Monday, January 13, 2014

Meatheads need Money Too.

I can't pretend to be the go to guy on this subject but it seems that Dilbert has some advice. It all seems pretty good. Now you can make and manage money while saving time for the gym.

Everything you need to know about financial planning*

  • Make a will.
  • Pay off your credit cards.
  • Get term life insurance if you have a family to support.
  • Fund your 401(k) to the maximum.
  • Fund your IRA to the maximum.
  • Buy a house if you want to live in a house and you can afford it.
  • Put six months’ expenses in a money market fund.
  • Take whatever money is left over and invest 70% in a stock index fund and 30% in a bond fund through any discount broker and never touch it until retirement.

If any of this confuses you, or you have something special going on (retirement, college planning, tax issues) hire a fee-based financial planner, not one who charges a percentage of your portfolio.

*From Dilbert and the Way of the Weasel, 2002, p 178