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In a couple of weeks I’ll turn 85. As far as my financial acumen goes, I owe a lot to my Dad. Back in the 40’s he was already investing in the Market and he also did his own taxes as well as those of our neighbors where I grew up in the Bronx. He and my Mom managed to actually save some money even though he never made the big bucks. The secret was to live within your means and to spend your money wisely
With those lessons in mind, I started investing early on and I did my own taxes. I was aided by reading Kiplinger magazine and other financial journals as a help to decide where to invest without the expense of an advisor. When my job started to offer a deferred compensation plan I also invested through that.
People, you don’t need degrees in finance to do this stuff.
I really appreciate your Kiplinger Magazine reference. It was my “go to” for all things financial
Here in my 55+ community, I am president of the investment club. Every member has to put money in, and we discuss stocks and vote on which to buy. I usually give a presentation on some aspect of the stock market and investing.
What I find most surprising is how little some people know about the basics of investment and taxation. And the members are self-selected – they want to learn!
It’s not surprising that ‘financial advisors’ who are little more than self-interested salesmen do so well.
So true, Ormode. If one is ignorant about a subject such as finance, how can they properly vet an advisor (salesman). The same is true for other things as well.
Peter – great post about lessons learned, regardless of the source.
Well said. Growing up, we never had much but my folks knew how to stretch a dollar. Learning to value those dollars was a life lesson that carried over into me doing my own investing and my own taxes. As a young married couple we saved even though it hurt and started investing early. Might a financial advisor helped to get somewhat better returns? – maybe. But we’ve done just fine. Have we made a few rookie mistakes? – yup. But that learning made us more inquisitive and questioning along the way.