Comments on: Friday Financial Foul Ups: How Financial Knowledge Can Hurt

By: Friday Financial Foul Ups: Not Paying For Value | My Next Buck

Friday Financial Foul Ups: Not Paying For Value | My Next Buck — Wed, 12 Jan 2011 19:55:58 +0000

[...] Brian (My Next Buck) – Pale Dude’s Shouldn’t Go Tanning Foul Up #20 – Shawanda (You Have More Than You Think) – How Financial Knowledge Can Hurt Foul Up #19 – Christine (Money Funk) – Love Can Hurt Your Financial Situation Foul Up [...]

By: Moneymonk

Moneymonk — Fri, 16 Apr 2010 15:16:08 +0000

I so love this post. I’m one of those people that believe personal finance is “personal” it’s hard to follow one person advice. Everyone situation is so unique. I started saving 6% of my income, now I am at 15% next will be 25%.

I take my time b/c only me knows my money and how it functions

By: Friday Finacial Foul Ups: Final Four Weekend | My Next Buck

Friday Finacial Foul Ups: Final Four Weekend | My Next Buck — Fri, 02 Apr 2010 12:55:59 +0000

By: Friday Financial Foul Ups: Being Ignorant Of Your Finances Means Money Lost | My Next Buck

Fri, 26 Mar 2010 11:16:54 +0000

By: Best of the Rest: Happy Hour Edition | Sweating The Big Stuff

Best of the Rest: Happy Hour Edition | Sweating The Big Stuff — Sun, 21 Feb 2010 14:18:07 +0000

[...] Brian from My Next Buck got a guest post from Shawanda of You Have More Than You Think (both in the DC area) in Friday Financial Foul Ups: How Financial Knowledge Can Hurt. [...]

By: Shawanda @ You Have More Than You Think

Shawanda @ You Have More Than You Think — Sun, 21 Feb 2010 01:33:02 +0000

@mapgirl – It was a video of a TED talk called The Paradox of Choice by Dr. Barry Schultz that got me to realize how access to information and freedom of choice could really hold me back financially. I’d highly recommend it.

@Financial Samurai – I currently invest 15% of my gross income in retirement accounts which includes my 401(k). My overall savings rate is closer to 40% – 45%. Currently, I don’t need to add any more money to my emergency fund so the additional 25% – 30% will go into long-term investments outside of retirement accounts. I’ll figure out what to do with that money later. Assuming life goes well and I continue to live below my means, 15% should be enough to retire on.

Here’s a link I found for 2009 CPA exam pass rates by section: http://www.cpa-exam.org/download/passrates09Q1.pdf

There was a time when you had to take the four part exam over 2 days. Now, you have an 18 month window to pass all four sections. I’m sure this makes it easier. I wouldn’t say it’s a terribly difficult exam, but I also studied…a lot. I also know people who sat for it seven times and took over three years to pass all four sections.

@Tiffany Thompson – Thanks. At least you’re still young. There are people facing retirement and still haven’t gotten their stuff together. Many of them will either live off the government or their loved ones. Both options are just sad.

I’d also like to add the last ten years yielded some of the worst U.S. stock market returns since reliable record keeping began. Therefore, it should be easier to catch up to where you would’ve been had you started investing when you were 25.

By: Tiffany Thompson

Tiffany Thompson — Sat, 20 Feb 2010 19:22:11 +0000

Shawanda – I won’t even discuss my foul-ups here. At 35, I’ve just started to get with the program. I have an appointment to open my IRA next week. Ridiculous. Suffice it to say that I’ll be bookmark this after my appt and get it together. Thanks for this great post. This information is invaluable.

By: Financial Samurai

Financial Samurai — Sat, 20 Feb 2010 07:42:29 +0000

Hi Shawanda, thanks for your post. Just to clarify, are you considering your 401K contributions as part of your 12% goal? If so, do you believe that your 401K and ROTH are enough to retire on when you retire?

My approach is a little different, but wanted to hear your thoughts first.

Also, any insight on how hard it is (passing rate) and how long it takes to study for the CPA? Thnx!

By: Guest Post at My Next Buck!

Guest Post at My Next Buck! — Fri, 19 Feb 2010 23:54:43 +0000

[...] by Shawanda Greene on February 19, 2010 I’ve never done anything that would constitute as financially devastating, but occasionally, even I screw up. This week, one of my not so perfect money decisions is featured over at My Next Buck – Friday Financial Foul Ups: How Financial Knowledge Can Hurt. [...]

By: mapgirl

mapgirl — Fri, 19 Feb 2010 16:03:35 +0000

“At this point in my financial journey, I don’t even attempt to do what will yield me the greatest overall return. I simply focus on what I’m likely to do.”

Best advice ever. It’s self-knowledge and working with what you’ve got rather than pretending to be some paragon of financial virtue when you’re not. Kudos for the insight.

Like you, I saved a lot less in my early years than I should have, but injecting realism about who you are and what actions you are likely to take are way better than trying to become some theoretical actor in a financial model.

You can study economics and finances all you want. What are you actually going to do is the question, right? (There are a lot of ppl making lots of money who are stupidly overleveraged out there.)