We made it people! This is the ninth and final week of YMOYL. Well, more accurately, some of you made it, not me so much.
Step NineStep nine is about becoming knowledgeable about long-term, income-producing investments. It's also about learning how to manage your finances in order to create a consistent income sufficient to cover your needs over the long term.
The final chapter of Your Money or Your Life is intended to provide advice for those who arrive at the crossover point. Since I'm using the updated version of the book, the advice given in this chapter is different than Joe Dominguez's original advice to invest just in US Treasury bonds. The updated chapter includes the very basics of other investment vehicles including mutual and index funds.
For me, step nine raises more questions than it provides answers. Investing is the area of finances where I'm the weakest. I know how to save money. I know how to evaluate my wants and needs and find a good deal, but investing? There I'm pretty lost. So I have more questions than answers for those of you who are still with me.
Do you have a long-term investment strategy that you're confident about? If so, care to share the basics? (e.g. do you invest in stocks, index funds, bonds, etc.)
Overall, do you feel the YMOYL program has helped you financially?
What are your favorite and least favorite pieces of advice in the book?
Thanks to the handful of regulars who stuck with me throughout this online book club, and especially those who stuck around even after the long hiatus between chapters 6 and 7. Ya'll rock!