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-   -   want a really good money management book... (http://glocktalk.com/forums/showthread.php?t=275385)

cashisking 08-12-2004 16:41

want a really good money management book...
 
In turning over a new leaf in life, I am looking for a few good reads on money management, and how to make mine grow..


Any sugestions?

jthuang 08-13-2004 08:02

I assume you mean personal finance? 'Cos none of my recommendations are any good if you're going to be a portfolio manager. ;f

In this order:

1. The Richest Man in Babylon. This comes first because it's short and inspirational. The advice is not super-specific but if you're just getting off the ground, this is the best place to start. It's written as a series of short parables so it's not dry like most hardcore finance books. From this book you will get the inspiration to get your financial house in order (thereby giving you the incentive to read those dry hardcore finance books) and you will also get a good grounding in the basics.

2. The Wealthy Barber. This is next because it's more specific in terms of what you need to do but it's still written as a story rather than dry advice. The situation is that a group of siblings go to their barber to get financial advice. The barber is a former stockbroker and is doing very well financially (but not from being a stockbroker).

3. The Millionaire Next Door. This one has less nuts and bolts than #2 but will still provide useful information -- and inspiration. I think the most useful part of this book is really the part about how NOT to do things, which is not a subject addressed in detail in the other books.

4. Personal Finance For Dummies. Yeah, I know the "Dummies" books are kinda trite these days but this one is very good. You get most of the nuts and bolts of personal finance in this one.

LawRand 08-13-2004 16:24

Anything by Dave Ramsey. Check out Dave Ramsey.com.

(Hey Justin...how's the Porsche-life going?)

RMTactical 08-13-2004 17:17

The Only Investment Guide You'll Ever Need - Andrew Tobias

mzenzer 08-13-2004 18:14

Quote:

Originally posted by jthuang
1. The Richest Man in Babylon.

Wow, the first thing that popped in my head was this book when I read the first post. My Aunt made me read this book when I was 16, and it was the best thing I ever did. I read it again later on in life (when I finally had some money to manage) and it was still just as good.

tlrbud 08-15-2004 10:23

The "Rich Dad, Poor Dad" series is good. The first one is an excellent book to hammer home the concept of assets and liabilities. Go browse the personal finance shelf at the library and you will find a lot of good stuff.

Bud

WERA49 08-15-2004 22:27

http://www.ronblue.com/

jthuang 08-23-2004 09:14

Quote:

Originally posted by LawRand
(Hey Justin...how's the Porsche-life going?)
The 914 is up and running. It was a go for my sister's wedding and the exterior looks great. I can only pray that my dad is continuing to run it every so often so it doesn't fall back into disrepair.

younggenious 09-02-2004 01:27

I'll also throw a vote in for The Richest Man in Babylon. Likewise, it was the first thing that popped in my head.

Cancri 09-02-2004 07:20

I've read <b>The Richest Man in Babylon</b>. It's no more than 130 pages. It's worth reading.

Just dial 1911 09-14-2004 21:17

Another vote for the Wealthy Barber. Easy to read and contains a lot of good advice.

PACorps 09-20-2004 20:48

Quote:

Originally posted by tlrbud
The "Rich Dad, Poor Dad" series is good. The first one is an excellent book to hammer home the concept of assets and liabilities. Go browse the personal finance shelf at the library and you will find a lot of good stuff.

Bud

Read this before you read any Kiyosaki:

http://johntreed.com/Kiyosaki.html

The Richest Man in Babylon, The Millionaire Next Door and Personal Finance For Dummies all get my vote as well. Even "Complete Idiots Guide for Getting Rich". Again, the title sounds goofy, but good, basic advise is to be had.

Wife and I also have "Smart Couples Finish Rich". While I think it's a decent book, much of it seems aimed at higher-income yuppies who need to simply re-think their disposible income allocation. Much of the "Save this %, invest that %, put this % in your dream basket, that % in your retirement, another % in your emergency fund, and don't forget the % into your future kid's children's grandchildren's pet's litter's college fund" is a hard pill to swallow when you have only so much to work with.

My household isn't wealthy, maybe somewhat on the higher end of a middle-class income, but as someone who's made terrific inroads in getting their financial house in order, I offer this:

1. Commit to your company's 401k if they match - this is free money not being matched in any other investments.
2. Use software such as MS Money or Quicken and be relentless in tracking ALL your spending, including credit card purchases and loose change expenditures. This one item has done more for me than anything else (the cashflow forcasts these programs generate are sombering if you carry to much consumer debt).
3. BUDGET - it's trite sounding, but essential
4. Treat your household finances like a business - be profitable and change NOW if you're not.
5. Fix your own damn lunch and bring it to work ;f We had an "eating out" expenditure of nearly $1200 one month - this NEVER happened again after I saw that (and granted, that was an anomaly).
6. Subscribe - either by mail or online - to a publication such as Kiplinger or Money. Find a peridodical you can relate to and stay up to date.
7. Always ask yourself - "do I NEED this right now?" Go cheap where you can, but avoid false economies (e.g. low initial cash outlay and high cost of ownership sucks).

All the best, cashisking - getting this squared away is extremely rewarding.

0100010 10-04-2004 23:33

Kind of a late reply, but a good book given to me a couple years ago :

Financial Peace Revisited by Dave Ramsey.


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