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Started By
Message
What grade do you give your personal finance skills?
Posted on 11/22/13 at 1:02 pm
Posted on 11/22/13 at 1:02 pm
Debt: Credit, credit cards, mortgages, auto, etc.
Budgeting
Long-term financial planning
Risk / Insurance
Investments: 401k, 403b, stock portfolio
Real Estate
etc
Budgeting
Long-term financial planning
Risk / Insurance
Investments: 401k, 403b, stock portfolio
Real Estate
etc
Posted on 11/22/13 at 1:06 pm to Sternocleidomastoid
Debt: Credit, credit cards, mortgages, auto, etc. -
B+ - I only have a mortgage.
Budgeting
B- - Sometimes higher but November and December, both the wife and I seem to blow up our budget.
Long-term financial planning
A - Maxed out everything I can, 401K, Roth, 529, etc.
Risk / Insurance
A - Insured 10x my income with a term life policy. When it expires in 27 years I will be self insured.
Investments: 401k, 403b, stock portfolio
See Long term planning
Real Estate
D - Primary Mortgage is okay. I took a hit on an investment property and had to short sale a couple years ago.
Overall - C+ I made a major mistake with zeros on the end of it, but I learned.
B+ - I only have a mortgage.
Budgeting
B- - Sometimes higher but November and December, both the wife and I seem to blow up our budget.
Long-term financial planning
A - Maxed out everything I can, 401K, Roth, 529, etc.
Risk / Insurance
A - Insured 10x my income with a term life policy. When it expires in 27 years I will be self insured.
Investments: 401k, 403b, stock portfolio
See Long term planning
Real Estate
D - Primary Mortgage is okay. I took a hit on an investment property and had to short sale a couple years ago.
Overall - C+ I made a major mistake with zeros on the end of it, but I learned.
Posted on 11/22/13 at 1:57 pm to Sternocleidomastoid
Debt: Credit, credit cards, mortgages, auto, etc.
A ... I've never owed money on anything except mortgage and it was minimal.
Budgeting
B .. I live very frugally but have to dock my grade because I allowed my first wife to spend like hell until I dumped her arse.
Long-term financial planning ..
B .. I don't think long term. At my age I don't buy green bananas.
Risk / Insurance ...
I don't know what that means.
Investments: 401k, 403b, stock portfolio ...
B .. I made a mistake with a mutual years ago. Have done very well with blue chips in the last 30 years.
Real Estate ...
A+ ... I have always made money on selling homes. But I never want to sell this one. Wife has instructions to sell when I die because lake front property in the woods is hard to maintain by a woman who cannot boil an egg.
Lucy...
A ... I've never owed money on anything except mortgage and it was minimal.
Budgeting
B .. I live very frugally but have to dock my grade because I allowed my first wife to spend like hell until I dumped her arse.
Long-term financial planning ..
B .. I don't think long term. At my age I don't buy green bananas.
Risk / Insurance ...
I don't know what that means.
Investments: 401k, 403b, stock portfolio ...
B .. I made a mistake with a mutual years ago. Have done very well with blue chips in the last 30 years.
Real Estate ...
A+ ... I have always made money on selling homes. But I never want to sell this one. Wife has instructions to sell when I die because lake front property in the woods is hard to maintain by a woman who cannot boil an egg.
Lucy...
Posted on 11/22/13 at 3:55 pm to Sternocleidomastoid
Mind you I am a college student so this probably doesn't mean shite
quote:Have none
Debt:
quote:i'm pretty bad at this. I generally think hard about what I am buying before I do, but hardly ever put it on paper
Budgeting
quote:I'm working hard on my education
Long-term financial planning
quote:not applicable
Risk / Insurance
quote:I have a good chunk in index funds. A lot from birthday money, ect, but some from my earned money
Investments: 401k, 403b, stock portfolio
quote:not applicable
Real Estate
Posted on 11/22/13 at 4:06 pm to Sternocleidomastoid
Debt: A.... debt free! (rent)
Budgeting: B.... I have things set up with mint.com and follow it pretty closely but could do better.
Long term: C-.... maxed out both of our Roths, but only contibute the max my company will match. Hope to increase this. No kids so no 529.
Life Insurance: N/A I think I'm too young to look into this so not applicable.
Real Estate: N/A I don't have any real estate investments at this time nor do I own a home. We plan on building in a couple years.
Overall: B-
Budgeting: B.... I have things set up with mint.com and follow it pretty closely but could do better.
Long term: C-.... maxed out both of our Roths, but only contibute the max my company will match. Hope to increase this. No kids so no 529.
Life Insurance: N/A I think I'm too young to look into this so not applicable.
Real Estate: N/A I don't have any real estate investments at this time nor do I own a home. We plan on building in a couple years.
Overall: B-
Posted on 11/22/13 at 6:27 pm to Sternocleidomastoid
quote:
Debt
A - I'm not afraid to use debt correctly, in the right circumstance it is smarter than paying cash. But I'm very careful not to misuse it and always read the fine print.
quote:
Budgeting
C - I'm pretty bad at this but fortunately have enough surplus income that it doesn't matter. Basically I just don't spend a huge amount on "stuff" but don't really have a budget beyond making sure my 401 and Roth get stuffed each year.
quote:
Long-term financial planning
B - I think about it sometimes but again I have enough extra income that I'm not all that worried.
quote:
Risk / Insurance
B+ - I have an umbrella and enough LTD to take care of things, plus the other usual stuff.
quote:
Investments: 401k, 403b, stock portfolio
A - I used to help manage portfolios for a living. I actually read the fund prospectus, for example, to make sure what I'm getting is what the name of the fund would imply.
quote:
Real Estate
D - Don't really know much here.
Posted on 11/22/13 at 7:06 pm to Sternocleidomastoid
quote:A
Debt: Credit, credit cards, mortgages, auto, etc.
Budgeting
Long-term financial planning
Risk / Insurance
Investments: 401k, 403b, stock portfolio
Real Estate
etc
It also helps to be married to a summa cum laude Accounting/Finance type though.
Posted on 11/22/13 at 8:16 pm to Sternocleidomastoid
quote:
Debt
The amount that I do owe is minimal and at an average rate of 1.5%... B
quote:
Budgeting
I'm on autopilot for the most part... I limit my purchases. I don't have a want for stuff, but the stuff I do own, I want to be really nice... I project my quarterly personal financial statement, income, and cash flow two to three years out... A
quote:
Long-term financial planning
Tax diversified... Contribute maximum to every account imaginable... Not even close to needing estate planning, but starting to research vertical and horizontal asset segregation and sheltering in trusts... B-
quote:
Risk / Insurance
My employer takes care of this one for the most part... health/life/short-term/long-term... Should probably get an umbrella... Will need to eventually get long-term care... B+
quote:
Investments
Need to work on asset allocation... And I still believe that I can beat the market... D
quote:
Real Estate
Don't own any... Don't want to own someone else's house... Want to build... Missed out on 3% rates... F
This post was edited on 11/22/13 at 8:17 pm
Posted on 11/22/13 at 8:50 pm to Sternocleidomastoid
quote:- B+ - I have absolutely zero debt. This may seem odd to have this category as a B with no debt, but I feel I'm a little too anti-debt to warrant an A. I need to learn to be more comfortable with a manageable amount of debt.
Debt
quote:- B - My problem here is consistency. Over an annual period I probably spend about the same amount, but it varies wildly month to month and even week to week. I'll go through a couple weeks in a row or even a month or two where I spend next to nothing, just food and drinks. Then I'll have a week where I randomly decide to buy a new TV, fly to see a friend, get a new suit, etc. I can do it right now cause I make a substantial amount more than I need, but if I ever get to where I need to live month to month off basically what I make it will require more discipline on my part.
Budgeting
quote:- C+ - I could be better about maxing out my IRA and 401K. I do contribute to what the max my company will match, but I rarely max-out my IRA.
Long-term financial planning
quote:- B - I've a 6 month emergency fund that I've never touched before. I bare minimum health insurance but only because I'm 25 and don't know the last time I was ever sick. My investing is pretty well-rounded to minimize risk and I do next to no day-trading, 1 year min hold for most of my stocks.
Risk / Insurance
quote:- A+ - I contribute a substantial amount of my paycheck (over 50% usually) to a group of Index Funds on a cost-average basis. I plan on not touching these for a long time.
Investments
quote:- F - I have absolutely none at the moment. Looking into purchasing some land for development in the Caribbean soon to build a vacation house on that I'll also use for rental purposes.
Real Estate
Posted on 11/22/13 at 9:12 pm to FootballNostradamus
quote:
This may seem odd to have this category as a B with no debt, but I feel I'm a little too anti-debt to warrant an A. I need to learn to be more comfortable with a manageable amount of debt.
IMHO that is a good rating then and you understand why. Not many do.
The Dave Ramsey/no debt crowd should get a B- at best. Not bad at all but what gets people into trouble isn't the debt, it's the spending on unproductive assets.
Posted on 11/22/13 at 9:19 pm to dlmast87
quote:
Life Insurance: N/A I think I'm too young to look into this so not applicable.
How old are you? Are you married or anything?
It wouldnt be a bad idea to at the very least have some insurance so that your family can afford to bury you and all that.
I'm 25 and I have a $250k term policy. My parents pay the premium ($30/mo) are the beneficiary so that if anything were to happen to me, it essentially pays off the little debt I have and my vehicle, and they'll be able to bury me with indebting themselves.
Posted on 11/22/13 at 10:31 pm to southernelite
26. My wife has a small policy through her teaching job and my job provides a small one as well. We have no debt and both sets of parents are well off and could provide support if something tragic happened. I just don't see it as a priority right now.
Posted on 11/22/13 at 11:26 pm to foshizzle
quote:
IMHO that is a good rating then and you understand why. Not many do.
The Dave Ramsey/no debt crowd should get a B- at best. Not bad at all but what gets people into trouble isn't the debt, it's the spending on unproductive assets.
Yea my pops is Ramsey to the core, debt was a curse word to us growing up.
I'm getting better at accepting it, but I still wouldn't say I'm comfortable with it.
Posted on 11/23/13 at 12:27 am to FootballNostradamus
I pay cash and no CC debt. 2.6% mortgage or else I would pay it off. B +
Learn something new about finance everyday B-
My Christmas reading list: 4 books on Buffett; Fools Gold about corruption at JP Morgan; Bogle's Common Sense on Mutual Funds; and A Random Walk
Learn something new about finance everyday B-
My Christmas reading list: 4 books on Buffett; Fools Gold about corruption at JP Morgan; Bogle's Common Sense on Mutual Funds; and A Random Walk
Posted on 11/23/13 at 7:27 am to FootballNostradamus
quote:Like anything else it is a matter of fully understanding opportunities and pitfalls.
debt was a curse word to us growing up.
I'm getting better at accepting it, but I still wouldn't say I'm comfortable with it.
What debt options are available?
What is their risk vs benefit, given your personal circumstance?
Debt, coupled with associated tax advantages, can serve as an excellent leverage vehicle. It can serve as an effective inflation hedge. But as your father would likely attest, it can also be a runaway train to insolvency or financial disadvantage.
Posted on 11/23/13 at 7:34 am to Sternocleidomastoid
Debt B
Budgeting C
Long-term financial planning A
Risk/Insurance A
Investments B+
Real Estate B-
Net worth for age A
Budgeting C
Long-term financial planning A
Risk/Insurance A
Investments B+
Real Estate B-
Net worth for age A
Posted on 11/23/13 at 11:35 am to Sternocleidomastoid
me: A-
my wife: F
my wife: F
Posted on 11/24/13 at 9:48 am to Bayou Tiger
Debt B
Budgeting C
Long-term financial planning A
Risk/Insurance A
Investments B
Real Estate A
Net worth for age A+
I think I've done pretty well. Made some pretty smart (mostly dumb luck) moves on real estate and stocks. I have a hard time budgeting though. The only way I can manage money is if I put it somewhere I can't touch it. My goal for 2013 was to put atleast $50,000 cash to the side and I've done that. But I just put a bid in on some land I can't pass up.
Budgeting C
Long-term financial planning A
Risk/Insurance A
Investments B
Real Estate A
Net worth for age A+
I think I've done pretty well. Made some pretty smart (mostly dumb luck) moves on real estate and stocks. I have a hard time budgeting though. The only way I can manage money is if I put it somewhere I can't touch it. My goal for 2013 was to put atleast $50,000 cash to the side and I've done that. But I just put a bid in on some land I can't pass up.
Posted on 11/24/13 at 4:27 pm to Sternocleidomastoid
Debt: 10/10 as I have zero
Credit: 3/10 as I have no credit history
Investments: 0/10 as I have no investments yet
money management: 5/10 as I have a budget that I'm good at sticking to, but I could do a much better job of keeping records and tracking purchases and expenditures.
Credit: 3/10 as I have no credit history
Investments: 0/10 as I have no investments yet
money management: 5/10 as I have a budget that I'm good at sticking to, but I could do a much better job of keeping records and tracking purchases and expenditures.
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