Comments on: On Being Your Own Financial Planner

By: Tom

Tom — Sun, 22 Feb 2009 05:24:50 +0000

Definitely a great idea.
It doesn’t take much to do your own research plus many of these so-called experts are just sales people.

By: Bill

Bill — Wed, 18 Feb 2009 12:33:16 +0000

Excellent and thorough article.We need to pass more of this ethic onto our kids. Even college-age young adults know little about the world of finance and money.

By: Debbie M

Debbie M — Wed, 18 Feb 2009 01:14:25 +0000

Not to mention, if you screw up, you feel bad. And then you stop screwing up in that way.

And even if you’re not as great as you could be, you’ll never recommend something just because it has a good kickback to whoever sells it.

Also, you pay more attention. You’re likely to notice problems and notice them early on.

Also, if you steal your own money, leaking it out of your own savings, at least you get to enjoy your tainted purchases.

Also, some people can just never get your perspective. A friend of mine is just as risk averse as I am, and her financial planner talked her into buttloads of life insurance (and not term life, either, but the expensive stuff) and a lot of other things that give me the creeps.

If you start out young, you can learn some lessons the easy way, back when you’re still working with small amounts of money.

By: K-money

K-money — Tue, 17 Feb 2009 19:50:00 +0000

Hey, I can create a spreadsheet, use Quicken, and do my own taxes! Maybe I really could do this for myself. Thanks for getting me thinking, and for such a lengthy list of resources.

By: Shaun Connell

Shaun Connell — Tue, 17 Feb 2009 19:47:44 +0000

I couldn’t agree more. Everyone should read this article. This is especially true given the “diversity” of advice from so-called experts.

Besides, financial planners can’t be consulted for every financial move. Understanding the topic yourself can insure that you are more likely to make the right decision yourself.

Plus it’s cheaper.

By: Nate @ Money Young

Nate @ Money Young — Tue, 17 Feb 2009 17:43:09 +0000

Mr. TML,

I have always hesitated when pulling the trigger. I usually have to remind myself that I did all the homework, everything looks good, there is no reason not to pull the trigger. ITs still tough sometimes.

-Nate

By: Matt SF

Matt SF — Tue, 17 Feb 2009 17:23:11 +0000

Really like #4, Getting the Family Involved.

So many people take on this duty, but fail to realize the significance that a few bad decisions can ruin it for everyone. Plus, a few brains helping you out in the decision making process always helps.