Reddit reviews The Bogleheads' Guide to Retirement Planning
We found 6 Reddit comments about The Bogleheads' Guide to Retirement Planning. Here are the top ones, ranked by their Reddit score.
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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
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.
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.
The ELI5 version is Mike Piper's "Can I Retire?": http://www.amazon.com/Can-Retire-Retirement-Savings-Explained/dp/0981454259/ref=sr_1_1?s=books&ie=UTF8&qid=1333578527&sr=1-1
The ELI.. high school student is the Boglehead's guide to retirement planning: http://www.amazon.com/The-Bogleheads-Guide-Retirement-Planning/dp/0470455578
The boglehead's wiki is also a great resource. Here's the entry on 401(k)'s: http://www.bogleheads.org/wiki/401%28k%29
As for investment advice, what you'll learn from those resources is simple: Invest passively, and minimize fees (in that order of importance, although one comes with the other). If you like, start a thread in /r/personalfinance showing what options are in your fund, message a link to me, and we can go through it and figure out what options you have. Unfortunately, many work 401(k)'s aren't that great, investment option wise. But they're still worth contributing to, because you can roll the money over into a real IRA and choose something better when you change jobs.
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
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