As usual, I watched Suze Orman show tonight. At the beginning of the show, Suze mentioned the top 10 things you can do to make the most of your money in the year 2008:
1. Try to get out of credit card debt – I am not surprise this is the #1. 🙂 My credit card has balance at 0% for life, so no hurry on that.
2. Save 6 – 8 months of emergency funds – I am not sure I can save that much, but I will try.
3. Contribute to 401K up to the company match point (if company match), open an Roth IRA – No 401K, but have Roth IRA set up by Hubby. Hubby will also take care of contributation.
4. Buy a house if have money (with at least 10% – 20% down, and 30/15 year fixed interested loan) – already own house, can’t refinance in 2 years.
5. Never co-sign a loan with anyone (except spouse?) – sure.
6. Annuity: don’t buy variable annuity, and don’t invest it in a retirment account. Simple fixed rate annuity is ok. – will do more research on annuity.
7. Buy individual bonds, not bond funds. –will do more research on bonds.
8. Get a Will and revocable living trust – I think this has been taken care of, but have to check to make sure. – will do more research on will and living trust.
9. Term life insurance only – if you need to have life insurance, get term life insurance. should get this done this year.
10. Invest in no load mutual funds which is no expense to buy and sell, stock diversified. – Not sure about this one. – will do more research on no load mutual fund.
Suze’t best selling books:
Women & Money: Owning the Power to Control Your Destiny
The 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying
The Road to Wealth: A Comprehensive Guide to Your Money
The Money Book for the Young, Fabulous & Broke