Financial advice on an index card

Last week's blog was about managing money. And I had several questions about managing money. I figured that there had to be something simple that everyone could understand. And yet was effective,  And as seems to be the case on most occasions these days anything you think should be there, is there.

And when I found, "All the financial advice you’ll ever need fits on a single index card", I was intrigued. And interested.

And the notes on the talk seemed that it was exactly what I was looking for.
"At first glance, fiscal planning can seem more complex and time-consuming than it’s worth. But according to Professor Harold Pollack of the University of Chicago, you can fit all the financial advice you’ll ever really need on a single index card. Economics correspondent Paul Solman takes a look at Pollack’s ten easy tips for simple and sensible money management."

While all the 10 tips may not apply to everyone, these are solid. Just follow them and you'll do better at managing your money than any financial planner ever could.

Pollack’s 10 Tips
1.    Strive to save 10 – 20% of your income.
2.    Pay your credit card balance in full, every month.
3.    Max out your 401(K) and other tax advantaged savings accounts.
4.    Never buy or sell individual stocks.
5.    Buy inexpensive, well diversified indexed mutual funds and exchange-traded funds.
6.    Make your financial professional commit to a fiduciary standard.
7.    Buy a home when you are financially ready.
8.    Insurance – Make sure you are protected.
9.    Do what you can to support the social safety net.
10.    Remember the index card.

Managing Money

A couple of days ago, my sister Mabel was reviewing her portfolio. And was disturbed. She was disturbed because although she was using several professional money managers, they were unable to provide a few basic answers. And her questions were quite simple:

a. What are my returns for the last year ?
b. What are my returns since I started investing ?
c. Where are my investments and why?
d. What are the returns of the benchmark against which you are investing ?

She wanted to do it herself, and wanted my opinion. Having a big mouth, I told her she should research the subject and then make a decision. No surprise, I was immediately given the task.

And being the Good brother, that's what I did. I won't bore you with all of the research, except to say the results were extremely interesting.

There was one talk which did not give me what I was looking for. However I did find that it would be interesting to most. And could help them re-define the way they managed their wealth. At a macro level.

Warren Buffett: Investment Advice & Strategy - #MentorMeWarren
Evan Carmichael

 

The mathematics of weight loss

Weight loss is my favorite subject. And something I struggle with all the time. And so I was intrigued to learn the mathematics of weight loss. I'm sure you will too.


The mathematics of weight loss
Ruben Meerman

What makes a good life?

Who among us does not want to be happy and healthy ? In that case it makes sense to listen to what the longest study on happiness has found.

What makes a good life? Lessons from the longest study on happiness
Robert Waldinger

What keeps us happy and healthy as we go through life? If you think it's fame and money, you're not alone – but, according to psychiatrist Robert Waldinger, you're mistaken. As the director of 75-year-old study on adult development, Waldinger has unprecedented access to data on true happiness and satisfaction. In this talk, he shares three important lessons learned from the study as well as some practical, old-as-the-hills wisdom on how to build a fulfilling, long life.