Financial Books?

[Roupey03]

I find myself spending more time reading and talking on these forums. I was just wondering if you guys had any recomendations for good books to check out that deal with the types of issues that we cover on these forums.

I am 21 years old and just want to get the best start in planning my financial future that I can.

[DivaJen]

Here's a thread of top ten books that might be helpful.

[Roupey03]

I just picked up the millionaire next door from the library. Is it worth reading?

[simpleselu]

Originally Posted by Roupey03

I just picked up the millionaire next door from the library. Is it worth reading?

I didn't care for it, but the other Stanley books, especially The Millionaire Mind, I did like.

My top books are The Total Money Makeover and Financial Peace by Dave Ramsey, as that is the plan my family follows.

I also love The Complete Tightwad Gazette, Miserly Moms, and Your Money or Your Life, Getting a Life, and the More with Less cookbook.

[pearlieq]

The Millionaire Next Door had quite a profound effect on me. It's what got me seriously focused on smart financial living.

If we're being honest, you can skim the last several chapters. They get pretty wonky with data and charts. It's interesting if you're wired that way, but not something you really need to slog through if it doesn't appeal to you.

I found Suze Orman's book for the Young, Fabulous, and Broke to be helpful as well. It's targeted more at our 20-something age group and focuses on getting good foundations under you.

I didn't make it past more than the first chapter of Rich Dad, Poor Dad. I found it kind of cheesy and gimmicky.

The Dave Ramsey series of books didn't do much for me. While his "baby steps" can be a decent outline of a financial plan, I think it's a bit too simple for most people. Also, he's intensely anti-credit, which isn't necessary or even practical for many people.

I didn't find The Automatic Millionaire to be all that interesting. You can sum up the gist of the book in one sentence: Set up regular, automatic transfers of money to an investment account.

I would advise you to head to your library and pick them all up. Read the ones that interest you, put back the ones that don't "click" for you in a couple of chapters. And keep in mind that all of these people are trying to sell you a book! The best money plans are customized to an individuals situation and usually are an eclectic blend of several money philosophies.

Most of these authors will be trying to set up their way as the only way. Read with a critical mind! Use what works for you, and feel free to disregard what doesn't fit.

[Roupey03]

That is kinda where I was going with this.

Being 21 years old and looking to graduate college, move out, and get married. I am trying to find a book geared more towards me.

[Broken Arrow]

Originally Posted by pearlieq

I would advise you to head to your library and pick them all up. Read the ones that interest you, put back the ones that don't "click" for you in a couple of chapters. And keep in mind that all of these people are trying to sell you a book! The best money plans are customized to an individuals situation and usually are an eclectic blend of several money philosophies.

Most of these authors will be trying to set up their way as the only way. Read with a critical mind! Use what works for you, and feel free to disregard what doesn't fit.

Good advice!

[vsjhoc]

I am (seriously) writing a book. I aim to get published and appear on Oprah before April 2011. When that happens, I'll "out" myself and tell you all about it. I spoke with a senior editor at a major personal finance magazine, and he's thinks it's a great project. It's a lot of work, so hang in there with me!!!

[Jewelfine]

Hey there

The new Suze Orman book, Young Fabulous and Broke worries me a little. Now I haven't read it, but I saw her speak on PBS on the topic in it. She is now saying that there is "good credit card debt" and "Bad credit card debt". She said that for the first few years you can live on debt (credit card and otherwise) to support your life as you work like a dog for a company that you want to make an impression in. Then you will work up the company and get paid more and pay it off. To me that sounded risky. Now having said that I haven't read the book and watched about 3/4's of her talk on tv.

Please correct me if I am wrong.

Melanie

[Ima saver]

IF that is what she said, I think she is wrong. I did not care much for rich dad,poor dad. I like Dave Ramsey!!

[pearlieq]

Originally Posted by Jewelfine

Hey there

The new Suze Orman book, Young Fabulous and Broke worries me a little. Now I haven't read it, but I saw her speak on PBS on the topic in it. She is now saying that there is "good credit card debt" and "Bad credit card debt". She said that for the first few years you can live on debt (credit card and otherwise) to support your life as you work like a dog for a company that you want to make an impression in. Then you will work up the company and get paid more and pay it off. To me that sounded risky. Now having said that I haven't read the book and watched about 3/4's of her talk on tv.

Please correct me if I am wrong.

Melanie

I honestly can't say I remember that part in the book, but I couldn't speak with 100% certainty. I'll have to check it out when I get to the library next.

What I enjoyed about it were practical guides about how to save and invest, an insurance primer with recommended coverage types and amounts, hints about getting your first apartment or house, and a chapter on how to mix love and money.

Again, read with a critical mind and use what will work for you!

[MarianneJ]

I've gotta recommend "Debt-Proof Living" by Mary Hunt. I love her system - very easy and fits any and all ages/income ranges.

I really liked "Automatic Millionaire", but I was already doing everything he advises in the book prior to reading it (thanks to finding Mary Hunt back in 2001). Also, I think it is this book where Bach shows you tables of how much you will have at retirement if you put in $x for 5 years starting at age 20 and how much LESS you have if you put in that same amount or more for 30 years starting at age 30!!! I wish I had seen that when I was 16 and starting my first job!

"Richest Man in Babylon" is a classic showing the rewards of a solid financial foundation.

I love reading all kinds of financial books. It keeps me on my toes. But, I absolutely hated the one "Rich Dad" book I read - yuck, that man is so condescending and hateful of his "biological did" I could barely stand it...but others find him helpful so you should check it out.

Definitely get them all from the library first, then you can purchase only the ones you really enjoyed and found most helpful.

[Dido]

My absolute favorite is "Your Money or Your Life" by Joe Dominguez and Vicky Robin. It was life-changing for me.

I also like Mary Hunt's books and her "freedom accounts," and David Bach's books.

Another great started book is Andrew Tobias's "The Only Investment Guide You'll Ever Need." I first read it about 20 years ago, then saw the updated edition in the bookstore today and sat there and read half of it again. Almost totally rewritten because of how the financial system has changed but the core ideas are the same.

[autoxer]

My three favorites:
Automatic Millionaire: very practical & easy to understand

The Millionaire Next Door: very statistic heavy, but a real eyeopener to understanding the people that look like they have money and the people that have money.

The Richest Man in Babylon: the very basic principals, very broad but interesting

[PrincessPerky]

just cause a book says 'your money or your life' doesn't mean it is 'your money or your life' I have no idea the copyright details or if some word is missing or what, but I have a copy I just borrowed called 'your money or your life' it is all a political commentary, not neccessarily a bad book, but not by dominguez, and not at all helpful in dealing with your finances..it is just a compelation of Cavutos newsclips..

I guess what I am saying is if you have as bad a memory as I do, write down the authors name, don't just make a mental note of the title! thank goodness I only borrowed it from the library

[Dido]

Originally Posted by PrincessPerky

just cause a book says 'your money or your life' doesn't mean it is 'your money or your life' I have no idea the copyright details or if some word is missing or what, but I have a copy I just borrowed called 'your money or your life' it is all a political commentary, not neccessarily a bad book, but not by dominguez, and not at all helpful in dealing with your finances..it is just a compelation of Cavutos newsclips..

I guess what I am saying is if you have as bad a memory as I do, write down the authors name, don't just make a mental note of the title! thank goodness I only borrowed it from the library

It's THIS "Your Money or Your Life" http://yourmoneyoryourlife.org/, subtitled "Transforming your relationship with money and achieving financial independence"... the other one may have a different subtitle. The link here has a detailed summary, study guides, etc.

[Ima saver]

I like Mary Hunt's book also. Plus, the wealthy Barber by david chilton. There are two Your money or your life books. I am getting inspired to read some of them again. Oh the Andrew Tobias book is good too.

[Ima saver]

I also like "smart women finish rich" by David bach.

[Dido]

Originally Posted by Ima saver

There are two Your money or your life books.

According to Amazon.com, there are *3* books with this title currently in print. Two are financial advice guides, one is a book of right-wing political essays by a Fox news commentator. The Dominguez & Robin book is the one that is known as the bible of the voluntary simplicity movement. There is a sequel to this book authored by Jacquie Blix & David Heitmiller called
Getting a Life (see http://www.gettingalife.org/thebook.htm). Blix and Heitmiller authored it because Dominguez died of cancer a few years after YMOYL was published. Getting a LIfe tells stories of people actually going through the program and working through the 9 steps. I really liked that book, too.

[veronak]

My favorites are:
Dave Ramsey "Total Money Makeover"
Suze Orman "Young Fabolous and Broke"

I will definately check out the others that were posted