Chuck Jaffe at Marketwatch periodically contacts mutual fund companies and asks for educational materials and says that while these freebies usually come with a healthy does of promotional material, a lot of what he gets is surprisingly useful. Here are some highlights:
Handheld "slide-rule calculators." I love old-fashioned, cardboard hand-held gadgets that let you slide your way through inputs and outcomes. You practically can't stop playing with them, learning something with each move. They're simplistic, but still a good jumping-off point.
AllianceBernstein's "College Debt Crunch." This calculator is one of the most interesting I have seen in a long time because it is designed to show the long-term impact of education debt on college graduates. A few minutes playing around -- or letting your kids use it if they are responsible for tuition -- and you're likely to increase your college set-asides immediately. You can get the calculator by calling AllianceBernstein at 800-227-4618. You also can order versions online or use an electronic version at www.collegedebtcrunch.com.
College savings. Of course, it helps to know how much money you will need to save and the college savings slide-rule from American Century's Learning Quest program gives you a quick-and dirty estimate of how much you will need -- and how much to invest monthly based on your child's age -- in order to pay for a public or private education. You can get the calculator by calling 1-800-579-2203.
Allocation models. The asset allocation calculator from Franklin Templeton Investments (1-800-342-5236) remains one of my all-time favorites, providing five sample allocations and allowing you to track how money invested that way would have performed over the five- to 20-year periods ending Dec. 31, 2006. This lets you measure your current strategy against others, letting you know if you want to stay the course or need to consider a change.
Putnam Investments' "retirement calculator." This slide-rule -- available at 800-225-1581 -- is a two-sided, dual-purpose keeper. On one side, it allows you to determine the future value of systematic investments; it's a great way to show not only how $50 a month adds up over time, but how doubling that number -- or going even bigger -- will turn small monthly dollars into lifetime money. On the flip side, the calculator helps determine the future value of your current savings, which will help you see how much $10,000 will have grown to when you reach retirement, based on various rates of return and your current age.
Organizers. T. Rowe Price recently created a new "family records organizer" that is a terrific tool for anyone trying to get a handle on their finances. The freebie in this case is actually a CD-ROM -- available by calling 1-800-538-2706 -- that does a great job of helping a family gather and manage its records in one single place. Having looked at fund freebies for years, this is one of the best I have ever seen.
Mixing it up. As long as you are calling T. Rowe Price, ask for the company's "asset mix worksheet," as it could be a very good tool for deciding how to best position your money.
Fantastic Fund Freebies
Chuck Jaffe at Marketwatch periodically contacts mutual fund companies and asks for educational materials and says that while these freebies usually come with a healthy does of promotional material, a lot of what he gets is surprisingly useful. Here are some highlights:
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