A quick little finiancial checklist to start you off right. This was first shared by Scott Adams and I though I should add it here. This is from Scott Adam’s book “Dilbert and the Way of the Weasels.” He goes on to state that annuities are a bad idea. Whole life insurance is also a bad idea. Investing in individual stocks is a bad idea. Investing in managed mutual funds instead of an index fund is bad. The list goes on but that is the idea. Tell me what you think.
- Make a will if you haven’t already done so.
- Cut up those credit cards as they are the things of evil.
- Seek and get Term Life Insurance if you haven’t already done so.
- Fund your 401K to the maximum amount.
- Fund your IRA to the maximum amount.
- Buy a house if you wish to own one and only if you can afford it.
- Always stash away at least six months worth of expenses expenses in a money-market account.
- Take all other money and invest 70% in a stock index fund and 30% in a bond fund and do not touch until ready to retire. I like to use Sharebuilder to do this.
