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 top 20.
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 top 20.
I used to sell annuities as a broker, yes this is the main reason. You are better off investing in a Roth IRA or some other retirement account first, then - if possible when you retire - obtain a variable annuity with a principle/income protection (just in case the market crashes, but you get more dough when it goes up, than fixed).
Long story short, read Bogleheads Guide to Investing or Bogleheads Guide to Retirement; sources:
The Bogleheads' Guide to Investing https://www.amazon.com/dp/1118921283/ref=cm_sw_r_cp_api_d006Bb505YNH1
The Bogleheads' Guide to Retirement Planning https://www.amazon.com/dp/0470919019/ref=cm_sw_r_cp_api_z006Bb4QAZKBM
These two books are more than enough to give anyone the knowledge in terms of investing and retirement planning. Or just hit me up with questions, please note that I haven’t been licensed in almost a decade, because I had chosen not to renew my series 6 and 63. Anyway, I hope my post helps.
Edit: damn autocorrect.
Don't just focus on the investing side, focus on your overall financial situation. This includes your investments, but it also includes how you handle your short term savings, plan for trips, use credit cards, negotiate for raises, etc.
To that end, I highly recommend to the book "I Will Teach You To Be Rich" by Ramit Sethi. Ignore the silly title, it's not a get rich quick scheme--it is all about how to get your financial life in order so that you feel "rich" even if you are really just graduating from college and starting your first job.
His advice on investing is going to be similar to what most people here suggest: Index funds, keep adding money over time, rebalance every once and a while but don't sweat the market swings or try to play the market daily. But he's going to give you a lot more instruction on how to automate the rest of your finances and get to a place where you are comfortable.
Unlike many other general personal finance books, he's never going to tell you to be cheap or to go without buying things you really want. He'd rather help you optimize your savings and get a better job than try to fund your retirement by never buying Starbucks.
The recommended section is just a treasure trove of amazing garbage:
Ben Shapiro
Mike Thernovich
Vox Day
This dumbass
The_Alinsky_fearer has logged on
Trump as a soviet worker
Sharia law is coming to your chipolte
The adventures of Hitler
Scott Adams: Failing is actually success
I've had a lot of back-and-forth with /u/GraemeCPA on his book about FIRE, and I recently learned that it was out on Amazon. I haven't grabbed it yet, but Graeme has been a great contributor to the sub, and I wanted to make sure that people realized that this was out there.
I plan on checking it out and seeing if we can add it as a resource on the sidebar.
Building Wealth And Being Happy: A Practical Guide To Financial Independence
https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/1119356296
also
Stop Over-Thinking Your Money by Preet Banerjee
There are a bunch of good Canadian finance reads but I would start with those 2.
Scott Adams is a big Trump guy. He talked about how great Trump is throughout the last presidential campaign and then wrote a book about how smart and persuasive Trump is that was a best seller in 2017. Basically he thinks Trump is a genius at marketing and he talks about it a lot.
One of our subscribers, /u/graemecpa, has just finished a personal finance book. He was running a giveaway yesterday, but due to an apparent glitch in the RemindMe bot, many people missed the giveaway deadline.
So he's extended the promotion to today. Here's the link:Building Wealth And Being Happy: A Practical Guide To Financial Independence
Caution: Wall of text to follow.
Firstly, congrats on caring at a young age about your finances. That's something not a lot of people can say. With that being said I'll like to take each of your paragraphs in turn and answer your questions at the end.
NOTE: If you just want answers to your questions and not my advice skip ahead.
> While I believe that there are some truths behind "Money doesn't buy happiness", it is a lot easier to be happy knowing that you are well-off.
As a word to the wise from someone a little further down the road let me just say there is more truth than you yet realize in those 4 simple words. Many people don't come to see the truth till their old age looking back on a life filled with regret, so take some time now and seriously contemplate it, because the reality is in 85 very short years you'll likely be dead, and all you ever had will belong to someone else. If the only happiness you get in this life is seeing dollars in your bank account you'll miss out on a lot.
> The leading cause of divorces are because of financial issues. I mean, that has to speak for something.
In the vast majority of divorces it's not a lack of money that's the problem, it's a lack of agreeing on what to do with the money that is. Marriage can work below the poverty line, and above the 1% line. The financial issues of marriage aren't solved with just "more money!"
> I want to be able to support myself, other family members who aren't as well off, and be able to buy my kids (if I have them) a car, pay for their college funds, etc.
Supporting your own family is honorable, but beware when helping out "less fortunate" family members. There are many, many problems that can arise from that if not done properly, and enabling a family member will only make their situation worse, not help them.
> I don't want to be a doctor. Or a lawyer. . . . . who can bank at least a million in one year.
That is a very big dream, but it's not unrealistic. Big dreams are good, and as long as you can approach them level headed they help give you focus. I say that your dream is worthwhile, and although I caution against greed as it can destroy you and your life, there is nothing wrong with wanting to be a CEO making $1,000,000.
ANSWER TO YOUR QUESTIONS
> So tell me. Where do I start investing and also building my way up to becoming the CEO of a company?
You start right where you are. There is nothing stopping you from pursuing your dream now. Begin with learning. Learn what it takes to be a CEO, learn how other CEO's have done it, learn what your talents are. There will be much learning for you starting out.
I recommend the internet and a library card. Read a CEO's biography (it's as close as you'll come to getting to interview some CEO's). How is it that Donald Trump was able to go from rags to riches twice?! What would it take for you to do that? Learn all there is to learn about running a business, being a leader, and leading a successful venture.
> At what age?
NOW! Bill gates was already writing software and starting Microsoft at your age (not to say you're behind or anything like that.) There is no age limit on being a CEO, and there is certainly no age limit on learning and working hard.
> What majors in college should I be looking at?
This will be up to you and what you feel you would be good at. Do you want to be a CEO just to be a CEO, perhaps some business major then? Learn from other CEO's stories and what they majored in.
> And at what colleges?
Personally there is little impact based on what school you choose. There are CEO's that never went to college, and there are CEO's that went to Yale/Princeton.
The fact is it takes maybe $200 to start an LLC and call yourself a CEO, no college degree needed. What comes after that is actually making the money! In order to do that you have to provide a good or service that people want. The more people you make happy, the more money you'll get.
Something you should know now is that starting a company, and running a company is HARD WORK. I know some owners of start-ups that had to work 60 - 90 hours a week with little to no sleep to build their business. I know others who fell into the CEO position because their daddy owned the company, and they were lazy, and thanks to their lack of action the company collapsed.
> And of course, looking to do this in a legal way.
Welcome to America :), where hard work, sacrifice and the willingness to learn and strive can and do payoff.
One last piece of advice: Don't be a jerk. When you become the CEO of a company and you are making the millions, when you someday are the hotshot, don't look down on those around you. Remember where you came from, and those that helped you along the way, and there will be those that will help you!
People will always respond better to someone who is nice than someone who is a jerk.
Here is some recommended reading once you get that library card:
There are many more books, but that's a start.
Jon Acuff went from amateur blogger to best selling author, and is a great motivational writer. His books make me want to run a marathon, and are good for motivating you.
Dave Ramsey went from bankruptcy to running a 300 person business and earning in the %1 of earners in the nation with a national brand. His book is about being a leader in business and you'll need to lead if you want to be CEO. It's a hard job, and not nearly as cushy as you might think.
Thomas Stanley is a researcher who studies those with a net worth over $1M and his book will show you that being rich doesn't contradict with a frugal lifestyle.
The others and highly recommended in general!
The fact is you'll need to grow up, turn off the TV, and look weird to your friends. How many 15 yr olds do you know reading books about how to run a company and studying up on what it takes to be a CEO, or how to start a business? I don't know many, but I do know that at 17 years old William Gates III started a joint venture with Paul Allen (their first business). They both went on to make the top 20 richest billionaires list. Bill still holds the top spot.
If you want to be rich, you want to be a CEO, then work at it. Work at it now, work at it often, and work at it always. I have no doubt if you dedicate yourself you can do it. The fact of the matter is that most people reading this are tired just thinking of the work it takes to be CEO, and that's why they never will be.
Best of luck on your future success, and don't forget the little people.
~ Dragon J.
Edited for formatting.
Hello! Also from Ontario Canada! The best advice I can give you is.... Spend less than you make (create a budget and stick to it), pay off all your credit cards in full every month, try to keep the life style creep to a minimum, and live in a low cost of living (LCOL) area (if you can).
In terms of buying vs renting there are calculators for that and it's personal choice, but try not to buy more house than you can handle (we live in the GTA so house prices are crazy right now...) If you can live with your parents for a while, you can save a lot of money that way too (just contribute to the household!! If not in cash, at least do the dishes and laundry or something...!).
If you want to buy and do nice things, budget and save for them! Striving towards FI doesn't mean you have to live like a pauper... But be reasonable and have your ultimate goal in mind.
Some nice books to read (that are Canadian!) Would be Millionaire Teacher by Andrew Hallam and The Wealthy Barber/The Wealthy Barber Returns by David Chilton (you can just borrow from the library as an e-book or actual book!).
Since you are unionized and have a pension, I would say max out your TFSA first (check out the index fund model portfolios from Canadian Couch Potato and then your RRSP (whatever room you have left after your pension adjustment) and once you still have money left over open a marginal account (if you you are married by then,max out both those accounts for your spouse before you open any marginal accounts).
Also, read the side bar and the stickied posts. Enjoy your journey to FI. It's important to plan for the future, but you shouldn't forget to enjoy the present as well!
I bought this book. None of that Dave Ramsey bullshit. That guy's stuff is good, don't get me wrong, but it's written for Baby Boomers and Gen X'ers who are in thousands upon thousands of dollars in debt. What about the guy who's a Millennial and not in debt? Cue in this book. Written specifically for a guy like me. I read that book when I was 19 and started putting money in my own Roth IRA soon afterward, and setting up my two credit cards I had with full auto-pay every month so that I don't need to worry about missing a payment. Since then, I have never had to worry about my finances. I have never lived paycheck to paycheck. Financially, I am set and am on the way to a nice retirement before I'm 65.
invest $30 in this first. https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/1119356296/ref=sr_1_1?keywords=millionaire+teacher&qid=1569609307&sr=8-1
A lot of people (most people) graduate high school or even college without knowing how a credit card really works, or a loan, or taxes. Also, saving is not a cultural value, and for good reason. The largest industry in the US is the financial industry, which is constantly marketing / propagandizing people to spend and borrow, spend and borrow.
There is a reason this book exists, which is that our schools don't teach financial literacy or independence, and our culture doesn't value financial independence, and so if you don't learn it from your immediate family, you probably don't learn it at all.
Couple that with decades of wage stagnation and increasing education and health costs, and it's not surprising that most people in their 20s don't have expectations of financial independence or even retirement, let alone early retirement. If everything you experience tells you that it's not possible, and that your savings won't matter, you are going to spend more now and enjoy life while you can.
My book Building Wealth and Being Happy: A Practical Guide to Financial Independence is free on Amazon today (e-book version, can read in your browser, android, kindle, etc)
Your parents are ridiculous. You're smart to want to know about finances while you're still in college. I'll bet few of your classmates are doing this.
Here's a good list of resources for money stuff:
Keep talking to your financial aid officer and don't tell your parents anything. Play dumb until you're out of their house for good. They're freaking out over losing control of you.
Thanks! Yes, both kids get allowances. We set something up similar to this:
https://www.amazon.com/First-National-Bank-Dad-Foolproof/dp/1416534253
Even the 4yo gets it. He gets excited when he gets his interest. The other day at Target he picked up some BS toy and I said “you’ll have to spend your savings to buy that” and he put it back down.
(It’s not always that easy)
Sure, if we all stopped consuming 50% of what's being produced, this would make half the production obsolete. The twist in thinking is that this is a good thing and not a bad one as the growth imperative would suggest.
I see the way out through going back to more self-sufficiency. The alternative to a consumer society is a society of mostly self-sufficient people. This is the basis of freedom from economic pressures as it decouples your well-being from the ups and downs of the market economy. Then, how would you get such economically free people back into wage-slavery? In fact, this was the situation prior to the industrial revolution. There's a nice book on the subject of how initially economically independent farmers were systematically robbed of their means of self-sufficiency to drive them into the factories, basically the ironically very forced birth of the "free" market capitalism. There was also a recent article posted about the book.
So basically it is not that we simply stop consuming and then how do we get our food? Instead we go back to more self-sufficiency and no longer require neither wages nor the products of wage-labor. This way, each person can individually step out of the vicious circle that is our current economic system.
For more detail on how to do this - practically, you may want to read "Possum Living", "Early retirement extreme" or "How to live without a salary".
More mainstream are books like "Your money or your life" or "Work less, play more."
>No, families found it more beneficial to have the second worker get a job outside the home.
Here's someone who disagrees quite strongly with that view:
http://www.youtube.com/watch?v=akVL7QY0S8A
http://www.amazon.com/Two-Income-Trap-Middle-Class-Mothers/dp/0465090826
And seriously consider taking a junior or community college class in personal finance.
Also: there's good books on personal finance that are highly recommended.
Find out when Suze Orman's show is on your local PBS station and watch the fuck out of that show. She cares a great deal about the little guy and knows the typical traps that novices fall into.
Hate to break it to you, but lesson number 1 is going to be that you shouldn't be paying >$5000 for a class in personal finance (especially when it all fits on an index card!).
Save $4990 and buy this book instead. Incidentally, the guy who wrote it tried teaching personal finance classes at Stanford and nobody came. Everybody thinks they want to learn about this stuff, but nobody actually wants to go sit in a classroom to learn it.
Book's pretty good, and less dry than most "personal finance" stuff...a lot of the basic financial advice is already covered in Harold's index card, but he has pretty good material on negotiation, automation, and how to prepare yourself financially without miserly budgeting and worrying about whether or not you can afford a $3 starbucks drink.
Going to take the hit for this because I believe it.
I read Rich Dad, Poor Dad when it first came out. imo if you strip out the MLM stuff, imo he's 100% on point.
If someone were to read a RK book I'd recommend Cashflow Quadrant. imo that one diagram with the (E)mployee (S)elf-Employed (B)usiness owner (I)nvestor was a game-changer for shifting mindset.
An attempt at sources for TravelingJourneyman's claims... This article has an inflation-adjusted chart. Elizabeth Warren wrote 'The Two-Income Trap', interview here Personal anecdote: I lived in South Florida during last decade's boom. A townhouse I lived in tripled in price between its construction in 1999 and its (third) sale in 2005. Units like it have drastically fallen... to twice their 1999 construction price. Whether you buy or rent something like that, it's a big chunk of your paycheck... which didn't experience the same doubling.
Even if most Americans were making 70K/year, the cost of living has increased disproportionately regardless.
http://www.amazon.com/Two-Income-Trap-Middle-Class-Mothers/dp/0465090826
The First National Bank of Dad is a very similar book, and I think OP might enjoy reading it for ideas.
the books reccomended in the faq provide abundant info. Specifically,
"The millionaire next door" -- explains the importance of defensive spending and talks about how fiscal responsibility is passed to your kids depending on your money attitude.
"I will teach you to be rich" is a good general primer.
"The boglehead's guide to investing" introduces all the options out there and explains why investing in low-cost index funds is best for the long run.
edit: "I will teach you to be rich" is a more stimulating read, followed by millionaire, and last is boglehead.
edit 2: Millionaire is more "mindset" with not many practical advice except for its section on how financial responsibility is inherited onto kids
I will teach you to be rich is easily the most approachable and easy to read financial book I have ever read. https://www.amazon.com/Will-Teach-You-Rich-Second/dp/1523505745/ref=sr_1_3?crid=13GHQW9SCDOCS&keywords=i+will+teach+you+to+be+rich&qid=1573442363&sprefix=i+will+teda%2Caps%2C-1&sr=8-3
Did you see that Based Dilbert Merchant has a book coming out about all this?
https://www.amazon.com/dp/B06X1DWK4Q/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1
The statistic, in better context: There are 65 employed, unmarried men for every 100 employed, unmarried women in the United States.
But why? Perhaps because unmarried men don't need income as badly as married men. Bachelors can be survive and thrive by living a minimalistic lifestyle, which provides significantly more time for leisure and places less necessity on holding steady employment. This lifestyle, which is well documented and pushed in Captain Capitalism's Bachelor Pad Economics, is simply infeasible when a married man needs a higher and more steady income to sustain his wife and children.
Additionally, I would assume these numbers are significantly different if you compare employed, married men and women in the United States. Likely flipped on its head as women are far more likely to exit the workplace after marriage.
Sounds like you're trapped by your house rather than your job, to be honest. And "trapped" is the wrong word as it's a decision you've made and something you've decided to prioritise. Which is okay! I like being a homeowner!
But you can choose to live differently too, you know; I'm not one to advocate escapist bullshit like running off to southeast asia or whatever, as I work a job I don't love too and would obviously rather work less. But I get paid rather a lot so that allows me to dwell on the positives rather than the negatives. And I have an exit plan which provides the that control and calm we all need, psychologically.
Pick your cliche - Mindset is everything; What you focus on becomes your reality; The grass is always greener. They are all basically true.
Anyway, suggest you read over the FAQ and sidebar links at /r/financialindependance (don't just jump into the threads read the curated stuff first). Or buy the excellent Building Wealth and Being Happy by /u/grahamcpa
Either will provide food for thought and may allow you to plan something that will make you happier either short or long term, rather than wishing your life away.
Check out the Money Steps and then go to Indigo and buy The Millionaire Teacher. 20$ very, very well spent.
Keep in mind you can invest in a TFSA as well. Investing (eg. in funds of stocks and bonds), due to market volatility, is only appropriate for long-term goals (eg. retirement) hence my question about goals. Any money that you don't have a short-term idea for, can be invested to build long-term wealth. This book and this blog cover most of what you need to know about investing. In my opinion this is an area worth putting a bit of time in learning, as the stuff the bank sells has hefty fees.
Regarding money going into a HISA TFSA, don't settle for the interest rate at your local bank. Try something off this list.
Regarding RRSPs, depending on your annual income, you may be better served investing in a TFSA. Or possibly not. Complex topic but I will trigger the bot that dumps some info just FYI. !TFSARRSPTrigger
Ich habe jedes dieser Bücher gelesen und kann es empfehlen. Ich würde jedes davon wieder kaufen und wieder lesen.
>What lies at the intersection of /r/financialindependence and /r/mgtow?
A nifty little book called "Bachelor Pad Economics" that I recently ran across -- and there's also an ebook version -- seems to sum it all up (i.e. MGTOW + Financial Independence, etc.). He pretty much outlines (after the fact) what I followed for a plan in the 90's and 00's.
BTW I'm like Mr. Magwitch, basically frugal and (more or less) "retired" in my early 40's; debt free with house paid off, investments that (in part because I was no longer doing a commute/day-job I was able to pull from the stock market at the 2007/2008 "peak" and then bought back in at basically the bottom) generate more than enough to pay my minimal living costs (no wife, no EX-wife, no kids, & free from wife & kid-led consumer/status trap = cheap living).
Moreover, that was achieved after only about a dozen years of working & saving (and 8 years paying off the house, buying the vehicles, building the workshop addition, etc) -- that dozen years prior (early 30's) I was deep in debt due to a failed business (went out a bit too far on that limb, had to climb my way back out), and without a proverbial pot to piss in (not even a functional vehicle for about a year).
Note that I said "more or less retired" because I do still engage in some occasional consulting contracts, as well as "working" on hobbies and various volunteer things -- but basically I'm doing those things because I want to (I really only take consult contracts that I think are "interesting" or unique in some way and where I expect to have fun as well as make some extra cash) -- I am NOT doing any of those things to eat or have a roof over my head...
And I am definitely not feeding any brats (much less some F's crotch spawn).
The Bogleheads' Guide to Retirement Planning This is a great book. It covers investing but goes heavy into retirement planning.
> Why is he MMM’s so called “arch rival” and how do they differ in philosophy?
He's called MMM's "arch rival" because of this early (2011) blog post / book review by MMM himself about Ramit Sethi's (the guy being interviewed) book titled I Will Teach You To Be Rich. You can read the blog post on your own, but the short of it is that Ramit suggests a less frugal lifestyle than MMM. Ramit famously says you shouldn't worry about buying a latte because in the grand scheme of things a single $4 coffee isn't going to adjust your FI/Retirement goals that much. MMM takes the complete opposite approach, and suggests eliminating that latte if you can, and particularly if it doesn't bring any value to your life. MMM would say "why are you being a consumer sucka and paying a coffee shop a ridiculous amount of money for a coffee you can brew so much better at home!!!" while Ramit takes the "eh, don't sweat it bro" approach.
IMO, I think both MMM and Ramit have valid points. I think in moderation both are helpful - eliminate the crap you can, but don't sweat the tiny things or the things that bring you joy. Like don't get yourself all sad because you broke down one day and bought a cup of coffee - just try to avoid doing that daily if you can, and if you actually really like buying that cup of coffee then good for you, enjoy it!
I think this podcast is worth a listen, but it's helpful to have seen that early MMM blog post prior. His criticizisms of this sub and others like it is spot on too (as pointed out by another commenter).
I highly recommend Ramit Sethi's book I Will Teach You To Be Rich.
They directly reference the Book of Five Rings -- Two Heavens is more or less an ode to it ("got five rings on my hand")
http://www.amazon.com/Book-Five-Rings-Miyamoto-Musashi/dp/1590302486
Please start your education early with the books that they will never introduce you to!! Here's a good start:
With this knowledge, no liberal will be able to fuck with you!
This just scratches the surface. It's not rocket science, but it's a lot.. it will take time. CONSTANTLY evaluate and look for things that can be improved.
Source: Started a few businesses, the current one being a filmmaking one.
what you are experiencing is very real. it is discussed in
https://www.amazon.com/Bachelor-Pad-Economics-Aaron-Clarey-ebook/dp/B00HMQZREO
I really good book I'm reading, advertised by tom leykis and I know some readers here have talked about it.
Living the single life is fun AF, but we are in the minority and it is really easy to isolate yourself from normal people. Painful and sad. You can go tell your best friend who's married all about the excitement you're having any given day. and he'll think it's cool, and might be jealous, but you have to keep making new friends to try and keep up with you. which is increasingly difficult at advancing ages.
I still wouldn't trade it for married life unless I actually found a unicorn... which really, isn't gon happen
I felt the same way, so I went and found a bunch. Here they are:
Start Your Business is the single greatest book on starting a business. It is a pretty comprehensive overview of all aspects. I would definitely recommend it.
Finance:
Financial Accounting is a decent text. The usefulness of financial accounting in general is quite limited for an entrepreneur though. The techniques are mainly used by outside parties to evaluate companies, whether for investing or lending. But it can be useful in that it gives a metric for how your company is doing.
Managerial Accounting is a good book. The subject matter is extremely important and should definitely be learned. Get a book on managerial accounting.
Marketing:
Marketing Management is a really good text for an overview of marketing. One of the best.
Most marketing texts are smaller and not textbooks like you're looking for. There are some detailed texts that go into complicated calculations related to marketing decisions. Go check them out. It's like marketing science or something like that.
Business Law:
Business law is not really worth going into extreme detail. So a good book is The Entrepreneur's Guide to Business Law .
Final Note: It's important to note that it makes way more sense to just get into business and learn as you go. You could spend years learning from every text possible and get nowhere.
Yes
https://www.amazon.com/Win-Bigly-Persuasion-World-Matter-ebook/dp/B06X1DWK4Q
I think everyone should read the Bogleheads books to get a start on their retirement and investment planning. Both are easy to read and spell out the basics.
http://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/0470067365/ref=sr_1_1?ie=UTF8&qid=1347920928&sr=8-1&keywords=bogleheads+guide+to+investing
and
http://www.amazon.com/The-Bogleheads-Guide-Retirement-Planning/dp/0470919019/ref=sr_1_2?ie=UTF8&qid=1347920928&sr=8-2&keywords=bogleheads+guide+to+investing
read this. pick it up at your library or buy it I'm in the same situation and it explains everything you need to know about budgeting, savings, retirement you'll need
http://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489/ref=sr_1_1?ie=UTF8&qid=1310257315&sr=8-1
Spend $10 on a copy of I Will Teach You to Be Rich. The title is mostly a joke, but it offers very good, practical advice for anyone but particularly those in their early twenties.
I came back to the top after writing this because I know I sound like a dick. I know I'm not gentle. I know sound insanely critical and presumptuous about your life. I don't mean to be, I just don't know how else to write this and still get the message across.
> I want to ensure I have enough savings to buy a house once I leave university in 2/3 years
I don't like starting out on this note, but someone's gotta say it. Taking out a mortgage (let alone buying a house) within a year of graduating is not feasible for most who go to college on their own dime.
I draw attention to the house quote because it's symptomatic of a real problem everyone faces: Understanding how their finances align with their goals. But that's why you're here, and I haven't forgotten to answer that part of your question.
You need to build a budget and track your spending before getting in too deep. Some points:
This is a personal finance book aimed at people in their twenties. Ignore the sleazy writing style. It's filled with dead practical advice.
I make about the same as you, only I've been in the situation for a year longer, and I definitely shared the same anxieties about my adult financial life as you.
Two pieces of advice: First - Read I Will Teach You To Be Rich. You can find the PDF online for free somewhere. Don't worry, it's not one of those sleazy get rich quick books. Instead it's a very level headed go-to guide to set up your financial life. It's been a huge help. Listen to the part about setting up a second savings account that automatically deducts a small amount ($50-$100) of money from every paycheck. It's an idiot-proof painless way to save.
Second, you're still young. Sometimes on this board it's easy to forget that twenty-something's with six figure savings accounts aren't exactly common in the real world. Don't forget to stay calm and try to have some fun. I went through a period of penny pinching every expense. All of my friends were buying nice clothes or going on trips to the beach while I sat in my apartment eating Ramen. As you get older the chances to ride off to the beach with friends or rage at the best music festivals become fewer and far between. Don't forget to enjoy yourself.
Came here to promote this ^^
Bortolotti (CCP website and Moneysense.ca contributor), Hallam (Millionaire Teacher), along with John Robertson (The Value of Simple) are like the Three Wise Men of DIY investing (honourable mention to Justin Bender).
> I've always liked the idea of offering them a physical bank with a ridiculous interest rate so that they can see interest with their own eyes
This is the premise behind The First National Bank of Dad, which David Owen wrote a book about, but which you can learn about for free via a podcast:
> David Owen, author of The First National Bank of Dad, talks with EconTalk host Russ Roberts about how to educate our children about money and finance. Owen explains how he created his own savings accounts for his kids that gave them an incentive to save and other ways to teach them about postponing gratification, investing, keeping money in perspective and other life lessons. The conversation closes with a discussion of the value of reading to your kids.
> http://www.econtalk.org/archives/2012/05/owen_on_parenti.html
I'd recommend reading [First National Bank of Dad] (http://www.amazon.com/First-National-Bank-Dad-Foolproof/dp/1416534253/). The author went through the same challenges (and made some of the same mistakes) you are facing. I am currently using it as the model with my kids.
Top-level, forcing savings is a bad idea, as is implying you cannot do something because of the need to save. Immature brains are not wired to process the subtlety you wish they could handle. If you follow that route, they may come to see savings as the antithesis of fun and that any money earned/received should be spent immediately, lest Dad take it away for "savings" in a bank earning sub-1% interest.
Better to prompt the desire to save. Rather than a real bank account, create your Bank of Dad that pays significant interest. By doing so, Junior will see that he can spend that $5 now or put it in "The Bank" and have $10 soon (you define what "soon" means). Help him see what that $10 could buy that $5 today could not, which helps clarify the benefit of putting that $5 away today. He may even find that between when he puts the money away and when it grows to $10, the thing he wanted to buy is no longer as interesting.
By doing all of these, you show the power of compound interest and the magic of delayed gratification. You are helping to form solid habits, ones he will hopefully continue on his own (and when the compounding interest rate is less stellar...).
As for results, my own efforts are too early to tell (ask me again in 20 years).
Which is based on the book Early Retirement Extreme by Jacob Fisker. A really great read. He has a whole section with the derivation of this early retirement formula with the assumptions and the graphs, it's pretty neat.
Start here. It's a good start.
EDIT: here's one review:
Every young man needs to read this book. All the advice one needs to know when moving out of the parent’s house: college, dating, budgeting, spending, financial planning, and being a success in Obama’s Socialist America.
The reader will experience shock and dismay at what has become of our economy and the ‘modern woman.’ This isn’t your Dad’s, or Grandfather’s America, sonny. Those days of finding a quality woman, raising a family, having a successful career with just one or two employers is just about impossible. Pursuing those endeavors will most often result in failure and financial ruin.
This is 512 pages of advice. Most are lessons the author has learned the hard way. Young men: read this so you can navigate the terrain of the new, transformed, America. Read it to learn from someone else’s mistakes!
Just some further "food for thought" from my own experience that I felt people might find interesting.
-----
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While the article itself is about the additional costs (childcare, etc) related to the "second earner" in a two income household (which I think E. Warren fully delineated -- and even made additional points the article did not address, things like income/financial vulnerability -- in her book, "The Two Income Trap").
But I think there is ALSO a lot of merit in looking at even the original/single/primary earner's "costs of holding Job X" in a similar fashion as well.
When I switched from a full-time commuting job (and one just a 30 minute drive away no less) to working from home, I noticed a dramatic drop in attendant expenses, to wit:
Long story short... even though I am single (so no childen, no child-care costs) I found that I was spending anywhere from $10k to $15k of my NET after tax income on basically "having a job" (that I commuted to/from daily). That meant for my income/tax situation, on a GROSS basis I needed to make (at least) an additional $20k to $25k a year -- in essence because employees cannot deduct all expenses like a business can -- I was "subsidizing" my employer by that amount to have me work "on-site" for him. I could live the exact SAME level of lifestyle, while making significantly LESS (and of course as your income drops, so do your taxes... so you functionally get to "keep" substantially more of the value of your own work/efforts).
---
EDIT: Also, I would like to note for all of the "ride a bike" folks that the location of that particular employer (as well as the previous employer) was in an area with significantly higher housing costs (both rental AND/OR purchase would have more than doubled my monthly housing expenses), so "moving closer in order to bike to work" would have not only shifted the costs from driving to housing, but would have actually significantly increased my total costs as well (HUGELY with the prior employer, which was located smack dab in the middle of the highest-cost housing in my state).
Plus, of course I LOVE the relaxing, laid back location of my nice, but inexpensive and paid off, rural home (in an area that OTHER people buy second/vacation homes in, and spend 3+ hours driving to on Friday evenings, and another 3+ hours driving home from on Sunday night) -- a short distance from and with rights to several lakes, plus nearby state forests with walking/biking/XC & downhill skiing, not to mention my large almost 1 acre lot with garden, fruit trees & vines, etc -- in short by I don't need to travel to a relaxing destination for my "vacations", I already LIVE there!
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EDIT2: Note also that I am NOT claiming to be "perfectly frugal" -- I do still buy things I probably don't need, take occasional "wasteful" trips to town, etc. -- just that now that I am NOT commuting every day, the "opportunities" to do so are significantly fewer (probably 1/10th or 1/20th of what they were before); and I have been able to reduce what I previously budgeted for them (and then, SURPRISE! I have often found that over a whole year I have significantly under-spent what I had budgeted... who knew that would happen?)
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.
Penny stocks are all companies he's never heard of, and paper trading isn't fun.
To engage him, you want him to have real skin in the game and to be able to buy shares of companies he recognizes -- McDonalds, Apple, Google, etc.
The best way to do both is explained in the book The First National Bank of Dad.
You act as the market. Your son uses his allowance money to "buy" stock from you treating pennies as dollars. For example, McDonalds is trading today at $120 per share so your son would give you $1.20 for a share of McDonalds. You both track the stock, and when he wants to sell you pay him the appropriate value of his share.
I recommend you read Ramit Sethi's "I Will Teach You to be Rich, second edition". I know the name sounds scammy, but it's really a book about mindset on money. He's got a systematic approach to paying off your debt and taking control of your finances. The book costs less than 10 bucks.
Here's a link:
I Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No BS. Just a 6-Week Program That Works https://www.amazon.com/dp/1523505745/ref=cm_sw_r_cp_apa_i_0zy1DbRD5NCER
The Book of Five Rings is a quick read and holds up in a weird Way in today's society.
I read Rich Dad Poor Dad. I didn’t agree with all of what he said, but most of it made a ton of sense
Everyone works on savings that are really bad, and really in the end are just okay.
You need to focus primarily on investments that generate passive income.
Make money work.
This one
I got it when it was free, haven't finished it yet. /u/GraemeCPA'/ writing is pretty good.
Rich Dad, Poor Dad by Robert Kiyosaki
Necessity is the mother of invention.
Voyaging On A Small Income, 2nd Edition https://www.amazon.com/dp/1888671378/ref=cm_sw_r_cp_apa_RxKoybXEVMVXD
It's a fantastic book.
Work random jobs at hotels when your in port for a month or so. Looks like he's a freelance photographer as well. Probably runs a website too. The most expensive part is getting the boat.
Edit: Awesome book on the subject
I'd check out "Voyaging on a small income" by Annie Hill
I've heard that it is a good book to use for reference, and she should know her stuff she and her husband built their boat and sailed it some 100k plus nautical miles. It's on my to read list for sure.
http://www.amazon.com/Voyaging-Small-Income-2nd-Edition/dp/1888671378
Não tens de agradecer, my pleasure. Assim de repente, alguns clássicos e outros livros que possam ser úteis:
- Rich Dad Poor Dad
- One Up on Wall Street
- The Intelligent Investor
- Everyday Millionaires
- Your Money, Your Life
- Side Hustle
- Motley Fool for Teens - não leves a mal ter escolhido a edição "for teens" - é só porque é um excelente guia para quem está a começar e vai investir quantias pequenas só para molhar o pé. Se quiseres algo mais completo, tudo o que é do Motley Fool (incluindo o site, newsletters e podcast) é bom.
Em português não conheço muito e o único que me vem à cabeça é este do Pedro Queiroga Carrilho.
You might like Annie Hill's blog then. She and her then husband (I think they got divorced? not sure) sailed BADGER around and wrote a book Voyaging on a Small Income in which she heartily endorses junk rigged boats.
Take this with a grain of salt, but I'm almost done with Aaron Clarey's Bachelor Pad Economics. He has a small YouTube Channel and some may say he is a little red-pilled out, but he also gives some solid advice on how to not fuck up your financial future, as well as living a minimalist lifestyle. His responses are also very candid and it's quite entertaining.
These are the books I recommend to start with:
All direct amazon links, no referral links.
> It's impossible not to go in debt if you go to college and/or buy a home.
That's a bold, bold assertion. As an atheist, I have to ask: where's your evidence? Because I can find plenty of evidence that contradicts you. Here's some info just on the debt-free college thing:
Here is a woman who went to college on scholarships, for example.
This person had generous parents - who made her go to a state school.
This guy used a variety of strategies to avoid college debt (link goes to his book on Amazon).
I imagine it's a lot harder to do college (and buy a home) without debt. But it is surely possible.
In the face of inequality and greater competition, people will tend to put as much money into housing as possible. As women entered the workforce a generation ago, real household income almost doubled, but disposable income actually went DOWN. Houses got a little bigger, but, for the most part, bidding wars just swallowed up the extra money and funneled it to Wall Street.
And WHY are people buying more expensive houses? They're competing for location - safe neighborhoods and good schools. But if we put more money into schools and implemented a more progressive tax structure that lowered inequality, people would be less nervous about their kids.
If you want to read more about this, read The Two Income Trap.
This is a convenient myth. Far more relies upon circumstance and luck, than just responsible money management. In fact, some of THE BEST MONEY MANAGERS I know are persons of low wages or income, because they have no choice. I look around me at people over the $68K threshold, and we don't have to be as careful with our money, and, guess what? We're not! (and I am not just speaking for myself).
An excellent deep research of this in very readable form is "The Two Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke" by Elizabeth Warren and Amelia Warren Tyagi (http://www.amazon.ca/The-Two-Income-Trap-Middle-Class/dp/0465090826/ref=sr_1_1?ie=UTF8&qid=1333117838&sr=8-1). Elizabeth is Special Advisor to the US President for Consumer Financial Protection.
The analysis here is as true for Canada as the US, more true since the economic downturn than when it was written in 2004.
It's The [Two-Income Trap] (http://www.amazon.com/Two-income-Trap-Middle-class-Mothers-Fathers/dp/0465090826) all over again.
For retirement: buy this book, read it, do what it says.
http://www.amazon.com/The-Bogleheads-Guide-Retirement-Planning/dp/0470919019
As for tax advantages, I recommend you consult an accountant. There may be deductions you can take.
That book, The Bogleheads Guide to Retirement Planning, and the forums and wiki at https://www.bogleheads.org/ are where I got my start in retirement investing.
> Paul Krugman
Krugman Predicting Market Failure
Krugman Predicting Clinton Win
Scott Adams predicted a Trump Win, and that the markets would react favourably.
> I am aware has no specific education in economics,
School
BA in Economics
Hartwick College
MBA
Haas School of Business
University of California at Berkeley
> nor has he ever had any work in those fields published,
economics, or statistics:
Politics
New York Times Best Seller.
> His track record is terrible. We've established this beyond doubt. Do try to keep up.
Terrible compared to what? Krugman?
> The position that Jordan Peterson is an idiot is already well publicized.
By whom?
> What issue? That Jordan Peterson is an idiot?
Yeah sure; lets have a broadcast debate about that. We can put it up on youtube.
It's not directly about the administration, but Win Bigly is an excellent read.
This reddit discussion from around a year ago is somewhat informative. It's all about credit unions in Toronto.
I like some of the credit unions that discussion talks about, but the closest one to me is a Meridian branch. I looked at their rates, and it looks like I'd still be paying around $9.00 a month for a similar account.
It's not a lot of money, but I'm on a mission to stop paying for banking. Mostly because I liked reading Ramit Sethi's I Will Teach You To Be Rich and he emphasized choices like that a great deal.
Pay off your debts in full, no point in keeping $50 on them at all. Cut up all the cards you don't use, don't get back into credit card debt ever again. Put some money in a ROTH or something if you've maxed the match on your 401k. Buy a copy of this book. Start an emergency fund too while you're at it :D
No idea about the taxes, but I assume your company would've taken them out of the 20k already?
Read I Will Teach You to be Rich by Ramit Sethi. It is written for people in their early twenties and it is a very accessible read.
Edit: Title was a little off
Return is usually a function of risk. In other words, you can make more money if you are willing to take on more risk. Your 1% bank account will always go up and is insured by the FDIC. That is not the case with most investments. Eventually you will lose some of the money that you thought you had. But if you invest for the long term and don't pull out just because you're down, you will be set.
Index funds are a great way to get a decent without having to think too much about it. I recommend the book I Will Teach You To Be Rich if you want to learn more. I followed his instructions and now I am rich (not really, but I know a lot more).
I'd recommend I Will Teach You To Be Rich by Ramit Sethi. A touch cheesy, but a lot of good info in there about personal finance. I especially likes how he talks about automating your budget so that you don't have to spend a lot of time tending it.
Anything by Dave Ramsey is a good start too. And finally, I'd recommend the program YNAB for budgeting.
Preface: if you're not matching your company's 401(k), do that first thing Monday morning.
You're making three critical errors: (1) you're spending too much on housing; (2) you're not saving enough; (3) and you're succumbing to emotional appeal rather than logic.
With regard to the first point: you're spending way too much on housing. A very general general rule is to spend about 30% of your after-tax income on housing/rent and another 20-30% on fixed costs (utilities, car payment, etc). The remaining 30-40% goes to investments (Roth IRA, 401k), additional savings (5-10%), and then guilt free spending money.
Right now, you are spending 64% on your income on housing. Not just fixed costs, but housing. Moreover, including this amount, you are spending 95.8% of your income on fixed costs. That means you only have 4.2% of income to save (or buy a car).
Put it another way (since you read r/personalfinance). What would you think if somebody came on here and posted: "Humble beginnings, make $45k a year living with my parents, and I'm buying my dad a Porsche because that's his dream! But how do I save for an apartment?"
Your eyebrows would obviously be raised.
Now, here's why overspending on housing and fixed costs is a problem (and goes to my second point): you are suffering HUGE losses by not starting to invest NOW. For instance, if you started a Roth right now and contributed the max, and retired at 65, your Roth would be worth $1.263 million. If you waited until you were 30, it would be worth $814 thousand. In other words, by waiting six years, you're losing six years of compound interest. That's a $400k loss.
Lastly, I hope you're not looking at building a house as an investment. A house is a purchase. You cannot assume it will appreciate in value. It is a purchase that will cost a lot of money over time (property taxes, maintenance, transaction costs if you sell it, etc.). And, does your dad have the income to do all that, or will you be his supplier all his life?
Bottom Line: The fact that you're making $70,000 per year and think you need to take out a loan to afford car speaks volumes to your lack of finance knowledge. You need to own that and educate yourself on the basics (I'd recommend this: http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489).
What I'd do:
(1) Match your employer's 401(k)
(2) Start a Roth IRA
(3) Open an investment account to start saving for your own house, as well as being able to take care of your parents when they retire
(4) Start improving your credit to make sure you get a low interest rate on your car loan
(5) Buy a car and stop mooching off your friends
(6) Cut back on sending $2,000 to your dad to build a house.
(7) Stop going to restaurants five times a week and use that money to pay for car insurance and gas.
PS: I know I can't understand your emotional desire to build a house for your dad. But I speak from this personally: my mom moved into her "dream house" out in the country eight years ago. It was a $145k mortgage. Eight years later and she's re-financed it twice. The balance is $140k. She just never understood how much it was going to cost to maintain the house on her own. She's never going to pay that mortgage off. And almost 60% of her income goes toward paying her mortgage. It's locked her up financially. Only difference between her and you is that you have years to correct your mistake, and my mom is fucked.
First, I feel like I was in the exact same place you were when I was 15, back in 1997. However, I didn't listen to my parents when they gave sound advice about saving and investing. Luckily, I managed to turn things around by the time I was about 25. Now, I've got over $200K invested and saved and my wife and I just got back from an eastern Europe road trip over the xmas break and didn't have to think twice about money. We still make a budget for everything and spend as little as we can.
Here are the 4 pillars of finance. They are all equally important and you need to know what part they all play.
This book will be a great introduction for you. You can get it used on Amazon for $10, or better yet, try to find it at your local library, or your school library.
When I was 15, I made minimum wage by working at a fast food restaurant, great way to get money. I usually spent all that money on taking my girlfriend out on dates to restaurants and movies, and on gas for the car and the car payment itself. It will be difficult, but staying single will save you a lot of money. Or, splitting the bill on dates will at least help. If you have to buy stuff, try to buy it used. The best way to accumulate money is to only spend it when you absolutely have to.
As you get older:
Wow, this post got a little long winded. I've got plenty of other
adviceinformation that I've learned over the years. I'll try to post it later when I get a chance. Last bit of advice, as for investing, take your time, don't be in a hurry. Make sure you know what you're doing before investing your money in anything. Good luck!Edit: I just read the bit about you living in Finland and having free school. Rock on! I'll leave the advice about student loans and community college for others.
i suggest to anyone who has all their money go to one checking account please read a personal finance book, i love recommending this book, or at least his website. i spent way too many years with one checking account saying one day ill do something about it.
and all the other advice is great as well. index funds should have lower expenses and its always a good time to get an ira started.
Checkout the Charles Schwab High Yield Investor Checking Account. You have to open a brokerage account with it but neither has any associated fees. There are no ATM fees, no minimum balance, and no monthly fees.
Pair this with an online bank for your savings account like Ally. Ally's rate right now is 0.84% instead of Bank of America's horrible 0.01%.
I recommend reading the book I Will Teach You to Be Rich. It's a very easy-to-read intro to personal finance.
Uh oh. Maybe you'd better buy a Canadian personal finance book.
Well I was actually going edit the original post to say that I'm not qualified offer investment advice in any professional capacity (You probably want to talk to a CFA or CFP. Also you asked a very hard question Why. I'll try to answer it as best I can.
Generally transaction involving money can be broken down into four categories:
When you invest you specifically look at the assets category. Assets can be things that you expect to either gain value or lose money over time. You car for example grow less valuable over time so it's a depreciating. The other side of this is things you expect to gain value over time; for example a house. When you invest money you purchase things with that money that you expect will gain value over time. For example if you buy a coke for $0.50 knowing that later that day you can sell if for $1 you've invested in the coke.
Generally when people talk about investing they are talking about the stock market. Your bank can help you get started if you want. I would recommend you read up on it a bit more before doing anything (a good starting book is The Wealthy Barber) and I wouldn't do it with any money you don't feel comfortable losing until your entirely comfortable with it.
Page 2 of 3
Now, I am not going to give you specific tips on investing in financial markets. It’s like telling a 6-year-old; “I see you learned to ride a bike, let’s go see what you can do in an Apache Helicopter.” It might be fun to watch but it really is not a good plan and anything the kid may learn would be lost on him as it crashes to the ground.
You heard the familiar adage about “Give a man fish, you feed him for a day, teach a man to fish…..yadda yadda” Instead I will list a few resources that will make your journey an educational, well informed and hopefully, very profitable one:
Step 1: (estimated time to master:2-3 days of intense reading)
First get an entry level book… you know the type, it breaks stuff down so simply, it is almost insulting…yea that type! Check your library, as although these books are fantastic for the very low level learning, once you master it, you might not refer back to this one too often,
Something like this (not a shill for any author or publisher):
https://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1118117859
Sure, it may be a bit dry and parts will seem numbingly simple but I guarantee you will learn a few new things, enhance your understanding of things you already know and begin building the most solid foundation you can. Like most things in life, the foundation will determine if your future efforts are sound or just primed for unforeseen disaster.
Step 1a: (estimated time to master:1-2 hours to learn, years of pounding it into your head)
Be able to define and clearly understand the concept of “Compound interest/growth.” I cringe at the number of people who fail to fully grasp this concept and the impact it can have your life and on the value of your portfolio. Study this concept like your life depends on it. Embrace it, love it, make it your bitch. This is the one and true monolith that stands taller than all others when it comes to taking a proper long term view of your investments. It is Wonka’s Golden Ticket. Once you think you are a Comp-Int ninja, learn it some more. Never lose sight of the goal and the primary mechanism that is going to get you to the promised land. Oh, and just to make sure you are beating this concept into your head, learn the meaning of “temporal dissonance” and how it relates to so many others failing to properly reach their goals. 30 years from now, you will thank me.
Step 2. (estimated time to master:1-2 weeks with additional web research to clarify questions and concepts)
Get another book or ten. One is good to start and should be directed more towards understanding actual beginner investment in stock markets.
https://www.amazon.com/Beginners-Guide-Investing-Money-Smart/dp/1477463992/ref=pd_sim_14_1?_encoding=UTF8&pd_rd_i=1477463992&pd_rd_r=M1PDAGCEZ704BBNQ6JDR&pd_rd_w=1YX5U&pd_rd_wg=dLc5n&psc=1&refRID=M1PDAGCEZ704BBNQ6JDR
or
https://www.amazon.com/Investing-Online-Dummies-Matt-Krantz/dp/1119228352/ref=sr_1_3?s=books&ie=UTF8&qid=1484793761&sr=1-3&keywords=online+stock+trading+for+dummies
or
https://www.amazon.com/Stock-Investing-Dummies-Paul-Mladjenovic/dp/1119239281/ref=pd_sim_14_6?_encoding=UTF8&pd_rd_i=1119239281&pd_rd_r=BZHS9CJZZWBRA86WN3MP&pd_rd_w=WSFFO&pd_rd_wg=rGrkD&psc=1&refRID=BZHS9CJZZWBRA86WN3MP
or find one YOU like…I am not a damn librarian.
When you are finished with this step you should be rather comfortable with most basic stock investing terms. Words like Equity, ETF, Mutual Funds, Preferred stock, Long, short will become part of your conversations at happy hour, chicks will dig you and guys will want to be like you. (I’m sorry, I just assumed your gender and orientation, please reverse that last phrase if it better suits your lifestyle). You will dream of S&P gains and have nightmares about the words: bear, correction and SEC investigation. In other words, you are now shaping up as a solid investor with years of prosperity in front of you. Alas, you are not there yet grasshopper…
(continued)
One book I highly suggest reading and tabbing (for future reference) is Personal Finance for Dummies by Eric Tyson.
This book is easy to read, and helps you understand important concepts you'll experience in the future such as insurance, retirement planning, and budgeting.
Another thing I recommend is brushing up on your student loans and figuring out the inner workings of them so when you begin to pay them off, you know what to expect. From personal experience, people don't delve deep enough into their loans until they are in the red.
My favorites are:
A couple good books are:
Millionaire Teacher - https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/1119356296/ref=sr_1_1?ie=UTF8&qid=1524493829&sr=8-1&keywords=millionaire+teacher
The Wealthy Barber Returns - https://www.amazon.ca/Wealthy-Barber-Returns-David-Chilton/dp/0968394744/ref=sr_1_2?ie=UTF8&qid=1524493829&sr=8-2&keywords=millionaire+teacher
Online, there is some great investing advice at www.canadiancouchpotato.com and you can even check out r/personalfiancecanada
If you go to
https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/1119356296/ref=sr_1_2?s=books&ie=UTF8&qid=1481859413&sr=1-2
Click on Look Inside, click on Index and then scroll down to the eSeries.
To add to the reading list, I enjoyed reading 'The First National Bank of Dad' teaching kids a safe way to invest, and how to work allowance. In regards to what others have said, just being there and living by example is way more important.
The trouble with a bank account is that the interest is so paltry. An idea I got from The First National Bank of Dad is to act as a bank for your kids and to pay them an exorbitant interest rate (like 5% monthly). Then they have a real incentive to save and can experience the fun of watching money meaningfully grow. You can reduce the interest rate as they get older and start to accumulate adult-like amounts of money.
Unless I remember incorrectly, multiple income streams is a point made in https://www.amazon.com/Early-Retirement-Extreme-Philosophical-Independence/dp/145360121X I vaguely recall something in there mentioning combining income from a job + investments + paid hobby (maybe fixing bikes) + savings account interest... or something which was heavily lopsided haha.
​
As far as I am concerned, nearly everyone seeking early FI is working with multiple sources of income:
​
For other paid activities (really, gambling?... sigh....) I have a dual opinion on them. First off, if you have enough extra time, energy, and motivation to earn income through some other stream then sure you have more income AND it has the really important benefit that even after you quit your day job you can keep doing it if you enjoy it. On the other hand, I value my free time not quite as the following, but it gives you a general idea: http://www.mrmoneymustache.com/2012/10/18/why-your-time-is-worth-way-more-than-25-per-hour/ Now, I do not fully agree with a bit of what MMM writes about, as far as I can tell he is intentionally extreme just to make the point more memorable. However, the general point about time being valuable is something I do agree with. Sure, I could pick up a part-time job, I could learn to write novels and hope to be one of the precious few earning something noticeable, or plenty of other things. None of them are worth the time I would trade doing them I personally think. That being said, I will sometimes go beyond what is reasonable to sometimes cut costs, example walking a very stupidly long distance to-from work instead of just taking the bus, however that is done because it is also fun. A different example is hand washing clothes, absolutely not worth the time put into it, but the realization that I am doing something silly like that is amusing to me...
I recently bought Bachelor Pad Economics: The Financial Advice Bible for Men, what's your thoughts on it? I'm completely new to finance and my goal is to retire before I'm 100 y/o.
Bachelor Pad Economics: The Financial Advice Bible for Men
=
Pretty much everything you need all in one (big, fat, long*) book.
---
* But don't fret about the size, you don't HAVE to read the entire thing all at once, or even all in your youth -- much of the advice it contains is for middle-age & later years (like "estate planning" i.e. how to structure what & how what's left goes to kids, or friends, or whoever after your dead, etc) -- and the author guides you as to what parts you SHOULD read (or focus on) depending on your age & situation (education/career status, marital state, present financial condition, goals, etc).
in the same vein as the Art of War is The Book of Five Rings by Miyamoto Musashi, who is regarded by some historians as the greatest swordsman in the history of Japan.
My advice:
The author of this article is also the author of "the two income trap", which details precisely the problem with transportation, food, and childcare that you mentioned.
I agree, I'd like to see more about disposable income.
Interested readers may want to check out, among other things, a book called The Two Income Trap
When both parents work and have kids to raise, you have additional costs, such as a second reliable car and day care / after school care. These can add up to put a big dent in that second income. Of course, there are variables, if both parents have really good jobs it makes it easier, or if you have a nearby relative to provide day care; but if one goes to work "to help pay the bills" and it is offset by $1,000 a month for day care it doesn't help as much.
Here's the conventional wisdom on what to choose from:
http://www.bogleheads.org/wiki/Prioritizing_investments
>+ Company plan (401k, 403b, etc.) up to the company match
Company match is a free guaranteed return. Usually this is quite generous.
>+ Health Savings Account, if eligible.
This is only if you have a high deductible health plan. That's an official IRS definition and your plan must specifically say it's a qualifying plan. Having high deductibles isn't enough.
>+ Roth IRA or deductible traditional IRA up to maximum contribution limit, depending on personal circumstances and eligibility.
If you think your taxes at retirement will be higher than now (remember that taxes are now at all-time lows) then go with the Roth plan. If you think your taxes at retirement will be lower than now (possible if your current income is high enough that you're a couple tax brackets up) then go with the Traditional IRA.
You can switch back and forth from year to year as circumstances change. It's helpful to have both taxable and non-taxable income available during retirement so one can stay in appropriately low tax brackets.
>+ Company plan up to maximum contribution limit
These are rare, but sure, it might offer some benefits over taxable accounts.
>+ Taxable investing
These are nice because they can be used pre-retirement if necessary. Plan for long-term investing and you can also get decent tax rates.
This is the book with details:
http://www.amazon.com/The-Bogleheads-Guide-Retirement-Planning/dp/0470919019
Boglehead's has a book specifically for retirement planning. This might be a good place to start if they are English speaking. If they are not English speaking, it will be up to you to educate yourself and then educate them. You can't force the knowledge on them, but you need to keep in mind that if they don't have enough money in retirement, they will likely be relying on you to support them. Maybe sitting down and talking to them about your concerns would be a good way to get them concerned as well.
Are you serious? Have none of you been paying attention to Trump and Scott Adams?
Persuasion! Branding techniques, motherfucker! HAVE YOU HEARD OF THEM?
As soon as you say 'libtard', you lost: You are acknowledging them as a "liberal retard."
How the hell are you going to get people to take your side with "libtard?" Now read a goddamn book.
Hey, thanks for the book recommendation! I’m always looking to add to the list, and this one has all sorts of acclaim, so I’m looking forward to it.
On a more somber note, I hope that others who read this thread take note of how charitable and thoughtful you are being - something sorely missing from the current state of American political discourse. You’re setting the right example and it’s a damn shame that it’s become so rare a thing that I felt the need to make a point of it.
This book can best explain how we can see things so differently about Trump
The book that got me started was I Will Teach You to be Rich
It's run like a 6-week personal finance course and is wonderful. Thanks to that book I found Vanguard, understood why passive-investing is investing correctly. Investing is only a small part of the book as it covers banking, loans, credit cards and lots more. However, it's very information dense and easily understandable.
Secure a comfortable source of income, live within your means and you’ll have disposable income you can spend on whatever you want. I always recommend this book to people that are interested in personal finance and budgeting for the future. First few chapters are a great read.
A great read I'm currently on is I will teach you to be rich by Ramit Sethi
https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489
I found a copy of an ebook from my library so you could check out yours too!
The best advice I can think of:
Follow this advice and you will have a secure financial future.
If you like to read I have read a few books that have quickly made me realize that most people do not need a financial adviser.
Here are my top 3:
A simple path to wealth: https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926/ref=sr_1_1?ie=UTF8&qid=1511905350&sr=8-1&keywords=the+simple+path+to+wealth
I will teach you to be Rich: https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489/ref=sr_1_1?s=books&ie=UTF8&qid=1511905370&sr=1-1&keywords=I+will+teach+you+to+be+rich
The little book to common sense investing: https://www.amazon.com/Little-Book-Common-Sense-Investing/dp/1119404509/ref=sr_1_1?s=books&ie=UTF8&qid=1511905385&sr=1-1&keywords=the+little+book+to+common+sense+investing
Hi,
I would suggest that you wait longer. Try to save $40-50K before buying.
My wife & I were apartment dwellers, and we bought a home some 16 years ago. We needed the space. The most important thing for you is to have enough savings to pay at least 20% of the purchase price, plus the closing costs. The next thing is to figure out what that house is going to really cost you. Always consider taxes, HOA (Homeowner's Association) fees, Water, Electricity, Heating & Cooling, etc. Also keep some money aside for unexpected things (a pipe busting in the middle of the night, etc.)
After buying my house, I found myself cash-strapped, and I ended up running up a huge debt, because I didn't consider all of the costs. If I can prevent even one person from getting in the same boat, I would be happy.
I've been out of debt; except for my mortgage, for a few years now, and I'm finally loving it again.
If you can't pay a decent down-payment, or you have a less-then-stellar credit rating, you will get a less favorable interest-rate on your mortgage, a .5% premium on a mortgage can cost you thousands of dollars over the life of the loan.
I wish we had the advise from this book when we got started: http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489/ref=tmm_pap_title_0?ie=UTF8&qid=1398230777&sr=1-1
I wish you the best of luck!
-Howard
Notice how a lot of these are about finances? Learn how to take care of your money now and your 60 year old self will thank you later. I recommend the book I Will Teach You To Be Rich. Also, nothing is more valuable than a good work ethic.
Congratulations on paying off the credit cards!
Since you're just out of school, there's a lot of stuff to learn. I recommend three books: I will teach you to be rich, a "finances for young people" overview, Total Money Makeover which hits the "get out of debt" message hard, and Boglehead's Guide to Investing which has the best investing advice you'll find.
If I were in your position, here's what I'd do:
At this point, you've killed the egregiously high-interest debt. It's worth thinking about whether you need a slightly larger emergency fund. If you're still young, single and dependent-free, then 3 months of expenses is probably good enough. Then it's back to killing off debt - either lowest-balance first, or highest interest rate. Either way, don't let your expenses raise much until all of the debt is gone.
My advice is based on you being together forever and that there is no yours/hers. Whether there is or is not a yours/hers dynamic is up to you, of course, but many committed couples choose this route. My advice pretty much boils down to two things you should do: pay off debt and save for retirement.
The first thing you should do is pay off any high-interest-rate debt. Why is this the first thing you should do? Because a penny saved is a penny earned. A good rule of thumb is to put your money toward whatever option has the highest rate--either earned or paid. In terms of how it ultimately affects how much money you have, paying off high-interest-rate debt is like putting your money in a high-yield investment.
Let's say you have $200,000 to spend (your case). Let's also say you have $50,000 in debt with a high interest rate of 11%. Right now your net worth (assets-debt) is $150,000.
Choice A: If you put it all in the stock market, you'll earn a (inflation-adjusted) yearly average of 8%, which is the historical average. So after one year you'll earn $16,000 (200,000.08), but now you still have to pay interest on your loan of $5500 (50,000.11). So your net worth after one year is 200,000 + 16,000 - 5,500 - 50,000 = $160,500.
Choice B: Pay off your loan and invest the remainder--$150,000--in the stock market. After one year you'll earn $12,000 (150,000*.08). Your net worth after one year in this case is 150,000 + 12,000 = 162,000.
Hopefully that explains why, if you can't beat in the market the interest rate you're paying on your debt, you should just pay your debt. So yes, pay your credit card debt. Pay your student loan debt.
After that, save for retirement!!! Not exactly sure how to do that? Get this book: I Will Teach You To Be Rich. Hyperbolic title aside, it provides sound and concrete advice as to what you should do to save for retirement. As you can see, the reviews on the book are great. Let me know if you have any other questions.
Start learning about managing your finances. I love the book I Will Teach You to Be Rich and wish I had discovered it during college instead of years after. Really bad financial habits can develop in college and loom with you for years afterward.
What it really sounds like is that you need a whole mindset change. I would recommend starting off getting some education (either college or self-taught) and develop confident mindset. You've taken the first step with seeing that you have a issue and asking for help.
There's a few books I can recommend: Think and Grow Rich, I Will Teach you to be Rich, Secrets of the Millionaire Mind.
Even if money isn't your goal, these books help you discover what you should be focusing life on.
Now it's all about doing it.
You mentioned that you're married. My wife & I read Smart Couples Finish Rich when we were first married and found it very helpful. It's a good overview of all the major financial topics for a couple (financial planning, retirement, insurance, buying a home, etc). It doesn't go too deeply into any of them, so it's a pretty easy read. We read that book first then a couple of books that go into more detail on individual topics where we felt we needed more detail.
The Bogleheads' Guide to Investing was one of those other books and it was very helpful when setting up our retirement savings, investing, and planning for the future.
Finally, I found that I Will Teach You Too Be Rich by Ramit Sethi was also very good. It's aimed at people in their 20's & 30's so the style & tone of the book is very different from other finance books. It focuses on money management skills & systems. It also covers topics like negotiation that most other books don't mention very much.
I would take a read through the FAQ
EDIT: Also one of my favorite reads for personal finance is, I Will Teach You To Be Rich
It is on the reading list but I highly recommend I Will Teach You To Be Rich.
It is geared for someone in their 20s although it can be applied at any age. It's broken down into six weeks where he goes over your credit and banking accounts and then guides you into starting an investment account and setting up a budget. An updated edition of this book is coming out in May but the advice in the book is still sound and relevant.
Edit: Found one more book on that list that seems perfect. Get a Financial Life: Personal Finance in Your Twenties and Thirties.
I also really liked Suze Orman's The Money Book for the Young, Fabulous & Broke but it came out in 2005 so some of the content is outdated. This is one of the few books I have seen that really targets the issues young people face with money.
I could recommend this book to teach you to manage money. Especially retirement at an early age. You could get it free though in pdf or audio.
http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489
There's a common saying that if you read 3 books on a topic, you will know more about it than ~ 99% of people. I recommend starting with I Will Teach You To Be Rich by Ramit Sethi. Despite its corny name, this is a fantastic intro to personal finance for beginners. A more advanced and in-depth book would be something like Wealth by Virtue which I plan to read soon because people have been singing praises about this book. There's a million books out there about stuff like this and if you just read a few, you will be lightyears ahead of everyone else.
I think I will Teach You to be Rich by Ramit Sethi is written for the older teens/younger twenties crowd. He's a little nerdy but funny and gives solid advice. I buy it for all my younger cousins when they have asked me for personal finance advice and they've all liked it.
https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489/ref=sr_1_1?ie=UTF8&qid=1521661332&sr=8-1&keywords=i+will+teach+you+to+be+rich
Solid list. Far & away best book I've read is: I Will Teach You To Be Rich by Ramit Sethi I'm 25 & this is perfect for recent grads or anyone needing a personal financial plan.
I've read about half of these. Pretty dry reading. I would recommend the following:
The Wealthy Barber
I Will Teach You to be Rich
Bogleheads' Guide to Investing
All About Asset Allocation
The basic point of all of the books above and in the article is that you aren't going to beat the pros in investing, in fact the pros can't even keep up the same record from year to year. Index funds are the way to go. Other books above go over what the asset allocation looks like and also goes over insurance and other things to make your finances sound.
As an aside, I never could stick with a budget until using the software YNAB and now that I'm doing a monthly budget I am seeing massive benefits.
I like I Will Teach You To Be Rich as it's a bit more "fun" to read.
Definitely geared towards young professionals.
Never help someone more than they are willing to help themselves. Since he likes to read, give him a good book to read. One that sounds gimicky like he's used to but that actually gives good advice on saving and investing through out your life instead of get rich quick.
Example: I will teach you to be rich
Been there and it's actually fairly depressing / draining. I had about 3 - 4 hours of work per day, but needed to be there for 8 hours. Here is how to get the most out of the situation:
1: Learn about automation. I'm certain that AutoHotKey for Windows can replace 20% of all office workers in the US. You have 4 hours a day to get great at it. Do so, and make the 4 hours you used to spend on actual work take 2 hours. It'll come in handy later.
2: Perfect your finance automation, since credit card sites and such don't LOOK like screwing around, you likely won't have any trouble. Get auto deposit set up, figure out your benefits and maximize them. 401k match? Automatically max it. Direct deposit, auto-pay on your credit cards, etc. Reduce the number of things you ever have to worry about again. Ramit Sethi's book will walk you through this shit and costs like $10.
3: Now you have even more free time at work, and you SHOULD be increasing your nest egg because once everything is automated it's really hard to fuck it up. You've now got 6 hours a day to explore new jobs, learn new skills, start a side business, or research something until you're an expert.
OK, so not everyone wants to do step 3. If you aren't over-supervised, you can plan vacations, your meals and groceries, activities for after work, etc.
I highly recommend Ramit Sethi's I Will Teach You to be Rich. Just prioritize saving what you decide you need first, blow the rest on whatever makes you happy.
Ramit Sethi's I Will Teach You To Be Rich is a good introduction to money for folks in their early 20s. I think he suggests putting the money in no-load index funds.
His blog of the same name is a fun read. Ramit also posts on reddit from time-to-time.
Ramit: I used your referral for that Amazon link. I expect a commission. ;)
So first I will soapbox then tell you what I do personally. Hah, apparently this is a 10k+ essay so will split in 2.
Step 1: Pay yourself first. If you are "budgeting" for savings but end up at the end of the month with no savings you are NOT really saving. Pick your savings vehicle and set up direct deposit. Schedule so that the day your paycheck is cashed you have $500 automatically withdrawn from your account that same day to be applied to your investment directly. For you something like: Vanguard Target Retirement 2060 Fund (VTTSX).
https://investor.vanguard.com/mutual-funds/target-retirement/#/mini/overview/1691
MER of 0.18%
So go to the library and borrow and read "The wealthy barber"
http://www.amazon.ca/The-Wealthy-Barber-Successful-Financial/dp/0773762167
In the same vein read: The Richest Man in Babylon. True when written in 1926 and still true now.
http://www.ccsales.com/the_richest_man_in_babylon.pdf
Audio version:
https://www.youtube.com/watch?v=TRomaM-yxYs
Step 2: Take a long, hard look at why you spend. You are trying to fill a hole thinking spending will make you happy. You are realizing that it does not. What is new and shiny now will have a new version come along in 6 months. What makes you happy? Quality time with friends and family? Experiences? Leaning new things? Looking at the end of the year at your IRA/401k balance. Looking at your house down payment savings account? Make a list of the times you were the happiest you have felt in the last year then go to step 3.
Step 3: After determining what makes you happy start saving and budgeting towards that goal. Steam has a 75% sale on YNAB right now.
http://store.steampowered.com/app/227320/
Buy it, use it. Determine what you need to LIVE, then allocate the surplus. The Richest Man in Babylon says live on 70%, pay down debt with 20%, invest 10%. I propose it is income dependent. As a single guy I think you should be able to live well on a salary of $45k/yr and save/invest the rest.
Now you don't have to be like John Wesley (http://www.missionfrontiers.org/issue/article/what-wesley-practiced-and-preached-about-money) but look at what made him happy. Giving to the poor. He lived on 28 pounds a year and "saved" the rest to apply to what was his number one mission in life.
"1731 Wesley began to limit his expenses so that he would have more money to give to the poor. He records that one year his income was 30 pounds and his living expenses 28 pounds, so he had 2 pounds to give away. The next year his income doubled, but he still managed to live on 28 pounds, so he had 32 pounds to give to the poor. In the third year, his income jumped to 90 pounds. One year his income was a little over 1400 pounds. He lived on 30 pounds and gave away nearly 1400 pounds. When he died in 1791, the only money mentioned in his will was the miscellaneous coins to be found in his pockets and dresser drawers. Most of the 30,000 pounds he had earned in his lifetime he had given away."
As income rises let your quality of life rise a proportion of the increase but let your savings/investing take the majority of the increase.
Step 4: Seriously consider volunteering at something. Can be as little as 1-2 hours per week. Pick a mission or organization that has deep personal meaning for yourself. Animal shelter. Big brother/sister. Help underprivileged kids read at your local library. Absolutely ANYTHING but pick SOMETHING. Do this for weekly for 6 months and if you do not feel rewarded and that you wasted your time over the last 6 months PM me with the phone number of your supervisor/most responsible person at the place you volunteered so I can confirm you were actually there regularly for 6 months and I will send you $100 (I'm in Canada so would have to figure out how to send you a amazon gift card or something). Requirement is you going 6 months weekly for a minimum of 1hr.
1 - you will meet amazing co-volunteers.
2 - you will see how blessed you are. Instead of comparing yourself to the Johnses at the country club you will compare yourself to the people you meet at your volunteer gig. I will pretty much guarantee that at the end of 6 months you will find other things to do with your $400/month country club membership.
You make $1450 a month and you are trying to buy a 2008-2010 gti? Fucking stupid. Go buy a reliable used car for $3000 and be on your way. Start thinking about buying new cars when you make more than minimum wage.
edit: You make less then minimum wage. You need to read a finance book or two. I recommend this one for you to start. Next one will get you up to speed.
Strongly recommend reading this book. Once you read this book, you will be a pro in no time.
https://www.amazon.ca/dp/1119356296/ref=pd_lpo_sbs_dp_ss_1?pf_rd_p=1977604502&pf_rd_s=lpo-top-stripe&pf_rd_t=201&pf_rd_i=0470830069&pf_rd_m=A3DWYIK6Y9EEQB&pf_rd_r=WK7QVJ88W5YR9FP4Z1M2
> the first book contains some obsolete information.
Millionaire Teacher was just updated for 2017: https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/1119356296
This book covers this topic along these lines but in much more detail:
https://www.amazon.com/First-National-Bank-Dad-Foolproof/dp/1416534253/
I've found it to be super useful. The part about paying kids way higher interest because of their time horizon and inexperience is especially important for my kids.
I will probably do 5% a month as long their accounts are not very large.
I got most of these ideas from The First Bank of Dad. The match is from Dave Ramsey.
late to the game, but i highly recommend "The First National Bank of Dad" by David Owen
Key Points
There are a lot of great pieces of wisdom in this book. Based on it, i have set allowance at $1.75 per week for 5 yr old and $2.75 for my 9 year old, increasing by a quarter each year. So far, my daughter has saved up $200... which has made me put a cap on interest payments.
https://www.amazon.com/Your-Money-Life-Transforming-Relationship/dp/0143115766
https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926
https://www.amazon.com/Early-Retirement-Extreme-Philosophical-Independence/dp/145360121X
https://www.amazon.com/Early-Retirement-Extreme-Philosophical-Independence/dp/145360121X
Thank you! I thought the father of FIRE was Jacob Lund Fisker? ( https://www.amazon.com/dp/145360121X )
Early Retirement Extreme (check the side bar). He's known in the FIRE community for his blog and book, and (in?)famous for his post How I live on $7,000 per year.
Not OP, but I am assuming he is referring to Jacob Fisker's book.
I'm actually reading it now and have about 30 pages left. In general, I love a lot of the principles in the book. To many, the cost savings measures might seem too extreme as Fisker is definitely on the lean lean side of FIRE. That being said, I think he makes great arguments for just about every topic he touches on, I'm not sure I'd be so receptive to the ideas in the book if I had started my FI journey with it though.
MMM forums. Here.
But honestly as someone else pointed out, once you have the plan, the basics down, there isn't much to say.
I spend too much time on this 'stuff' when you could easily write out all you need to know on the back of an envelope.
I enjoyed ERE's book, https://www.amazon.com/Early-Retirement-Extreme-Philosophical-Independence/dp/145360121X/
Read this: http://www.amazon.com/Early-Retirement-Extreme-philosophical-independence/dp/145360121X/ref=sr_1_1?ie=UTF8&s=books&qid=1289602142&sr=8-1
Really. Seriously. Read it.
Its from a book called Bachelor Pad Economics by Aaron Clarey (the one who is on the front page currently). The quote is a bit out of context, so here is an excerpt of the relevant section:
http://www.2shared.com/document/BUbJMvYy/
I think what Clarey is trying to say is the better you get, the harder your search is to find an equal or somebody you want to spend your time with. It's not necessarily an either or game either. You can focus on the pursuit of excellence and later if you want a family, focus on that.
Unfortunately he's also an author.
http://www.amazon.com/Bachelor-Pad-Economics-Financial-Advice/dp/1494463180/ref=pd_sim_b_2?ie=UTF8&refRID=1VC5EZQW2N1WSNRBP1J0
I am reading I Will Teach You to Be Rich by Ramit Sethi
I’ve read this book a couple of times and it covers everything you’re asking!
I will teach you to be rich.
How about this? I see that you like books and have heard that it's a great read.
But that's just the backdrop, the afterthought. It's the same perception thing the denial phase can conjure up, where you get hung up thinking about how long you'll be without...this stuff that will kill you.
Not to over-run your frontal lobes, but when the dust settles a little bit more (not a bad thing), and you can exhale...;-), start and stay with: a one-year plan. Where do you want to be, job-wise? Relationship-wise? Friendship-wise?, Happiness-wise?", etc. Then, work out how you wil accomplish these improvements to your life. Plans can be trimmed, expanded, changed all around, but if you don't have a plan, you're just letting life come at you blind. You're popping the clutch and burning out on stuff that's not worth it.
So take a little time with that one, then you're ready for your five-year. Same deal.
Tomorrow is just a promise.
Yesterday is a cancelled check.
There is only the NOW.
Try to live in the now, without judgement.
----------------------------------------------------------------------
Eyes on the Sensei,
Miyamoto Musashi
His words light The Way.
__
A Haiku for you, soberingthought. Which is such* a good u/n, I may steal it for the book. Kidding.
Miyamoto Musashi wrote an awesome book - "A Book of Five Rings"
He was Samurai. One of his observations, which I think of often, is, "A man defending his eyes is not really fighting".
Faced with a foe known for his skill with an eight-foot pole, Musashi practiced with, and eventually fought with a ten-foot pole, giving him both a practical, tactical edge, but a psychological edge as well. He won. You can check it out here.
Stay in the now, keep your eyes on the prize, and, ah, on the woman front, when you're kissing the rosebud, did you ever try mild suction and humming? Five stars. As someone with two marriages and a half-handful of live-in deals, along with 40-50 other partners along the way...I can't believe I never tried it before. And don't stop just because she thinks she wants you to. First request, anyway. ^^heheheh
Peace out
These aren't free but definitely worth the read.
Musashi - Eiji Yoshikawa
The Book of Five Rings - Miyamoto Musashi
Your deviant art has some pretty cool stuff!
Sorry, it is "The Book of Five Rings" It is written by a 17th century swordsman and is philosophical and educational about sword play in his time period.
It is actually a pretty popular book for Japanese business men. It is like Art of War, there are a lot of philosophies that you can translate to the corporate world.
Bachelor Pad Economics. Worth the minimal cost to get. It as an absolutely red pill way to look after your finances. Discusses the recommended case of not getting married, but also discusses how to handle your finances if you decide to do so. I read it and highly recommend it.
Military sounds good - I for one am a 2D artist and that fulfills all my needs. Of course, to each his own and you'll have to find yours. Some men love fishing, travelling the country etc. But I've found that the most meaningful things are creative: writing, music, building stuff, public speaking even making Youtube videos.
Also check out Aaron Clarey - https://www.youtube.com/user/AaronClarey/videos and https://www.amazon.com/Bachelor-Pad-Economics-Aaron-Clarey-ebook/dp/B00HMQZREO To me at least he's been an amazing influence. Good luck!
Used copies are available for about $12.
You also can 'preview' read much of the book using the "look inside this book" feature on Amazon.
read this book:
http://www.amazon.com/Debt-Free-Outstanding-Education-Scholarships-Mooching/dp/1591842980
also, consider trades or technical schooling. it's often cheaper and results in a better-paying job than a 4-year degree. for example, here in the states you can learn to be a diesel mechanic in 6-12 months, for a fraction of the cost of a bachelor's degree, and easily earn $40-60k to start.
/u/tuckermalc and /u/pizzzahero both have great comments. I'll add a bit. Go to /r/stoicism, read [William Irvine's book] (http://www.amazon.com/gp/product/0195374614?keywords=william%20irvine&qid=1456992251&ref_=sr_1_1&sr=8-1), then read [Epictetus's Enchiridion] (http://www.amazon.com/Enchiridion-Dover-Thrift-Editions-Epictetus/dp/0486433595/ref=sr_1_1?ie=UTF8&qid=1456992275&sr=8-1&keywords=enchiridion). follow their guidelines. Also check out /r/theXeffect. The most important thing is controlling your habits. If you're in the habit of eating healthy, getting enough sleep, going to the gym, etc. then you're set.
Now for stuff that's harder to do. Go see a therapist. Or a psychiatrist. Try to find a [therapist who can do EMDR] (http://www.emdr.com/find-a-clinician/) with you, it's a very effective technique (I saw a clinician who uses EMDR for two years, and it changed my life-- and, importantly, it's supported by strong scientific evidence, it's not quackery stuff like homeopathy or acupuncture). If you decide to go to a psychiatrist, tell them you don't want SSRIs. Look at other drugs: Wellbutrin, tricyclics, SNRIs, etc (check out selegiline in patch form, called EMSAM, as well). Seriously, go see a professional and talk to them. I have no doubt that you're wrestling with mental illness. I have been there. For me, it just felt normal. I didn't understand that other people didn't feel like I did...so it took me a long time to go get help. But it's so important to just start working through these things and getting support. That's really the most important thing you can do. It will make your life so much better. If you aren't able to get to a therapist, do Cognitive-Behavioral Therapy (CBT) on yourself! [This is a brilliant program] (https://moodgym.anu.edu.au) that's widely respected. Do it over and over. Also read [Feeling Good by David Burns] (http://www.amazon.com/Feeling-Good-New-Mood-Therapy/dp/0380810336/ref=sr_1_1?ie=UTF8&qid=1456992639&sr=8-1&keywords=feeling+good+david+burns). It's a book on CBT, and can help you get started. There are lots of other resources out there, but you have to begin by realizing that something is wrong.
Finally, I'll talk about college. Don't try to go to fricking Harvard or MIT. You won't get in, and those aren't even the right schools for you. There are many excellent schools out there that aren't the super super famous Ivies. Look at reputable state schools, like UMich, UMinnesota, the UC system, etc. get ["Colleges that Change Lives"] (http://www.amazon.com/gp/product/0143122304?keywords=colleges%20that%20change%20lives&qid=1456992746&ref_=sr_1_1&sr=8-1), the [Fiske Guide to Colleges] (http://www.amazon.com/Fiske-Guide-Colleges-2016-Edward/dp/1402260660/ref=sr_1_1?ie=UTF8&qid=1456992768&sr=8-1&keywords=fiske+guide), and [Debt-Free U] (http://www.amazon.com/Debt-Free-Outstanding-Education-Scholarships-Mooching/dp/1591842980/ref=pd_sim_14_15?ie=UTF8&dpID=515MwKBIpzL&dpSrc=sims&preST=_AC_UL160_SR104%2C160_&refRID=1VC3C23RJP6ZMXGG5QBA). One thing I realized after college was that I would've been happy at any of the school I looked at. People are fed such a line of BS about school, like you have to go to the top Ivies or something. No way. Find a good place at which you can function, learn as much as possible, and have a good social life. Like another person said, also look at going to a community college for a year and then transferring-- my relative did this and ended up at Harvard for grad school in the end.
Well, first, again I'm not a CFA and these are just recommendations you'll have to consider and figure out if the risk is acceptable to you. I'm not liable for any financial decisions you make.
With that being said, you should be researching every means of investment opportunities available: rental properties, careful long-term stock investments, potentially starting a business (different than a sole proprietorship or being unemployed—the business, once set up, should effectively run itself). If you want to start simple, you could do a mall pop-up store or a local service of some sort and employ high-schoolers.
But if that's not for you, 7% is the approximate amount you can expect from sticking your money in an index fund and letting it sit there, so that's what you're looking to beat with other investments. If you can get a 10% or 15% return from an apartment rental, for instance, then that's a better place to stick your money.
But at the very least you want to be getting some return on your money so long as it beats inflation. Putting it in well-performing index funds or exchange traded funds to get a 6-7% return is a good start. I'm pretty bullish of self-driving cars being huge after 2020, so Tesla and other manufacturers of self-driving cars might be a good bet.
If you want to get really crazy you can invest in buying stuff like the crypto-currency Etherium (Reddit.com/etherium) as that seems to be taking off. It took me a while to realize that a crypto-currently like Etherium (ETH) or Bitcoin (BTC) are not "funds" like on a stock market but are the actual product, like an actual bar of gold, that you're buying and holding on to ... it just happens to be stored on your computer in a digital wallet instead of a safe.
I've also heard of people making lucrative over-seas trades on Japanese or other foreign stock exchanges because of the time zone difference from the US, but I have no idea how that works.
Anyway, two good books to start with are
Rich Dad's Guide to Financial Freedom https://www.amazon.com/dp/1612680054/ref=cm_sw_r_cp_api_rs2nzb2S9WABC
And
How to Make Money in Stocks: A Winning System in Good Times and Bad, Fourth Edition (Personal Finance & Investment) https://www.amazon.com/dp/0071614133/ref=cm_sw_r_cp_api_xL2nzbJRN9YA5
> Driving to houses to teach piano has felt kind of flat. I have a lot of students and I make money from them but I can only increase my rates so much.
Bear with me: My wife is a hairdresser. She used to drive to people's houses to cut hair, so we have been through something similar. No more.
Step 1: Make people come to you. That could mean a garage/shed conversion into a studio, or setting aside a room in your house.
Step 2: Price. This is the hardest part, but put your rates up once you have premises. Think about this:
So from the tone of your post, I'm probably hearing you right now saying "but we've thought about a home piano studio but we can't do it because ... we're renting/we can't afford it/we don't have space/we live in a bad area". So, I refer you to what you said here:
> looking for a next step in my career.
Premises. Home preferably because its cheap. Get planning permission if necessary to run a home business, and get insurance. "Build it and they will come."
> I only have a bachelors degree in music and five years experience teaching piano.
That's heaps. Also a degree doesn't prepare you for being in business. Qualifications don't teach customer acquisition, or treating your clients in a way that is respectful and wants them to re-enroll.
> Should I look into jobs with companies like Hal Leonard or Penders music or music and arts?
No. If you want to swap time for money then go ahead. I suggest swap your brain for money. Or, work with them for a 6-12 months (tell them you're in it for the long haul). See what they're doing wrong and branch out. With an exterior premises you'll be able to employ others after a year or two (e.g. music students with Grade 5 or above to teach kids).
If you can afford to drive, and waste all the time that entails (time is money), and come home tired, you can afford to rent. Use a reasonable quality digital piano (Roland, Kawai) because they're light and easy to move around. Rent one if you can't afford to buy - it's a tax deduction.
My "day job" is a financial planner. So if you need help getting serious, then I'll do some figures with you on reddit. I'm in Australia, so I can't help you with specific tax codes in your particular country, but I can help with financial strategy for what you're doing.
Also - buy this book: "Cash flow quadrant" by Robert Kiyosaki.
Start Your Own Business, Fifth Edition: The Only Start-Up Book You'll Ever Need
I recommend reading this book: http://www.amazon.com/Debt-Free-Outstanding-Education-Scholarships-Mooching/dp/1591842980 He makes a lot of really good points about choosing and paying for university! Also a very quick read.
Don't judge it by the cover.
Amazon also sells startup businesses for $25
when i started my business i wrote a few professors at stanford, harvard and penn state and i was informed to read this book: http://www.amazon.com/Start-Your-Business-Fifth-Edition/dp/1599183870
People have recommended "Start Your Own Business, Fifth Edition: The Only Start-Up Book You'll Ever Need". I've never read it, anyone know if it's any good?
http://www.amazon.com/Start-Your-Business-Fifth-Edition/dp/1599183870/ref=sr_1_2?ie=UTF8&qid=1370970468&sr=8-2&keywords=how+to+start+a+business
http://www.amazon.com/Start-Your-Business-Fifth-Edition/dp/1599183870/ref=reg_hu-rd_add_1_dp
What the heck is a pecksniffian?!?
Investing in your education, given that you study something that will help you get a job, has one of the best returns on investment (ROI) that you can find anywhere. That said, going into debt for an education is a Really Bad Idea. Do you really want to start life after college, looking for a job with $60,000 of debt hanging over your head? Instead, consider going this route. Attend your local community college (junior college) for two years while living at home. Most community colleges have automatic transfer agreements with your state universities. After two years transfer to the state university. If it's close enough, stay living at home. During this entire time, work a full-time job at $10/$12 an hour and pay for your education as you go along. It is doable. If you insist on going into debt so you can go to college and live in a dorm, you just went into debt for the college party experience, not for an education. If that's what you want to do, at least don't lie to yourself that you're going into debt for an education. You're going into debt so you can party.
The education that you receive from a community college or from your local state university will be the same quality as a more expensive university. Effectively, it will not affect your ability to get a job and earn money with your degree.
Consider reading the book Debt Free U: How I Paid for An Outstanding College Education Without Loans, Scholarships, or Mooching Off My Parents by Zac Bissonnette.
Here you go.
Read this. Don't go into student loan debt.
Debt Free U
> https://www.amazon.com/dp/B06X1DWK4Q/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1
In a triple redundant EMC drive array in Iowa.
The book is called Debt-Free U: How I Paid for an Outstanding College Education Without Loans, Scholarships, or Mooching off My Parents.
http://www.amazon.com/Debt-Free-Outstanding-Education-Scholarships-Mooching/dp/1591842980
In his book Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! Robert Kiyosaki says something like, "Tax law punishes those who earn their income as employees while rewarding those who earn income as investors."
If you haven't yet, visit:
Captain Capitalism
He's the pretty much THE financial authority in the manosphere, he even consults as a business if you ever need advice.
"Bachelor Pad Economics" by Aaron Clarey (Captain Capitalism) is a great book written for men (not women) of all ages about finances in the realities of our evolving economy. I just started reading it a few days ago, but it's specifically written from a red-pill perspective.
Regarding financial stuff, this is very good:
http://www.amazon.com/Voyaging-Small-Income-2nd-Edition/dp/1888671378
JL Collins is great, I for one highly agree with his position on real estate.
OP might also enjoy Graeme Falco's book. Graeme is Canadian and a frequent contributor over at /r/financialindependence. I have yet to read it, but I have hear much good about it.
https://www.amazon.ca/Building-Wealth-Being-Happy-Independence-ebook/dp/B01MXRXM1A
Often non profits help the world. I read social startup success and https://www.amazon.com/Start-Your-Own-Business-Fifth/dp/1599183870/ref=mp_s_a_1_1?ie=UTF8&qid=1540837976&sr=8-1&pi=AC_SX236_SY340_QL65&keywords=how+to+start+your+business+the+only+book&dpPl=1&dpID=51gHiS5TjtL&ref=plSrch
Pick a niche you want to change in the world. If you're into doing this we can learn better together. Msg me
I know I wrote this before, but I want to drive this point in: Read the book The Richest Man in Babylon. The take away from this book is how to have a broader mind on stressful financial situations and techniques on very common problems.
But on the stressful worries of absolution, you should read both Rich Dad, Poor Dad and Think and Grow Rich. These go more into the emotional intelligence of financial woes as well as some techniques on dealing. Be careful of book 3 though. It's very strong and has dark advice also.
You've contrived an absolutist situation that for some reason you believe to be true. I can't convince you out of this, even though the truth of the matter is that there are situations that have leeway. Rent is one of them. The 2nd and 3rd books go into detail about this.
I feel that you've mentally trapped yourself in a set of "what ifs." These are self worries that disable us. The 1st book explains this well. The 2nd just drives is why, and the 3rd is more what you should do while doing that.
Simply put, you're creating rules to restrict yourself. I get everyone wants to have a high standard on stuff, but those ideals of fronting detract from actual progress.
Some people say education is the best long-term investment.
So continue to learn about finance, living frugally, and really concentrating on your education until you can start developing a portfolio of assets. This is knowledge that will make you a lot of money summed over your lifetime. I waited until I was 24 before I started reading up on saving/investing/financial planning/FIRE. I wish I'd learned it all when I was your age (see Investopedia). I'd have focused much more on collecting income-earning assets and experiences, rather than wasting all my money on short-lived liabilities (like new cars or games I didn't really need).
Literally the most important thing to an investment is time. The earlier you start, the better, due to compound interest. As a rule of thumb, very low risk investments should probably be earning you 2%-5% interest per year (e.g. loans and government bonds, introductory savings offers) and riskier investments (e.g. stock market exchange traded funds) should be returning 7% - 8% per annum averaged over 5-10 years. Company-matched pension contributions are amazing, and make you thousands per year. These should be maxed out if you ever get the option. And then you avoid expensive debt (credit cards, payday loans) like the plague. Anything earning less than 2% AER makes you a few euros a year and is essentially pointless.
There's a book called Rich Dad, Poor Dad. The gist of it is that rich people are taught to build assets over their early working life. The first one is education. Then you could be writing a book, getting constant royalties from it forever (did this). Or you could make an online course (doing this), host an online service, get a lodger (doing this), rent your parking space, or rent out property or storage space. Then you can stop trading your time for income (because your time is always finite and so your earnings will always be linked to how much time you forfeit). Instead, rich-thinking people build a portfolio of assets that make them money. There's another book called The Marshmallow Test, which essentially discusses that smart people tend to be able to delay their own gratification in order to be richer in the future (although a bit of an oversimplification). Anyone can retire early and live out their hobbies; they just need to start saving and investing early and diligently.
It also really helps to really learn how to deal with windfalls of money that you weren't expecting. Most people tend to splurge on unnecessary things, then it becomes a habit. To start, here is the UK Personal Finance flowchart. I'm not sure if there is one for Germany.
I too came from a home situation where finances were very tight but I married (30 years ago) a beautiful young woman from a wealthy family. However, she was never taught how to handle money either.
I found the book Rich Dad, Poor Dad to be helpful and check out /r/financialindependence as someone else already suggested. My wife and I and our family made out quite well despite having to figure it all out on our own.
Good luck!
Banks and advisers from organizations like WFG are essentially just sales people for products. They aren't going to help you manage your money. Luckily, there's a wealth of information out there to help you do this, mostly for free. You will be surprised to learn that managing your money really comes down to very basic principles that can be hard to stay committed to.
Try checking out some of these great subs:
r/ynab
r/personalfinance
r/startups
r/entrepreneur
Also, you can check out these books. They sound gimmicky but they really do have good information about managing your money:
Rich Dad, Poor Dad
The Millionaire Next Door
If you're looking to hire someone, as others have pointed out look for a Certified Financial Planner, not an adviser.
Curioso, acabei de o ler há umas duas semanas :P
Para além das sugestões dadas, sugiro também que leias a "continuação" do Rich Dad Poor Dad, o CASHFLOW Quadrant. Estou a lê-lo atualmente e se gostaste do RDPD, também vais gostar.
Um livro que eu também vou ler em breve é o A Random Walk Down Wall Street. Já o comprei, já vi muita gente referir-se a ele como obrigatório para qualquer pessoa que pretenda investir na bolsa.
O conceito de fundos e de acções aplica-se em Portugal tal como em qualquer outro país. E mesmo que não se aplicasse ou os aches demasiado instáveis por cá, nada te impede de investires na bolsa ou em fundos de outros países. O PSI 20 seguiu sempre as tendências do Dow Jones nos últimos 25 anos, de acordo com este gráfico, à exceção dos últimos 5 anos. Muito provavelmente por causa da austeridade / instabilidade nos bancos, diria eu. Mas a economia funciona de igual forma em qualquer lado, a tendência é sempre subir. Pode é demorar mais nalguns casos.
Só por curiosidade, começaste-te a interessar pelo tópico por alguma razão ou com algum objetivo em específico? Podes também procurar blogs de pessoas que tenham objetivos semelhantes, ou que já os tenham inclusive atingido. Costumam ser leituras bastante interessantes. Posso-te sugerir alguns se o teu objetivo for atingir independência financeira o mais rapido possível :P
Sure! So I assume your interest lies in getting more money. Whether that means saving more money, maximizing the value of your money, having more money for retirement, or you just want more money in general (Ferraris ain't cheap amirite?)
Anyways, most classes like this one will give you a classic look at finances taken from a fairly middle class view. By and hold some mutual funds, work your way up into job security, etc. If you want to do that kind of thing then simply work out a budget, save money when you can, and invest in some index fund-syle mutual funds. But for me, that isn't enough. I prefer to work towards financial freedom rather than security.
Step 1: Mindset (books in order)
Those 3 books are great starters. You'll start thinking differently about money, and in turn your actions will start to change as well. They will also introduce you to ideas about making your money work for you. So then the question is, how do you want your money to work for you?
There are several avenues to investigate. I personally trade stocks. The redditers in the personal finance section seem to push people towards investing rather than trading, and indeed you can make some conservative gains that way. But again, I want my money working aggressively for me. Anyways, read those first few books and see what you think. From there, if you are interested in good stock trading books let me know.
Again you are at a great time in your life to start doing this. I'm assuming you have at least 40 odd years until retirement, may as well see what you're capable of!
http://www.amazon.com/Rich-Dads-CASHFLOW-Quadrant-Financial/dp/1612680054 helps too
Yea it is. When I was married, my wife didn't work. She, the two kids and I were just fine on my income (even though it was a fraction of what I make now).
Hell, now I'm divorced, she still doesn't work and seems to be just fine on almost half my income.
Then, some economists say the whole two income thing is a trap
Two words: Index funds
Vanguard is the leader in providing reputable index funds with outrageously low fees. A lot of mutual funds will charge an expense ratio of 0.5% to 2%, which doesn't sound like a lot, but adds up big time in the long run. Vanguard's index fund expense ratios can be as low as 0.05% Considering that the bulk of managed mutual funds don't regularly beat the market, the index fund seems like the best bet for the everyday investor.
Set up an IRA, or an employee sponsored 401k, and begin putting in an affordable amount every month (dollar-cost averaging). Don't worry if the market is up or down, it all balances out in the end (timing the market is impossible for the average investor, and in the long run doesn't matter much anyways). Read up on bogleheads, check out r/investing, don't try to time the market, and remember that dollar-cost averaging is your friend.
Buy this book: http://www.amazon.com/The-Bogleheads-Guide-Retirement-Planning/dp/0470919019
http://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/1118921283
Then
http://www.amazon.com/Bogleheads-Guide-Retirement-Planning/dp/0470919019
Before paying someone, spend some time poking around on here. They also have a couple helpful books that sum everything up in layman's terms.
Don't pay off the house! The way inflation is going it is much better to pay your mortgage with future watered down dollars and you get to write off the interest in the mean time.
Go here http://www.bogleheads.org/forum/viewforum.php?f=1&sid=e7eb3112918c466c56250d9de7993c31 and they will help you figure it out.
2% is criminal unless you are about to retire you could get 5% in bonds and be completely safe. I made 24% last year just buying the market and my Fiance's finance guy got her 12% (due to fees). Paying people for financial management seems like a waste to me when you can educate yourself a bit and not pay fees.
Main things to understand are diversifiable risk, expenses ratio, stock/bond ratio, asset allocation, rebalancing, tax loss harvesting, and tax efficiency. If you knew about these things last year you would have made 24% instead of 2% because all I did was buy the market and add a little extra exposure to small and foreign companies.
This book might help http://www.amazon.com/Bogleheads-Guide-Retirement-Planning/dp/0470919019/ref=sr_1_2?s=books&ie=UTF8&qid=1302800416&sr=1-2
Wrong. Facts don't matter for persuasion.
You're simply unaware of how the human mind works. Every cognitive scientist understands the phenomenon I'm describing.
Not sure how closely people here follow him, but Scott Adams (the creator of Dilbert) writes at length on this subject and is beloved by Trumpsters for it. His most recent book (which is literally subtitled Persuasion in a World Where Facts Don't Matter ) has already become a sort of secondary bible to the crowd who thinks that subverting, manipulating, and denying reality are skills to be celebrated.
I think the problem is that Amazon is only giving me html style aff links. I need the simple ones that look like this: https://www.amazon.com/Win-Bigly-Persuasion-World-Matter/dp/0735219710/tiborthechechen
It's this gormless drivel about ["persuasive masterminds"] (https://www.amazon.com/Win-Bigly-Persuasion-World-Matter/dp/0735219710/ref=asap_bc?ie=UTF8)
I think there's a direct correlation to lower IQ and degrading quality of debates. Trump is suggestive proof of this. I think [Scott Adams] (https://www.amazon.com/Win-Bigly-Persuasion-World-Matter/dp/0735219710) explained it best.
This depends on whether you prefer the approach of Scott Adams or that of Jordan Peterson. Scott is an unapologetic sophist, where as Peterson believes in always telling the truth, even if he is wrong about a few things.
>have the monsters meet in the middle
You really oughta read that book I linked. Evopsych, not Scott's. His answers on the subject of libertarianism are actually different and more complex than the ones I gave you, but that will be half the fun.
I think this book would be invaluable
https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489/ref=sr_1_1?s=books&ie=UTF8&qid=1485217701&sr=1-1&keywords=i+will+teach+you+to+be+rich
And the guys web site
http://www.iwillteachyoutoberich.com
And this
https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds
And this
https://www.khanacademy.org/economics-finance-domain/core-finance
If you master this information at your age you will have compiled the basics that many people twice your age have no working knowledge of. I buy a copy of I will teach you to be rich for every 18 year old kid any of my friends have.
I would strongly recommend picking up a copy of this book. There's a lot of good advice in it for someone in your current situation.
Thank you. I highly recommend reading "I Will Teach You to be Rich" for any young college student. Although the title is a bit optimistic, this book contains some of the best advice on the basics of personal finance that I've seen.
I recommend I Will Teach You to be Rich. It helped me learn to prioritize my finances and helped me understand the whys. Plus, it's an entertaining read.
Ramit Sethi's going to find this thread and mercilessly mock the bad suggestions.
I'd check out his book and use that as a guide.
I suggest looking up a book by Ramit called "I Will Teach You To Be Rich". Apart from invaluable finance stuff, there are negotiation scripts you can use on various companies to lower monthly payments, waive fees, etc. Seriously this book is gold.
You should probably read I Will Teach You To Be Rich. Also, never come on WSB again if you're serious.
Try Ramit Sethi's I Will Teach You To Be Rich. Its great for young adults.
http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489/ref=sr_1_2?ie=UTF8&qid=1332200854&sr=8-2
You'll want to read [Ramit Sethi's I Will Teach You to be Rich] (http://www.amazon.com/Will-Teach-You-Be-Rich/dp/product-description/0761147489). It covers several of the topics everyone here seems to be interested in and is written in a colloquial style befitting early-to-mid twenties.
I thought this book was a great introduction to such things, with real practical advice: http://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489
And to address your concrete question: IRA simply stands for "Investment Retirement Account," which is any account that you're using to save for retirement. You're probably thinking "Roth IRA" when you say IRA.
The difference between a Roth IRA and a 401(K) is when they are taxed. Simply put, with a 401(K), you put money in the account before taxes, and you don't pay taxes on that money until you withdraw it - then you pay taxes on the money you withdraw.
A Roth IRA, on the other hand, you fund with after-tax money, so there's no tax deduction as you make contributions, BUT you don't pay taxes when you withdraw the earnings, so it's free money.
Smart savers will have both types of account, as there are advantages and disadvantages to both (think about employer contribution matching, for example).
I Will Teach You To Be Rich - It has an awful cheesy salesman title, but has the best practicable and action focused steps to become financially sound. I reference it all the time, 10 years later, and recommend this first.
If you want to be leanfire, follow the steps included and just increase your savings and investing rates with what you feel comfortable.
Here is a random article I found about stock simulators.
How do you like to learn things? There are tons of books, podcasts and blogs about investing. Here are some popular ones or ones that I have read and used
Warren Buffett famously/supposedly read every book in the financial section at the library by age 12--I think the important thing to take from that is you are still young and have tons of free time and aside from starting to invest as soon as you can (you can usually start as soon as you have earned income) you should be investing in yourself...getting good grades, figuring out what you want to do after high school, trying out businesses, learning marketable skills (e.g., coding, good writing skills, good interpersonal skills, good organizational skills, etc).
Good Luck!
You've to enough questions to fill a book! And there are plenty of good ones out there. Start with this one:
https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489
I haven't personally read it, but I saw this book get recommended frequently on subs like /r/personalfinance and from what I've heard about the book it does sound pretty solid:
I Will Teach You To Be Rich by Ramit Sethi
Bonus: The author is a fellow ABCD.
35% I started at 10% My quality of life it great. I still have money for cycling gear and vacations. I just have to plan for them better and do some price shopping. I'll save up money to purchase something rather than digging into my savings account with is meant for only emergencies. My going out money is added into my groceries and eating budget and when it gets low at the end of the month I have and decide whether ramen for the rest of the month is worth going out again. It sounds boring but I'd rather control where my money is going than have my money control where I'm going. There are some great ideas from Ramit about setting priorities and the latte factor.
I really like the book "I Will Teach You To Be Rich" by Ramit Sethi. It's an entertaining read and he covers everything from making a budget to investing. Link
AUTOMATE
http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489
Hey There,
This might get lost in the reply avalanche, but if nobody has mentioned "I will teach you to be rich" yet -- I'd definitely encourage you to check it out:
https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489
It's one of the best personal finance books I've ever read and really think it's applicable across the spectrum of budgets. Think if you go to his website, he's got a lot of content and PDF's up for free and if you don't wanna spend the money and buy a physical copy, I'm sure you can get it from your library -- or you could do a one month free trial on audible, download the book and then make sure you cancel before your membership renews.
I found it to be an incredibly accessible and helpful book. Hope it helps!
Im also a recent grad and have been learning a ton about all this recently. Getting paid once per month put me off at first, but is is a great way to help budgeting.
I would recommend reading this book. Might be the best 10 bucks I ever spent. Quick read and great intro in to managing your personal finances. http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489
I'm partial to I Will Teach You To Be Rich. The author has a blog of the same name.
Before you invest, your finances need to be in order. For that reason, I recommend I Will Teach You To Be Rich. It covers the basics and is very sound advice.
fair. Scope his book reviews on amazon.
http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489
I've read it. It cost me 15$ and has probably saved me 10k. Lots of posts in this thread are about financial education. It would be great if they taught that in HS but we have to take matters into our own hands if we want to get that shit handled.
I'm not sure how /r/investing feels about this particular book, but being that I was new to how the more complex aspects of managing your money work, it helped me get an idea of what what trajectory I should follow and the steps to take.
I Will Teach You To Be Rich by Ramit Sethi was an easy, funny, and overall great read. It's aimed at people who know very little about managing their finances and/or investing.
If you want to get an idea for the format of the book, he does a lot of videos online about the same content in the book. You can find them here. They're all very easy to consume and understand and the book follows this same format for the most part.
Khan Academy has a great series on personal finances. I highly recommend watching some of the intro videos.
Also pick up this book, I Will Teach You To Be Rich and read it over summer break.
read "I can teach you to be rich" by Ramit Sethi,
http://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489/ref=sr_1_1?ie=UTF8&s=books&qid=1259708329&sr=8-1
ignore the ridiculous title, it's all about personal finance. especially about how to correctly manage your money.
Read this book despite the clickbaity title its actually just a system for automating your finances in a deliberate way to help you avoid making poor decisions and use your money for what you want to use it for. He also has great youtube videos on salary negotiations.
If you're new to personal finance and in you're 20's, I highly recommend I Will Teach You to be Rich by Ramit Sethi, it will help you with almost all of your questions above and give you perspective on a lot of things in your financial life looking forward.
At $120,000/year pre-tax, you should be saving a significant portion of your income. I'd suggest reading:
Edit: It really depends on what your financial goals are, and the time horizon on each. My advice would be to save and invest much of what you make today.
Save. Always and forever save as much as you can when you have the opportunity to. Keep putting money away now, each paycheck, even if for a week you can only put in $5.
There are various ways to save, obviously RRSP's are great for retirement, but there are also ways to save money that you can access if the need to do so arises. Definitely put money away separately for your children, for their education and such. Yes, there are student loans, but there could always be extra costs or fees outside of school, such as medical costs, bail, etc...
It is good to have at least 6 months worth of your expenses saved up, so that 7k is an ideal saving to have and you are already in a good position by having it. The reason to have that much saved up is so that if anything were to happen, in terms of either, or both of you, losing employment you have the finances to cover the costs during that period. Being broke is bad enough, but being broke and not being able to support ourselves, or the people that we should be providing for, is quite depressing to say the least. To reiterate you are already off to a good start with your bank savings.
The Wealthy Barber is a great book to read that provides insight into being intelligent with money, while I'm going to put an article for you to consider perusing: 4 Personal Finance Principles That Would Make Your Grandfather Proud
The Wealthy Barber
Hey, I’m not gatekeeping or shaming! I’m just trying to draw attention to the opportunity you have here to do well for yourself.
Not a financial advisor, not your financial advisor, do your own research and make your own decisions. The TFSA is usually considered best utilized when it’s not just used as a “savings” account within a bank, but as an “investment” account. Banks like Tangerine have fairly easy to understand options to do that (invest your money), but if you’d like to go a step deeper down the rabbit hole, a discount brokerage (a company that can buy and sell stocks, bonds, and funds on your behalf) like Questrade is both cheaper and more powerful in what you can do with it. Here’s why you might want to consider one of those.
Your ~1.5% per year interest in a TFSA “savings” account is very secure and consistent, but you’re technically losing money against inflation, which is typically between ~2-3% per year. A significant amount of people subscribe to the idea that investing is as easy as buying a fund (such as a mutual fund or an ETF, exchange-traded fund) that holds a collection of other stocks and bonds in order to represent the entire market. That is to say: if the entire market goes up, your money increases; if the entire market goes down, your money decreases. This was an approach pioneered by a very smart man named John Bogle, which you could learn more about in r/bogleheads.
Index-based investing, as described above, has returned an average of 10% per year for the last several decades. However, this is a higher-risk investment, and if you expect to need the money inside of 5-10 years, you should consider looking in lower-risk areas, or potentially splitting your lump sum into smaller chunks to invest at different risk levels. There are a lot of really good resources on this concept, called risk-management or asset-allocation, but this is an excellent resource that I like to link.
I would also recommend you take a look at this website, which is a solid introduction into taking charge of your own financial future. The “How do I become a Couch Potato?” section would be a good start.
If you’re still interested after all that, then here’s a good dump of information to explore.
I went to my local library and read Personal Finance for Dummies.
https://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1118117859.
Then I read others in that series on investing, etc.
Read a book on personal finance. I like this book:
http://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1118117859/ref=sr_1_1?s=books&ie=UTF8&qid=1397534249&sr=1-1&keywords=personal+finance+dummies
One thing that I would recommend is that you at least attain a remedial understanding of money. After "finding a good financial advisor", it's still important to be able to understand what they're talking about - not to mention detect if they know what they're talking about/are trying to scam you.
Find some financial literacy books, read one or two. I just googled it so I don't know if it's good, but there is a Personal Finance for Dummies book. This will also help you know what questions to ask. And if anyone that's telling you what to do with your money ever makes you feel like you're asking too many questions, run away and find someone else.
If reading isn't your thing, you might try taking a class at a community college or find some other community resource. When I was in Oregon I was involved with the Oregon Society of CPA's and we had a financial literacy group that put on talks at local libraries and things like that.
Check out the FAQ.
Also see if you can pick up a book, I really liked this one:
http://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1118117859
Try this:
http://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1118117859/
I like to help out. I learned through the school of hard knocks and had to find out for myself how to get ahead. I'm retired early 50s. Just lived frugally, saved, was creative, had roommates (on another floor with a separate kitchen and living space).
You sound like you are on your way living below your means.
A couple of good books by Eric Tyson that I found useful:
https://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1118117859
https://www.amazon.com/s/ref=nb_sb_ss_i_2_15?url=search-alias%3Dstripbooks&field-keywords=home+buying+for+dummies+2017&sprefix=home+buying+for%2Cstripbooks%2C194&crid=IAOQ9V6DU20Y
for very straightforward, accessible investing guidance backed by lots of research to make sense of the DIY approach (basically to invest in very low maintenance index funds, without paying an advisor) check out - https://www.amazon.co.uk/Millionaire-Teacher-Wealth-Should-Learned/dp/1119356296/ref=dp_ob_title_bk
This book was written by a Canadian Teacher who became a millionaire. He now teaches finance in some asian country just because he likes teaching.
I personally say yes.
Quite a few chapters were revised with current market conditions e.g. like you said the old one says Vanguard isn't in Canada yet, but new one talks about them. There's also a chapter about robo-advisors.
He also updated a lot of data so it's more recent.
Amazon has a look inside feature so you can see what's in the new version and compare it to your current copy.
https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/1119356296/ref=sr_1_1?ie=UTF8&qid=1497407433&sr=8-1&keywords=millionaire+teacher
> You don’t get a job in education by winning the lottery. You get it because you’re qualified - either licensed from home or have done TESOL (at least a CELTA, DipTESOL, or university TESOL diploma), and have demonstrated proficiency in Japanese.
Exactly. I'd rather be a qualified TEFLer with a permanent position than a software dev that's got to keep hustling and retraining themselves when they turn 35, 45, 55, and so on.
Software devs should read this, too.
https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/1119356296/ref=sr_1_1?ie=UTF8&qid=1501257833&sr=8-1&keywords=millionaire+teacher
This has a lot of foundational stuff that you can build off of.
if you're into reading books, i recommend this one here.
https://www.amazon.ca/Millionaire-Teacher-Wealth-Should-Learned/dp/1119356296/ref=sr_1_1?crid=3MP5SSBTU215V&keywords=millionaire+teacher&qid=1555169396&s=gateway&sprefix=million%2Caps%2C164&sr=8-1
Andrew Hallam explains it in the most simplest form from A to Z.
cheers! :)
22 years old and 140-160k per year? Well done!
I'd start by reading as many personal finance books as you can. The wealthy barber returns(I think Tangerine or some bank is offering it for free as a pdf right now), the millionaire teacher is another great one. They'll get you started on the basics.
As others mentioned www.canadiancouchpotato.com is excellent. It's a set and forget kind of investment, with your savings you should be able to build a solid retirement portfolio in a a decade or so, depending on how your expenses and income change over the years. Personally for me MMM has some great advice buried in fanatical frugalism. It's a bit much at times, but there's good advice.
As far as your money in a chequing account, I'd invest every dime you won't need for many many years. Have a decent amount of cash on hand for emergencies(6months of expenses is usually enough) but you can keep that in a high interest savings account or somewhere liquid.
It was written many decades ago, and the actual investment advice was very much tied to the times, but the philosophy is still valid, it is entitled “Your money or your Life” . https://www.amazon.com/Your-Money-Life-Transforming-Relationship/dp/0143115766
MMM (Mr Money Mustache) blog and forum are somewhat international, but English speaking based. The blog is a great resource for understanding the math behind savings rates and time to retirement https://www.mrmoneymustache.com/
This guy is a little too out there for me, but Jacob Lund Fisker. Aka “early retirement extreme” or ERE, is a Scandinavian guy who lives by extreme frugality https://www.amazon.com/Early-Retirement-Extreme-Philosophical-Independence/dp/145360121X
He has his own website and forum too
You pay for your electricity service, they still burn coal.
This idea is good, but it is very difficult or expensive to implement, if not impossible in some sectors (e.g. clothes, sex toys, furniture, jewelery, office supplies and other small stuff)
I think you can live a "service based life" today by using second hand clothing/ebay/craigslist and looking at your suff as borrowed, always having in mind at what price you can sell the items. The difference in purchase price and sell price over the period you owned a thing is your "service cost".
You can find a good explanation in the book Early Retirement Extreme.
Hey bit late on this one, but for some inspiration I found the guys over at /r/financialindependence/ have excellent ideas on reducing expenses and an anti-capitalist way of life. The Early Retirement Extreme book is an eye-opening read!
Has anybody read his new book "Bachelor Pad Economics?" Looks like it has a caricature of Roosh and some other people on it:
http://www.amazon.com/Bachelor-Pad-Economics-Financial-Advice/dp/1494463180/
Lift. Don't get fat. Learn a martial art. Don't get married young. Probably don't marry at all if you live in the western world. Don't be afraid to walk away from a girl. Don't be afraid to put yourself first. Make a plan for your life and keep those goals in mind. Find something you;re passionate about and incorporate it into your life. Bachelor Pad Economics has some good advice on not getting your financial life fucked.
Hi u/sunzip
My gap year turned into 3 years - meaning I went into 1st year university at age 21.
The hardest part of that time was makingfriends my age. First-year students like to befriend other students since they speak the same language. They are in a place where everyone is: away from their parents for the first time and drinking for the first time. It’s a freedom they experience together and it’s a big part of their friendships.
Without having close friends taking a gap year with you or a program you can take with others your age -- gap years can be very lonely. Being lonely + having disposable income makes bad habits very easy to start.
My best advice: have a strategy for staying social and stick to it. Maintain existing friendships you have, go to large events in university towns, host get togethers. Anything to keep yourself social.
​
The time alone makes developing the healthy habits you’re looking for much easier. Take advantage of that. Just don’t neglect your social life.
​
For meeting people follow the advice of Owen Cook on Youtube.
https://www.youtube.com/user/RSDTyler
​
He’s been going to bars 5+ days a week for 14ish years learning how to be attract women. The same shit that makes you magnetic to people at the bar works in normal social interactions. His ideas are relevant for guys and girls looking to become attractive overall; but his word choice is for a male audience haha. Give him a look.
​
For “learning money management” buy the book “I Will Teach You to be Rich” (or download it illegaly)
https://www.amazon.ca/Will-Teach-You-Rich-Second/dp/1523505745/ref=sr_1_fkmr0_1?crid=2YZF4W2KWA3BU&keywords=i+will+teach+you+tube+rich%2C+second+edition
​
The author outlines the money management system he uses; just copy it. The key take aways from the book are
2. Automate your saving (have a $ amount automatically withdrawn out of your chequing account weekly to an online savings account )
He details how to do it all in the book – just do it. It will put you ahead of most adults. Most people don't take saving/investing seriously until their 30s/40s.
​
For “managing impulsiveness”
Download the “Wim Hoff Method” app.
​
Wim Hoff has hiked to the top of Mt. Everest wearing shorts, and a pair a shoes. He credits his ability to handle the cold to a breathing technique he developed in his 20s. I just started practicing this week. Super cool. If you can manage the cold, you can manage your impulses.
​
All the best,
SuperJesus0123
As a follow up on the my and SilentKnightOfOld's comments, I have to admit that there is an emotional aspect to owing almost 300K of student loan debt. I have 135k and am going for PSLF (3.5 years in), and it still bothers me sometimes when I see my balance changing very little. However, I have gone through the decision process many times and keep coming back to PSLF.
Here's an article about dealing with the emotions of student loan debt.
Ramit Sethi talks about psychology and the "invisible scripts" we have in our lives in his book. Basically, they are lies that we taught from childhood, and we should really analyze them to see if they are true. One of the most common: "debt is bad".
Dave Ramsey extols the "debt is bad" line in his book. He also realizes some simple elements about the psychology of money, in that paying off the smaller debt (snowball), regardless of interest, is a better path for most people since they get a bigger emotional win from seeing that one line item of debt eliminated rather than just seeing the interest calculations proving they are saving money from paying the higher interest debt (avalanche).
While I like the PSLF program, I realize that it is not for everyone. Some people just want to slash every expense, pay off the debt, and be done. Kudos to them. But their tool is hammer, and not everyone's money problems are a nail.
Have a frank conversation with yourself, then choose the best repayment option.
I believe you will find comfort in two books. The first is The Book of Five Rings by Miyamoto Musashi, the greatest of all Japan's Samurai.
The other is Many Lives, Many Masters. This is a PDF, so read online or print it.
These books have nothing in common - save for the greater understanding of the self that will come from the reading.
Good Luck!
Incidentally, you may enjoy Miyamoto Musashi’s The Book of Five Rings, specifically “The Book of Void.” Pick up a copy if you can.
Btw in case anyone has read them and can give their opinions on them, I own a translation by Thomas Cleary and one inside The Complete Musashi translated by Alexander Bennett.
See if you can find a copy of this book in your local library: https://www.amazon.com/Debt-Free-Outstanding-Education-Scholarships-Mooching/dp/1591842980/ref=sr_1_1?ie=UTF8&qid=1465576495&sr=8-1&keywords=debt+free+u
> I ask this because even redpill guys say ridiculous things like "feminism isn't a bad idea just poorly practiced..."
Ironically, men have been the biggest benefactors of the sexual revolution and feminism since the 60's. Easy access to cheap sex is available to any man who wants to spend any time at all learning to how to manipulate women into taking their clothes off. By making the cost of obtaining sex fall to an all-time low, without serious investment and commitment, any incentives or social controls put upon men to have to take women seriously, have been washed away.
Even people like Elizabeth Warren have admitted that the drive to get women into the workplace isn't what many of them imagine it to be. And it hasn't left many families all that better off, contra the protestations of every feminist group out there, neither many women generally speaking.
Win Bigly: Persuasion in a World Where Facts Don't Matter is a good place to start.
The best book for young adults IMO:
http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489
Buy a book like this https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489/ref=mp_s_a_1_2?adgrpid=62878725784&gclid=CjwKCAjw27jnBRBuEiwAdjQXDEeSQ-gyyWLk3KH9UQfU9XPM7ZlvzYry8btK55YlDsQC7R5iWFhY1RoClh8QAvD_BwE&hvadid=274697960820&hvdev=m&hvlocphy=1013339&hvnetw=g&hvpos=1t1&hvqmt=e&hvrand=13908929501961787312&hvtargid=aud-648454669636%3Akwd-299261005836&hydadcr=15806_10362720&keywords=i+will+teach+you+to+be+rich&qid=1559189353&s=gateway&sr=8-2 and read it.
A great book:
http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489
Kinda spammy looking title, but a beautiful resource for people who don't know the first thing about finance and want to get started in investing. A 10 year old could pick it up and set up personal finance.
Here are some books to read...
I Will Teach You to Be Rich - Ramit Sethi
or...The Millionaire Next Door
I recommend an online savings account and throw away the ATM card for it. This makes it easy to add money to. Also, if you ever think about taking money out, it will take you 48 hours to get the cash so it will really make you think about doing it.
I second everything said here. I can't recommend Ramit's book, I Will Teach You To Be Rich, enough (also see his blog. If I could only have one personal finance book this would be it. I wish I would have read it when I was 18.
The Wealthy Barber
https://www.amazon.ca/Wealthy-Barber-Successful-Financial-Planning/dp/0773762167
Try http://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1118117859
Edit: Formating
Leverage. Loans. Financing.
I recommend some reading: https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194/ref=sr_1_1?ie=UTF8&qid=1506001245&sr=8-1
I'm 26, you imbecile.
But good job denigrating evolution, saying its merely a collection of observation.
Evolution a proven fact. Classical liberalism AKA "free market" economics, which is haute bourgeois propaganda unfit for the academy. I suggest you learn how economies really operate.
You’re right about that
I Will Teach You to be Rich. Totally 1000% worth the read. Should be required reading in high school.
Get it [here] (http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489/ref=sr_1_1?ie=UTF8&qid=1398202681&sr=8-1&keywords=i+will+teach+you+to+be+rich)
This is part of the basic premise of the new book Win Bigly: Persuasion in a World Where Facts Don't Matter, by Scott Adams. It's essentially making a strong argument that politics is dominated by people who cannot see their own biases and therefore facts don't matter to them, and why/how Trump's persuasiveness was so effective at convincing the small percentage of the population that's open to both sides to vote for him. It's not about his lies, all politicians lie, but it's his unique technique and skill in communication.
can you save $1 / week ? do that for a month.Did you miss that $1? up us as far as you can, just before it's really missed.
If you keep on that path, re-evaluating whether you really need a candy bar or a Starbucks coffee when you can invest it instead, things get interesting really quickly.
I went from living check to check to now saving close to 20% of my income this way. The trick us to set up scenarios that take the decision making process out if the picture.
Ramit Sethi has a great book on this concept:
I Will Teach You To Be Rich https://www.amazon.com/dp/0761147489/ref=cm_sw_r_cp_apa_i_fx4KDb8BF8NYW
Your paying too much for auto insurance, I have a DUI as well (fuck the CHP), and on your cell phone.
Get some cheap birth control from Planned parrent hood, they do that shit for free (USA government pays for it in actuallity).
I would suggest buying Rich Dad Poor Dad.
It is a bit pricey at $8, but it is written for your demographic.
https://www.amazon.com/gp/offer-listing/1612680194/ref=sr_1_1_olp?ie=UTF8&qid=1509903532&sr=8-1&keywords=rich+dad+poor+dad
> They have no difficulty whatever in countering a fact by a lie which, if repeated often enough and loudly enough, becomes accepted by the people.
I just finished reading Scott Adam's Win Bigly: Persuasion in a World Where Facts Don't Matter — I just returned it to the ChattLibrary system, so it's available for checkout, if anybody is interested. It's largely about why Trump won, even when sometimes his hyperbole gets the best of him. Whatever your political leanings, this is a great book: just like the author, I am socially-liberal (pro-choice, 420-friendly) and fiscally-conservative (see my comment history).