0 Spend

I checked four books on investing from the library today. The oldest is Rich Dad, Poor Dad from 1999. I also got a stocks book from 2002.

I have worked in personal finance for over 15 years and I would strongly suggest that some of the best books on investing that I have read were written many years before I was in the business.

I think you would be greatly shortchanging yourself if you eliminated books pre-1999 from your readings.

FYI: try to steer clear of the Suze Orman, Kiyosaki, Trump vapid, worthless books. WIth the exception of rich dad poor dad the original which had an excellent message communicated in a dead simple way that even the biggest bonehead could grasp, his other books were pure filler.

I would suggest a some slightly more difficult reads but much more rewarding ones, including books by Jeremy Siegel, Warren Buffet, Benjamin Graham and Nick Murray.

There is so much information available regarding things like 401k programs, IRAs, taxes, mutual funds, etc, that it can seem a bit confusing and overwhelming, especially when young people often make so little money that it hardly seems worth the effort to bother saving at all.

Do you know of any websites or other references that go over these basics in a relatively simple and straightforward manner, so that the average beginner can understand how to manage their finances smartly and responsibly?

What would you tell your child about investment and saving when they begin to enter the workforce?

If you want to learn some sound financial basics, I suggest starting at the public library. Look for books by Suze Orman and David Bach, both of whom give clear introductions to personal finance. I like to check them out as audio books and listen to them on my iPod when possible. For you in particular I would recommend Suze Orman’s book "Young, Fabulous & Broke". It’s a great introduction for finance for someone in the earlier years of their financial life.

You can also look for lots of information in a huge range of styles from the large community of personal finance bloggers out there. I run a blog called HealthyWealthyHappyWise over at http://money.kevingunn.org/ . I link to several others that I enjoy along the right column on my page. Some are pretty technical, some are more personal. Almost all of them link to more blogs in the style liked by that blog’s author. Go find ones that suit you. They’ll keep you inspired to keep moving forward and can be a great source of tips, tricks, and potential pitfalls.

Step one in any sound financial plan is to create a spending plan and STICK TO IT. Everything else hinges on that. If you spend even a tiny amount more than you earn, you’re heading for trouble. I wrote fairly extensively on how to get started on a spending plan here: http://money.kevingunn.org/index.php?/archives/5-The-Weekly-Spending-Plan-Part-1-Why-Weekly.html .

Finally, remember that an early start is the key to finishing well-off. Don’t postpone! Get started now.

I’m a recent college grad with a pretty good full-time job, but as far as overall budgeting goes and just managing my finances and being smart with my money, I’m clueless.

I want to learn how to do this, but I don’t know where to start.

Can anyone recommend any books, authors, websites, anything in order to help me understand what I’m doing and how to do it?

I really appreciate your help.

Thank you!

Try David Bach. He’s a no nonsense type of guy and his books breaks down information into individual paragraphs with charts to make it easier to understand.

I recommend the book Start Late, Finish Rich.

http://www.finishrich.com/free_resources/fr_lattefactor.php

Keep in mind that almost all writers (David Ramey, Suze Orman etc) basically say the same thing but in different styles so you just need someone you can get comfortable with.

Another suggestion is use the internet. You have free information at your finger tips

http://finance.yahoo.com/
http://money.cnn.com/
http://www.smartmoney.com/

I am 23 years old, a college graduate just starting off my career. No kids or marriage yet. What are the best books, magazines, sites, tools, etc. regarding personal finance at this stage of life? A lot of what I’ve seen seems like good advice yet geared toward people with families, established in careers, and with tons of debt.

You need to look up Suze Orman, she has the perfect book for college graduates, forgot what it’s called, saw her on public television speaking to college students. Best of luck to you. Stay single.

I want to do a better job managing my money.

Any book by Suze Orman

This person has a checking and savings account. He has no other investments. He is a little freaked out by all the choices. What could I give hime that would simplify it all for him?

Suze Orman has some good books. They are easy to read and understand. It is a good place to start.

A good one by her is "The Money Book for the Young, Fabulous, and Broke". I read it when I really didn’t know much about 401Ks or Roth IRA’s and I found it to be very helpful. Plus, after reading it, I become more motivated to save and invest!

I’m 20 years old and currently an undergraduate in New York State. I know that if I can open an IRA at an early age it will accumulate so I’ll be set in my later years. However, I don’t know much about personal finance and have no idea where to start. I have about $7,500 in my savings account but I know I’ll be paying student loans for a while (planning on going to grad school for 3 more years after the initial 4 = 7 total). My parents are helping pay for a good amount of my undergraduate tuition but I know grad school will hit me hard. Any tips of where I can start would be greatly appreciated!

Read a couple of good (but simple) personal finance books. I recommend The Automatic Millionaire by David Bach; Young, Fabulous, and Broke by Suze Orman, or something similiar. They motivate and excite you to invest, as well as educate you.

I opened a Roth IRA at 18 and am so glad I did because now I have a pretty good retirement kitty already at age 23. Just makes me feel like I’m on top of things. But I had free cash to save in college due to scholarships, parents, etc. Obviously you need to have some cash on hand too.

I wouldn’t worry about your student loans yet because you won’t have to start paying your loans for years–until you have graduated grad school and are employed full time.

My two primary suggestions:
1. Make sure your savings is in a good money market fund or high yield savings account earning at least 5% interest. If it’s not, put the money in the Vanguard Prime Money Market fund. It is earning 5.22% as of May 2007.

2. I would also make it a point to max out a Roth IRA this year ($4,000). Open one at Vanguard or Fidelity (great funds, low fees) and set it up to transfer $363 each month from your savings account to your IRA. If you start in June you will have your account maxed by April 2008 (the deadline for 2007 contributions). That way you gradually build an IRA , and in 12 months you’ll still have over $3,500 in savings.

The beauty of an IRA is that it’s flexible. It’s THE best way to save for retirement, but you can take your contributions back out at any time penalty and tax free. Big advantage over a 401k or Traditional IRA. You can also take out the earnings on those contributions (gains and dividends) for your first home, to pay for school, if you get disabled, etc.

Ive been trying to find books about finance that can teach me a thing or two but most of what I read just tallks about the importance of getting out of debt or isnt very specific on exactly how to do what they say should be done.

Thanks for your input.

Almost anything written by Suze Orman

I am reading The Wealthy Barber by David Chilton and I like that one a lot. Any other suggestions for good reads on money?

Read Suze Orman books!

just for fun, example why study only dave ramsey when you can study robert kiyosaki and suze orman and warren buffet etc..?

Yeah, then I go watch paint dry.