Join our community of Solution Seekers!

Financial Planning and Long-Term Saving Guide

How to Make Your Money Grow

If you can run a business or a bake sale, you can learn how to manage your finances. Here, four simple strategies for acquiring the basics 

By Geraldine Sealey
Stack of books with couponSang An

Hire a Financial Planner
Most people should see an adviser for a tune-up annually. The adviser will assess your goals and adjust your planning and saving accordingly. (Find one at napfa.org or fpanet.org.) At your first meeting, ask these three questions:

  • “How do you get paid?” Avoid advisers who charge referral fees.
  • “Are you a fiduciary?” This means that above all else, including her own beliefs about money, she must put your interests first. So, for example, she won’t recommend a financial product or plan simply because it will increase her compensation.
  • “How will you work with me to help me reach my goals?” If you want to go on a dream vacation, that may mean using a different savings vehicle than if you wish only to put away money for retirement. So it’s crucial that your adviser understand your priorities.

Pick Up a Good Book
The Millionaire Next Door ($17, amazon.com), by Thomas J. Stanley and William D. Danko; The Investment Answer ($18, amazon.com), by Daniel C. Goldie and Gordon S. Murray; and Charles Schwab’s New Guide to Financial Independence ($10, amazon.com), by Charles Schwab, are packed with information and inspiration.

 

Go Online
Check out these Web-based financial resources that are geared toward women:

  • DailyWorth.com for smart tips and real-time money discussions with other women.
  • Womenandco.com for advice on budgeting, investments, careers, and more.

 

Educate Yourself
Take a basic personal-finance class (inquire at a local community college or a continuing-education program), or join a women’s money group (go to MoneyClubs.com for one near you).

 

Get more advice and learn about the psychology of Women and Money.

 

Read More About:Planning

Related Content

Handing over money

3 Ways to Protect Yourself When Loaning Money

Whether it’s for an overdue bill or to fund a new business, a relative will ask for financial help at some point. Follow these tips for a smoother lending process.

What do you think about this article? Share your own solutions and ideas

View Earlier Comments
Advertisement

Quick Tip

Illustration of suitcases

Packing for a family vacation? Travel versions of favorite games won’t crowd suitcases, and playing them will keep kids from begging to watch TV at night. Get more tips.