits? I'm sure there are tons of books out there but I'll go by the general consensus of what you guys recommend. Just don't tell me to sell the boat! As the only guy in a house full of girls its the only thing that keeps me from going off the deep end some days
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Old 02-21-2012, 06:40 PM
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The Investment Answer
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Old 02-21-2012, 06:49 PM
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"I was broke, Now I'm not" check it out..... Teaches budgeting, savings, investments all 101 kind of stuff but it is good and informative. There are worksheets and spreadsheets included to help you get started as well.
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Old 02-21-2012, 07:14 PM
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Dave Ramsey

cancel everything (cable, internet, cell phones, etc.) and eat beans and rice til out of debt.
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Old 02-21-2012, 08:18 PM
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We actually have the book but I've never read it. I believe someone gave it to us. He believes in paying off debt and staying out of debt (I think) and I agree with that.
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Old 02-21-2012, 09:11 PM
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Pay off those f-ing credit cards. Sell whatever,work over time,cancel everything. Teach those kids some economics. Paying credit card interest is for LOSERS.
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Old 02-21-2012, 09:38 PM
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Pick up a book on amitorization (spelling) it tells you what your payments will be on any set bank rate over a period of time.
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Old 02-22-2012, 12:30 AM
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Originally Posted by redslayer069 View Post
I'd like to tighten up on some of our family finances and find some practical ways to pay off some of our debt. while at the same time boost my nest egg. I just got done reading a 10 page thread that had some good information and suggested reading for the OP but would like to hear some recommendations from others. What book or literature have you read that assisted you with your daily spending/saving habits? I'm sure there are tons of books out there but I'll go by the general consensus of what you guys recommend. Just don't tell me to sell the boat! As the only guy in a house full of girls its the only thing that keeps me from going off the deep end some days
It's really important to know it is not just about paying off something, or saving something. In fact...These are a products of financial wisdom, not financial control. Control is what a bank does or what a financial planner does, but financial wisdom is what you do, with what you have. We become slaves to debt or to the things we have... so finding balance is what allows you to enjoy life.

That book you want is the Bible.
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Old 02-22-2012, 06:50 AM
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Originally Posted by baypro21 View Post
Dave Ramsey

cancel everything (cable, internet, cell phones, etc.) and eat beans and rice til out of debt.
Originally Posted by Joe View Post
Dave is an alarmist. For someone that is handling their debt, he is not the answer.
He may be a bit of an alarmist, but I'll throw Dave out there again for a x2.

I have heard that "The Total Money Makeover" is good but have not read it. My wife did go to "Financial Peace University" and I read the book for that....it was good. I would have gone with her but could not spare the time since I was coaching. I'll go when the opportunity presents itself.

I would recommend the class if you can.
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Old 02-22-2012, 06:54 AM
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Dave Ramsey x3

His method's changed my life and many other people I know.

Arguments can be made that his debt snowball is not fiscally corrrect because he does not promote paying down the highest interest rates first, but rather paying the smaller debts first and snowballing to tackle the bigger debts. It counter intuitive to what most money people would say.

However, Dave teaches lifestyle changes, reality checks and a very simple 7 step program. It's a plan and it's a good one that works.
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Old 02-22-2012, 07:30 AM
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Pay down high interest credit first,,,,, then dollar cost avg into the stock market... 60/40 equities and bond funds.... as you get closer to retirement reduce equities....

Then make an extra payment here and there to principle mortgage reduction and payoff home at some point....

Let that ride for as long as you can.....
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Old 02-22-2012, 07:32 AM
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Originally Posted by redslayer069 View Post
I'd like to tighten up on some of our family finances and find some practical ways to pay off some of our debt. while at the same time boost my nest egg. I just got done reading a 10 page thread that had some good information and suggested reading for the OP but would like to hear some recommendations from others. What book or literature have you read that assisted you with your daily spending/saving habits? I'm sure there are tons of books out there but I'll go by the general consensus of what you guys recommend. Just don't tell me to sell the boat! As the only guy in a house full of girls its the only thing that keeps me from going off the deep end some days
You have the right attitude to become financially independent. You could read a bunch of books or follow this simple advice......live below your means. Put the extra cash against your loans and start building a nest egg. Figure out how much money you would like to earn when retired. Take that figure, subtract the SS payments you expect, and divide it by 5% (I am assuming you will be able to achieve a blended 5% rate of return on your investments). The result of that calculation will give you an idea how large your nest egg will need to be when you retire. Now you know the end game, figure out how much you need to park in investments or principle payments each year to reach that goal.

As for the money management issues......forget about it. Buy diversified mutual funds and forget about them. You could buy a mutual fund that looks and acts like the S&P 500 (large companies), the Russell 2000 (smaller companies), maybe a diversified foreign stock fund that invests in large foreign companies. Most brokerage websites have tools that help you decide how you should allocate your investments to maximize its returns and minimize the risks.
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Old 02-22-2012, 07:40 AM
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Originally Posted by triplenet View Post
Pay down high interest credit first,,,,, then dollar cost avg into the stock market... 60/40 equities and bond funds.... as you get closer to retirement reduce equities....

Then make an extra payment here and there to principle mortgage reduction and payoff home at some point....

Let that ride for as long as you can.....
Would it make more sense to pay off all debt including your home, boat, car then investing in equities and bonds? Or would you suggest keeping the cash and investing it and worry about paying those things over time?
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Old 02-22-2012, 07:55 AM
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Originally Posted by Pipo6007 View Post
Would it make more sense to pay off all debt including your home, boat, car then investing in equities and bonds? Or would you suggest keeping the cash and investing it and worry about paying those things over time?
I would keep the home mortgage - but make sure its at todays low rate and a 30 year fixed.. If you pay down a month each year to principle I think it will be paid off in 20 years ??? Something like that...

You should send money into the fund every month... Even if its $10.... Just get in the habit of it..... If I could go back - I would have started saving much earlier than I did...

Good luck man !!!
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Old 02-22-2012, 08:00 AM
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Originally Posted by Pipo6007 View Post
Would it make more sense to pay off all debt including your home, boat, car then investing in equities and bonds? Or would you suggest keeping the cash and investing it and worry about paying those things over time?
Ramsey teaches this:

- Build a $1,000 emergency fund
- Pay off all debts other than mortgage, smallest to large.
- Put away 6 months of living expenses in a non-retirement account
- Put 15% of income into retirement accounts
- Pay off mortgage
- Put remaining monies in mutual funds
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Old 02-22-2012, 08:28 AM
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In a nutshell that's it. Going to the class and reading the books (I even listen to the podcasts some) helps reinforce it.

Getting on the plan sure did make my wifes unexpected layoff a lot less stressful. She had just finished up the course . Our household income dropped by more than 50% and having those principals in place before hand was huge.

Now I just need to get her working again so she can support me in the manner I deserve .
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Old 02-22-2012, 09:46 AM
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I also believe in debt reduction and living within your means. Ramsey is good with that mentality.

If I remember correctly, from another thread, you are not in bad shape?

for what it is worth, I give myself a monthly allowance. My allowance is MUCH smaller than my income. I live within the monthly allowance and the remainder of my compensation goes to regular bills and savings.

When I need anew truck, etc...I go buy it for cash. Works well for my family (though my wife would rather spend it )
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Old 02-22-2012, 10:45 AM
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Originally Posted by Joe View Post
Dave is an alarmist. For someone that is handling their debt, he is not the answer.
But he makes good points. Most people are just a few steps away from a positive change, stop eating out, spend less on toys, cut back on this or that... and they are smart enough to pick and choose Dave's options as required.

Dave is not always realistic. Not everyone can find a "beater" for toting a family of 5 around or to get to work in every day with out issues. Nor can they wait till they have 1 mil in assets to purchace a new car. A low or no interest car loan on a reasonable new or lightly used car isn't the end of the world.

Dave's book is a no nonsense/common sense way to get your crap in order. No need to go the full on "beans and rice" plan unless you are deep in the crap. But many of his principals do have merit...
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Old 02-22-2012, 12:29 PM
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Dave's stuff works........period end of story.
The book to read that has pushed me to "get it" is "The richest man in Babylon"
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Old 02-22-2012, 01:14 PM
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Invest heavily in the market when it drops to 6500 next time.
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