How much do you know about personal financial manangement?
By NatureBoy
@NatureBoy (493)
Singapore
February 22, 2007 10:08pm CST
As a growing person, I think I have reached a time when I need to wise up on financial matters. As such I would know more about the financial world out there.
Many times have I heard from financial planners who ask you to plan your portfolio, invest in managed funds, buy insurance policies and insure yourself against probable losses. Then a lot of people around also talk about investing in stock markets or other financial markets. Just which type of investment is more likely to give me more returns, and how am I suppose to go about learning about them.
Hope there are some kind souls out there who are familiar with managing personal finance that can help.
1 person likes this
3 responses
@zingaresca (78)
• United States
28 Feb 07
Are you familiar with Dave Ramsey? He is known for telling people how to get out of debt, but there is also some investing advice on his website. For me, he seems to be able to explain things in a way that easy to understand.
I've also used the site bankrate.com for financial advice. They have loads of articles on the site.
@NatureBoy (493)
• Singapore
28 Feb 07
I know Bob Procter ..Dave . never really hear of him. getting out of debt is not an issue for me, though its the consequence of poor financial management.
@success2u (60)
• Malaysia
28 Feb 07
Go back to drawing board. Define your goal along with the time frame and of course your risk profile. For faster return you can put some money in the stock market and you should be trading actively. But you should understand the risk factor involved.
A safer ways is just like what you mentioned, insurance policy, managed funds and fixed deposits. These investment normally provide you commendable return within 3~5 years with lower risk factor.
But don't expect to make more that 20% per annum of ROI normally.
@NatureBoy (493)
• Singapore
28 Feb 07
Thats very good advice. Thanks. As a general rule, always invest in what you understand. haha You sound like quite an investor, what do you invest in ?
@creationhub (3066)
• Malaysia
3 May 07
The first step into personal finance is to envision that personal finance is your lifestyle. It should not be something extra but being part of you, just like breathing, laughing, smiling, etc, etc.
Having a personal budget or a family budget for monthly and yearly is the next step to take. List the expenses from the most important to the least. Separate the needs from the wants.
Let your personal finance journey be a path of excitement and fun. Ooops, not to forget, always put aside say 20 percent for investments.
