Comments on: Getting Started in Investing, part one

By: alaina

alaina — Fri, 22 May 2009 19:35:02 +0000

i think the pain receptors in my brain just ruptured.
no, really, this is great, i just hate numbers and forms that are known by their numbers.

By: adam mclane

adam mclane — Fri, 22 May 2009 19:00:41 +0000

@joel- well, hopefully you can get a little less clueless.

By: Joel Mayward

Joel Mayward — Fri, 22 May 2009 17:57:29 +0000

I’m genuinely excited for this series of posts! It’s super practical stuff, and something that doesn’t get talked about very often. Plus, I’m more or less clueless about investing, taxes, and retirement.

By: adam mclane

adam mclane — Fri, 22 May 2009 17:38:39 +0000

@matt- yup. We’re going to hit that. We’ll explain the difference between a pension fund and a 401k/403b. One is secure, one is secured in name only.

By: Matt Cleaver

Matt Cleaver — Fri, 22 May 2009 17:27:41 +0000

On your comment that pensions may or may not be around in the next 30 years: I’m no expert, but if your “pension” is a denominationally administered 401k (which is, I believe how the ELCA does things) type account that allows you to personally hold shares in mutual funds, stocks, and bonds, then your money should always be safe. I’m pretty sure the denomination can’t just decide they need some money and tap your S&P 500 shares to pay off debt. Your retirement fund will always be worth the shares that you hold.

Now, if a denomination is a defined-benefit plan where you get $X per Y years of service, then it could be a wholly different story.

By: adam mclane

adam mclane — Fri, 22 May 2009 15:54:23 +0000

@jeremy- yep, part 4 is all about retirement stuff. 401k & 403b are essentially the same thing. One for non-profit sector workers, one for for-profit sector workers.

I think we’ll talk tax strategies in part 4 as well. I assume you are talking about “opt in or opt out” of social security as well as housing allowance stuff?

I’m going to be totally responsive to the needs expressed as well. Feel free to shoot me questions via email or in the comments. If I don’t know the answer I certainly have access to getting you the answer I need.

As far as income opps… yep, I’ve got some proven strategies well beyond pyramid schemes and Tupperware sales.

By: jeremy zach

jeremy zach — Fri, 22 May 2009 15:43:07 +0000

Seriously every youth pastor needs to read this series.

It is my understanding that church employees fall under the 403b retirement fund. Will you be talking about that?
Also are you going to suggest some tax strategies a youth pastor may need to consider?

I am also really excited to hear about other income opportunities a youth pastor can employ. Early on in my YM career, I got sucked into those internet freebie websites and pyramid schemes. I only lost money.

By: adam mclane

adam mclane — Fri, 22 May 2009 15:00:41 +0000

@nick- I’m not opposed to Dave Ramsey in any way. But I don’t prescribe to his methods. You may see shadows of his stuff here as we both use the same “common sense” type of thinking.

I can see the next post sounding a little like Dave’s stuff… but the rest is really geared towards money specifically for those working in churches.

By: Nick

Nick — Fri, 22 May 2009 14:35:35 +0000

Do you get your info from Dave Ramsey? My wife and I have been on his plan and will be debt free in a couple of months. Then on to our fully funded emergency fund. Then retirement saving! WooHoo!

Good stuff. I’m interested in what you have to say on this idea of finances.