Comments on: 10 Financial Commandments for Your 30s http://allfinancialmatters.com/2009/04/02/10-financial-commandments-for-your-30s/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: David http://allfinancialmatters.com/2009/04/02/10-financial-commandments-for-your-30s/comment-page-1/#comment-414344 David Sat, 11 Apr 2009 19:47:08 +0000 http://allfinancialmatters.com/?p=3278#comment-414344 Very good post and comments. Have you considered putting an area on your site where readers could post financial questions and visitors could provide their input? This would be pretty valuable as I'm in my 30's and typically have questions about whether I should do X with my money versus Y or Z. Lance, thanks for your posting on self-directed IRA's - I'm going to investigate this and would like to read more from this site as well. Very good post and comments. Have you considered putting an area on your site where readers could post financial questions and visitors could provide their input? This would be pretty valuable as I’m in my 30’s and typically have questions about whether I should do X with my money versus Y or Z.

Lance, thanks for your posting on self-directed IRA’s – I’m going to investigate this and would like to read more from this site as well.

]]> By: A.J. http://allfinancialmatters.com/2009/04/02/10-financial-commandments-for-your-30s/comment-page-1/#comment-413741 A.J. Thu, 09 Apr 2009 16:30:35 +0000 http://allfinancialmatters.com/?p=3278#comment-413741 My two cents: unless you have some professional goal in mind, there are probably better things to do than become a CPA. I don't know what would be a better alternative, but I'm about to become a CPA, and the vast majority of what I've learned won't do squat for my personal finances. The exception would be if you plan on doing hardcore research when investing. In that case, it would definitely help to be a CPA so that you can actually understand the 10-Ks. But even though I actually understand those massive volumes, I still don't think poring over those ridiculous documents is the best use of my time. My two cents: unless you have some professional goal in mind, there are probably better things to do than become a CPA. I don’t know what would be a better alternative, but I’m about to become a CPA, and the vast majority of what I’ve learned won’t do squat for my personal finances.
The exception would be if you plan on doing hardcore research when investing. In that case, it would definitely help to be a CPA so that you can actually understand the 10-Ks.
But even though I actually understand those massive volumes, I still don’t think poring over those ridiculous documents is the best use of my time.

]]> By: Lance Newton http://allfinancialmatters.com/2009/04/02/10-financial-commandments-for-your-30s/comment-page-1/#comment-413727 Lance Newton Thu, 09 Apr 2009 15:07:21 +0000 http://allfinancialmatters.com/?p=3278#comment-413727 One strategy I see no mention of in your blog for tax deferred or tax free savings is the growing use of truly Self Directed IRA’s. Most young people still don’t know that as far as IRA’s are concerned, the IRS regulations only exclude investments in Collectibles like art and fine wine, life insurance contracts and shares in an S Corp from an IRA account. The traditional investment community limits the investments in their IRA’s to the products they earn a commission on and the investments are all out of your control. For traditional Wall Street plans, most of the time, this rules out investments in anything other than stocks, bonds and insurance in various forms. The plan documents approved by the IRS for a truly Self Directed IRA include the options for investments in real estate of all kinds, precious metals, tax liens and both secured and unsecured notes and at least 40 other asset classes. These types of assets can be an excellent inflation hedge for young people, with time for their investments to grow. One place you can get oodles of free information on this type of IRA is at http://www.cencal.entrustcalifornia.com. You should do a post to your readers and make them aware of this option! One strategy I see no mention of in your blog for tax deferred or tax free savings is the growing use of truly Self Directed IRA’s. Most young people still don’t know that as far as IRA’s are concerned, the IRS regulations only exclude investments in Collectibles like art and fine wine, life insurance contracts and shares in an S Corp from an IRA account. The traditional investment community limits the investments in their IRA’s to the products they earn a commission on and the investments are all out of your control. For traditional Wall Street plans, most of the time, this rules out investments in anything other than stocks, bonds and insurance in various forms. The plan documents approved by the IRS for a truly Self Directed IRA include the options for investments in real estate of all kinds, precious metals, tax liens and both secured and unsecured notes and at least 40 other asset classes. These types of assets can be an excellent inflation hedge for young people, with time for their investments to grow. One place you can get oodles of free information on this type of IRA is at http://www.cencal.entrustcalifornia.com. You should do a post to your readers and make them aware of this option!

]]> By: Bozo http://allfinancialmatters.com/2009/04/02/10-financial-commandments-for-your-30s/comment-page-1/#comment-413623 Bozo Wed, 08 Apr 2009 22:49:24 +0000 http://allfinancialmatters.com/?p=3278#comment-413623 JLP, there's nothing wrong with bonds and/or CDs. At your age, a 40% allocation to bonds (including CDs, which are merely nominal bonds) might be prudent for an AA. Just my $.02 "Age in bonds". Not a bad rule-of-thumb. Bozo JLP, there’s nothing wrong with bonds and/or CDs. At your age, a 40% allocation to bonds (including CDs, which are merely nominal bonds) might be prudent for an AA.

Just my $.02

“Age in bonds”. Not a bad rule-of-thumb.

Bozo

]]> By: Jay Profeit http://allfinancialmatters.com/2009/04/02/10-financial-commandments-for-your-30s/comment-page-1/#comment-413468 Jay Profeit Wed, 08 Apr 2009 03:50:52 +0000 http://allfinancialmatters.com/?p=3278#comment-413468 Great post! I'm not 30 yet but defiantly keeping these in mind and hopefully getting some of them done before 30. Great post! I’m not 30 yet but defiantly keeping these in mind and hopefully getting some of them done before 30.

]]> By: Stacey http://allfinancialmatters.com/2009/04/02/10-financial-commandments-for-your-30s/comment-page-1/#comment-413148 Stacey Tue, 07 Apr 2009 02:45:30 +0000 http://allfinancialmatters.com/?p=3278#comment-413148 Ah, the magical CPA. Bad time of year for me to recommend that one :) CFP is a great designation to pursue as well. I really enjoyed taking the classes but just never quite got around to taking the exam (wasn't ready to have the work requirement hours it demands.) I think my accounting education has served me better personally (rather than professionally) as I feel we've always had our "ducks in order" b/c of my educational background (and God-given tendencies/affinities.) Working part-time now is a double-edged sword. Flexible, yes, however no benefits and we could really use the tax-deferred savings for me! But as an accountant, you should always be able to find work, it just may not be desirable :) Get going on the will, JLP. That was the best money we ever spent (and an estate plan will be needed to shelter your assets from the estate tax whose rates will be creeping up again...) With a competent tax attorney and a good handle on the details of your assets and life insurance, it should be a quick process. Ah, the magical CPA. Bad time of year for me to recommend that one :)

CFP is a great designation to pursue as well. I really enjoyed taking the classes but just never quite got around to taking the exam (wasn’t ready to have the work requirement hours it demands.)

I think my accounting education has served me better personally (rather than professionally) as I feel we’ve always had our “ducks in order” b/c of my educational background (and God-given tendencies/affinities.) Working part-time now is a double-edged sword. Flexible, yes, however no benefits and we could really use the tax-deferred savings for me! But as an accountant, you should always be able to find work, it just may not be desirable :)

Get going on the will, JLP. That was the best money we ever spent (and an estate plan will be needed to shelter your assets from the estate tax whose rates will be creeping up again…) With a competent tax attorney and a good handle on the details of your assets and life insurance, it should be a quick process.

]]> By: Esko Kiuru http://allfinancialmatters.com/2009/04/02/10-financial-commandments-for-your-30s/comment-page-1/#comment-413053 Esko Kiuru Mon, 06 Apr 2009 20:52:10 +0000 http://allfinancialmatters.com/?p=3278#comment-413053 JLP, That's a worthy list for anyone. I'm especially partial to Continue to Learn. When you have that mindset it'll enrich your life tremendously. You can get better, more efficient, doing the same old stuff and also get to know new things of interest and then expand on them. There is always room for improvement. JLP,

That’s a worthy list for anyone. I’m especially partial to Continue to Learn. When you have that mindset it’ll enrich your life tremendously. You can get better, more efficient, doing the same old stuff and also get to know new things of interest and then expand on them. There is always room for improvement.

]]> By: Sherin http://allfinancialmatters.com/2009/04/02/10-financial-commandments-for-your-30s/comment-page-1/#comment-412965 Sherin Mon, 06 Apr 2009 16:44:33 +0000 http://allfinancialmatters.com/?p=3278#comment-412965 You are giving a list of 'must do's' to save life for future. I have found a missing link in this and thought I will point out the same to your consideration. A necessary requirement of having an Emergency Fund is one of the most required financial planning steps due to the volatile economic changes and less job security. Thanks for the best article, Sherin www.investinternals.com You are giving a list of ‘must do’s’ to save life for future. I have found a missing link in this and thought I will point out the same to your consideration.

A necessary requirement of having an Emergency Fund is one of the most required financial planning steps due to the volatile economic changes and less job security.

Thanks for the best article,

Sherin
http://www.investinternals.com

]]> By: Ngoswe http://allfinancialmatters.com/2009/04/02/10-financial-commandments-for-your-30s/comment-page-1/#comment-412688 Ngoswe Sun, 05 Apr 2009 09:46:19 +0000 http://allfinancialmatters.com/?p=3278#comment-412688 the commandments sound pretty, applicable to less developed countries, no one can survive without borrowing; leveraging your capital assets requires you to pay back the debt. congrats the author. the commandments sound pretty, applicable to less developed countries, no one can survive without borrowing; leveraging your capital assets requires you to pay back the debt. congrats the author.

]]> By: KC http://allfinancialmatters.com/2009/04/02/10-financial-commandments-for-your-30s/comment-page-1/#comment-412628 KC Sat, 04 Apr 2009 23:28:16 +0000 http://allfinancialmatters.com/?p=3278#comment-412628 With only 17% going to those living expenses you'll easily be able to afford that master suite before you are too old to enjoy it - LOL! My husband and I used to spend 14% on housing and associated costs and we loved it. It was a great way to start out our lives together. It has allowed us to do a lot of things our peers haven't - including moving into a nicer and bigger (albeit more expensive) home. With only 17% going to those living expenses you’ll easily be able to afford that master suite before you are too old to enjoy it – LOL! My husband and I used to spend 14% on housing and associated costs and we loved it. It was a great way to start out our lives together. It has allowed us to do a lot of things our peers haven’t – including moving into a nicer and bigger (albeit more expensive) home.

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