Monday, January 29, 2007

Financial Goals

I'm not big on new year's resolutions, but the new year is as good a time as any to set goals for the future. Husband and I have decided that now's the time to get our finances in order, pay some things off and save & invest. We've set a strict budget so that we can pay off debt quickly (next 8 months) and save for trips and other purchases we'd like to make in cash.

A girlfriend of mine who has worked for an investing company and is finishing her Masters in Business this year has recommended the book, Smart Women Finish Rich by David Bach. I'm wondering if any of you have read it. I'm only in chapter 2, but I love it already. It states immediately that you don't have to be rich to save and invest money. The author tells a sweet story about how his grandmother managed to die a millionaire working on a minimum wage income her whole life.

I have always shied away from financial stuff, but my goal is to educate myself and not let husband take the burden of doing/managing it all. The book lists reasons why we as women should not leave the responsibility to the man/men in your life. My husband is incredibly resposible with our money, but if anything should happen to him I need to know where our money is, if anything is saved, and how to access it all.

Anyway, I thought I'd keep you updated on our success/failure with the new budget. Satellite cable tv didn't fit in our financial plan, so (sadly) I'm going to have it disconnected this week. I'm willing to give it up if it means that I can still go snowboarding!!!

I stumbled on this blog (or did we talk about it here?) a while ago and I really like it. The Budgeting Babe

That is great. I'll be praying for you. That is goal of mine too for this coming year. Not only do I have debt, but I've put off even thinking about investing because I've always thought a husband would come along and do it for me. But as time drifts on and no husband is in sight I need to take the reigns myself.

It is scary but exciting too. Let us know when you finish the book, give us a WG review.
also, I've had a retirement IRA I started when I was 25. Money is taken out automatically each month. You're never too young to start!!! The longer you wait, the (much) less money you will have.
i had another post--where did it go?
I started an IRA last year. Better late than never, I guess...

I hate that I've never had proper financial education. I'm starting from scratch...
mishannah, i'd love to be debt-diet buddies with you. let me know how you progress on your journey and i'll keep you updated on mine.

you should pick up a copy of SWFR by David Bach. see if you can get it from the library if you don't want to buy it. it's easy to digest and a great place to start. i'm sure there are tons of great books out there, but it was nice to have this book recommended to me b/c it's easy to read and i was overwhelmed by what to do first.
Thanks so much for the book suggestion. My husband and I deal with the finances together, but I've always wanted to be more savy about our decisions. (He's very savy and I just rely on him.)

local friend of Kristen from thisclassicallife
I'm sure all of our husbands are wonderful, so this won't happen to us, but my mom, grandma, and aunt were all left by their husbands. They had never so much as paid an electric bill, and let me tell you it's not an education you want to deal with in that time of stress and grief.
This is a really hard area for us. We have tremendous school debt, which seems like we will have forever! We live in silicon valley where we have a steal of a rent at $1850. I never imagined Andrew would make what he does yet it seems like we don't have any of it. So I feel the pain as well.
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