Best mutual funds investing books according to redditors
We found 61 Reddit comments discussing the best mutual funds investing books. We ranked the 12 resulting products by number of redditors who mentioned them. Here are the top 20.
We found 61 Reddit comments discussing the best mutual funds investing books. We ranked the 12 resulting products by number of redditors who mentioned them. Here are the top 20.
As a fellow EM Doctor that had $300K+ in debt, you should find a higher paying job.
$230K/Yr is a pittance for what you do. I make (almost) twice that in a major metro area, had 8 interviews fresh out of residency that paid from $185-235/hr, from rural areas, to midsized town, to 1,000,000+ cities. You should be able to find a job at $200/hr easy. $200hr x 144hrs/mo x 12 months = $345K/yr. That's like $80K extra post tax per year that you can put towards loans / savings / vacations / whatever. Every 80K you miss our on early in your career stacks up over time, on missed savings, missed loan payments, etc.
You're getting screwed at $230K/yr. Get a higher paying job, and get an accountant that works with other doctors (will save you so much money!). Also read White Coat Investor.
https://www.amazon.com/White-Coat-Investor-Personal-Investing/dp/0991433106
Buy it and put it in the bathroom, and read it 5 minutes at a time until you're done.
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
I seriously think that every med student should read The White Coat Investor at some point before residency. It's a pretty quick, well-organized, and extremely useful read on how to manage finances going into residency and beyond. So many doctors devote everything they have to medicine, but don't understand how to manage the unique financial circumstances that go with it (e.g. high debt burden, guaranteed high income potential as an attending).
Ok, great, start educating yourself on financial management. Even if you hire someone to do it, don’t trust them blindly. Shady people love to take advantage of high-income doctors, because most doctors are incapable of managing their money responsibility.
Start reading some of the content over on White Coat Investor. It will change your life.
https://www.whitecoatinvestor.com
Also, the book:
https://www.amazon.com/White-Coat-Investor-Personal-Investing/dp/0991433106
On that note read this book: https://www.amazon.com/White-Coat-Investor-Personal-Investing/dp/0991433106
Small things that she will appreciate:
Black out curtains. Her hours are going to be irregular and after a night shift there is nothing better than coming home to completely dark room in the bright morning to sleep.
A nice pair of trauma shears like Leatherman Raptors.
A 1.83% Expense Ratio is insanely high, and you will be losing $1000s of over the course of your investment (20-30 years)
If you are unsure how to do step 5, even after reading the information in 2/3, post a new topic for help and tell us which low-cost provider you selected.
Any of the 3 firms can assist you in transferring your assets.
When Breath Becomes Air - Paul Kalanithi
Being Mortal - Atul Gawande
Better - Atul Gawande
Honestly anything by Atul Gawande
Start With Why- Simon Sinek (Just finished this one today. Phenomenal read. Not medicine related, but a great perspective on what leadership means and how you can inspire those around you)
The White Coat Investor - James Dahle (Financial literacy is always a good thing)
​
I have quite a bit more book suggestions if you're ever curious, but those should keep you busy for a while. Feel free to DM me if you want more!
Check out The White Coat Investor: https://www.amazon.com/White-Coat-Investor-Personal-Investing/dp/0991433106
Can I make a couple of suggestions? First, read "If You Can: How Millenials Can Get Rich Slowly" If you don't want to pay the .99 for it on kindle then you can also find it as a PDF online (the author wrote it to be free.). It's very well reviewed by just about everyone (including the NYT and Forbes).
https://www.amazon.com/If-You-Can-Millennials-Slowly-ebook/dp/B00JCC5JKI
Second: Start an IRA. Yes it's harder to get money out, but it will mean you don't have to use that money for college.
Third: Think about what will make your life easier in the next five to ten years and save towards those goals.
I think behavior risk may be the greatest hurdle in one's quest for FI. People want your money really badly and they'll do things like try to convince you to finance a car or mortgage a house thats 30 minutes from work, and those just aren't good strategies for someone who is striving for FI.
Reading MMM, ERE, BogleHeads, and Raptitude helps keep me focused and motivated. Also, books by William J. Bernstein. They're really booklets more than books as they're concise but chock-full of information relevant to younger people on their path to FI. He has one specifically for millenials: http://www.amazon.com/gp/product/B00JCC5JKI/ref=docs-os-doi_0
I recently came across the book "The White Coat Investor." Haven't started reading it yet, but it seems well reviewed. Book is meant for students in addition to residents and attendings.
http://www.amazon.com/The-White-Coat-Investor-Investing/dp/0991433106
The author also has a blog in case you want to validate his content and advice first:
http://whitecoatinvestor.com/new-to-the-blog-start-here
If you want to really understand ETFs i can highly recommend this book
I would read If you can, how Millenials Can Get Rich Slowly. Its short (like twenty pages) and gives you the basics of investing, and has a reading list of other books. The electronic version is free, so don't pay for it.
The market as a whole tends to go up because people keep getting better at doing things (productivity increasing), although it is definitely not monotonically increasing. And since corporate profits will inflate right along with currency, they tend to keep their value in the face of inflation.
The other thing to realize is, what else are you going to put your money into? In a savings account, inflation will slowly evaporate it. Real estate prices also fluctuate.
Officer here.
White Coat Investor
Read this short (27 pg) booklet with some adivce If You Can: How Millennials Can Get Rich Slowly
Shows some basics to saving. Its simple, but not easy. I think its free on his website too. Just a quick guide of how to
I felt the same way as you last year. I am now 25 and feeling competent with my financials by reading this book https://www.amazon.com/If-You-Can-Millennials-Slowly-ebook/dp/B00JCC5JKI and all the books it recommends.
I highly encourage you to get to a point where you feel comfortable with what all the terms are and what you can best do for yourself. It takes time to understand it all but your livelihood is worth it!
If you look up "if you can how to get rich slowly" into google, the top link will be free 16 page pdf laying out what you want to read up on and investing strategies.
$600 for food for two people? You guys must enjoy some serious eats :)
Never having touched the IRA is great news. VTIVX is a great fund, with low expenses and index allocation that is rebalanced for you as time goes on, with the investments becoming less risky as you get closer to retirement. For folks like you who don't have the time and/or interest in learning about investing this is about as good as it gets. You don't have to do anything except keep investing as much as you can. You'll be able to retire early if you wish just by contributing ~25% of your income to the fund and letting it grow.
Keeping the 12k in cash is okay. That's enough to cover emergencies or give you an opportunity to take advantage of potential opportunities you might miss if you've got all your money stashed in illiquid investments.
I'd probably put your monthly excess cash into savings, then when your income goes up and your debt is paid off you can increase your monthly contribution to the IRA. When you're ready you can look into buying a home instead of renting if it makes financial sense to do so. If it were me I'd cut the food/transportation/rent budget a bit and work to get rid of the debt immediately, but I'm a nitpicker.
As long as you don't let your lifestyle and consumption habits inflate when your income increases you should be well on your way to financial independence, and if you choose, early retirement.
If you want to get a basic idea of the principles of investing you should buy William Bernstein's If you can. At 27 pages in length it's a quick and easy read.
There are lots of good ones, and they all say the same thing - max out your retirement plans and own total market index funds at Vanguard. The Bogleheads Guide is good if you don't mind paying. Some good free ebooks, too, for example Investing In Four Hours will be free Aug 5.
> In a free market workers earn as close as possible to a fair wage for what they contribute, and capital earns a wage for what it contributes.
They earn in proportion to the amount of leverage they have and the ability to negotiate. That's it. The idea that "it's fair if you accept it" is fallacious if the alternative is to starve and earn nothing at all. By the same logic, taxation is equally applicable to them in the opposite direction.
> And the free market ensures we get the systems that provide the most value most efficiently.
Except that's untrue. The amount of waste from food production is tremendous, that owes to the fact people can't pay for it. The same goes with housing. The same goes with anything. Value here is expressed in terms of profit. What's unprofitable, doesn't get produced. That doesn't make what is profitable, efficient.
> Socialism coerces people to form contracts in a certain way that is inherently limiting>makes businesses less competitive>less efficient>worse products at higher costs>harms consumers and therefore harms workers, because all workers are consumers. Worse outcomes for everyone.
This is absolutely untrue. In fact, popular research indicates the exact opposite (here and here).
>I know I want to be a Doctor.
OK, so take not going to med school off the table.
>I finally got into a medical school after working at getting in for the past 4 years... should I re-apply and hope to get into a cheaper school?
IMO, hell no. Getting in, as you know, is very difficult. The risk of gambling to get in again later at a cheaper school (if you've already decided you absolutely will go to med school) is not worth it.
In response to others who say you should get a military scholarship to pay for school, I'd say that is not a decision to make from a financial standpoint. You join the military to serve your country, not for financial reasons. If you don't believe me, read The White Coat Investor. According to the author's math, he would have made more money in the long term by paying for his own schooling and taking a higher paying job (military docs don't make as much as civilians, at least not for several years).
$70k/year for tuition alone is expensive, no doubt about it. You should really take the debt you're incurring into account when you decide which specialty to pursue (i.e. stay the hell away from peds and family practice). But hell, you've discovered /r/personalfinance before even starting the journey. I would kill to have discovered this place at the same place in my life.
Source: Emergency Medicine attending (1 year post-residency). Around $360k in student loans at the moment.
For you, a crash is fantastic. The temporary loss of net worth barely hurts you, so mostly it's an opportunity to buy cheaper stock. Over the long run a crash now pays off big. Keep dollar-cost-averaging and celebrate your good luck.
To see the math on why it's great for you, read If You Can by William Bernstein.
I was in your shoes. Then I started doing the max contribution ($18,500) this year.
Here are some resources that really helped me:
https://www.facebook.com/groups/TSPCalc/
https://www.facebook.com/groups/ChooseFIFeds/
https://www.facebook.com/groups/ChooseFI/
http://tspcenter.com/forums/
https://www.tspdatacenter.com/
https://play.google.com/store/apps/details?id=net.comonksr.tsptracker&hl=en
https://play.google.com/store/apps/details?id=co.peeksoft.stocks&hl=en
https://www.scribd.com/document/371060389/If-You-Can-How-Millennials-Can-Get-Rich-Slowly
https://www.amazon.com/dp/B00JCC5JKI
https://www.scribd.com/document/371059985/2018-TSP-Contributions-and-Effective-Date-Chart
https://www.scribd.com/document/371059952/2018-TSP-Catch-Up-Contributions-and-Effective-Date-Chart
Here it is The White Coat Investor: A Doctor's Guide To Personal Finance And Investing https://www.amazon.com/dp/0991433106/ref=cm_sw_r_cp_api_XVDSzbYQSN1G4
I would definitely recommend having disability insurance for your wife. Specifically make sure to have own occupation disability. This means if she practice her specific specialty anymore, even if she can still work, she will still get compensation. Basically all of your life planning is going to be based on her having an excellent income. Long term disability could be devastating if she isn't able to work as a physician anymore. $375 /month seems high.
For reference, I have a disability policy (own occupation) with Standard Insurance that pays around $8-10k per month (cant remember exact amount) and my YEARLY premium is $1050. For life insurance, 2 million 30 yr term for me plus 1 million 20yr term for spouse is about $2800 per year. If that $375/mo includes term life insurance for both of you plus disability insurance, then that may be reasonable. Also, getting insurance earlier allows locking in lower rates. As she progresses in her career, the premiums for disability insurance will go up.
Someone else linked white coat investor. Cannot recommend this enough. Really wish I would have read it in med school. It's a really quick read and is nicely broken up into stages of training.
The White Coat Investor: A Doctor's Guide To Personal Finance And Investing https://www.amazon.com/dp/0991433106/ref=cm_sw_r_cp_apa_i_-K1MDbBH237KB
Here are all the local Amazon links I could find:
amazon.com
amazon.co.uk
amazon.ca
amazon.com.au
amazon.in
amazon.com.mx
amazon.de
amazon.it
amazon.es
amazon.com.br
amazon.nl
amazon.co.jp
amazon.fr
Beep bloop. I'm a bot to convert Amazon ebook links to local Amazon sites.
I currently look here: amazon.com, amazon.co.uk, amazon.ca, amazon.com.au, amazon.in, amazon.com.mx, amazon.de, amazon.it, amazon.es, amazon.com.br, amazon.nl, amazon.co.jp, amazon.fr, if you would like your local version of Amazon adding please contact my creator.
Read this cheap ebook and the books it assigns you. The books it assigns are all very highly recommended here.
Docs earn outsized incomes. Here's a link to that discussion. I'm not saying it's undeserved, just that it's outside the sphere of mere mortals here.
https://www.reddit.com/r/personalfinance/comments/5sr1ix/30_year_old_resident_doctor_with_310000_in/
>Thankfully, I just accepted an offer as an emergency physician with a starting salary of $230,000.
Peeps scolded him for accepting such a low ball.
>As a fellow EM Doctor that had $300K+ in debt, you should find a higher paying job.
$230K/Yr is a pittance for what you do. I make (almost) twice that in a major metro area, had 8 interviews fresh out of residency that paid from $185-235/hr, from rural areas, to midsized town, to 1,000,000+ cities. You should be able to find a job at $200/hr easy. $200hr x 144hrs/mo x 12 months = $345K/yr. That's like $80K extra post tax per year that you can put towards loans / savings / vacations / whatever. Every 80K you miss our on early in your career stacks up over time, on missed savings, missed loan payments, etc.
You're getting screwed at $230K/yr. Get a higher paying job, and get an accountant that works with other doctors (will save you so much money!). Also read White Coat Investor.
https://www.amazon.com/White-Coat-Investor-Personal-Investing/dp/0991433106
Buy it and put it in the bathroom, and read it 5 minutes at a time until you're done.
The more you know.
1st priority needs to be the match next month.
2nd, she needs to focus her attention on her training/residency. (Please don't buy a house. Please, please, please!)
3rd, paying off those loans. She's has more than average (average med school debt is ~$200k), but still manageable if you guys are smart about it.
Read The White Coat Investor. It will help you a ton!
Somewhere around 9th or 10th priority is playing the churning game.
​
I know this isn't the advice you were asking for, but please listen to old Dr. highway22.
Chapter 10 of Invisible Hands
The website looks sketchy to say the least? Do you have a direct link to the book?
​
Is it https://www.amazon.com/dp/B07DBW9T5Y/ref=sr_1_7?ie=UTF8&qid=1527516228&sr=8-7&keywords=craig+israelsen ?
Actually, that's probably the best answer here.
If you really want to know why gold is priced the way it is, you need to know about why the futures market exsits and the relative value of money due to central bank rates .... (which is probably a years worth of studing)
Here's a good start ...
Read the first chapter of: http://www.amazon.com/Forbes-Guide-Markets-Becoming-Investor/dp/0470463384/ref=sr_1_1?ie=UTF8&s=books&qid=1255133811&sr=8-1 and watch then watch http://www.youtube.com/watch?v=vVkFb26u9g8
Check out The WhitE Cost Investor. It's a blog (http://whitecoatinvestor.com) and book (The White Coat Investor: A Doctor's Guide To Personal Finance And Investing https://www.amazon.com/dp/0991433106/ref=cm_sw_r_cp_api_US-Hxb3G7PXVG).
First Med school is 4 years, not 8-10.
After School you will go into residency making about ~40k/ year.
And for any more advice read the book white coat investor.
Brissie Ozzie here. Sounds like you've learnt a good lesson about property investing. It's all part of the process.
My strongest recommendation is to read If You Can: How Millennials Can Get Rich Slowly. It's probably the best US$0.99 investment you'll ever make. Also read his other books, the Bogleheads forums and the other books recommended there.
All of those sources are aimed at US investors but you can apply most of the principles here.
I've got pretty extensive local and international experience in investing and am happy to answer questions you might have, but I'm not a financial advisor so you should not take anything I say here as financial advice.
Read If You Can. The PDF is free online and it will only take you an hour or so to get through. Then read the books that are recommended at the end of each section. You will then know more about investing than 95% of people.
If you you're looking for help learning yourself, I'd recommend starting with the following books:
From there look for topics in the specific type of business you are looking to run or the type of markets you're interested in.
Oh I wouldn't call Dr. Dahle random - he's a well known and financial expert (and physician). Here's his book on Amazon.
I am currently a resident in my research years and finally started taking an interest in my finances. I would argue that you do not necessarily need an adviser yet. You should do some reading first. Here are some websites White Coat Investor (WCI) and Bogleheads, which has a great forum and wiki. You should definitely read these 2 books:
I too plan on PSLF (my residency + fellowship will be 9 years so pretty easy decision). My personal opinion is to live like a resident for 2-3 more years (no lifestyle inflation) and accumulate as much money as possible. That means renting for the same amount (if possible) wherever you move for you job. No new cars and the like... After just 2-3 years of this, you will have a decent chunk of money for whatever.