Financially clueless

[mayoree]

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Hi,
I've been going through the threads and frankly, I'm amazed by how much people know. I made my sole aim of undergrad to get into dental school, and now that I'm here, I'm in the rather awkward situation of being heavily in debt and finding out that I don't really love it, I like money and managing it much better.
My questions are:
how did you get to know as much as you do?
Do you have business degrees (I don't)?
Did you have financially savvy friends and family growing up (I didn't)?
Or did you learn it all online and through books (I'm trying, but where do you find the time?)
I considered a DDS/MBA, but I'm rethinking that because I want to learn more about finance than management. I'm actually thinking about taking a certified financial planning course because I need that extra discipline and the in-depth review. Is it worth the money in your opinions?
Thanks so much for any help. It is much appreciated.

 

[etf]

i pretty much learned everything i know from experience; although it's only about 4-5 years worth at most. i think the internet is a great resource, and even perusing these threads you'll get a leg up from people who are completely clueless.

 

[Xardas]

Hi,
I've been going through the threads and frankly, I'm amazed by how much people know. I made my sole aim of undergrad to get into dental school, and now that I'm here, I'm in the rather awkward situation of being heavily in debt and finding out that I don't really love it, I like money and managing it much better.
My questions are:
how did you get to know as much as you do?
Do you have business degrees (I don't)?
Did you have financially savvy friends and family growing up (I didn't)?
Or did you learn it all online and through books (I'm trying, but where do you find the time?)
I considered a DDS/MBA, but I'm rethinking that because I want to learn more about finance than management. I'm actually thinking about taking a certified financial planning course because I need that extra discipline and the in-depth review. Is it worth the money in your opinions?
Thanks so much for any help. It is much appreciated.

I don't have a business degree. I know some but there is more you learn every day about money! If you think you know it all you are setting yourself up to get in trouble! Although I am relatively late to investing I grew up in a household where I was taught the value of saving which allowed me to catch up I think to where I should be.

You can learn a lot about the market through reading on your own and having good common sense. its good to not be emotional about the market.

The best thing and first thing you need to do is to find financially savvy people and learn their habits (like you asked)... you'll notice that people who do well tend to have certain characteristics.

That's not to say not to hang around people who can't manage their money but... if your friends are all spending way beyond their means you are not going to learn anything from them and will probably be more tempted to engage in money losing habits.

The best way to start learning about the market I think is to have a little stake in it.

It doesn't take much to get started in investing. Put a few hundred in and you will find your knowledge and ability to learn much better since you have some stake in it!

 

[mshheaddoc]

CFP isn't worth your time. Its EXTREMELY time intensive and will go into way more depth than you need. They are professionals and let them handle the complicated stuff. That is why they are there. I do suggest learning the basics and understanding how things work so you can find someone to help you out when you need it. Like others have stated, self-knowledge goes a long way. It will be gathered over time as well. Talking about it with others is the first steps. I always ask my parents questions about their retirement funds and what not and since my dad has a masters in accounting and worked with the IRS on some issues he helps me out on some things with tax laws. 👍 Don't forget the sources that you have around you.

 

[mayoree]

Thanks for your suggestions. I was really thinking CFP because I don't really have anyone around me who is that knowledgable about business. I want to know everything: how businesses work, what drives the markets up and down; what investment lingo means. My family is pretty science and medicine driven and leave a lot of the money decisions to an accountant. 🙂. I will try to learn as much on my own as I can; The books suggested are good starts and I'll nose around on the internet more before I jump in too deep.

 

[mshheaddoc]

Thanks for your suggestions. I was really thinking CFP because I don't really have anyone around me who is that knowledgable about business. I want to know everything: how businesses work, what drives the markets up and down; what investment lingo means. My family is pretty science and medicine driven and leave a lot of the money decisions to an accountant. 🙂. I will try to learn as much on my own as I can; The books suggested are good starts and I'll nose around on the internet more before I jump in too deep.

If you're interested in that, I know a few joint degree candidates that did MBA's for that reason. I know a few docs who took community college classes in business to get their knowledge up after residency as well. There are many ways to learn and workshops to attend for the lay person to learn about how to manage finances.

 

[emeddo]

Thanks for your suggestions. I was really thinking CFP because I don't really have anyone around me who is that knowledgable about business. I want to know everything: how businesses work, what drives the markets up and down; what investment lingo means. My family is pretty science and medicine driven and leave a lot of the money decisions to an accountant. 🙂. I will try to learn as much on my own as I can; The books suggested are good starts and I'll nose around on the internet more before I jump in too deep.

Investing for Dummies. If you can swallow your pride and actually admit you can learn from a book with the word Dummies in the title will teach you everything you just said you want to learn about. I read it several years ago when I first wanted to know about finances, etc. I have read many, many books since then that are much more famous and by more famous authors and still I think it goes back to the "everything I need to know I learned in kindergarten" principle.

 

[pillowhead]

Investing for Dummies. If you can swallow your pride and actually admit you can learn from a book with the word Dummies in the title will teach you everything you just said you want to learn about. I read it several years ago when I first wanted to know about finances, etc. I have read many, many books since then that are much more famous and by more famous authors and still I think it goes back to the "everything I need to know I learned in kindergarten" principle.

I second Investing for Dummies. I think it's actually written for a fairly well-educated population (if you're smart enough to be in medicine, you're probably smart enough to understand the book). Really explains the basics well.

 

[The White Coat Investor]

Also agree that Eric Tyson's Investing for Dummies is good. You can also consider his Personal Finance for Dummies and Mutual Funds for Dummies. Another similiar, but shorter, book that has come out recently is The Boglehead's Guide to Investing which I would recommend over Tysons' books.