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#1
04-24-2007, 08:37 PM
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Do you understand your personal finances?
If the answer is yes, then how do you manage it/ what is your total wealth allocation.
If the answer is no, what form is your wealth in and who handles that? Curious to see what people say as in the finance forum alot of people's parents and friends dont know and dont care about their money positioning at all. 
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#4
04-24-2007, 09:28 PM
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Re: Do you understand your personal finances?
Great topic...I am also a personal finance nit. I have MS Money 2007 but don't use it much.
I use yodlee to track basically everything. I use ING electric orange checking (4.0% on checking) but barely keep any money there and ING Savings for my emergency fund. I use my 2 main credit cards for basically all spending (American Express Starwood for travel resorts, hotels, frequent flier miles) and Chase Platinum Plus Rewards (5% cash back on all purchases) and then wire money to pay them in full each month. I use vanguard for my Roth IRA and regular mutual fund purchases, and use Scottrade for individual equity and ETF holdings. For asset allocation, I am about 90% equities and 10% bonds currently with 30% INTL exposure in the form of Latin America, Asia, and western europe emerging/developing markets.
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#5
04-24-2007, 09:42 PM
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Re: Do you understand your personal finances?
[ QUOTE ]
Curious to see what people say as in the finance forum alot of people's parents and friends dont know and dont care about their money positioning at all. [/ QUOTE ] Are these people's friends dim? I don't think I know anyone who doesn't.
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#6
04-24-2007, 10:03 PM
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Re: Do you understand your personal finances?
[ QUOTE ]
[ QUOTE ] Curious to see what people say as in the finance forum alot of people's parents and friends dont know and dont care about their money positioning at all. [/ QUOTE ] Are these people's friends dim? I don't think I know anyone who doesn't. [/ QUOTE ] I meant that they have them stashed in some fidelity retirement fund recommended by some financial advisor. The thing is they place blind trust in that person and dont want to be bothered to understand or double check the allocation.
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#7
04-24-2007, 10:23 PM
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Re: Do you understand your personal finances?
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Curious to see what people say as in the finance forum alot of people's parents and friends dont know and dont care about their money positioning at all. [/ QUOTE ] Are these people's friends dim? I don't think I know anyone who doesn't. [/ QUOTE ] I meant that they have them stashed in some fidelity retirement fund recommended by some financial advisor. The thing is they place blind trust in that person and dont want to be bothered to understand or double check the allocation. [/ QUOTE ] how many people you know have skills, smarts, and time to double check the expert they hired to do professional work for them? Do you do this for lawyers? Acc'ts? Dentists? As always, the key is to hire the right person, use recommendations, referrals, etc.
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#9
04-24-2007, 10:45 PM
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Re: Do you understand your personal finances?
[ QUOTE ]
right, but as it turns out most of these professionals are a big waste of money, yet few people know that. [/ QUOTE ] O RLY? Are you going to prove 'most?' I doubt it. I think if they put a random person in a target VGuard or Fido fund, it'd be better than what 90% of people could do on their own. Or a balanced fund. Something a broker could do with 10hrs of training, for example.
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#10
04-25-2007, 01:11 AM
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Re: Do you understand your personal finances?
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Curious to see what people say as in the finance forum alot of people's parents and friends dont know and dont care about their money positioning at all. [/ QUOTE ] Are these people's friends dim? I don't think I know anyone who doesn't. [/ QUOTE ] I meant that they have them stashed in some fidelity retirement fund recommended by some financial advisor. The thing is they place blind trust in that person and dont want to be bothered to understand or double check the allocation. [/ QUOTE ] Ya that is what I got from it. I don't know anyone that blindly trusts their money like that. Most people I know talk about their investments frequently. I would say people track it with wildly different amounts of success though. As would be expected.
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