Financial Planning - who'd o' thunk it? :)

So now that the condo is in escrow, finances around here are due to improve (hallelujah, lol). My personal finances are already greatly improved by the fact that I am spending less on DirecTV than I was on cable in CA, and by the fact that I have now sent the very last $241.00 check to the condo's HOA that I will ever have to write in my life! :) It was weird though, the sending of that check and the one for the mortgage (I make out my mom's checks for her), and knowing I'd never be writing them anymore ... but it's weird good, not weird bad! :)

Because of all this, I have been doing things like reading Money magazine (and actually enjoying it, to my utter shock ... true, it's not Entertainment Weekly, but then nothing really is). Because I'm about to get a few extra pennies in my pocket - and because I'm not getting any younger (gone are the days where I feel fine about blowing a $10,000 windfall on video cameras, a new computer, and experiential things like travel), I've decided to go back to what I used to do well - save .... and start doing what I never did well - invest. I know, I'm shocked too :)

So, last week I went about the task of creating a financial plan for myself, and implementing it (in small ways). I am now the proud owner of:

- my original ING checking account,

- 2 separate ING savings accounts (at 3% interest),

- a Charles Schwab Investor Checking account (I plan to switch to using this as my primary checking account since it gives me 2% APY),

- a Schwab Brokerage account (it came with the checking account) for when I finally have the $1000 saved to invest in the PAX fund,

- a sharebuilder.com account into which $50/month (for the time being) will go into stock of things I actually use/buy (the first purchase will be Vonage and Domino's Pizza, followed by things like Wal-Mart, Home Depot, Lowes, our local gas and electric companies, Virgin Mobile, DirecTV, etc., etc.) but I will not be buying Google at $567/share (I don't have THAT much extra money, lol).

- and believe it or not .... drum roll please .... I actually now have a Roth IRA. It's got very little in it so far, but I've got one and that's a start! :)

As for my mother's money ... the plan is to set up a Business Trust (sometimes called a UBO, or a "Massachusetts Trust"), the purpose of which is to own investment properties here in WV (where real estate is CHEAP, and property taxes are deliciously low). These are the ones I like best so far, at least on paper (click on pic to go to realtor.com listing):


5 comments:

K said...

Cute buildings! And how cheap!!

MountainLaurel said...

I remember both of those houses from when I was growing up. The first, especially, should do quite well.

Putz said...

good luck on your trust thingy, my dad's money all went to the second wife

LuluBunny said...

K - I know, I know! :)

MtnLaurel - That's so cool that you actually know the houses - what a small world - and I hope you're right.

Putz - That's sad :(

MountainLaurel said...

Know them? Shoot, Mother grew up within walking distance from the first one. :-)

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