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Reddit mentions of The Wealthy Barber, Updated 3rd Edition: Everyone's Commonsense Guide to Becoming Financially Independent
Sentiment score: 18
Reddit mentions: 27
We found 27 Reddit mentions of The Wealthy Barber, Updated 3rd Edition: Everyone's Commonsense Guide to Becoming Financially Independent. Here are the top ones.
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Specs:
Color | White |
Height | 8.5 Inches |
Length | 5.5 Inches |
Number of items | 1 |
Release date | November 1997 |
Weight | 0.4 Pounds |
Width | 0.48 Inches |
Ich habe jedes dieser Bücher gelesen und kann es empfehlen. Ich würde jedes davon wieder kaufen und wieder lesen.
The Wealthy Barber
I was a paycheck-to-paycheck guy for a lot of years and while I never got into real bad financial trouble, I had a lot of times when my bank balance was under $10 the day before payday. It wasn't a good feeling.
One day I was chatting with a colleague who had actually loaned me some money for lunch a couple of times when I was short, and he recommended a book for me to read - The Wealthy Barber - that turned my attitude around. Three words from the book "Pay Yourself First" really hit home for me. Instead of spending what I wanted to during the month and then putting whatever was left (if anything) into savings, I committed to putting 10% of my paycheck into savings right away. After seeing my savings account growing almost painlessly (amazingly, much of what I wanted to spend money on I didn't need to spend money on) I decided it was time to get more serious. The Wealthy Barber is a good start but it's just a start.
It's been years since I read it, but The Wealthy Barber provides some great information to help a beginner manage their money.
I would also recommend David Chilton's The Wealthy Barber. Great book that helped me manage my cash flow quite a bit.
This. but of course I have to throw in a bit
I'm 47 and "semi" retired for the last couple of years and enjoying it. I was/am also a software engineer.
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.
The Wealthy Barber
https://www.amazon.com/Wealthy-Barber-Updated-3rd-Commonsense/dp/0761513116
I read it when I was young and first starting out. It has great advice about how to save, plan for the future, and retire in style, all written with the average working Joe in mind. Highly recommended.
Some good responses. I could never do the military thing. I've built my life around the idea of independence from authority since I was about 11. I can empathize with being unable to break out of the low income - low prospects loop.
I don't recommend the military but I see that's the path you've pretty much decided on, and it's not onjectively bad, just different strokes for different folks. What I do recommend is continuing to pursue this goal.
Right now you have few prospects, and few options to improve your lot in life. You're taking steps including the upcoming GED test. Let's say you pick a branch and get through boot camp and sign away a few years of your freedom. You'll be turning 21 and testing out booze (or letting loose out loud what you've been doing in private), you'll have more money than you've ever had, an itinerant lifestyle, easy lays in all liklihood... but the world is working against your personal wealth, and you won't usually learn information geared toward passing specific certifications.
The Wealthy Barber- little drawn out but is exactly what you're looking for http://www.amazon.com/The-Wealthy-Barber-Updated-Edition/dp/0761513116
Another one of my favorites is David Chilton's *The Wealthy Barber" (http://www.amazon.com/The-Wealthy-Barber-Updated-Edition/dp/0761513116). It is written as an introduction to personal finance and investing in a story style.
I would recommend "The Wealthy Barber". In terms of general personal finance (not specifically investing) books, I really enjoyed the "The Millionaire in You: Ten Things You Need to Do Now to Have Money and Time to Enjoy It" by Michael LeBoeuf, and "Getting Rich in America: 8 simple rules for building a fortune and a satisfying life", because they cover not only how to succeed financially, but achieve happiness in all areas of life. I usually borrow my books from the library, but I liked these so much I have purchased multiple copies for my own library and to lend out to friends.
How to get your core finances in order and start saving: The Wealthy Barber
How to invest your savings: The Four Pillars of Investing
These are two of my most favorite PF books I've read to date:
The Wealthy Barber
The Millionaire In You
I'm going to give you the pathway that I read that has me where I am today, its mostly going to steer you towards dollar cost averaging and passive management, but the easing of exposure to alternative strategies was invaluable and eventually brought me to value investing. Dollar cost averaging in low cost index funds is the training wheels of investing and should be the way every novice investor starts IMO.
At this point if you've taken a year or two or more to invest using what you learned in the above books you'll have a better idea of what you really want to start doing with you're money. Perhaps its value investing, and now it starts to get more technical.
By this point you'll no longer be an investment padawan and be well on your way to a master of the force. Do not be tempted by the dark side of day trading and penny stocks. Much fear there. There is no need for level 2 quotes with value investing because you're relying on your due dilligence from the previous years and quarters to take your portfolio higher, without worrying about the road bumps in the market today. You'll be able to happily live your life until the next quarter or two when its time to reevaluate and rebalance your portfolio.
Good luck.
X3. You will pay a big tax penalty if you pull money out of your 401k. It's tempting, I know, but you'll be screwing yourself if you do this.
You need to sock as much money as you can into retirement accounts and investments while you're young. Don't work "under the table" jobs, either. You need those Social Security taxes to be paid so when you hit age 64 you can draw Social Security. I know it seems like retirement is a million years away, but it's not. Social Security will send you an accounting of your benefits every year after about age 55. You want to check and make sure your employer is paying it correctly. I know somebody whose employer deducted all that shit from his check for years, but didn't pay the government. Then the employer and his whole family hauled ass to Costa Rica and burned all their employees for all their income tax money.
A good rule of thumb is "Invest one hour's pay out of every paycheck, every week." If you're getting paid $15 an hour, that would be $60 a month invested. At 7%, over fifty years (from ages 16 to 66) you would wind up with $332,069 at retirement.
Here, calculate it yourself. https://financialmentor.com/calculator/compound-interest-calculator
There's a very good book about this, called "The Wealthy Barber."
https://www.amazon.com/Wealthy-Barber-Updated-3rd-Commonsense/dp/0761513116/ref=sr_1_2?crid=TW4KWKC7ZEH1&keywords=the+wealthy+barber+book&qid=1555218139&s=gateway&sprefix=book+The+Wealthy+Barber%2Caps%2C199&sr=8-2
This book helped me:
The Wealthy Barber
http://www.amazon.com/The-Wealthy-Barber-Updated-Edition/dp/0761513116
Talks about money, something you should be learning about right about now.
> I'm now so overwhelmed that I don't know what to do.
My go to advice for brand newbies is to read The Wealthy Barber.
It's written in an easy, folksy style. It's basically a story about a financial newb (such as yourself) who finds out that the guy who cuts his hair is well on his way to financial independence.
>How on earth do i decide what to do with money in my IRA and 529s
In general, the money you're saving for retirement won't be touched for at least 30 years. So you can be aggressive with those investments and put them 100% in stock index funds. (DO NOT BUY INDIVIDUAL STOCKS.)
The 529 money will be needed much sooner. So while you want some growth, you also want to mix in some investments that preserve capital (i.e., don't lose money when the market goes down.)
Read that book. It will give you some basic knowledge you need to start making your investments wisely.
Good luck! I didn't start saving for retirement until I was 27, and my financial situation was not as good as yours at the time. I'm on track to retire comfortably at 62, plus or minus a few years.
Sometimes you hear about people who got hooked on the excitement of potential investing, and then lost their self-control and lost a bunch of money. So it's really good that you're educating yourself first.
Basically, individual stocks are high-risk/high-reward - so don't gamble with your grocery money. Mutual funds spread your risk around, so there's moderate-risk/moderate reward, though people usually tell you that thinking long-term helps you weather the day-to-day bumps.
The best book I ever read on personal finance was "The Wealthy Barber". It's a short book, so you're guaranteed to finish it, and it covers some of the common sense basics that include investing in the stock market and dollar-cost averaging.
http://www.amazon.com/Wealthy-Barber-Updated-3rd-Commonsense/dp/0761513116
"The Wealthy Barber".. It's helped me tons!
Auto-withdraw 10% of every paycheck and DO NOT TOUCH IT. EVER. Just tuck it away, preferably in a long term savings account that earns compound interest. Start at 18 and you'll be a millionaire by the time you retire.
The Wealthy Barber is a very good book for simple financial advice.
Do what I did. Read this book. It's a little dated, so it's not quite as fantastical as it sounds in the book, but If you are still set on your decision by the end, you will at least be weighing the costs maturely.
I'm only a bit older than you and yes, I'd love to get myself an Explorer 1. (if only they kept that 36mm)
Prioritizing...
The Wealthy Barber: http://www.amazon.com/Wealthy-Barber-Updated-3rd-Commonsense/dp/0761513116
Understanding Your Financial Future...
Die Broke: http://www.amazon.com/Die-Broke-Radical-Four-Part-Financial/dp/0887309429
Investing...
The New Coffee House Investor: http://www.amazon.com/New-Coffeehouse-Investor-Wealth-ebook/dp/B0024CEZQC/
"The Wealthy Barber" is one that my dad got me. It's a nice introduction to many concepts.
TIL Employer-provided health benefits are a scam... lol.
>the stock market and retirement funds have lost a lot of value in the last 4 years. full stop.
And yet they're on pace to recover and more... Also why are you talking like a telegram?
>why you oppose this notion so strongly? are you richer than warren? do you think you will ever be?
No and No, but I like to respect what people earn, as opposed to thieving it via the government.
>i thought u were in high school or college because statements like 80% of people can save 10% of their income. are u fuckin insane?
No, not insane. It's the truth. It's the premise behind best-seller books such as this one and this one.
>most people just cant save a penny, actually they are crazy indebted, go google some graphic about debt.
All that is saying is that there's a lot of people out there with poor money management skills. That I do not deny. All I've said is that 80% of the people are capable of saving 10%. Whether they actually do it or not is another story.
>go on. keep defending the interests of the rich. are you one of them?
Once again, no. But you said you were, so why are you arguing against what's in your best interest?
David Chilton's Wealthy Barber