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- GTP_Brent
As the thread title says, I'm hoping some of the members here can suggest some personal financial advice websites or reading that they have found useful and that might be relevant to someone in their mid-twenties.
Some general background info on myself and my situation is probably helpful:
We're bothtotally uneducated quite inexperienced when it comes to dealing with personal finance. I've talked with my parents about the situation and they've suggested some ideas - primarily putting it into RRSP's. That sounds sensible, but I have to consider the source of this message: two people approaching their sixties that are still nowhere near retirement.
It is a good idea, but we don't have the necessary background knowledge to assess if it's the best idea for us.
I just finished reading Rich Dad Poor Dad by Robert Kiyosaki. It was recommended to me by a man in his mid-forties that probably saw me making dumb faces as I was looking through the financial books at McNally Robinson. He told me that he wanted to make sure I didn't get sucked into some stupid "Make 6-Million in 6 Days, and you don't even have to [insert mundane everyday chore here]" type of book. It seems like it was a good primer for getting me to think about how to approach the subject of long-term personal wealth and financial planning, and it given me a pretty solid definition of what to consider an asset and a liability, but it hasn't explained how the financial system works and hasn't really included any information I can disect to determine how to make the financial system work best for me for where I am right now.
This post is getting far longer that I had expected so I'll cut it here. Please suggest some reading.
I am Canadian so anything geared specifically at a 20-something Canadian is preferred, but I'm sure there's enough in common with American financial planning concepts that I'll not be picky if it isn't.
Some general background info on myself and my situation is probably helpful:
My girlfriend and I have lived in an apartment together in Winnipeg since November of last year. I have been out of university and working as a junior mechanical engineer for 16 months now. My girlfriend has just recently finished her college program and begins working regular hours this week. We'll be making pretty good money for two people our age - above the median national family income but without all the typical family expenses (such as everything associated with 2.2 kids, etc).
With my girlfriend working part-time during her school program we were pretty comfortable financially. We do both have personal loans that got us through school and I'm paying off a car purchase (0% financing), but coming up with rent has not been an issue and we were/are making regular payments towards reducing our student debts. There has been little extra money just laying around, but we have a few months expenses in reserve.
We would like to move into a house, but right now is not the right time for it: we don't have the necessary down-payment, (because...) we're focusing on reducing our current debt before we consider taking on more. Also, Winnipeg is still in a bit of a seller's market - the average price of a starter home has doubled since 2002 and is just starting to show signs of leveling off, and maybe dropping a few years from now.
So what we're faced with is an opportunity where we're going to have some additional positive cashflow, and we're not sure the best way to deal with it. With my girlfriend working part-time during her school program we were pretty comfortable financially. We do both have personal loans that got us through school and I'm paying off a car purchase (0% financing), but coming up with rent has not been an issue and we were/are making regular payments towards reducing our student debts. There has been little extra money just laying around, but we have a few months expenses in reserve.
We would like to move into a house, but right now is not the right time for it: we don't have the necessary down-payment, (because...) we're focusing on reducing our current debt before we consider taking on more. Also, Winnipeg is still in a bit of a seller's market - the average price of a starter home has doubled since 2002 and is just starting to show signs of leveling off, and maybe dropping a few years from now.
We're both
It is a good idea, but we don't have the necessary background knowledge to assess if it's the best idea for us.
I just finished reading Rich Dad Poor Dad by Robert Kiyosaki. It was recommended to me by a man in his mid-forties that probably saw me making dumb faces as I was looking through the financial books at McNally Robinson. He told me that he wanted to make sure I didn't get sucked into some stupid "Make 6-Million in 6 Days, and you don't even have to [insert mundane everyday chore here]" type of book. It seems like it was a good primer for getting me to think about how to approach the subject of long-term personal wealth and financial planning, and it given me a pretty solid definition of what to consider an asset and a liability, but it hasn't explained how the financial system works and hasn't really included any information I can disect to determine how to make the financial system work best for me for where I am right now.
This post is getting far longer that I had expected so I'll cut it here. Please suggest some reading.
I am Canadian so anything geared specifically at a 20-something Canadian is preferred, but I'm sure there's enough in common with American financial planning concepts that I'll not be picky if it isn't.
