flyhigh in Arlington is doing 9 things including…

Become financially literate

2 cheers

 

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flyhigh has written 7 entries about this goal

January 1, 2008

Update: I did learn something this year by doing an Economics class project. We had to plan the next 30 years of our life with a major financial event occuring each year. That forced me to do a lot of research on buying a house, investing, inflation, private health insurance, etc. Also, for the first time ever, we started building up a savings account. It’s been very exciting to see our savings balance grow and reassuring to know that if an emergency happens, we won’t have to increase our debt by using a credit card. Our plan this year is to continue building our savings and to make some investments.



Why is it...

that all the people on the front of these financial magazines always look so smug?! They’re sitting there in their perfect outfits, perfectly coiffed, looking perfectly relaxed about their perfectly perfect financial portfolios. Their taxes were all filed January 2, every paper they own is neatly filed in the office of their practically-paid-for multi-million dollar home and of course their fave five includes their stockbroker, accountant, lawyer, financial advisor and estate planner. Maybe it’d be easier to read that magazine if I saw someone like me on the cover. Someone totally clueless with $28 in the bank, no assets and looking a teensy bit concerned about the future with no health insurance.



Next issues received

Received the February issue last week and then the March issue came a few days after that. So, the update is that they’re here and technically not collecting dust since they’re in a vertical file holder. However…. I’m not sure when I’ll be able to get to them. Ok, that’s not true. My next round of tests will be over the 21st of February, so that’ll be a good time to read them. Maybe THEN, I’ll know something about finances that I DIDN’T learn from playing Monopoly.



New month, new magazine...

Yay! I was starting to wonder if I’d subscribed too late to get this month’s issue. So! Now I have something else to read in addition to my very weighty textbooks. Well, there are 25 more days in February so no need to panic just yet.



First magazine

Finally got the January issue of Kiplinger’s out of the car where it’s been languishing for a month. I went through it, read most of the articles and started a list of questions that I didn’t know the answers to, like “What’s an annuity”? It turned out to be less of a mystery than I thought. I read about one company that spends months going over the fine print in hundreds of annuity contracts to find the few that are actually worthwhile. Now that’s a job that could drive someone to drink!



Magazine ordered

Ordered a subscription to Kiplinger online this morning. First issue should be arriving in 3-4 weeks. I’m actually looking forward to reading it.



Untitled

The plan last year was to read Kiplinger’s at the library and by year’s end make at least one investment. That didn’t work out too well. I forgot all about the goal after January and never read another issue of the magazine. This year I’m getting a subscription and Daniel and I are reading it together. His goal is to make money and mine is to save and invest it. I’m looking forward to learning alot this year and finally getting on track with retirement planning. We’re starting late, but it’s better than never, right? I’m a little reassured that the degree I’m getting will give me more earning power than I would ever have had before. By the time I graduate from grad school I hope to know enough and to be earning enough that we can make up for our “misspent youth” :)



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