I do so love the library... yesterday I picked up 2 movies and a CD I had on hold, then I went and looked through the rather extensive personal finance section 
I always feel like such a nerd doing so much financial reading, but the books I picked up this time seem to be really good. I've never read any of Suze Orman's stuff, though it's talked about on SA rather religiously. I got her Financial Guidebook, and "The Money Book for the Young, Fabulous, and Broke." I also picked up a copy of "Conscious Spending for Couples," by Deborah Knuckey.
I started doing the guidebook yesterday, and I've gotten pretty far. By far, I mean to part 5. I've found in many of the Personal Finance books I've read that I feel that some of it doesn't apply to me. Especially in the case of wills, living trusts, things of that nature. Why draw up pricey documents when you really dont have anything?
I have no estate, no real property worth more than a few thousand, so I dont see the point. I do have a life insurance policy, which is a variable policy (kind of like a mutual fund). I dont know too much about it, except that if I let it sit for a long time, it has a pretty sizeable cash value, and I get stuff in the mail about it all the time that I dont really understand. lol. I pay my premiums 4 times a year, and that's that.
So I skipped the will/living trust/power of attorney for health insurance and all that. I know, I know. I could die at any time, but at this point, if I die, my mom can take care of things how she sees fit and she can keep my clothes (you're welcome).
However, I did like the point in the book where it talks about earliest money memories, and fears, and all that. It's interesting to look at things from a psychological point of view. I definitely saw connections between some of my memories and my fears. And I came up with my "new truth." I even repeated it several times today, as the book told me to do.
The other thing that this book made me realize is that I kind of push off some of the things that are really important to me, like travelling. I've been wanting to get out of this country and see something more since I was 17, and have never had the money. So I'm making it a point to take a trip to Kenya in the next year. Come hell or high water. I'll save up the money, and take that trip. I'll do it when BF is away in the sandy cities. It'll give me something to look forward to. A trip like that is very important to me, just as important as paying off my CC. So whereas I wont charge the trip to my card, I will be saving an additional amount of money each month to go toward this trip. Perhaps I'll start using my extra income each month. That'll give me more incentive to make it
In other financial news, I sold a book on amazon, which I plan on shipping here in about an hour. I need to stop at the bank on the way to work to make a deposit, as today we sign the lease, and I need that money in my account to give the woman the check for first months' rent/security deposit.
It's going to be a very busy day, as I work both the restuarant and the bar. So it'll be a late night as well. I need to get a move on, then. So much to do!
Everyone have a wonderful day!
Suze Orman, and some thoughts on her book.
July 25th, 2008 at 01:11 pm
July 25th, 2008 at 01:45 pm 1216993508
July 25th, 2008 at 03:01 pm 1216998062
You sound like a very ambitious person! Good job!!
July 25th, 2008 at 05:47 pm 1217008054
If you want a book that spells out exactly where and how you can make cutbacks as well as provides the information for the financially strapped to take advantages off, I recommend Andrew Tobias' The only investment guide you'll ever need.
July 26th, 2008 at 03:29 am 1217042975
Even if your only posessions are a handful of books and a few hundred dollars in a bank account - if you want your mom to get it, you must have a legal document (will or living trust) to ensure that it will happen in a timely manner.
Also, a will is a good thing to have to specify your wishes regarding your funeral - as well as to allocate some of your money towards funeral costs so your mother/bf don't have to bear the financial cost as well as the emotional cost.
I would also strongly urge you to compare your life insurance plan to a term life plan - as well as read what Suze and others have to say about Variable or Whole Life plans.
Anyway, just my two cents.
July 26th, 2008 at 06:23 pm 1217096612
As for the trip that you want; I think that is great. If you don't do it now, when will you do it? Memories are as valuable as money. When you travel, you grow. Enjoy!
July 27th, 2008 at 01:30 pm 1217165447