Resources for Strategic Personal Finance course

[cdttmm]

I just started teaching a 6 week college course titled Strategic Personal Finance. We are using a really dense personal finance textbook, but I would love to provide my students with a list of suggested resources for use during the course and after the course is over. These college students are all women of non-traditional age. I have 10 students in my class. They have agreed to keep the personal details of what is discussed in class confidential, which will hopefully lead to some frank discussions about individual situations.

I would love to hear from people on this board about what resources you would recommend to women who are, for the most part, just starting the process of understanding their financial situations and planning for their financial futures.

Because I like to teach from a perspective of personal experience it did come out in our first class that I do not have any credit card debt or student loan debt (I have 3 degrees), my partner and I own a home free and clear, and we have 2 paid for cars. Their first question was: did you get an inheritance? The answer: no. Their second question: from the time you decided you wanted to be debt free how long did it take? The answer: approximately 10 years. This information seemed to really boost their confidence that "regular" people could be debt free.

So...what are your favorite resources and why?

Thanks in advance for the help!

[loosechickens]

Well, I'd certainly recommend this Simple Living board to them, not only for lots of info on handling finances, but for all the "life strategies" that assist people toward those goals of better financial security, as well as opening their minds to the possibilities and joys of ways of living not focused on our mainstream consumer culture.

There are certainly lots and lots of "personal experience" stories to be had here, as well as numerous examples of people, very ordinary people, who have managed to improve their lives, find financial stability and new skills and coping mechanisms, without inheritances, highly paid jobs, etc.

[Selah]

Ditto on Loosechickens' comment. This forum has been not only a practical resource, but also an emotional resource over the long haul. I have shared peoples' ups and downs on this forum, including my own. Personal finance is personal, and these forums make it so.

Regarding other resources, during my journey to "debt-free-except-for-the-house," I read, re-read, and read again Dave Ramsey's "Extreme Money Makeover" for inspiration to get out of debt. I read David Bach's "Smart Women Finish Rich" for advice on getting my Roth-IRA started, buying a house, and accelerating my mortgage payments. I watched "The Suze Orman Show" and Gail Vaz-Oxlade's "Till Debt Do Us Part" religiously for several years, because they are both practical and inspiring. Jean Chatzky's "Pay It Down!" is also pretty good as a reminder to get out of debt. I also still read, on a daily basis, the excellent blog "Get Rich Slowly," (www.getrichslowly.org) and have gotten a few fantastic recipes from HillbillyHousewife.com.

[rosarugosa]

I would also recommend The Simple Dollar blog. I don't feel like I'm getting too much out of it anymore, but for folks just starting out, I think it's a good resource. I also feel like I'm currently getting a lot of value out of the Mr. Money Mustache blog.
The two books that got me started were The Ultimate Cheapskate by Jeff Yeager and 7 Money Mantras for a Richer Life: How to Live Well with the Money You Have by Michelle Singletary. I don't like her column anymore; I think it's degenerated to a celebrity gossip column with a PF slant, but that can't take away from the strong dose of inspiration I got from her book. Michelle and Jeff truly helped set me on the path!

[Delaney]

You may want to discuss a recent Newsweek article titled, "The New Science Behind Your Spending Addiction (http://www.thedailybeast.com/newsweek/2011/10/30/the-new-science-behind-your-spending-addiction.html)". Some brains are willing to delay gratification and some aren't.

[pinkytoe]

Millionaire Teacher

[Fawn]

For me, it started with Your Money or Your Life, Janet Luhr's book and Jeff Aslett's cleaning/decluttering books.

Well, that and being a cheapskate at heart. :~)

[flowerseverywhere]

I would suggest the following books as a reading list, emphasizing that some of the ideas will seem crazy, but generally the message will be the same. Spend less than you make and pay off debt (including houses and cars) have an emergency fund and prepare for when you are no longer willing or able to work. Many of these books have multiple books written by the authors and are available at the library (the first four are by women.)


The Tightwad Gazette
Miserly Moms, Living well on less in a tough economy
Debt Proof Living
Suze Orman and Dave Ramsey Books
Your Money or Your Life
The Millionaire next door

A good exercise would be to challenge everyone to write down every penny they spend for the duration of the class which is the foundation for figuring out what you are spending and is your life energy worth it.

[herisf]

All Your Worth by Elizabeth Warren
Your Money or Your Life (of course)

I read the Mr. Money Mustache blog and also "Ask Liz Weston" to boot. I got really tired of the Simple Dollar - he never stops posting/talking.

[razz]

http://www.amazon.ca/Wealthy-Barber-Successful-Financial-Planning/dp/0773762167
The Wealthy Barber seems to be in everyday language and easy to understand.

[HKPassey]

We have a wealth of resources in the Resources section on financialintegrity.org, many of which in turn have numerous links to great resources.

http://financialintegrity.org/index.php?title=Resources
http://financialintegrity.org/index.php?title=Tools_and_Examples

And be sure to have them check out the downloadable guides, which are free and completely sharable:
http://financialintegrity.org/index.php?title=Downloadable_Guides.
You might check them out and see if any part of them would be helpful in your class: you can incorporate them free of charge as long as their use is in accordance with the Creative Commons share-alike license as outlined on the site.

A couple I like are Consciously Frugal and Mr. Money Mustache, along with Money Crush, LearnVest and Smart Cookies (all particularly geared toward women).

cow-hi

[HKPassey]

You may want to discuss a recent Newsweek article titled, "The New Science Behind Your Spending Addiction (http://www.thedailybeast.com/newsweek/2011/10/30/the-new-science-behind-your-spending-addiction.html)". Some brains are willing to delay gratification and some aren't.

A few months ago we featured a news article on the FI site on how last names affect spending habits, of all things.
http://financialintegrity.org/index.php?title=Previously_In_The_News.

[Spartana]

Also don't forget about early retirement & living alternative lifestyles (as that Loose Chick points out ;-)!). Lots of books, resources and blogs on-line to enable people to live work-free and live differently than the standard america dream of a house in 'burbs, and a hefty 401K. I liked Paul and Vicky Terhorsts book: "Cashing in on the American Dream: How to Retire at 35" as well as the early retiree forums, Lonely Planets Thorn Tree forums, the Escapees full time RV forum, and many of the Ex-Pat forums for those who want to retire and live in another country (I like www.escapeartist.com). Also check out www.coolworks.com for unusual (cool) jobs in unusual (cool) places - many that cater to retireed people who have flexible schedules, can work seasonally, and aren't tied to living in one place. Jobs at Nat. Parks (like Laura & Sasha J. do), resorts, etc...

[herbgeek]

+1 on Your Money or Your Life which a number of others already suggested. This was the turning point for me, from yuppie wannabe to financial independence. I also like books by Ernie Zalinkski, mostly because he challenges a number of assumptions held by a lot of people and offers alternative possibilities to work til you're 65.

[Bobbie]

I agree about Dave Ramsey and The Millionaire Next Door.

I also have a blog about debt-free, simple living which talks about my family's journey of buying a $13,000 house for cash and living off one part-time income. http://budgetingwiththebushmans.blogspot.com/

To be honest, though I have had difficulty finding similar blogs! If you know of any, I would also love some to follow and recommend!

[leslieann]

(I had to put a parenthetical chuckle in for Spartana's modification of loosechicken's name....that Loose Chick, hehehehe....)

Useful lists: I am still a newbie (maybe forever) at managing my money but YMYOL, Tightwad Gazette, and some of the simplicity books got me fired up. I currently read Get Rich Slowly, but sporadically, and listen to Dave Ramsey now and then. This place, right here, is my most frequent source of information and inspiration.

[Spartana]

I agree about Dave Ramsey and The Millionaire Next Door.

I also have a blog about debt-free, simple living which talks about my family's journey of buying a $13,000 house for cash and living off one part-time income. http://budgetingwiththebushmans.blogspot.com/

To be honest, though I have had difficulty finding similar blogs! If you know of any, I would also love some to follow and recommend!

I LOVE your blog!! Great stuff. I also love the snowman fridge :-)! I'm very interested hearing more stories about your journey, so hope you post here some more and share your extraordinary experiences! I'd also like to see some more action over on the "success" board so maybe you can post some of your story over there too.

Leslieann - Yep that "Loose Chick" is free from her mod duties now and can run amok amongst us mere mortals - women hide your menfolk :-)! Now she won't "have some 'splainin' to do Loosey" anymore. :-)!