feedback for "3 Most Common Mistakes: Financial Planning"
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A 401K in this economy is no way to save for retirement. You might consider stuffing your mattress with gold bars. Was this "financial planning" article written three years ago and just recycled?
posted by : nice try on 6/19/2009 at 12:36 AM Flag For Abuse
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I googled the "expert" and according to the NYTs: "Stacey Lynn Bradford was an associate editor for the Web site of Smart Money magazine. She graduated from the University of Southern California and received a master's degree in journalism from New York University. Her father owns Bradford Research, a metals investment research and consulting company in New York." Without a degree in finance or at least an MBA can we really consider Stacey to be a "financial planning expert?" Sorry Stacy but I won't be buying your book.
posted by : not buying it on 6/19/2009 at 12:53 AM Flag For Abuse
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Your criticism is way off base.
First of all, it doesn't make you a genius to have discovered that Stacey Bradford is a journalist ... it says it right at the top of this article.
Second, she's not claiming to be an expert at money management (which is when you want someone with a degree in finance or some other quantitative field). Just like Jean Chatzsky and Suze Orman (who also don't have finance degrees), she's offering proven, common-sense advice on the key things that parents need to think about as they manage their household. You don't need a degree in finance to know that it might be a bad thing to not have life insurance.
I've read Ms. Bradford's book and have recommended it to all my friends. She makes it incredibly easy to understand topics that I've always found very daunting otherwise. Every piece of advice is backed up with info from industry experts. And, I'm finally taking care of all the important things I've been neglecting for too long (establishing a budget, getting life insurance, writing a will, setting up a trust, etc.).
Based on my experience, I think every parent with young kids should read this book.
posted by : NorthernDad on 6/19/2009 at 2:55 PM Flag For Abuse
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The criticism is valid, Northern Dad, in that Ms. Bradford isn't providing expert advice.
Any putz on the sidewalk can tell you "don't forget to invest for retirement." This article's content is so basic, it isn't worth the reader's time. She doesn't offer practical suggestions for new parents to pursue, only very vague errors to avoid.
1. Don't put off having a will.
Ok, so do I need a lawyer? Can I write my own? Is there software out there to help me? How much will it cost to have a will drafted?
2. Don't carry too much debt?
What's the best way to pay if off? How much is too much? What kind of savings should I have saved up before putting additional money toward credit card debt?
3. Make sure you invest for retirement?
What's the best kind of investment? How much should I diversify? How much will I need to have before I can retire? Should I be saving for retirement and kid's college at the same time?
I think Andrea Zimmerman is guilty of phoning it in to drum up sales of Ms. Bradford's book, which I will not be buying.
posted by : Gabriel on 6/22/2009 at 12:28 PM Flag For Abuse
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guilty, guilty, and guilty. what my wife and I need is for Stacey to come bonk us on the head with a rubber mallet every time we do anything other than what she describes ... points well taken.
posted by : chatty daddy on 6/22/2009 at 9:57 PM Flag For Abuse
