ways to increase financial literacy (retirement things)

[+ friendofsheila]

it looks like I'm going to have to go through some kind of course to become a financial adviser, for me to understand 401ks and related retirement stuff as well as I want to.  

(I think the whole industry relies on me being ignorant!)

I'm trying to read books, too. 

[+ FrankR]

3 hours ago, friendofsheila said:

it looks like I'm going to have to go through some kind of course to become a financial adviser, for me to understand 401ks and related retirement stuff as well as I want to.  

(I think the whole industry relies on me being ignorant!)

I'm trying to read books, too. 

Perhaps consider hiring a financial advisor who is a teacher at heart, who is happy to educate you as part of the service.  🙂

[+ Vegas_Millennial]

5 hours ago, friendofsheila said:

it looks like I'm going to have to go through some kind of course to become a financial adviser, for me to understand 401ks and related retirement stuff as well as I want to.  

(I think the whole industry relies on me being ignorant!)

I'm trying to read books, too. 

I've been subscribing to the Wall Street Journal print edition for a few years.  That's has helped me a lot.  I don't have the will power/interest to read entire books on the subject.  But I can get through skimming the articles on my lunch break.  Each year, more and more of the articles start making sense to me, as I learn the lingo and read about proposed tax changes and 401k rule changes as they are proposed by Congress.

I also used to DVR the Suze Orman show and watch it every week with my housemates.  Her show was great, but I haven't been able to find full episodes online.

[KeepItReal]

13 hours ago, friendofsheila said:

it looks like I'm going to have to go through some kind of course to become a financial adviser, for me to understand 401ks and related retirement stuff as well as I want to.  

(I think the whole industry relies on me being ignorant!)

I'm trying to read books, too. 

Take a look at the Money Girl podcasts, they are not bad, short and informative. I get them through iTunes/iPhone.   On the other hand, if you are willing to spend a few dollars and a few hours, the Money Guy has a training course. Haven't taken it myself, but it sounds like it covers the basics. 

https://learn.moneyguy.com/?gclid=EAIaIQobChMIwdKmp7-M-QIVPGxvBB2LgQG4EAAYASABEgL5efD_BwE

[Quincy_7]

You'll pick up a lot of knowledge my watching Dave Ramsey's videos on youtube. Not everything he says is good advice but you'll still develop a broad enough understanding of the basics of personal finance and investing.

[+ FrankR]

55 minutes ago, Quincy_7 said:

You'll pick up a lot of knowledge my watching Dave Ramsey's videos on youtube. Not everything he says is good advice but you'll still develop a broad enough understanding of the basics of personal finance and investing.

I agree, I like his behavioral approach to budgeting and saving. Cannot recommend him for investing advice - he keeps pushing mutual funds that carry loads (fees and commissions) and that does not sit well with me. 🤷‍♂️  Also the religious undertone is sometimes a bit much. 

[Quincy_7]

1 hour ago, FrankR said:

I agree, I like his behavioral approach to budgeting and saving. Cannot recommend him for investing advice - he keeps pushing mutual funds that carry loads (fees and commissions) and that does not sit well with me. 🤷‍♂️  Also the religious undertone is sometimes a bit much. 

He's never given a sound enough explanation for the rationale behind his  five fund portfolio. 

[handiacefailure]

On 7/22/2022 at 2:13 PM, Quincy_7 said:

You'll pick up a lot of knowledge my watching Dave Ramsey's videos on youtube. Not everything he says is good advice but you'll still develop a broad enough understanding of the basics of personal finance and investing.

I have no use for Ramsey.   I heard he’s homophobic and won’t allow gay couples on his show to shout they are debt free.

He has also fired people for having premarital sex.   Tenn. is a right to work state and recently he fired a female employee who was pregnant and not married because she violated the “morality clause” for having premarital sex.   So now the lady is without insurance to cover her pregnancy and newborns health care.   I heard he will fire LGBTQ employees if he finds out.

His financial advice doesn’t work at all for me, but could for someone who can’t handle debt.   I charge everything I can on credit cards for the miles and points and get a ton of benefits (i.e. rental car coverage for free that paid for a claim a couple years ago and trip delay/cancel insurance which has saved me a lot of the years).   He is against credit card and thinks everyone should have a debit card instead (not to mention you also have to pay foreign transaction fees overseas).

Totally disagree with him on student loans.   He thinks people shouildn’t finance an education. Come on, paying cash for college is impossible for most people.  If I would have received a two year instead of a four year degree, I/‘d be making a fraction of what I make in my field with a four year degree.   And it would be impossible to pay for medical or law school with cash, and he thinks people should work, and that isn’t possible if you are in med school with the hours you put in.

I do agree with him that the only debt someone should have is a 15 year mortgage and pay it off ASAP.