DIY financial planning?

iVillage Member
Registered: 03-27-2003
DIY financial planning?
2
Sat, 07-02-2005 - 2:22pm

I know this isn't an investment board, but there are so many wise, experienced folks on this board, I thought someone might have ideas for me.

We have been through about three investment/financial planning consultants in the past few years, and have investment accounts (little, teeny ones lol) in about three different places. I've decided I've had it with the commissions for people who aren't gonna stick around and don't really have my best interests at heart anyway (and who really aren't that much more knowledgeable than I am, except in the nuts and bolts stuff).

So I'm planning to take our investment portfolio into my own hands, and I'm wondering if anyone has recommendations for books and/or websites I should check out. I was at the library and there are five million financial planning and investment books out there, so I was hoping to narrow it down with recommendations from you fine folks.

I'm also interested in anyone's DIY stories--good and bad--advice, thoughts, etc.

Thanks in advance!

Heather

iVillage Member
Registered: 05-09-2005
Sun, 07-03-2005 - 2:41pm
Hi Heather,
Sorry, but I am not any kind of financial planner type person. Two things I do know however, first: put your $$ into a Roth Ira -- yes, the money you put in is AFTER tax dollars so you don't get any kind of income tax reduction, BUT when you start to withdraw the money, it is TAX FREE -- which means that you don't pay any taxes on the gains this money will make for you over the years. Second, if you haven't looked at the Suze Orman books, she is usually right on target and will have good advice.
Good luck in your search for answers.
Megan
iVillage Member
Registered: 03-22-2005
Sun, 07-03-2005 - 3:57pm

I am a firm believer of DYI. There are tons of FREE information out there. One of the many useful website is "www.smartmoney.com". You can also check out the MSNBC financical website. For the amount you pay a financial consultant, you can easily get a truck load of books, such as money for dummies, money magazine, and I believe the Wall Street Journal also published several books on investing.

The other poster said put money in ROTH IRA, which is sound advice, although if you have some sort of 401K at work, try to max that out first, especially if the employer matches your contributions.

Have fun playing with your money and watching it grow!