What I know about finances, generally speaking:

What I know about my finances is tempered about what I don't know. Here's an example:

Today I checked my money market account and was dinged a $15 "maintenance fee." What was that? I called and it just so happens that that account has a $2,500 set bottom limit, and I went below it. I thought it was $1,500. What I don't know about my finances #1: my limit on my money market account. Wait, I know that now.

Another thing I don't know about my finances is investments, specifically stocks and bonds. I get my 401(k). I understand the principle of my ROTH IRA. What I don't know about my finances #2: How do I invest in the stock market? Do I need a broker? How much is a trade fee? How often should one be active/trade?

And here's what I know: I am not a typical woman when it comes to money (ask Suze Orman). I don't cosign for friends who need loans. I have, in the past, given loans, but then immediately regretted it because I knew they'd probably reneg on the money. I don't do that anymore. I also don't overshop. In addition, I don't have kids, who supposedly cost a fortune.

So that's what I think I know, for now. As you can see, there's a lot to learn. I'm currently reading Suze Orman's The Courage to be Rich. Do I have the courage? I don't know. Does it actually take courage? Maybe. There's a lot to consider when planning for the future. Is this whole thing a bit of hooey? Who knows.

My Rationale for Working on Finances

This entry will "defend" the topic I have now officially chosen for my blog: working on my finances. I'm not going to go into every sort of detail here, but let's just say I realize that I am not 21 anymore, and that had I started some serious savings back then, I'd be in greater shape now. And for some strange reason, I'm starting to love money. Is that such a bad thing?

This blog is not about debt, as I am thankful I don't have multitudes of credit cards or a nasty shopholics addiction. However, I am now addicted to following my 401(k) and my ROTH IRA around almost daily, and I've taken to reading how-to finance/investment books, and so I want to know how to realistically (not on a rock-star's salary) keep my IRA and retirement accounts filling up, test the stocks/bonds markets, all the while handling a mortgage, car payments, school loans, and the always frustrating house repair without pulling my hair out.

I think I have a plan: keep reading and researching, mostly with investments and retirements, while trying to figure out how to pay off student loans/mortgage without losing hundreds of thousands in dollars in interest and fees. And what about financing a vacation in here somewhere? Everybody needs to take a vacation once in a while.

So here are some specific topics I'll attempt to discuss as the weeks progress:

1. 1. How I'll invest (do I use a broker?);
2. What to pay off first, and when (car, house, student loan);
3. How much will home repairs get me in this market (is it even worth it to try?);
4. How much money do I have to start with to do something with the stock market or the bonds market?; and
5. How much do we really need to know to be financially successful?

I'm sure more ideas will come my way. I plan on using Money and Smart Money magazines; the The Motley Fool website; USAA, my investments and insurance group, for advice and help from a financial planner; The Wall Street Journal; and a myriad of other sources to really give me sound beginnings here. I also hope to take "lifelong learning" classes through Fairfax County Continuing education (pretty reasonable fees!) on investing, financial planning, etc. I don't know if I can start those classes before this semester ends, but a plan is better than nothing, right?

Welcome, Spring semester ENG 112

It's now that time again to start blogging. What about? I've been wondering that myself lately. Of course, issues surrounding politics are always on my mind, and the environment, travel, and being in school again also make me think I can write for 7 weeks about those topics, too. There are so many things I think I want to write about, and now that we're not in the middle of midterm voting, it's a bit harder for me to buckle down and choose a topic.

I'm sure you'll feel the same way. My suggestion is to make a list of the things that interest you most: music and bands, maybe, or becoming a doctor. Maybe you've traveled a lot and want to explore writing a travel blog. I've recently gotten into "finance" and think I'll probably write about how I can learn and start investing in the stock market. The options are quite open, and so take some time to check out previous student blogs, the blogs listed in the writing parameters handout, and other sensational texts on the Web.

Julie