Comments on: Review: Grow Your Money

By: Jim

Jim — Sun, 20 Jan 2008 00:26:46 +0000

Agee. For me, Index funds are the way to go.

By: Michael

Michael — Fri, 18 Jan 2008 20:47:36 +0000

Lots of good advice! I’d stress that mutual funds (#37) should be researched VERY CAREFULLY. Because only a small minority of mutual funds meet or beat the market’s overall returns, 99% of new investors (and 98.9% of experienced investors) should just stick with index funds like Vanguard.

You can own Vanguard index shares in you Roth IRA (I use Scottrade for this) without the $3000 minimum.

By: sir jorge

sir jorge — Fri, 18 Jan 2008 18:06:38 +0000

pay off credit cards later? oh man, this is scary

By: Frugal Dad

Frugal Dad — Fri, 18 Jan 2008 17:41:07 +0000

I like the idea of paying half of our debt snowball on debt and half toward retirement/future investments. I may take this approach myself over the next few months as the shaky economy has me wanting to build a larger emergency fund.

By: Susan

Susan — Fri, 18 Jan 2008 16:50:32 +0000

RE: #20. I completely understand the psychology involved with Mr. Pond’s approach; however, when I look at the credit card finance charges that accumulate every month on just under $20,000.00 in credit card debt, it makes it very difficult to justify not paying every crying single cent to reduce this debt as quickly as possible. But I do like the idea and maybe I can alternate huge payments every other month and place the spare cash in a savings of some sort. More than anything, I feel that my irresponsible spending requires some suffering on my part so that history never repeats itself. Thanks so much for the information Trent.

By: bt

bt — Fri, 18 Jan 2008 16:43:46 +0000

52. Should You Pay Off Your Mortgage Early?

I disagree. I feel that a person should take the money for an early payback and deposit it in an index fund. If for any reason an individual is unable to make payment one month then this saved money can come in handy. The mortgage owner is unlikely to give you a break if you have paid thousands of dollars early but are unable to make next month’s payment. I realize that an emergency fund can accomplish the same thing, but there is something sacred about “house payment money” which many people are loathe to touch.

By: TheJeffe

TheJeffe — Fri, 18 Jan 2008 16:21:26 +0000

This sounds like a great book. My new wife and I are trying to save for a home and get our debts paid off. I will consider getting this book for her and I to read.

Great post!

By: Writer's Coin

Writer's Coin — Fri, 18 Jan 2008 15:19:18 +0000

I like the argument for paying the house off early: yeah you may get some higher returns with stocks over the long run, but the mortgage is a locked in, for sure rate. A great point.

By: Charlie Park

Charlie Park — Fri, 18 Jan 2008 15:13:53 +0000

Stellar review, Trent. Thanks for writing that up.

The “Pay Off Your Credit Cards Later Rather Than Sooner” is especially interesting … like the debt snowball, it’s tackling the behaviors and emotions that are involved. It helps you set a pattern of lifestyle that will help you even after you get past the initial debt repayment. It’s not the most intuitive decision, but you can see why it would help someone get closer to their goals, even if it takes longer.

Anyway, thanks. Will definitely check it out.

By: Ron@TheWisdomJournal

Ron@TheWisdomJournal — Fri, 18 Jan 2008 15:01:48 +0000

Seems like an interesting book. Thanks for the review, Trent. Sounds like he has a different angle on several personal finance rules of thumb.

I’ll add it to my “Want to Read” folder.

By: BigRed

BigRed — Fri, 18 Jan 2008 15:00:37 +0000

Trent–I like the tip about finding a mentor for career advancement. Having been a working girl for 20 years now (gulp!), I still find myself seeking out mentorship for specific skills or approaches. However, I am in the position that I too am sought out as a mentor, and that is incredibly satisfying to me. So, I guess my advice on this topic boils down to:
1. Seek out mentorship, but be aware that what you need in a mentor will change with your maturity, with your career direction, and with the change in your own company or product market.

2. Seek to be a mentor yourself–most companies of a certain size offer internships or apprenticeships, usually to high school or college students, or new grads. As you gain familiarity with your field, and with the world in general, you can give back to the world by helping a new employee grow.

Cool review–some interesting advice that I wouldn’t have expected (#20, for example). I may get this for my new-grad nieces and nephews, and for my high-schooler!

By: kim

kim — Fri, 18 Jan 2008 14:59:39 +0000

We do the 50/50 pay down debt/save for retirement plan. We are working at eliminating 34K in credit card and medical debt. We are coming close to the finish line with the debt (only 7k to go after three years. The nice part is we took my husbands 401K to 23K in the same time period. Once the debt is finished in a few months, we will take the portion we were paying for the debt and move it into an ING account to save for a house. In four years we should be debt free with close to 100k in 401k and 30k saved for a house.

By: Michael

Michael — Fri, 18 Jan 2008 14:58:08 +0000

When I saw the author’s name was Jonathan Pond, I knew that I had heard it somewhere before. When I read further in your review that this was the gentleman that did the PBS specials, it clicked.

I really enjoyed the few that I saw. I read on his website that he has done 18 specials.

In the days before DVR’s it was hard to catch all the great content.

I’m going to try and pick this one up.

Michael