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It seems like whether you have $10,000 or $10,000,000, if you were to choose around 10 stocks (not penny stocks) in different sectors, you’d be diversified enough. Any thoughts?

According to modern porfolio theory, there is little additional reduction of risk beyond 20. There is signficant reduction in risk by adding addional securities below 10. So a good rule of thumb is somewhere between 10 and 20.

One thought is this. No only different sectors but also different geographic areas and different economies. If all of ones money is invested in U S securities, then the corrolation of investments is much greater than it would be between securities of say other regions.

I’ve been using Microsoft Money since 2002, so I have over 7 years of financial data. However, now the Microsoft is leaving the personal finance mgmt business, what is the best alternative? An important requirement is that I save these 7 years of information. I would like web based, but I must be able to import my current information. I have stock information, retirement info, various bank accounts and credit cards.

What is the best personal finance management software today?

Without a doubt Quicken…..

I am looking for financial advisors that will help me write out a personal financial plan to be rich and financially free. FOR FREE. Not looking for free sites or information. I’m looking for actual professionals, or students working towards being professionals to help me. Robert T.Kiyosaki fans a plus.

Many stock brokerage firms, mutual funds, banks, and insurance brokers will be happy to provide you with such free services. They do so in the hope that you will take their advice, which typically includes making investments of the type they sell.

Insurance brokers will tell you that the first thing you have to do is buy a life insurance policy with a built-in savings feature. They make big commissions on such policies, although the best insurance is term life insurance on which the commission is small because the insurance is cheap.

A stock broker will give you a list of stocks or mutual funds in which to invest. The funds are those the broker sells and that have an up front commission for the broker, although there may be many other funds that do not have an up front charge and may be more suitable for you.

This does not mean that all the advice will be bad, but you should be careful about accepting free advice. The adviser is taking his time to help you, and has to earn an income. To get the most objective advice, you need to find an independent financial planner and pay his fee

I am in college. I have housing covered. I make about $150/week at my job.

I have to pay for groceries, my cell phone, and anything else I might want.

Can you help me plan my budget?

First of all break down the dates of when you will get paid and how much money you will have for that month.
Then put aside lets say $65 out of your monthly expected income.
Next calculate how much you usually spend on groceries and how many times a month you buy them.
Depending on when you will need to spend the money on grocery’s and your bill is when you would deduct that much from each weekly pay.
For example if you got paid on the first of the month and you phone bill isn’t due until the end of the month then wait until you last weeks check to pay that.
Also I would recommend budgeting out money for gas and a small amount into savings for emergency’s.

As for spending money, I would wait until right before you next check to spend whatever you have left over or just go by how much you have left over after calculating out your weekly necessary bill pay.

Like how do you break everything down and write a budget and stick to it?

I use the envelope system. Label a few envelopes with categories out of your budget; rent, food, entertainment, savings, gas, etc. Fill the envelopes with however much cash you want to spend each month (or week). When you need to make a purchase, take cash out of the appropriate envelope. This system is an almost foolproof way to limit your spending and stay under your budget. PS: Shred your credit cards. They only get in the way by making budgeting more complicated.

Teaching children how to manage money is one thing, but do you think it is wise to let children get a "secured" credit card in their name?

No.
If they have been tought good money management skills they are able to live within their means. Only spend a portion of what they make and not more than.

He was in front of congress today making those points. I just have a hard time believing he can talk about these ideas in front of congress with a straight face without laughing about the absurdity of what he says.

Question written on June 3, 2009

he is government for a reason, cuz he is good at lying

Budgeting Research on Lighting Economics: Suggest ultimate lighting solutions and state which are the most economical and which are the most effective per application.

Ideas include task lighting, exclusive candle / oil lamp lighting, halogen, incandescent, florescent, kettle lamp, UV lamps, full spectrum, and upward pointed lighting.

LED – accent lighting
Fluorescent – long term lighting
Incandescent – for areas which the light is going to be turned on for very short periods of time

Need to budget household expenses weekly, monthly & yearly.
Incoming money verses outgoing expenses.
Is there one available on a web sight or somewhere?

Here is a link to a Microsoft Excel template for a family budgeting sheet; http://office.microsoft.com/en-us/templates/TC010233421033.aspx?CategoryID=CT011815531033. More personal finance templates can be found here; http://office.microsoft.com/en-us/templates/CT011815531033.aspx