9-15-07 - Introduction

Notes from the Financial Planning Meeting on 9-15-07

Real Estate

Purpose for attending meetings:

1. Do not want to work 9 – 5 for the rest of life.

2. Financially stability

3. Knowledge about investment tools

4. Keeping up to date on information about finance as well as other things

5. Sharing ideas

6. Have money make money

7. Real Estate

8. Financial Freedom

9. “Knowledge is Power”

10. AASU meetings to discuss finance
    

Important Points Made

• If you want to retire early, have to make 16x the amount of your salary by the time you retire.

• Working in corporate America for the rest of our working age is not worth it.

• Not live above your means, stop eating out, cooking saves a lot of money.

• On a daily basis, decide that you are going to be living like a wealthy person, do whatever it takes.

• Microsoft Money to track expenses

• Start tracking your finances

• Goals need to be specific and realistic

• Credit Unions to do mortgages

• Meet with Mortgage lenders to get information

• Debt is not really bad as long as it is being controlled

• 2 Financial goals that are mutually exclusive. Do not have two goals that work against each other.

• Gain and Loss is based on the amount that is investment

• Research about stocks and the effects of tax

• Savvy investors make money no matter how the market is doing.

• What stock you invest in depends on how much you want to watch the money

• Finding companies and trying to follow their history and how their stocks correlate with the history.

• Use google or yahoo to try to view the history

• Budgeting

• Comfort levels “At what point are you willing to bite the bullet and take the dive”.

• Invest $100 in a company

• Tech investment club

• Inflation costs

• Do not ever buy a new car. Worst investment ever, you can rent acuras and lexus if you want to ball out a weekend.
  

• When buying a car, buy with cash

• Have to get in the mindset and getting through the initial phase of current living.

• We still need to live not like vagabonds.

• Need to start watching CNBC.

Possible Reads

• Wallstreet Journal (College Edition)

• sharebuilder.com
• youngmoney.com

Next Plans to do as a group

• Figure out a 10 year investment portfolio and a retirement portoflio
• Stock Game, sharebuilder, start investing
• Need to come up with a reading list

Short Term Goals to Accomplish

• Purchase a home, Grad School
• Stocks and bonds
• Control of finances right now and establish a budget
• Knowledgeable about the industry

Long Term Goals to Accomplish

• Early Retirement, start a business (investment, real estate)

Reviewed Articles
Setting Priorities

Link to Article

Consumerist's 10 Tips That Will Make Sure You'll Stay Broke

Link to Article