Author Topic: What is the best way of learning financial planning (for myself)  (Read 1023 times)

tenant13

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What is the best way of learning financial planning (for myself)
« on: November 17, 2018, 12:58:24 PM »
This forum obviously and other amazing internet resources but what I had in mind was something more structured. I realize that it's a vast field of knowledge and people get college degrees studying it but if I just wanted to put in some time and methodically learn as much as I can - possibly studying - what would be my options? Are there good books I could start with? Courses? I've downloaded a few spreadsheets from this forum and will study those but I think a slower and more deliberate approach would be fun.  I think I'm ready to FIRE more or less next year so I'm looking for interesting and useful ways to fill up my time and and one of those would be to be able to devise scenarios for handling my assets, taxes, insurance, possible supplemental income, citizenships (I have dual: US & one of the EU countries, thinking about acquiring a third from South America), residency (do I move to FL? another country? travel permanently?). The simplest way would be to actually hire a financial planner/advisor and learn from him using my actual data. Where would you start?

MDM

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Cup of Joe

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Re: What is the best way of learning financial planning (for myself)
« Reply #2 on: November 18, 2018, 10:24:07 AM »
Hey T13,

     I am interested in the same thing. Not sure there is a specific curriculum designed out there for an adult. One that takes you from step a to z.

     It may start with learning and mastering your personal budget. i.e. Understanding and tracking of yearly income, monthly income (pay distribution), Expenses, then monthly management of dollars coming in and going out.

I just did a quick search (google:personal finance curriculum) and this is what I came up with


https://www.ngpf.org/courses/8-Hour-Workshop/

coderstache

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Re: What is the best way of learning financial planning (for myself)
« Reply #3 on: November 19, 2018, 11:02:23 PM »
My side gig is professional software dev training/courses. I've also just been soaking up all there is about FIRE and investing in the past month. I've thought, maybe in a year or two, once I have a better handle myself that it might be fun/informative to do an actual "real world" personal finance series of videos for "regular" people. Would that be interesting to anyone? My major worry is all the math/complexities with so many different terms and situations. I'm admittedly terrible at math (which is why I appreciate all the worksheets and calculators). I'd want it heavily peer reviewed and fact-checked. Besides a course series, I've also thought about translating some of the awesome worksheets and calculators out here into a full open source user-friendly financial tool. I'm a software engineer and build applications full-time so I have the means, plus it'd be helpful if only to learn the calculations myself more deeply.

I'm super disappointed that in my 30 years of being alive, I've never been sat down by someone and told any of this stuff or even encouraged to by parents/friends/relatives. Same with my wife. I learned only when required, like how health insurance worked, 401k, etc. and obviously, I still missed out on fundamentals and totally disregarded investing because it seemed impossible to understand. I know I would have (and still would) appreciate a real world course on navigating personal finances.
« Last Edit: November 19, 2018, 11:04:00 PM by coderstache »

leavesofgrass

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Re: What is the best way of learning financial planning (for myself)
« Reply #4 on: November 20, 2018, 09:50:26 AM »
Where would you start?
Getting started - Bogleheads

Good luck!

I think the best move you can makes is keep reading and researching online. Bogleheads is great. When you have specific questions, ask the forum. Read other peoples questions and you'll start seeing trends and soak up a lot of information. The people on the Bogleheads forum generally have high-income careers and focus on long-term saving & investing to build very substantial portfolios.

Also useful is the Millennial Revolution's Investing Guide:
https://www.millennial-revolution.com/investworkshop/

I met with two fee-only financial advisers in the past year for investment guidance focusing on FIRE & ACA subsidies. Both were introductory meetings, and the meetings left me feeling like I was more knowledgeable than they were and that I could find out any questions I had myself. The information you seek is out there and it's FREE. Investing doesn't need to be complex.

It sounds like you're all over the place with you future plans/where you will be living, so do more research into people who have chosen to "move to FL/another country/travel permanently". Maybe you spend $15K more a year to live somewhere that makes you substantially happier. A financial planner can't tell you where you'll be happiest while FIRE'd.