(Part 2) Reddit mentions: The best money management books

For the liquid savings, your cushion is big enough that you could definitely put most of it aside in higher-yielding safe securities such as I-Bonds, TIPS, CDs or T-notes. These vehicles make your money harder to access, but give you a better rate of return, and are good vehicles if you think you will definitely want to spend the money sometime in the next 5-7 years, say. Any money that's not for use in the next 7 years or so should probably be invested in higher-risk, higher-reward securities such as stocks.

Especially because you are so young, you should definitely consider investing some of that cash into stocks. Time is on your side, and you should take advantage of your ability to weather short-term volatility in the stock market in order to take advantage of the long-term growth that stocks experience. It hurts to hear, but having $200K sitting in a bank account at <1% interest is essentially like burning money. You could at the very least stick some of that cash into a 1-3% CD or an I-bond and try to earn enough interest to keep up with inflation (inflation is slowly eating away at the purchasing power of that 200K, and will continue to do so until you put it somewhere where it is earning closer to 4%). that said, there's no need to panic and throw your money into the first CD or bond fund you see. Do your research first, learn a little bit about investing, ask more clarifying questions here and at other personal finance forums, and then make an informed decision about where to put your money :)

IMPORTANT: Definitely open a Roth IRA and contribute the maximum each year. This should be one of the first things you do after reading this post. Go to Vanguard's website and open one up and stick $5k in there right now. In terms of investments, I think lots of people in this thread would recommend investing in broad-based index funds such as Vanguard's Total Stock Market Index (VTSMX), especially in your retirement accounts at this early age. You may also want to increase your 401k contributions if you can afford it, especially since you're up in the 35% bracket.

Your overall investment choices will depend on your financial goals, such as if/when you want to buy a house, when you want to retire, if you plan on having kids (if so, consider starting a 529 as soon as those puppies arrive), etc. Consider these when investing both retirement and (especially) non-retirement (taxable) funds.

Perhaps the best thing for you to do would be to pick up some books on personal finance and investing. This may seem daunting at first, but there are some REALLY easy, helpful books out there that were written for people just like you. A few of my personal recommendations:

• http://www.amazon.com/Complete-Idiots-Personal-Finance-inYour/dp/1592578837 (This is a general text on things like bank accounts, insurance, saving, budgeting, investing, mortgages, etc. It's comprehensive, easy to read and a really great place to start!)
  
  
• http://www.amazon.com/Random-Walk-Guide-Investing-Financial/dp/039332639X (This text covers index investing, commonly called "buy and hold," which aims to build maximum wealth over the course of a lifetime without using any dumbass gimmicks, just nice basic arithmetic.)
  
  
• http://www.amazon.com/Stocks-Long-Run-4th-Definitive/dp/0071494707 (Similar to the Random Walk Guide, but even more comprehensive. And I don't mean "comprehensive" like "confusing and overwhelming," but rather that it defines and contextualizes many of the financial terms and entities that we hear about all the time but actually have no idea what they are or how they work. E.g., the Dow Jones Industrial Average, stock indexes, TIPS, etc.)
  
  Also, here are a few personal finance websites that I find helpful:
  
  

• Moneychimp.com
  
• Getrichslowly.org
  
• Wisebread.com
  
• Bogleheads.org (good forum for asking investments questions)
  
  Good luck!
  
  EDIT: Also, it doesn't quite make sense when you say you want "safe" investments but that the return doesn't matter. Return is what makes an investment safe, since a guaranteed return at or above inflation is the only way you can ensure that you're not losing money (which is what I would consider to be the definition of "safe").
  
  Also, how to keep your money "safe" really depends on WHEN you want to use the money. For example, investing to keep it "safe" for a down payment on a house in 5 years probably entails conservative investments in I-Bonds, treasuries, TIPS, and bond funds (these have low short-term volatility, but offer lower long-term reward). But, investing to keep your money "safe" for retirement in 35+ years entails putting most or all of it into stocks (which offer high short-term volatility--there might be a bear market in 5 years when your stock investments will temporarily be worth very little--but offer much higher long-term returns than bonds or treasuries).

I live in a large city, am dating, live w/ roommates, and work. Frugality for me means finding cheap/free methods for living, and not spending unnecessarily. After my retirement, healthcare, etc. I can usually have about $1000 extra per month. I think I can save more though.

Living: I live with multiple roommates in an apartment. If I get married I will most likely continue to rent in an apt.

Food: Try not to eat out too much unless I go out w/ friends. On good weeks I'll cook every day except maybe one. Usually that means going to the grocery near my apt straight after work, cooking dinner, and eating the leftovers for the next couple days lunch and dinner. If I plan better I'll shop on Sunday night for the week.

Food Shopping: I don't cut coupons, but will buy whatever is on sale, especially for produce and meat. I also keep a bag of rice, couscous, and ramen (for when I'm just TOO tired) on hand. If I buy wine I'll go to Trader Joe's and get 3 Buck Chuck.

Transportation: Take the subway and bus around, and I walk a lot. I hope I won't have to buy a car until later in life.

Entertainment: My bf and I have made a point of finding free things to do rather than go out. So we'll cook and watch Netflix, play guitar, walk around downtown, check out free events in the city (every city has them!), or play games w/ friends. We go to a nice restaurant about once every 3 months or so. I'll buy movie tickets if there's a Groupon deal for them, otherwise I don't go to the movie too much.

Clothes: I don't buy many new clothes, unless I have to go to a wedding. When I do buy clothes or shoes, the first thing I ask myself is "how long will I be able to use this?"

Random Saving Tips: Here's a good book that has tips on how to live cheaply.
Some things I do:

• use baking soda + salt to clean around the kitchen
  
• dilute shampoo, conditioner
  
• get a large container of regular liquid soap, pour 1/3 full in a foaming soap dispenser, add warm water the rest of the way and mix.
  
• don't go to Dunkin/Starbucks everyday, drink the free office tea/coffee
  
  

Diabetes is a for life thing. You can get your diet and exercise sorted so your blood sugar is in the normal range but if you ease off then you are back to the start. Far better to head it off at the pass.

Can I make a suggestion if you use eating to fill the time. Learn to cook really well. I know that sounds totally back to front but bear with me. By learning to cook you are giving yourself a new hobby and learning new skills both of which are good at reducing the effects of depression and at the same time you are working on your diet.

Take a look at a few subs like /r/Fitmeals and /r/EatCheapAndHealthy they have a lot of good information. I can really recommend A Girl Called Jack as a great cookbook for a beginner. The recipes are all fairly simple, healthy and cheap. (veggie burgers for 9p each!)

Just wanted to clear up a couple of problems from the previous posts. Chapter 7 is liquidation, while chapter 13 is reorganization for individuals. Chapter 11 is reorganization for companies or wealthy individuals. Without regular income, you will have to file for chapter 7. The plus side is that it's much easier than putting together a confirmable chapter 13 plan. Under Chapter 7, a trustee will look at your assets and liabilities and attempt to sell as many of your assets as he can to pay off your unsecured creditors (loans that are not secured by collateral, such as credit cards). What, and how much, he can sell will depend on your exemptions, which are determined by state law. For example, if you have a car worth $20,000.00, and owe $10,000.00 on it, you have $10,000.00 in equity. If your state exemption for the vehicle is $10,000.00, you will be able to keep your car because the exemption wipes out whatever return the trustee would get from selling it for $20,000.00 (he would have to pay $10,000.00 to your secured lender and the exemption would take out the remaining $10,000). If, however, the state exemption is only $2,000.00, the trustee will sell your car and give the $8,000.00 to your unsecured creditors. The same is true of your home and certain other assets. It all depends on the exemptions and the equity you may have. Accordingly, there is no definite rule that you can keep one home and one car.

As for the effects of bankruptcy, unless you've committed fraud by trying to hide assets or transfer them before you file, you will receive a discharge of all of your debts. This basically means you are no longer personally liable for the debt. It will not erase the debt from existence, but your creditors cannot attempt to collect it from you. There are exceptions to the discharge, though. These include, among other things, domestic support obligations, student loans, and the mortgage on your primary residence. Your medical bills will be discharged, meaning you will no longer be personally liable for paying them. Lastly, your bankruptcy will probably show up on your credit report for up to 10 years. It's effect on your credit, however, may actually be positive, depending on your circumstances.

I'm happy to help in any way I can and to answer any other questions. Keep in mind that bankruptcy is very fact-specific, so there are general answers. Everything will depend on your personal circumstances, thus making it highly advisable for you to speak with an attorney. If you decide to file, doing so with a decent attorney will run you about $800.00. If you decide to do it yourself, definitely take a look at this book (a copy may be at your local library): http://www.amazon.com/How-File-Chapter-7-Bankruptcy/dp/1413316336/ref=sr_1_1?ie=UTF8&qid=1318543732&sr=8-1

I've helped lots of people with Calc and the stumbling block is always their algebra. Calc itself is easy, but it requires a good deal of manipulating equations and that is all algebra. Linear algebra has less algebra but will still require you to have a good handle on algebra. The basic ideas should be easy to learn but make sure you can do them easily. This means lots of practice problems.

To be clear, you MUST practice, practice, practice. There are no short cuts. The calc problems get big and to solve them in a reasonable amount of time you'll need to be very fast with your algebra. Don't be discouraged, Algebra is not that hard. The problem is there are many rules and you need to be able to know them and see how they interact as a second nature. That will only come with practice.

Anything by Schaums is good for you here. You may not want to read their books but they are filled with problems that are solved in the back. I'm not sure what ones are best for your needs. There are lots of them and some are on complex topics. I would recommend you start to read another book people recommend here and then find the best one for your needs and use it as practice. I would guess you should take a look at their Trigonometry (you'll need this for Sin and Cos in Calc) and eitherElementary Algebra, Intermediate Algebra, or College Algebra

Diseased88,
I have a thought for you. As a military guy I am sure you are familiar with the idea of mission, strategy and tactics. The president sets the mission, the military brass creates the strategies that fulfill the mission and the soldiers carry out the tactics on the ground which make the strategies work and fulfill the mission. In my book (http://amzn.to/HFyM7r) I argue that personal finance can be seen in the same exact way.

You need to make sure that you understand the financial mission, strategy and tactics for both your business and your household.

Right now, you know the mission of your business:
Make me money to pay my bills

You clearly have some strategies in place:
Work for free until money can come out of the business
Get profitable
Reinvest in the business etc.

Your business tactics clearly are working:
You are in the newspaper
You have paid the bills for the month in your first week

So what is the problem? One of your strategies doesn't meet the mission laid out for your business. It is the wrong strategy long term. If the job of you business is to pay your bills, you can't work for free long term.

So what I hear from you is that you are scared to take money out of the business. Can you say why? What has you afraid? I am wondering if you have truly paid all your expenses for the month or if you have just paid the expenses you were counting like, inventory and the rent. Perhaps you are scared because there are other unknown expenses that you haven't estimated and because you haven't estimated them you don't know if you have any money to take out of the business. Am I right? Otherwise why would you be scared to take profit if all your expenses for the month were paid in the first week?

I would guess that Ms. Kim is right that a trip to SCORE would really help you know how much you can take from the business right now to meet your immediate needs. They are a great organization.

Then when you figure out what profit you can remove from the business, take a look at my book to see how to apply the same thinking to your personal finances which will help you live as lean as possible until the business gives you enough to live on.

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.

Maybe some of these might help

• Hustle away debt: 4.8/5 (13 reviews) https://www.amazon.com/Hustle-Away-Debt-Eliminate-Making/dp/1633533352/
  
• Corporate Survival Guide for Your Twenties: 4.5/5 (6 reviews) https://www.amazon.com/Corporate-Survival-Guide-Your-Twenties/dp/163353345X/
  
• Notoriously Dapper: 5/5 (1 review) https://www.amazon.com/Notoriously-Dapper-Gentleman-Manners-Confidence/dp/1633536211/
  
• First Things First: 4.3/5 (216 reviews) https://www.amazon.com/First-Things-Stephen-R-Covey/dp/0684802031/
  
• managing for people who hate managing: 4.4/5 (26 reviews) https://www.amazon.com/Managing-People-Who-Hate-Yourself-ebook/dp/B008XASRX6/
  
• What Your Boss Really Wants from You: 4.4/5 (11 reviews) https://www.amazon.com/What-Your-Boss-Really-Wants/dp/1626560773/
  
  
  
• Eat That Frog: Snapshots Edition: 5/5 (2 reviews) https://www.amazon.com/Eat-That-Frog-Brian-Tracy-ebook/dp/B071CQ53CM/
  
• GUTS: Find Your Greatness, Beat the Odds, Live From Passion: 4.9/5 (26 reviews) https://www.amazon.com/GUTS-Find-Your-Greatness-Passion-ebook/dp/B01MZ1L9WD/
  
• The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change (multiple matches): 4.5/5 (4803 reviews) https://www.amazon.com/Habits-Highly-Effective-People-Powerful/dp/1451639619/
  
• Stop Guessing: The 9 Behaviors of Great Problem Solvers: 4.9/5 (49 reviews) https://www.amazon.com/Stop-Guessing-Behaviors-Problem-Solvers/dp/162656986X/
  
• Ask Outrageously!: The Secret to Getting What You Really Want: 4.8/5 (32 reviews) https://www.amazon.com/Ask-Outrageously-Secret-Getting-Really/dp/1523082712/
  
• Communicate Like a Leader: Connecting Strategically to Coach, Inspire, and Get Things Done: 4.9/5 (31 reviews) https://www.amazon.com/Communicate-Like-Leader-Connecting-Strategically/dp/1626569002/
  
• We Can't Talk about That at Work!: How to Talk About Race, Religion, Politics, and Other Polarizing Topics: 5/5 (22 reviews) https://www.amazon.com/Cant-Talk-about-That-Work/dp/1523094265/
  
• Crunch Time: How to Be Your Best When It Matters Most: 4.8/5 (57 reviews) https://www.amazon.com/Crunch-Time-Your-Best-Matters/dp/1626567697/
  
  
  
• The Quiet Rise of Introverts: 8 Practices for Living and Loving in a Noisy World: 5/5 (1 review) https://www.amazon.com/Quiet-Rise-Introverts-Practices-Living/dp/1633536416/
  
• Banish Your Inner Critic: Silence the Voice of Self-Doubt to Unleash Your Creativity and Do Your Best Work: 5/5 (3 reviews) https://www.amazon.com/Banish-Your-Inner-Critic-Self-Doubt/dp/1633534715/
  
• How to be Heard: Secrets for Powerful Speaking and Listening: no ratings https://www.amazon.com/How-Heard-Powerful-Speaking-Listening/dp/1633536718/
  
• Overcoming Bias: Building Authentic Relationships Across Differences: 4.6/5 (19 reviews) https://www.amazon.com/Overcoming-Bias-Authentic-Relationships-Differences/dp/1626567255/
  
• Negotiating the Impossible: How to Break Deadlocks and Resolve Ugly Conflicts: 4.4/5 (41 reviews) https://www.amazon.com/Negotiating-Impossible-Deadlocks-Resolve-Conflicts/dp/1626566976/
  
• The Gentle Art of Asking Instead of Telling: 4.2/5 (178 reviews) https://www.amazon.com/Humble-Inquiry-Gentle-Instead-Telling/dp/1609949811/

The standard that you have to meet, and what you would have to prove to an auditor if (when?) you get audited is that these are “ordinary” AND “necessary” business expenses.

“Ordinary” means that they are typical expenses for a business of your type. If you can reasonably prove that other business owners in your business category have these same expenses, then you could justify claiming them as business expenses. You could do that by reaching out to other people in your industry, or maybe just by looking around, and seeing how, and if, they do these types of things as part of their business or if they keep them in their personal lives.

“Necessary” means that these expenses help your business make money. The justification on this doesn’t have to be particularly strong, but it does have to be something. Imagine yourself sitting across from a stoney faced auditor and explaining how these expenses help you make money. Do you think he would be convinced?

I’ve seen this book recommended to help business owners find what is deductible and what isn’t, though I haven’t checked it out myself.

Also, the IRS has some very specific guidelines on things that you cannot deduct, so you’ll want to make sure that you don’t run afoul of those things, ie meals and entertainment.

Well, it just so happens that I have a list prepared to tweet out—figured I'd share here as well :)

How to Win Friends & influence People

Never Eat Alone

The E-Myth Revisited

Jab, Jab, Jab, Right Hook

Tribes

Linchpin

A Whole New Mind

The Neatest Little Guide to Stock Market Investing

The millionaire Next Door

Cashflow Quadrant

Why We Want you to be Rich

Drive

Rework

The 4 Hour Work Week

Entreleadership

Thou Shalt Prosper

Driven

How to Get Ideas

The Go-Giver

A little simplistic, but breaks it down into easy steps. Good if you need somewhere to start. Best of luck!

http://www.amazon.com/Millionaire-Makers-Guide-Creating-Machine/dp/0071484736

Based on reading your responses in this thread, I think you would really, really benefit from Dave Ramsey's Total Money Makeover program. His book "Total Money Makeover" would be a great place to start, and his podcasts, which are updated daily. His program absolutely changed my financial life, and I can't recommend it enough. I've found /r/DaveRamsey to be just as helpful as /r/personalfinance, if not more so.

I think Dave would say (don't shoot the messenger), you are really overspending. For someone taking home 33k a year, 10k in debt, to be leasing a $1,000+ phone and owning a German-made car (very high upkeep expenses)... It just doesn't make sense. And now you're going back to school, so your income may be going down. I have alarm bells going off for you, bud. This could get ugly real fast.

At least you have the beans and rice right, so that's a start! :)

The best advice I can give you is to get Total Money Makeover from the library (physical or audio), and start the program ASAP. It'll force you to confront the reality of your finances, help you get out of debt and get your spending in line.

Hope that helps.

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It sounds like you have the financial aspect down, you're doing everything correctly/by-the-book.

Building skills you can apply to your current job is excellent.

Based on your response, some other studying that might help is looking into general business and negotiation material. It will help you demand more for what you do. I can tell by your writing you are smart and competent, now you need to sell it and be confident you deserve it.

There are so many resources I can't really recommend anything in particular, but one basic thing that comes to mind is "The ABCs of Making Money". Of course check out all the great stuff reddit has to offer too, r/personalfinance, etc.

Hope I wont get banned for this... My book "Out of the Rat Race - the Quest for Financial Freedom" is here.

I share 25 years of experience and wisdom to be financially free and well-off (what is now called fatFIRE) before normal retirement age. I am now 50 and a few months ago I strangely found myself without a job, but at the same time, also without really needing a job.

My take in all of this is that time is what matters most. Either you are in job or not, make the most of your time (what is your purpose?), because a day gone is gone for ever and you cannot buy it back. We often get this too late in life, which is a shame...

Would love to hear back from those of you who will read the book.

I use The Frugal Foodie more than anything else in my kitchen. It's a small book with great suggestions, and a lot of reminders about how you can delight in simplicity (like an oven-roasted tomato sauce that is few ingredients, few steps to completion, and the best thing I've ever tasted!).

There's a book called "Rich on Any Income" that I highly recommend to you and your wife. Don't let disagreements about finances be a thorn in your marriage.

Rich on Any Income: The Easy Budgeting System That Fits in Your Checkbook https://www.amazon.com/dp/0875790097/ref=cm_sw_r_cp_apa_i_IAyqDbA3C40TQ

Like /u/Disciplined_20-04-15 said, buying into Vanguard ETFs are an excellent idea, the fees are incredibly low and have averaged a 9-10% return in the last decade. Buy into a handful of funds around the world and you've already got a pretty diversified portfolio.

Also BullionVault is an a great place to put your money into precious metals: gold, silver and platinum. Outside of an ISA you can still make upto £11k tax-free (way more than you'd earn in a single year).

Diversify your wealth with a 60-20-20 strategy (or something similar):

• 60% monthly savings into Vanguard ETFs
  
• 20% into gold
  
• 20% into cash (a Santander regular saver cash account gives you 5% interest)
  
  Even in a financial crash you'll ride it out better than most people.
  
  How to Own the World – Andrew Craig (free ebook with an Amazon Prime account) is a great introduction to the world of finance and outlines the 60-20-20 strategy above.
  
  The Gone Fishin' Portfolio – Alexander Green is what Own the World is based on but Craig's book is much broader and specific to the UK.

You have done everything nicely. Before going to planner or other web sites, just read these two used books which will help you.

https://www.amazon.com/gp/product/141330835X (first few chapters)

https://www.amazon.com/gp/product/0804137366 (chapter 1 enough)

These two saves you lot of time instead of going here and there in web.

@carelesschemicals,

This is the issue of unplanned early retirement from work. Better to spend $4 on used book

https://www.amazon.com/Retire-Happy-Guarantee-Great-Retirement/dp/141330835X

Plan it properly !

I read this a couple of years ago and found it a really interesting, educational read, if you're looking to learn:

How To Own The World

https://www.amazon.com/How-Own-World-Thinking-Investing/dp/1517254469

You can get it used for $6 on amazon. https://www.amazon.com/gp/offer-listing/0785289089/ref=tmm_hrd_used_olp_sr?ie=UTF8&condition=used&qid=&sr=

Is it this one?
https://www.amazon.co.uk/How-Own-World-Thinking-Investing/dp/1517254469

You will need this:

https://www.amazon.com/Manage-Your-Money-When-Second-ebook/dp/B007IUGLYO/ref=sr_1_1?ie=UTF8&qid=1523926297&sr=8-1&keywords=frugal+living&dpID=41WcHFjdSUL&preST=_SY445_QL70_&dpSrc=srch

Try this book. http://www.amazon.com/gp/aw/d/0066619823/ref=mp_s_a_1_1?qid=1463326613&sr=8-1&pi=SY200_QL40&keywords=getting+rich+in+america&dpPl=1&dpID=51VCNCB5P2L&ref=plSrch

It is really short and each chapter is a different example. Buying a used car vs new car, etc. I actually had Richard McKenzie for micro Econ for my MBA. A basic understanding of these principles would have made a world of difference if I would have read it before college.