Author Topic: Request for support: Money, saving and investing 101  (Read 1732 times)

Offline Chemsoldier

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Request for support: Money, saving and investing 101
« on: December 31, 2013, 06:32:13 PM »
All;

One of my NCOs, a young Sergeant came up to me and we had the following conversation (in essence, not verbatim)

Her: I think I need to do more to save and solidify my families financial position
Me: OK, what is your situation now?
Her: We (her, husband and 5 year old) have little debt except a car note and have $18,000 saved
Me: Saved in what?
Her: A savings account.
Me: Any other savings vehicles?
Her: What do you mean?
Me: IRAs, Thrift Savings Plan, Mutual funds...
Her: Whats an IRA?
Me: Oh boy...

So, we had an in depth conversation.  Bottom Line is that they are not in a bad position considering they are not saving in a systematized savings and preparation plan. However, she is starting way behind the power curve even on terminology and background.  So who has some books and websites that are good for someone who needs very basic domain knowledge financially?  They have so little debt and so much savings that I think Ramsey will bore her to tears.

Caveat: I am NOT coming on strong on the preparedness angle with her.  I will not give her any advice counter to being prepared but this is advice on money and will not be in depth on guns and food (though I will probably slip in a reference or two). 

Thanks folks.

Offline AvenueQ

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Re: Request for support: Money, saving and investing 101
« Reply #1 on: December 31, 2013, 06:44:33 PM »
 :popcorn:

Interested as I'm in a similar situation as your NCO. I had a great conversation today with a customer service rep about my employer's 457 and 401(k) plan options, but I can always learn more.

Offline ID_Joker

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Re: Request for support: Money, saving and investing 101
« Reply #2 on: December 31, 2013, 06:53:20 PM »
For terminology, investopedia.com is not a bad source.  Not sure I like their other info -- too much propaganda.  But great place to look if you just want to get terms cleared up.

Motley fool might not be a bad place to start.

Kahnacademy.org has finance 'courses' that could potentially provide a good basline.

Keep in mind all of these places are going to give you the standard answers on how to invest, balance a portfolio,etc.

Offline FreeLancer

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Re: Request for support: Money, saving and investing 101
« Reply #3 on: December 31, 2013, 08:35:46 PM »
Personal Finance for Dummies by Eric Tyson

Offline Chemsoldier

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Re: Request for support: Money, saving and investing 101
« Reply #4 on: January 01, 2014, 08:30:57 AM »
Thanks for the input!  These sources will help.  I found that I was talking for 45 minutes just trying to define terms and such.  Hopefully this will help her do the self-study. 

Once she gets in a little further I will have the talk that not everything is as it seems in personal finance.  :)