What If You Don't Want Help?

By: Source: AARP.org Date Posted: 2007-03-16 12:19:17.685868-05:00

If you have decided professional help is not right for you, a quick walk through the personal finance section of your local bookstore could convince you that there are plenty of sources you can consult on a more impersonal level.

Crack Open a Book
In fact, books are a good place to start building your knowledge in personal finance. Rather than purchase a handful of top-selling books, you are often better off to visit a bookstore and thumb through various personal finance books to determine which books address your particular needs and which authors' style appeals to you.

Read the Fine Print
Magazines and newspapers are also great sources of information. While you may choose to subscribe to one or two publications, check with the online versions to see what you can get for free. You can also choose to subscribe to a variety of newsletters. Some newsletters track the performance of mutual fund families or suggest model portfolios while others offer broad-base coverage of personal finance issues.

Use Online Tools
If you prefer up-to-the-minute news and interactive tools and calculators, financial web sites may be your best source of financial planning information. Many offer fairly sophisticated calculators so you can chart your progress. AARP offers a comprehensive Retirement Calculator. Also, a number of web sites can alert you to financial scams.

Check at the Office
To help their employees make the most out of their retirement benefits, many companies have been adding online financial advice to their 401(k) plans. In addition to helping you with allocating your 401(k) assets, these programs can help you plan for a variety of financial goals. If your company is one of them, this can be a great resource.

Take a Hand from Fund Companies
The major mutual fund companies offer a host of online financial planning tutorials and tools. Whether you are saving for college or retirement or have a question on taxes or charitable giving, these web sites can provide the answers. What's more, if self-help isn't enough, many firms offer limited assistance at no charge. Some may provide professional consultations or management for portfolios over a particular amount for a fee.

Go Back to School
Often local community colleges or adult education programs offer valuable personal finance courses. In addition to introductions to financial planning and investing, you might find a course targeted to your specific interest, such as how to select a 529 plan, get out of debt, or save for retirement. While these college courses generally present information in an unbiased manner, the same cannot be said for many investment seminars that are often offered at local hotels or public libraries. While you can glean some basic information from these presentations, be forewarned that many are simply high-pressure sales pitches.

Tips for Working Alone
While the resources listed here will help you to stay current with financial matters, it's important to realize that successfully navigating the financial world demands more than evaluating information and making decisions. Your record keeping and ongoing review process are equally important. In other words, although you may breathe a sigh of relief once you identify a goal and decide how to move forward with your money, your work is far from over.

There are several good sites to learn about financial planning and investing. Among the best sites are: