{ "media_type": "text", "post_content": "Best resources to learn about financial planning? I’ve been allocating a portion of my income towards 401k and some mutual funds, but want to become more knowledgeable (considering major future expenses such as house, kids, etc). Any recommendations on resources would be greatly appreciated!", "post_id": "5f2ff5c00c964b002b1ad899", "reply_count": 6, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Best resources to learn about financial planning? I’ve been allocating a portion of my income towards 401k and some mutual funds, but want to become more knowledgeable (considering major future expenses such as house, kids, etc). Any recommendations on resources would be greatly appreciated!

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Read “I will teach you to be rich” by Ramit Sethi And then follow his blog One stop shop for all your personal finance needs

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You might consider: - shifting 100% of your annual 401k contributions from traditional to Roth; - opening an HSA whose assets can be invested in equities, maximizing your annual contributions; and - opening dedicated, high interest savings accounts for each of your savings goals. As I’m typing this I realized you asked for resources not direct tips. Hiring a financial advisor ~$60-120/mo would be the most easy and comprehensive approach. Otherwise, I learn a lot through googling various concepts. Do you have any specific questions or goals?

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First three tips are all regarding tax avoidance (i.e. increasing your “income”) so it’s thats a good place to start before thinking about savings and investment allocation. I suggested Roth over Traditional because I was guessing you’d be in a higher tax bracket when you begin to withdraw in retirement. When you break that out the two key factors are: 1 your annual withdrawals at retirement (to replace your income) 2 the federal and state tax rates at retirement Regarding 1, if you expect your cost of living and lifestyle in retirement to be less than what it is now (I.e. your annual withdrawals then to be less than your income now), traditional might be best. If you’re early in your career or you expect to significantly increase your wealth or income over the course of your life, it increases the probability you’ll be in a higher tax bracket at retirement than you are currently. Regarding 2, it’s obviously difficult to predict what the tax rates will be, for me, when I retire in 40-50 years. However tax rates are, from a historical perspective, very low right now. This also increases the probability you’ll be in a higher tax bracket at retirement. Very long winded but hope that helped, based on my understanding!

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Another good book I have found is “A random walk down Wall Street” get the updated edition (original was written in many years ago but they have edited the numbers in it). Talks about investing strategies and managing your portfolio

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Some basic self education is probably the best approach here. Echoing A1, I will teach you to be rich is a solid book. Also vanguard blogs and do some googling. Then if you feel the need, reach out to an advisor.

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