Monday, January 15, 2007

Great Book for Finances

I'm sad to admit that, after growing up in a great family and getting a degree that included multiple business courses, I was unprepared for the many options that have appeared in my path financially. What to do about Roth IRA's, Mutual Funds, Health Care Savings Accounts and all the rest has been a big challenge, especially while trying to sort out a little something on the side like law school. I found a great book to help out young Christian people get on the road to financial security. It's called the Sound Mind Investing Handbook and was written by Austin Pryor. I highly this book for the neophyte in financies. The book is not great on budgeting itself, that's a bit of a weakness, but it's really focused on how to grow wealth and how to make sense of all the current options in the market.
Best Current Tip From the Book- Take your money out of savings accounts at the bank and put it in money market funds like the Vanguard Prime Money Market Fund. Money Market Funds give you the same stability and security of as insured banks, but offer a higher return on the money. In my case, it was the difference between getting 1.25% from my bank and 5.10% from the Vanguard fund (my current choice). With the easy access the fund gives you to the money, along with checkwritting options for bill payments, this was a no brainer that will pay some modest but substantial dividends immediately.

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