Finance Questions

Archive for February, 2008

Question: Software for Personal Finance?

I am using Microsoft Money Plus Home & Business Trial version whcih has just expired. I do not want to purchase it. I need free/open source software to manange Personal Finance. I have already created money file which contain enough information. Hence I also wish to import money file to new software. Which is the best software?

Answer: I suggest you go to mint.com for your personal finances, although I am not sure whether you can import some of the data directly from MS Money.

Other than that, there are some sites available that let you run your budget for free, but I don't know of any good software that offers all of its components entirely free.

(Free Budget Software) - DOWNLOAD YOUR COPY HERE

Question: Investing / Personal Finance: How realistic is my plan?

I am 17. I will go to college and major in finance, management, or economics. Meanwhile, I save up 15,000 those years (I can) and put it into my Roth IRA. After college, I put a few thousand a year into the IRA. During that time, I get a job somewhere in the market (likely for a firm) and begin working my standard investment account up to a million (inflation adjusted), and then live off the market average of 10% (100,000 before taxes, I plan on outperforming the market though). Then, hopefully before 40, I can retire and do a job for fun (always wanted to teach history). Plans will change if I end up being good at active trading, so I would quit my job early and I always have a back up plan with a degree.

Answer: Sounds great.

I wouldn't worry about not being able to beat the market. Practically anyone who spends the time to research it can do it.

You plan sounds good though. I heard a study somewhere that some scientist asked a group of college graduates what their future plains were.

Only 5% had plans for the future. After many year those 5% had a higher net worth then the other 95% combined.

Your on the right track Good luck

Personal Finance & Investing : How to Become Wealthy