Taking care of the pennies…

Over New Years, I read a book called the Millionaire Next Door, which got me thinking hard about organizing my finances. I've started spending about an hour each night thinking about retirement, how I save currently, how my investments are structured and other items of the sort. I happened to pick up a copy of Microsoft Money 2005 and began to sort my finances with it. I love the way it can access your online accounts and download them, and instantly tell you where you are spending your dough etc. Pretty neat and a great first step towards figuring out how to reign in my spending. As I've scoured the internet for sites on $$$ stuff I also found a great article on how NFL players who have a short work span of about 6-7 years save. You can check it out at http://moneycentral.msn.com/content/Retirementandwills/Escapetheratrace/P100986.asp

Other books I plan to read:

  • The Richest Man In Babylon
  • The Total Money Makeover
  • Any book that makes me a power user of MS Money

Comments (12)

  1. Howard Hoy says:

    I have read all of those books and the things I learned have changed my family tree forever. Just say NO do debt and as Dave Ramsey would say "Live like nobody else, so later you can live like nobody else".

  2. It’s interesting that you mention the NFL. The life span is actually shorter. Average number of years for an NFL player to earn is 3-4.

    Consequently, they have one of the best 401K plans, matching 2-1 or more, I believe.

    Additionally, their rookies go through one of the most intense financial planning training sessions anywhere. After all, you have a number of late teen to early 20s kids coming into hundreds of thousands, if not millions of dollars, and they have no clue how to spend it, or save it, or how long their earning potential will last.

    It’s an interesting story to say the least.

  3. Ron says:

    When you think about how you save, are you thinking only about your long-term saving (ala retirement) or do you also think about short-term saving? Did the book address both?

    I won’t say I’ve got the long-term completely under control yet, but I’d like to find out more about what my short-term options are. Traditional savings accounts do not impress me, but perhaps I’m out of touch with the current realities of saving.

  4. Real Estate says:

    Another book you should definitely put into your reading list is Rich Dad, Poor Dad. Very quick and easy read and well worth. You’ll be able to make all the money you already have work harder for you.

  5. Shaykat says:

    Nick – did you read the article I linked to? I thought that was pretty cool. I wonder if there is a book out there on how the NFL works as a business…

  6. Shaykat says:

    Ron – with short term saving, my big impetus is to understand how I spend my money and then see where I can improve my spending habits. The book does address short term savings a little – have a budget, figure out where your money goes, be frugal…but isnt a concrete step by step guide on how to save short term.

  7. Shaykat says:

    Real Estate – I’m reading Rich Dad Poor Dad now! 🙂

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