In his book Dilbert and the Way of the Weasel, author and cartoonist Scott Adams boils down all the advice that he has read from other personal finance books, and offers up his own one page personal finance book.
I thought it might be fun to share his advice here:
The One Page Personal Finance Book
1. Make a will.
2. Pay off your credit cards.
3. Get term life insurance if you have a family to support.
4. Fund your 401(k) to the maximum.
5. Fund your IRA to the maximum.
6. Buy a house if you want to live in a house and can afford it.
7. Put six months expenses in a money market account.
8. Take whatever money is left over and invest 70% in a stock index fund and 30% in a bond fund through any discount broker and never touch it until retirement.
9. If any of this confuses you, or you have something special going on (retirement, college planning, a tax issue), hire a fee-based financial planner, not one who charges a percentage of your portfolio.
I have to say, his one page finance book actually sounds like good advice! What do you think?