(Part 2) Best personal finance books according to redditors
We found 1,017 Reddit comments discussing the best personal finance books. We ranked the 308 resulting products by number of redditors who mentioned them. Here are the products ranked 21-40. You can also go back to the previous section.
I highly recommend reading The Wealthy Renter: https://www.amazon.ca/Wealthy-Renter-Choose-Housing-That/dp/145973646X
Re: "paying rent for nothing" - You're always paying some form of 'rent'. To be super simplistic "Rent" is payment made for the use of something.
There's no investment I get from it, it's just money I pay to use the space.
There is also an investment I get from it - the mortgage principal payment, and any gain/loss in the value of the home.
So for example, if my house is worth $300K, instead of having that $300,000 in an investment account making a conservative 5% annual compound return, I have it tied up in an asset (the house). The math is complicated and assumption laden, but in this scenario the simplest calculation of my opportunity cost rent is ($300,000 x 5% return / 12 months = $1250 per month).
The investment I get from this is any gain/loss in value of my asset (aka house).
Sorry if that seems a bit pedantic, but I think it's an important linguistic distinction because we're always told (usually from our parents' generation) "don't pay someone else's mortgage with your rent". But the reality is that we always pay rent no matter what. What actually matters is being smart about the numbers and understanding your own assumptions and risk tolerance/comfort levels. I find most people who own really don't know their actual full cost of ownership or their 'rent' cost, but think it's worthwhile information to figure out and think about.
No offense, but you're a mess. After reading your post and replies here, it's apparent you lack basic financial discipline and literacy. Get a book and start educating yourself. A silver bullet of info from reddit isn't going to fix your situation, let alone you.
It may be a bit much for 3rd years, but during 4th year I think everyone should read White Coat Investor, Medical Student Loans if they have student loans, and
The Millionaire Nextdoor. Those that have any interest in finances will take them seriously and continue to read beyond these. Those that don't really care will have at least been given a quick Finances 101 course for doctors and have somewhere to turn. I think a large problem is many medical students have no concept of what a dollar is even worth. Many grow up in upper-middle class America with parents supporting them through college if not further and then have essentially unlimited loans during medical school. We know nothing about finances in general and these give a good baseline for which older physicians can then build on. I would also recommend every 4th year start a budget, either on pencil/paper, Excel, Mint, YNAB, or something to at least track their expenses and have better money management skill in residency that lend themselves to later in life when they are making more money.
Careers in Medicine is also a decent resource all most medical students should have access too
read Stop Acting Rich by Thomas J. Stanely. he was a professor who studied high-income and high-wealth Americans (not always the same group!). among other points, he found that MDs are under-represented among millionaires. despite earning much lower incomes than MDs, jobs like teachers and farmers are more likely to accumulate a million in wealth. why? because teachers and farmers live middle-class lives. they don't live in the upscale part of town. there's no pressure for a farmer to buy a high-end Tesla or BMW, and no pressure for the teacher to send the kids to private school; nobody expects their plumber to live in the upscale part of town. those professions have lower "overhead" costs, so to speak, and thus are able to save and invest a lot more of their income than the typical MD. in short, MDs are often basically broke because of lifestyle spending and social pressure. if you can nip those habits in the bud now, at the start of your career, you'll be in an excellent position to build wealth.
https://www.amazon.com/Stop-Acting-Rich-Living-Millionaire/dp/1118011570/ref=sr_1_1?ie=UTF8&qid=1522637062&sr=8-1&keywords=stop+acting+rich
also, check out these videos by Doug Carlsen. He's a dentist, retired early and now coaches DDSs on avoiding the financial mistakes so common in their professions (e.g., don't have a practice loan AND a mortgage at the same time it's just too much debt; don't spend too much on house and upgrades/remodels because they can eat up way too much income that you need to be saving and investing.)
https://www.youtube.com/user/DrDougCarlsen
as for the financial planner ... be careful. some of them will give you questionable advice. proceed very, very slowly. find someone who is less a salesman, more a teacher. if you feel confused or pressured, that's because they're selling rather than teaching. also avoid anyone who is selling insurance products as investments. just stay away. you need insurance. you need investment. but don't cross the streams.
Good morning r/fi!
My book is now officially an ebook on sale on Amazon (free tomorrow and Friday [April 27/28])!
Thank you to /u/GraemeCPA, /u/Vanbrusa, /u/iswearitsreallyme, /u/nuttyrebelsheep, /u/prewrappedbacon for the notes and continued support.
So what’s in the book? 6 chapters about everything young people need to know about money. Personal finance concepts like mortgages and credit card, budgeting and saving, investing, taxes, a 21 week guide to having more money, and a primer for FI.
Both U.S. and Canadian versions will be free tomorrow and Friday and I would very much appreciate the community’s opinion on what I’ve written (especially on the taxes side of things). But really any feedback would be great. Hate my cover? Let me know! If any of you have extra time, i would really appreciate if you could download both versions and pick which formatting you like better (they are formatted differently for a/b testing purposes).
Reviews on Amazon would be awesome too :) I’ll be doing up the
paperback version once I’ve collected enough feedback and make any changes relating to the feedback. That will hopefully happen in a week or so?
U.S. Version
https://www.amazon.ca/dp/B0713R5YCX/ref=sr_1_2?ie=UTF8&qid=1493208488&sr=8-2&keywords=victoria+botvinnik
Canadian Version
https://www.amazon.ca/dp/B071YMYN2M/ref=sr_1_1?ie=UTF8&qid=1493208488&sr=8-1&keywords=victoria+botvinnik
Thank you for reading!
I highly recommend reading Ben White's book on student loans. It answers your question and many others. Medical-Student-Loans-Comprehensive-Guide
To get $0 monthly payments, you would need to be in an IBR payment plan (Forbearance or deferment do not count as "payments" with regards to PSLF, although technically you could use them for a $0 monthly payment; although this is likely unwise).
The cost of monthly payments is determined by 15% (IBR) or 10% (PAYE or REPAYE) of your discretionary income divided by 12; discretionary income = (adjusted gross income - 1.5*federal poverty limit). Under IBR/PAYE/REPAYE you can have $0 monthly payments if your income is low enough (remember that REPAYE includes spouses income).
For these plans, you have to certify your income annually. One trick to getting the guaranteed $0 payments is to consolidate your loans right after graduation. This immediately enters you into repayment (no grace period), but allows you to certify that you have no income. This has the benefit of allowing you to truthfully check that you have no income (not technically employed until July 1st) and allow you to build up extra $0 payments should you choose to pursue PSLF in the future. If in REPAYE it also allows you to halve your interest rate effective immediately, which will save you money in the long run.
My school had a AAMC representative speak to us regarding student loans and she confirmed that this was a legitimate strategy that many people use.
TLDR: Definitely still a viable option
> No major debts except a mortgage, but I'm a complete newb with money.
You're doing fine, keep it up!
This is a great starter: https://www.amazon.com/Dave-Ramseys-Complete-Guide-Money/dp/1937077209
Most people borrow too much and use credit cards they can't pay off the same month and get buried. Just don't do that and you're 15 years ahead of most people.
For insurance and investments, there are SO MANY to pick from it's dumb to take advice from people who don't know your goals, background, history, etc.
If anyone is interested, there is a really good book by an Aussie guy called The Barefoot Investor. It is from an Australian perspective but the principles are the same; having your own savings in your own account to spend from rather than the poison which is credit card debt (and other sorts of personal loan debt).
https://www.amazon.com/Barefoot-Investor-Money-Guide-Youll/dp/0730324214/ref=sr_1_1?ie=UTF8&qid=1520649572&sr=8-1&keywords=barefoot+investor
> So, I want to be able to work on the digital marketing side of fashion. I got my degree in Hospitality Management and I have been struggling to find a job that's willing to help me get better in regards to the stuff I need to know to properly work a digital channel. I live in Dallas, Texas (not exactly known for fashion, but there are a good amount of boutiques and such here), but part of the issue is the fashion community here is so tight that it's really hard to penetrate any kind of market here. I've taken classes in digital marketing, as well as I signed back up for community college to get my Assistant Visual Merchandising certification, which makes me take classes in fashion promotion, advertising, marketing, etc.
It's digital marketing. Why are you limiting yourself to Dallas? Start pitching brands remotely.
Read this:
Ramit Sethi: Good pitches vs Bad Pitches
> What I'm trying to get at is what things should I be focused on to land a career in digital marketing? Would learning UI/UX and HTML help me? What should I be doing in order to become a stylist from the ground up? A portfolio of sorts? Would I have to move?
>
> And finally, what was it like owning your own store? That's still an end game dream of mine. Would I have to obtain my masters?
You're trying to do too much right now. I'd recommend focusing on what you'd like right now. Don't do something on the side when you don't have what you want in the center yet.
The first thing I would do is talk to people that use digital marketing (brands, business, etc) and figure out what they need help solving. It doesn't matter what tools you use, what matters if can you solve their problem.
What you need is feedback from people that might pay you.
> Also, would you recommend any good books haha? Maybe something that can help my mindset in regards to being as successful as you/helped you to where you got?
> Thanks!
Yes, read "Your Move" By Ramit Sethi
Best of luck!
They're all a ripoff and the industry is filled with ignorant conmen. Most "financial planners" are quite literally just salesmen. They're selling you peace of mind at a high cost. They're trained and strongly encouraged to push products with high commission for them that make little economic sense for you.
Have you read the wiki over on /r/personalfinance? https://www.reddit.com/r/personalfinance/wiki/commontopics
Between that and something like a bogleheads book (https://www.amazon.com/gp/product/0470455578 for example) you should be able to get the information you need.
If you're sure you want to work with a financial planner you might look into fee-based financial advisers, you can search for those here:
http://www.napfa.org/
A cursory search on the fee-based adviser website linked above didn't turn up any CFP (certified financial planner) who was also CPA (certified public accountant) in the DC limits.
Good luck
Here is a good reference: http://www.amazon.com/The-First-National-Bank-Dad/dp/0743204808
We do this with our kids. The kids can spend or save whatever they want. The Bank of Dad pays 5% per month. This teaches them that delaying gratification pays off. And they learn what it's like to make bad decisions, which is a great thing to do when they are little and the stakes of bad choices are pretty low.
Just read this 0.25 cents used book, very concise, how to prepare and make it happy
https://www.amazon.com/gp/product/141330835X
You should check out First National Bank of Dad.
Itse kuuntelen kirjoja aina kun kävelen tai matkustan jonnekkin. Saa senkin ajan hyödynnettyä.
En tiä minkälaisia kirjoja tykkäät lukea, mutta itse tykkään markkinointi, yrittäjyys aiheista.
Rich dad poor dad on ihan ykkössuositus yrittäjyydestä ja "contagious", sekä "influence. Psychology of persuation" markkinoinnista.
https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1543626610
https://www.amazon.com/Contagious-Things-Catch-Jonah-Berger/dp/1451686587
https://www.goodreads.com/book/show/28815.Influence
yes, but I strongly recommend you read: http://www.amazon.com/The-First-National-Bank-Dad/dp/0743204808 first.
There's an essential thing to keep in mind: interest rates are too low and time horizons too long to actually make it possible for young people to "Get" saving at an early age. The solution to this is obvious, affordable and fun for everyone: just open your own "bank" and then pay your kids ridiculously unsustainable interest on every dollar they save (up to a limit). 1% per month. hell, 1% per week.
it teaches them math, you can afford it on small amounts of money and it gives them the opportunity to learn something about compounding at a rate they can relate to.
strongly recommended.
Student loans don't affect credit too much, unless you get private ones. I have a decent mortgage worth of debt and my credit is outstanding.
There are many different types of student loans. I suggest checking out studentloans.gov as a place to start learning about them. Most people will get grad plus loans to cover anything the subsidized and unsubsidized loans don't.
You can also check out this book for more good info.
Could check out: https://www.amazon.ca/Wealthy-Renter-Choose-Housing-That/dp/145973646X
TLDR: renting is typically cheaper in the long run than purchasing a home/condo, with greater freedom. Theres more to it than that, definitely give it a read.
I'm personally living at home just because my family home is better than anything I could afford.
if you want to be rich, do what rich people do: avoid debt, avoid status spending, save and invest a large percentage of your income, and be sort of a tightwad. read this book. it explains how wealthy people actually live. it's one of the best books I've ever read in my life; the culmination of the author's decades of research (he was a professor who studied financial habits). basically he found that truly wealthy people (money and investments and property) have different habits from the popular conception of "wealthy". truly wealthy people don't buy new luxury cars, Rolex watches, etc. http://www.amazon.com/Stop-Acting-Rich-Living-Millionaire/dp/1118011570
so my advice if you want to be prosperous is this:
I think this is a pretty good book on how to do this. My ex wife and I were in a similar situation. She made partner and her income went from high to omygod and we struggled with how to adjust to it.
https://www.amazon.com/Spend-Til-End-Raising-Standard/dp/1416548912
it's difficult with kids - how old are they? There's an emotional development that may or may not have happened to facilitate based on the answer to that question.
You might want to start here: The Opposite of Spoiled it's a great book on teaching money responsibility.
From the description:
>In the spirit of Wendy Mogel’s The Blessing of a Skinned Knee and Po Bronson and Ashley Merryman’s Nurture Shock, New York Times “Your Money” columnist Ron Lieber delivers a taboo-shattering manifesto that explains how talking openly to children about money can help parents raise modest, patient, grounded young adults who are financially wise beyond their years.
>For Ron Lieber, a personal finance columnist and father, good parenting means talking about money with our kids. Children are hyper-aware of money, and they have scores of questions about its nuances. But when parents shy away from the topic, they lose a tremendous opportunity—not just to model the basic financial behaviors that are increasingly important for young adults but also to imprint lessons about what the family truly values.
Our daughter is too young to apply most of this, but it was a really great read and I wish it had been around when I was a kid. I feel like with this type of groundwork, it more easily answers the question " mom/dad are we poor? Our hour house is so empty and I went to sally's house and she's got tons of toys and games and her dad has....."
On What to Read
Here are some suggestions on books and websites:
The Millionaire Next Door by Stanley and Danko - https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474
If You Can by William Bernstein - http://efficientfrontier.com/ef/0adhoc/2books.htm
Free version is here - https://www.dropbox.com/s/5tj8480ji58j00f/If%20You%20Can.pdf?dl=0
The Investor's Manifesto. Preparing for Prosperity, Armageddon, and Everything in Between by William Bernstein - https://www.amazon.com/Investors-Manifesto-Prosperity-Armageddon-Everything/dp/1118073762
The Bogleheads Guide to Investing - https://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/1118921283
The Coffeehouse Investor - https://www.amazon.com/Coffeehouse-Investor-Wealth-Ignore-Street/dp/0976585707
The Bogleheads' Guide to Retirement Planning - https://www.amazon.com/Bogleheads-Guide-Retirement-Planning/dp/0470455578
The Four Pillars of Investing: Lessons for Building a Winning Portfolio by William Bernstein - https://www.amazon.com/Four-Pillars-Investing-Building-Portfolio/dp/0071747052/
Total Money Makeover by Dave Ramsey - https://www.amazon.com/Total-Money-Makeover-Classic-Financial/dp/1595555277
Personal Finance for Dummies by Eric Tyson - https://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1118117859
Investing for Dummies by Eric Tyson - https://www.amazon.com/Investing-Dummies-Eric-Tyson/dp/1119320690/
The Millionaire Real Estate Investor per red-sfplus’s post (can confirm this is excellent) - https://www.amazon.com/Millionaire-Real-Estate-Investor/dp/0071446370/
For all the M.Ds on here and HNW individuals, you might want to check out https://www.whitecoatinvestor.com/ and his blog – found it to be very useful.
https://www.irs.gov/ or your government’s tax page. If you’ve been reading, you know that millionaires know more than your average bear about the tax code.
https://www.reddit.com/r/TheRedPill/comments/7vohb3/money/
https://www.reddit.com/r/TheRedPill/comments/3hzcvn/financial_advice_from_a_financier/
https://www.artofmanliness.com/2017/09/22/4-money-tips-4-personal-finance-legends/
Personal Finance Flowchart from their wiki - https://i.imgur.com/lSoUQr2.png
Additional Lists of Books:
https://www.bogleheads.org/wiki/Books:_recommendations_and_reviews
https://www.whitecoatinvestor.com/books-4/
Subreddits
https://www.reddit.com/r/investing/
https://www.reddit.com/r/personalfinance/ - I would highly encourage you to spend a half hour browsing their wiki - https://www.reddit.com/r/personalfinance/wiki/index and investing advice - https://www.reddit.com/r/personalfinance/wiki/investing
https://www.reddit.com/r/financialindependence/
https://www.reddit.com/r/SecurityAnalysis/
https://www.reddit.com/r/finance/
https://www.reddit.com/r/portfolios/
https://www.reddit.com/r/Bogleheads/
MRP References
https://www.reddit.com/r/marriedredpill/comments/40whjy/finally_talked_to_my_wife_about_our_finances_it/
https://www.reddit.com/r/marriedredpill/comments/67nxdu/finances_with_a_sahm/
https://www.reddit.com/r/marriedredpill/comments/488pa0/60_dod_week_6_finances/ (original)
https://www.reddit.com/r/marriedredpill/comments/6a6712/60_dod_week_6_finances/ (year 2)
https://www.reddit.com/r/marriedredpill/comments/3xw015/how_to_prepare_for_a_talk_about_finances/
https://www.reddit.com/r/marriedredpill/comments/30z704/taking_back_the_finances/
https://www.reddit.com/r/marriedredpill/comments/2uzukg/married_redpill_finances_and_money/
https://www.reddit.com/r/marriedredpill/comments/3637q5/some_thoughts_on_mrp_and_finances/
https://www.reddit.com/r/askMRP/comments/8dwaqt/best_practices_for_finances_within_marriage/
https://www.reddit.com/r/marriedredpill/comments/588e5o/gain_control_of_the_treasury/
Final Thoughts
There are already a lot of high net worth individuals on these subs (if you don’t believe me, look at the OYS for the past few months). This should be a review for most folks. The key points stay the same – have a plan, get out of the hole you are in, have a budget, do the right moves for wealth accumulation. Lead your family in your finances. Own it.
What are YOU doing to own your finances? Give some examples below.
There are a multitude of books that have been written and if you ask 100 people, you will get a 100 different answers on the best books to read. My recommendation is ignore all the flashy titles and strategy specific books that promise how to be a billionaire in 5 years or how to retire at age 25. Instead, for anyone just starting out, i recommend going with a solid foundation and once that is achieved, then find your individual specific plan. My three (actually four) books to get started in a serious entry into the investment markets are as follows (in order and assuming a starting point of Extreme Beginner)
https://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1119114292/ref=sr_1_2?ie=UTF8&qid=1518157495&sr=8-2&keywords=personal+investing+for+dummies
And
https://www.amazon.com/Investing-Dummies-Business-Personal-Finance/dp/1119239281/ref=sr_1_4?ie=UTF8&qid=1518157731&sr=8-4&keywords=personal+investing+for+dummies
2)The Intelligent Investor: The Definitive Book on Value Investing by Benjamin Graham.
https://www.amazon.com/Intelligent-Investor-Definitive-Investing-Essentials/dp/0060555661/ref=sr_1_3?ie=UTF8&qid=1518157481&sr=8-3&keywords=personal+investing
This one is much more technical than the first read but I consider it "The Bible" for forming a solid education in value stock investing. Written just after World War 2, this book has been invaluable in understanding how to evaluate good investments in the stock market. I still don't know how investors did it before the internet, but using the principles presented in this book and the resources available online, your stock performance should be far in excess of anything you might do having not read it. Interesting side story: When i was in business school circa 1998-2001, I had a professor of Financial Analysis who introduced me to this book and also called it the Bible. In his lectures he and the students had many heated debates regarding the validity of Grahams teachings and how the investing world had outgrown Grahams views due to the rapidly growing diversity of investments today and the impact technology had on investing strategy. We, the students, were all blinded by the internet boom and all the stories of people who had an IPO for their company and became overnight billionaires, provided the company ended in dot-com. The professor was adamant that every generation was doomed to learn some hard and expensive lessons by thinking the Old masters no longer applied to the "New Reality". As an exercise we spent the following months reviewing many of the skyrocketing stocks that were part of the Dot Com bubble. The professor claimed that, based on his application of Graham's principles the only Dot com stocks he would consider holding for a minimum of 10 years from 1997 were Amazon, Intel, Sony, SAP and Microsoft. By 2000 he had fared much better than many of the students who thought the were going to be Pets.com billionaires.
Which brings us to the third book:
https://www.amazon.com/Extraordinary-Popular-Delusions-Madness-Crowds/dp/1463740514/ref=sr_1_1?s=books&ie=UTF8&qid=1518158993&sr=1-1&keywords=Extraordinary+Popular+Delusions+and+The+Madness+of+Crowds+by+Charles+MacKay
If you though Grahams book was old this one is coming up on its 200th anniversary.
This one is really not about investing as much as it is about the understanding how social psychology leads to things like, bubbles, panic crashes and fads that leave ruined investors in their wake. Every time I hear the word Bitcoin, I think of this book, just as I did back when everyone of my friends was going to be the next multimillionaire house flipper or day trader ten years ago. I am not saying that these strategies are inherently bad, just that it is important to be able to distinguish the facts from the hype, even when the person hyping it is yourself because you got swept up in the public craze. Read about the Dutch tulip craze and realize that the same forces are in play every day.
Once you grind through these three, you will be more than ready to start on your individual path and well armed to make reasonable decisions. Good Luck!
Two great books are The Millionaire Next Door and Stop Acting Rich: ...And Start Living Like A Real Millionaire
Full of great advice and stats, here is a synopsis:
From: http://www.getrichslowly.org/blog/2006/12/18/book-review-the-millionaire-next-door/
> What do you mean by acting like a child?
Stop spending like a retard and fucking anything with a moist hole. You said in a different post that there are a lot of women, men and sex. Enjoy the STI's and superficial women who base your worth on the brand names you wear. You're investing in status symbols to put on a show for other people, STOP IT.
> Like where do I find investing and tax professionals? HR Block?
Dave Ramsey's ELP list would be a good place to start looking.
A little reading might be in order as well:
Try to find someone who would loan the book to you, or visit the library. I've been through each one of these in audio book format while I drive for work. They should all be available at the bay, but check your library first.
I've enjoyed this one. The book contains a lot of good arguments for renting and discusses buying vs renting in major Canadian cities
I have a small amount of CC debt but I was able to get a consolidation loan, this made my payments more manageable and the pay-off date and overall cost are now way lower than they would have been. This could be done through some third party lender but I would start with where you know first for options. If you have a bank I would start by there, they may even have someone that specializes in this kind of financial assistance. If you have access to a credit union they may even be more help than a bank's financial advisers. You can always call the credit card company directly and discuss debt management options. It may also be helpful to look at some debt relief programs or reference materials. I've always found Dave Ramsey's plans for financial planning to be straight-forward and effective. Here's a link to a Ramsey book that covers debt-relief and saving/investment, his main concept for debt relief is a "snowball" plan - pay off the small stuff first and once paid off use that extra many for the next largest balance and so on.
Good Luck!
US Link for those that are interested: https://www.amazon.com/dp/B0713R5YCX/
RemindMe! 1 Day "Free PF ebook!"
https://www.amazon.co.uk/Why-Students-Work-C/dp/1612680763
don't do anything until you're comfortable with it an understand it. if all you understand is a simple savings account, stick with that. don't let anybody pressure into doing anything.
the best advice I could give you is to read a copy of Thomas Stanley's book Stop Acting Rich. He was a professor who studied high-wealth people. lots of great advice on how to live well below your means, manage the money wisely, and not waste the money trying to impress people. The absolute worst thing you could probably do is start living the high life, buying high-end cars, joining the country club, etc. it's easy to imagine someone squandering ten million dollars that way and regretting it the rest of their life.
https://www.amazon.com/Stop-Acting-Rich-Living-Millionaire/dp/1118011570
why "a" students work for "c" students and why "b" students work for the government
the "a (grade)" students become academics and the "c" students become the wealthy donors. i would go as far to say that being a social animal is more advantageous than being an intellectual one. you can't be dumb as rocks, but you certainly don't have to spend so much time reading books in order to be successful.
most students are being fooled into believing that they'll be happy doing what they love, and that they should pursue their passions, i.e., do what you love and the money will follow. obviously this is very effective marketing for the "social justice" departments at universities -- people actually end up thinking that their degree in social work, art history, english literature, chinese studies, journalism, women's studies, etc. will bring them success.
the reality is contrary to what these college marketers want you to believe: if you want to make money, you have to follow the money; the money won't follow your passion. even natural science majors (math, biology, chemistry, etc.) do not make much money doing research in their respective fields because that's not where the money is.
most people do not go to college to learn, they go to college to demonstrate to future employers that they are capable of being productive. those who go to college to truly learn the subject will be those "a" students and continue their life in academia. colleges are very resistant to lawmakers' proposals that they outline new metrics (graduation rate, employment rate after graduation, wages after graduation) for prospective students so that the students can make better decisions based on these new metrics. most of the university officials know that if they did advertise such metrics, the only type of students in higher education would be doctors and engineers.
if art and music is what inspires you and you like reading about chinese culture, do it in your free time, i.e., don't expect your passion to turn into a well-paying career.
Stop Over-thinking Your Money!: The Five Simple Rules Of Financial Success by Preet Banerjee
To be an investor, you first need to be a saver.
I thought this book was a good read.
The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money
https://www.amazon.com/dp/0062247026
Kindle/Ebook version is half the price. (plus there's a free sample/excerpt).
-
Just sayin.
---
EDIT: Also... OP should also repost/crosspost this over to /r/mgtowbooks -- nothing wrong with posting here, just things there tend to be a bit more "durable" -- NOT get as quickly "lost in the shuffle" of memes, etc.
You insure assets, not liabilities. The primary income earner of the household is an asset, and should be insured for both death and disability.
Your child is a liability, given they don't earn income and you pay for their upkeep. If your child dies, there will be an immediate cash requirement for their burial, etc, and you could insure for this if it will be challenging for the family finances.
Can I recommend "Stop Overthinking Your Money" by Preet Banerjee
Edit:link repair
Get Ramit Sethi new ebook. It's 3$ and it has a lot of value. https://www.amazon.com/Your-Move-Underdogs-Building-Business-ebook/dp/B071F7R9KY/ref=asap_bc?ie=UTF8
You could give this a try, it's pretty good: https://www.amazon.com/Opposite-Spoiled-Raising-Grounded-Generous/dp/0062247026
On the nature versus nurture front, I wish someone had told me what an all encompassing powerful force nature actually is during the newborn time...
Like /u/Disciplined_20-04-15 said, buying into Vanguard ETFs are an excellent idea, the fees are incredibly low and have averaged a 9-10% return in the last decade. Buy into a handful of funds around the world and you've already got a pretty diversified portfolio.
Also BullionVault is an a great place to put your money into precious metals: gold, silver and platinum. Outside of an ISA you can still make upto £11k tax-free (way more than you'd earn in a single year).
Diversify your wealth with a 60-20-20 strategy (or something similar):
Even in a financial crash you'll ride it out better than most people.
How to Own the World – Andrew Craig (free ebook with an Amazon Prime account) is a great introduction to the world of finance and outlines the 60-20-20 strategy above.
The Gone Fishin' Portfolio – Alexander Green is what Own the World is based on but Craig's book is much broader and specific to the UK.
Maybe check out the wealthy renter if you feel like your wasting your money renting. https://www.amazon.ca/Wealthy-Renter-Choose-Housing-That/dp/145973646X
probably been said, but keep your lifestyle low. live on $60k or so, pay debt aggressively and as fast as possible for a few years. then, max out as many tax advantages retirement accounts as possible.
and read Stop Acting Rich, by Thomas J. Stanley. he was a finance prof, studied high income and high wealth people. found that MDs are actually less likely to be millionaires than jobs like teachers or farmers. MDs and other high-income people tend to spend a huge amount of their income on status items: huge houses, fancy cars, rolex watches, etc. they're so busy showing off that they don't have as much income to save and invest.
https://www.amazon.com/Stop-Acting-Rich-Living-Millionaire/dp/1118011570
check out these videos by Doug Carlsen. he's a dentist, retired early and now consults MDs and dentists to avoid common financial mistakes in their careers. for example, the common guideline for mortgage is no more than 3x annual gross household income ($100k income = max mortgage of $300k). but carlsen recommends no more than 2x income for dentists. why? because they often get in trouble buying massive houses that they really can't afford even on their higher than average income. lots of other great bits of wisdom from him, too.
https://www.youtube.com/watch?v=iH3hyBB6A9M
Keep up the good work! The [reason] (http://www.amazon.ca/Why-Students-Work-Government-Financial/dp/1612680763) why you kick ass!
Check out the book National Bank of Dad where the author tells strategies on how to teach children saving skills.
Read the following two books to get started with investing and retirement:
The Boglehead's Guide to Investing: http://www.amazon.com/gp/product/0470067365?ie=UTF8&tag=diehardsorg-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=0470067365
The Boglehead's Guide to Retirement Planning: http://www.amazon.com/gp/product/0470455578?ie=UTF8&tag=bogleheads.org-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0470455578
If you start now, and keep at it as hard as you can, you'll retire, completely financially independent, at 50. That's 15 years earlier than the American government says their citizens should retire, and even earlier than most people actually manage to retire.
And finally, live below your means. You can't save money if you financially strap yourself.
I think you're right, but I haven't read the book yet. http://www.amazon.com/gp/aw/d/1612680763/
Early Retirement Extreme by Jacob Lund Fisker http://earlyretirementextreme.com/ and his book is the most profound thing I've ever read for finances https://www.amazon.com/Early-Retirement-Extreme-philosophical-ebook/dp/B0046LU7H0/.
First National Bank of Dad
http://www.amazon.com/The-First-National-Bank-Dad/dp/0743204808
Good tips include:
Thanks for the recommendation! Are you referring to this book?
Instead of hiring an adviser, why not learn what you need to know and do it yourself. I personally liked this approach:
http://www.amazon.com/Bogleheads-Guide-Retirement-Planning/dp/0470455578
I was going to suggest this book but it seems even that assumes a level of basic knowledge. So what follows is my effort to impart that basic level of personal finance knowledge to you.
>how to open a bank account
If you are 18, or a legally emancipated minor, you bring your ID and either cash or your paycheck into a bank and ask to open an account. You do not go up to a teller, you need to speak to someone at the desks. Ask about the difference between checking and savings account as well as fees and minimum deposit, balance, and activity requirements. You can research this information online at each bank's website on your own but talking to a real person is probably going to be most helpful.
>what is a good interest rate
LOL. Sorry, back to seriousness. You will be lucky to get 0.1% on a savings account. You will probably not earn interest on a checking account. There are checking accounts that pay interest but they generally require a high balance.
>how to know what a reasonable price for a car is
There is no general rule of thumb for this. There is a reasonable amount you should pay for a car and that is determined by your financial resources. There are many good videos on YouTube on evaluating a used car for purchase. Determining whether a particular car you're interested in buying comes down to the used car market in your area. Start looking at car ads to get a sense of what kinds of cars (go beyond make and model and compare the details) people are selling and for how much.
>how to perform the literal act of paying taxes
Take your W2 to one of the tax prep companies like HR Block, TaxAct, TurboTax, etc.
>how to get a credit card and what obligations do you get from that
Discuss this with the banker who helped you open an account in part one.
Best of luck on your journey. They really should have taught us this stuff in school.
Take a look at MJ DeMarco's new book 'Unscripted'. He talks about this quite a bit and more importantly 'what clues' you should be looking for. https://www.amazon.com/UNSCRIPTED-Life-Liberty-Pursuit-Entrepreneurship-ebook/dp/B06XBRLXJC
Then there is James Altuchers advice - write down 30 crappy ideas every day. Before long there will be one or two good ideas that come from it.
http://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1119114292/ref=dp_ob_title_bk
But Shkreli goes much more in-depth and is less dry. If you're scared try using Robinhood, they have $0 commission and $0 minimum to start an account so you can dip your toe into it. It just depends how risk adverse you are and that'll dictate you how you trade.
Is it this one?
https://www.amazon.co.uk/How-Own-World-Thinking-Investing/dp/1517254469
Firstly there is absolutely nothing wrong with being on your own. I'm from Ireland also and I'm on my own tonight also which is in fact the norm for me. I don't think I've gone out to anything in over a year and then it was probably another year before then. I just got fed up with the complete bullshit that goes with going out. There seems to be this necessity ingrained within every young person in Ireland that you have to go out at the weekend to enjoy yourself and that if you're not going out there must be something wrong with you. Nah boy. Absolute rubbish. Stay in. Download some great film you haven't seen in ages. Browse Netflx. Make plans for something you always wanted to do but never had the courage to see through. And you don't even have to see it through now. Just the act of seeing how you could feasibly go about doing something can make you feel better about yourself. Reread your favourite book. Don't read? Nows a great time to start.
​
Secondly If you're not happy in your job see if you can make a plan for how to go about learning a new skill to get a different one. Theres loads of those MOOC's now. I'd recommend Udacity https://eu.udacity.com. All their individual courses are free and you can do them from the comfort of home without interacting with anyone. Or if you do want some interaction there are some message boards and facbook groups for Udacity courses. Or even see if theres some other career path you might be interested in. Nobody knows what they want to do when they're doing the Leaving. Heres the career guidance you get "Good at Maths and Physics? - Engineering for you, Good at Science? - Pharmaceutical Industry for you, Good at everything - off to medical school with you. Not sure what you want do? - Here's a business/computery oriented degree". Sheesh! Like whats even the point with all that? You don't figure out what you want to do until much later. Loads of people end up going back to College as Mature Students to do what they really want do anyway once they're sure they've got a plan of action to follow (which comes from making that plan I mentioned earlier). Like training to be a solicitor. Here's the Law societies guide on how to do that https://www.lawsociety.ie/Public/Become-a-Solicitor/
​
And on the money side of stuff this book is great https://www.amazon.co.uk/Barefoot-Investor-Money-Guide-Youll/dp/0730324214 The guy tells you how to basically save the money you make in your normal job and put it towards pension funds and so on and how to get the best deals in super funds and online banks and stuff. And how to invest money wisely in things like property and shares. And when you realise that you can do all this too it will make you feel a lot better about yourself and your current situation (which there is nothing wrong with)
​
And don't worry about that social aspect. People drift and friends move apart as you get older. In the end all you have is your family and they are the people that matter the most.
​
​
​
​
I have a book recommendation for you. It just came out last week, and I have it sitting right on my desk. It's called Unscripted, by MJ DeMarco.
It's a complete game changer!
Hi everyone! I just published my first book! It's called How to Adult: Money. It's a book about personal finance topics (mortgages, credit cards, saving, budgeting, investing, taxes, etc.) for young adults.
It's free today and tomorrow on amazon. so grab your copy and leave some feedback! :)
There are two versions:
U.S. Version: https://www.amazon.com/dp/B0713R5YCX
Canadian Version: https://www.amazon.ca/dp/B071YMYN2M
thanks!
P/s. if anybody has some extra time on their hands, can you download both and tell me which formatting you like better? I've formatted the two books differently because i have no idea which is better.
Get her the book:
https://www.amazon.com/Love-Your-Life-Not-Theirs/dp/1937077977
Try reading The Barefoot Investor. It's very Australia-specific, but the ideas are universal.
I read this a couple of years ago and found it a really interesting, educational read, if you're looking to learn:
How To Own The World
https://www.amazon.com/How-Own-World-Thinking-Investing/dp/1517254469
Other books I might suggest that are helping me keep more of my income include:
America’s Cheapest Family
Cut your Grocery Bill in Half
MoneySmart Family System great for seeing how to teach financial education to your kids.
Love Your Life, not Theirs
The principles in these are helping my situation a bit. I’d check overdrive or your library for copies.
I recommend reading Stop Over-thinking Your Money by Preet Banerjee, a good chunk of which discusses how the various types of insurance work and how to figure out your needs so you don't get sold something that isn't right for you.
Good question. The post important thing is starting early- due to the much discussed benefit of compound interest.
http://www.getrichslowly.org/blog/2006/05/23/how-compound-interest-favors-the-young/
Many people suggest saving 10-20% of gross income for retirement. It is important to contribute the maximum amount when someone else contributes/matches what you invest.
Three general rules of investing.
My favorite beginners book for investing is-
http://www.amazon.com/Bogleheads-Guide-Retirement-Planning/dp/0470455578
Read a book about side businesses. One I recommend.
https://www.amazon.ca/Wealthy-Renter-Choose-Housing-That/dp/145973646X/ref=asc_df_145973646X/?tag=googlemobshop-20&linkCode=df0&hvadid=292905515425&hvpos=1o1&hvnetw=g&hvrand=9132666439524070042&hvpone=&hvptwo=&hvqmt=&hvdev=m&hvdvcmdl=&hvlocint=&hvlocphy=9001444&hvtargid=pla-436372549143&psc=1
(I posted this in the other thread) I am pretty familiar with the U.S. version of this software, and hope to be able to pull together my thoughts on the Canadian version at some point...
See http://www.amazon.com/Spend-Til-End-Raising-Standard/dp/1416548912 for the software creator's basic take on lifecycle economics in a non-academic format
More on the software creator: http://en.wikipedia.org/wiki/Laurence_Kotlikoff
http://www.kotlikoff.net/
I think this is the most recent edition. https://www.amazon.com/gp/aw/d/1119114292/ref=dp_ob_neva_mobile#featureBulletsAndDetailBullets_secondary_view_div_1494883683725
How much debt? Anyway, I'm with you - any amount is bad.
If she gets upset at you for giving good advice, I hate to say it but take it as a real cue about how long term your relationship is going to be - you're trying to help her and it doesn't sound like she respects your opinion, and it's not about a small insignificant thing. How she hands her money might affect you in the future because if you get married it will become your debt as well.
It also sounds like she feels like her options are limited and that piling on schooling will automatically result in success, regardless of the mound of debt that's accumulating. Maybe start by trying to talk to her about the motivation behind what she's doing, and where she things it is going to go. Sounds like she wants the easy path and doesn't admit to her failures.
On money, if it is the issue (I don't think it is) you might consider these books for her, which she could also take as a total slap in the face, but worth maybe a try:
https://www.amazon.com/gp/product/0310337429/ref=dbs_a_def_rwt_hsch_vapi_taft_p1_i2
https://www.amazon.com/gp/product/1937077594/ref=dbs_a_def_rwt_bibl_vppi_i1
https://www.amazon.com/gp/product/1937077977/ref=dbs_a_def_rwt_bibl_vppi_i1
​
Also, consider attending Financial Peace University (https://www.financialpeace.com) together. Tell her it's something you're interested in, and you'd love it if she attended with you as a couple. I'm sure you'll hear plenty of other people talking about student loans and how they were saddled with debt. Maybe it would help her to hear from other people's stories.
Hello,
You're a young guy, so don't be so harsh on yourself.
Not wanting to go to college and spend a huge investment isn't the worst idea. If you don't think you will get much out of it, it might just run you into the hole. That's valid, but if you find something you want to do- even if it's a trade I would go for it if your family will pay.
Regardless: A large number of my friends have either never gone/dropped out of college. Many of them are doing just fine, it's just a matter of personal drive and work ethic. If you have a drive to work, you will make your way in the world.
But before you spend that money on books about money: Hold up.
I think investing and making money is something possible for you, but I think it would have to be done with your own money on income from your own job. I do not think many major finance companies will hire someone without a degree, but that doesn't mean you can't profit from investing. A single Vanguard account and a ROTH IRA can do you well if you're making money (it requires an income but investments are made after tax so it can grow tax free) and give you some personal experience with the subject.
Investing, I think for you, might be best started there and then worked out with caution moving forward. Don't rush into it, and don't spend a ton of money trying to get people to tell you how they think it works, because most of them can't even beat the s&p 500 over the longterm.
Those wealthy people we all see on tv, the ones that made it big: For each one of those there were a million people that fucked up and lost everything. My advice, from a lifetime of fucking up and holding things together with duct-tape blood and grit: Don't try to be like them. If it happens, it happens. If you find a passion and run with it and end up finding success, that's kickass, but trying to force something like that is often more about luck and circumstances.
Find a job you can tolerate, focus on your passions in the time between, and let life take you where it takes you. If you're interested in money/investing, here are some things I've read that really made a difference on my life.
Bogleheads is where I would recommend you look first for investing/money knowledge.
Early retirement extreme
is a book I read a few years ago. It shaped my thoughts on money right as I was transitioning from a low paying job to a slightly less low paying job, and since then I've thought about it all very differently.
Vanguard information
Fidelity information - Also low cost to investors like vanguard
More specifically FI-RE related things (Online sources that might not be relevant to you but contain a lot of very good advice on lifestyle and investing/personal views that are interesting to read)
MMM
Living a FI
I can recommend some books. Don't get irritated by the titles or the covers. These are solid books from people who know what they are writing about.
This book is Australian but the advice within it is so simple that it transformed my approach to money.
I have most always made good money but have been rudderless with spending - this book has helped me immensely.
Check it out: The Barefoot Investor
The answer is because robots can't do all the work without the work of humans to install, monitor and create new more efficient ones. The fact you even think robots make shoes and farm today, is alarming. Humans do that with the aid of machines. What are you thinking you are going to do all day? Sit around while robots take care of everything? I think this is a big reason people gravitate towards socialism. They can't compete in capitalism due to lack of drive to offer good others want, so they only consume, and sit around feeling entitled to more things they didn't invest in. Go out, take the risk to be an entrepreneur to create a product and sell it at a reasonable price that people buy it so you can make some money. Stop being a worker, be a creator.
​
Better yet, read Rich Dad Poor Dad and find out what you were not told, so you can become prosperous.
​
https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1543626610
Depends on the individual. In Rich Dad, Poor Dad the recommendation is to go bankrupt before your 30.
If you don’t, or don’t come close you’re not taking enough risk and most likely won’t become wealthy.
Here is the mobile version of your link
Also, read "Rich Dad, Poor Dad", please.
Buy this used book for $4, read, you will get all answers
https://www.amazon.com/Retire-Happy-Guarantee-Great-Retirement/dp/141330835X
> worth almost $47 billion in liquid cash would agree
This is incorrect. Liquid cash is a number you can get from an ATM or walk into a bank and ask for. His wealth is tied to stock investments in mostly Microsoft and Berkshire Hathaway.
> You need to take a chill pill, get back on your medication, and take off that fucking tin foil hat.
You need a book.