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Administering Your Finances - Some Tips

Administering Your Finances - Some Tips

Old Aug 30th 2010, 4:28 pm
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Post Administering Your Finances - Some Tips

Hi All

We've had so much help here on BE on so many matters that I wanted to offer something back.

I've pulled together some tips and info on administering your personal finances - this is not about building credit etc, but about staying on top of things generally. I know I'm not the only person who benefits from some discipline in checking things regularly!

These tips etc are in the WIKI and can be found here.

I hope others will add to this and/or take care of any mistakes I've unwittingly brought in to it!

Cheers

Harry
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Old Aug 30th 2010, 5:40 pm
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Default Re: Administering Your Finances - Some Tips

Originally Posted by HarryTheSpider View Post
I've pulled together some tips and info on administering your personal finances - this is not about building credit etc, but about staying on top of things generally.
A very useful guide, Harry! Many thanks... well done.

Ian
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Old Aug 31st 2010, 1:25 am
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Default Re: Administering Your Finances - Some Tips

It's a good list...but you'll freak people out on the taxes, they really aren't that complicated for many people outside of the first/last year they spend in the US...and if they aren't self employed
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Old Aug 31st 2010, 6:05 am
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Default Re: Administering Your Finances - Some Tips

Like Ian said, good job Harry.

But, like Bob said, I think you overplayed the tax thing. I started filing US tax returns several years before we moved here (cos it made sense to get some of SWMBO's tax back) and have since done returns involving capital loss, revenue loss and self employment income. None of it was really that hard and I did it all on paper with a pen and a calculator.

Taxes aren't complicated. I don't think we should make out that they are.
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Old Sep 1st 2010, 10:18 pm
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Default Re: Administering Your Finances - Some Tips

Thanks for the comments, and feel free to edit the tax sub-section - it's why I put this up on the wiki and not as an article.

I wanted to stress to those who've not had to do tax returns before that they should take them seriously and get them right and on time, or else...(!) - perhaps I should have simply said exactly that?!

Let me know also if there's anything missing - either from a section, or if there's a whole section missing...

Cheers

Harry
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Old Sep 1st 2010, 10:19 pm
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Default Re: Administering Your Finances - Some Tips

Originally Posted by HarryTheSpider View Post
Hi All

We've had so much help here on BE on so many matters that I wanted to offer something back.

I've pulled together some tips and info on administering your personal finances - this is not about building credit etc, but about staying on top of things generally. I know I'm not the only person who benefits from some discipline in checking things regularly!

These tips etc are in the WIKI and can be found here.

I hope others will add to this and/or take care of any mistakes I've unwittingly brought in to it!

Cheers

Harry
The best financial advice I ever received was "Don't spend more than you earn" (Dave Ramsey).
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Old Sep 1st 2010, 11:03 pm
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Default Re: Administering Your Finances - Some Tips

Originally Posted by dunroving View Post
The best financial advice I ever received was "Don't spend more than you earn" (Dave Ramsey).
Or if you do, don't get caught spending someone elses
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Old Sep 2nd 2010, 12:27 am
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Default Re: Administering Your Finances - Some Tips

I commented in the "discussion" section of the wiki a while ago - wasn't sure where I was meant to put comments! I also commented on the tax part .
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Old Sep 2nd 2010, 6:01 am
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Default Re: Administering Your Finances - Some Tips

Originally Posted by dunroving View Post
The best financial advice I ever received was "Don't spend more than you earn" (Dave Ramsey).
Yes but he also gives some questionable advice. Whenever a retiree calls in, he always recommends that they invest in the stock market since he claims that the historical returns exceed 12% annually. However, if I calculate the returns of the DOW from the low of 1932, I get a compounded annual return of only 7.5% plus dividends. From the high of 1929, the returns are only 4.5% plus dividends.

Besides there have been serveral times that the stock market has performed very poorly (eg. 2000-2008 and 1965-1980) so the advice would be bad if the retiree expected to use that money during one of those bad times.
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Old Sep 2nd 2010, 1:06 pm
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Default Re: Administering Your Finances - Some Tips

Originally Posted by Michael View Post
Yes but he also gives some questionable advice. Whenever a retiree calls in, he always recommends that they invest in the stock market since he claims that the historical returns exceed 12% annually. However, if I calculate the returns of the DOW from the low of 1932, I get a compounded annual return of only 7.5% plus dividends. From the high of 1929, the returns are only 4.5% plus dividends.

Besides there have been serveral times that the stock market has performed very poorly (eg. 2000-2008 and 1965-1980) so the advice would be bad if the retiree expected to use that money during one of those bad times.
That's why I only quoted this part. He has some very sound, simple, principles of personal finance that we all could do with reminding ourselves of, but like all financial experts, he can't possibly predict the stock market.
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