By Liz Kudwa
A: We have a number of books that can assist you with various aspects of financial planning, but before I recommend any of those, I think it’s important to think about what your personal goals are. Your goals will be your roadmap for how you might use this newfound wealth! I found an article by Asa Fitch and George Mannes from Money Magazine on the CNNMoney.com website and it outlines some great tips for smart ways to spend recently acquired wealth. Included with each goal are some related titles that you’ll find at the library.
Build Wealth
o Best return with no risk: Pay off/ down highest interest credit card debt
o Best reality check: Eight hours with a financial planner
o Best career moves: Go to conferences on your own dime to network and enrich your skill set; go to school; hire a mentor
Books to help:
The 7 Most Important Money Decisions You’ll Ever Make by Mary Claire Allvine and Christine Larson
Creating Wealth: Retire In Ten Years Using Allen’s Seven Principles Of Wealth by Robert G. Allen
The Credit Diet: How To Shed Unwanted Debt And Achieve Fiscal Fitness by John Fuhrman
The Debt Diet: An Easy-To-Follow Plan To Shed Debt & Trim Spending by Ellie Kay
Ernst & Young’s Personal Financial Planning Guide by Martin Nissenbaum
Retire Rich
o Best retirement moves: Increase your 401(k) contribution; open a Roth IRA
o Best move near retirement: Pay off/ down highest interest credit card debt
Books to help:
Retire Worry-Free: Money-Smart Ways To Build The Nest Egg You’ll Need from The Editors Of Kiplinger’s Personal Finance
Finances After 55: Make The Transition From Earning A Living To Retirement Living by Sylvia Lim
The Number: A Completely Different Way To Think About The Rest Of Your Life by Lee Eisenberg
Retirement Countdown: Take Action Now To Get The Life You Want by David Shapiro
Enhance Your Home prepaying your mortgage
o Best home upgrades: a 625 square foot patio – one of the easiest and cheapest ways to enhance your home; reface old kitchen cabinets
o Best debt defying move: Pay off/ down your home equity line of credit
o Best move if buying a home: Put money toward a 20% down payment
Books to help:
Buying A Home by Sheryl Garrett
The Home Buyer’s Question And Answer Book by Bridget Mccrea
Home Buying For Dummies By Eric Tyson and Ray Brown
48-Hour Makeovers, Editor, Brian Kramer
Complete Remodeling by Don Vandervort
Protect Your Family
o Best college savings plan: a 529 plan
o Best ways to give kids firm financial footing: open a Roth IRA; set up a living trust
Books to help:
Roth IRA Book: An Investor’s Guide: Including A Personal Interview With Senator William V. Roth, Jr. (R-De), Chairman, U.S. Senate Finance Committee by Daryanani, Gobind
The Standard & Poor’s Guide To Saving And Investing For College by David J. Braverman
Enrich Your Life
o Best way to be charitable: give to a highly rated organization
o Best new car for a family: Honda Accord LX
o Best health moves: Gym membership and personal training/ coaching
Books to help:
Pricewaterhousecooper’s Guide To Charitable Giving by Michael B. Kennedy
Consumer Reports Buying Guide (For Automobiles)
Elizabeth Kudwa is the Head Librarian at the Leslie Library,
201 Pennsylvania Street, Leslie, MI. Contact her at 517-589-9400 or by e-mail at
kudwae@cadl.org.
