(Part 2) Best products from r/FinancialPlanning

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.

One word: Vanguard (www.vanguard.com)

Resources I've found helpful for learning purposes:

Bogleheads (www.bogleheads.org)

The Boglehead's Guide to Investing (http://www.amazon.com/gp/aw/d/0470067365)

Good luck.

Tip: first thing, do a google search on the power of compound interest and tax-free growth. That should keep you motivated to get going and start saving now.

I suggest Laws of Wealth. It is a great insight into human beings managing money and how it can best be done.

https://www.amazon.com/Laws-Wealth-Psychology-investing-success/dp/0857195247

I just read this recently and I really enjoyed it and took a lot away from it.

https://www.amazon.com/Make-Your-Own-Living-Trust/dp/1413321003

You can do your own living trust pretty easily. There are books with templates, like the one linked above. And you should almost always have a trust, not a will. Lawyers like to recommend wills because wills require probate and probate fees are another way for lawyers to make money.

I had the same issue for a long time

I suggest reading "The Richest Man in Babylon" - It's changed my perspective on savings, and wealth in general. you can find it here; (https://www.amazon.com/Richest-Man-Babylon-George-Clason/dp/0451205367/ref=sr_1_1?ie=UTF8&qid=1496006456&sr=8-1&keywords=richest+man+in+babylon)

Before you can truly save money you have to be in the right mindset, this'll help with that.

I read Pass the 65: http://www.amazon.com/Pass-65-Training-Guide-NASAA/dp/1610070690/ref=sr_1_11?ie=UTF8&qid=1463885834&sr=8-11&keywords=series+65

and PassPerfect on the web and practiced and practiced. https://www.passperfect.com/Series/65

I would suggest focus on the subjects you didn't pass but don't ignore the subjects you did well on. Good luck, keep trying!

Doesn’t directly answer your question but check out “Educated” by Tara Westover. Great read, she also left home to pursue education and could be a source of inspiration for you

The only investment guide you'll ever need by Andrew Tobias
https://www.amazon.com/Only-Investment-Guide-Youll-Ever/dp/0544781937
I was in your position and read this 15 years ago and retired early using his advice to invest. He updates it regularly. It tells you what you need to know in easy to understand terms and gives a good reading list if you want to go further to understand the theories supporting his advice . Read the reviews on amazon for other opinions

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.

Thanks for the book recommendation! I'm guessing you meant the Author is Andrew Tobias, if so here is the link to the book on Amazon:

The Only Investment Guide You'll Ever Need https://www.amazon.com/dp/B011H55NBM/ref=cm_sw_r_cp_apa_i_NrS8AbS7AG81Z

If this is not the book, then please let me know. Thanks.

This is why this is best in the /r/Entrepreneur sub. Where there is extensive discussion about how to "pitch". If you are approaching people cold (don't recommend it, see if you can somehow get a warm lead from a friend of a friend, etc.) or even somewhat warm, prepare a concise 15 second or two/three sentences statement about why the listener should listen to you. Put yourself in their shoes and approach it from their perspective - why should they care?

A book that helped me was Dan Pink's "To Sell is Human"

A couple useful resources:

Get Rich Slowly

All Your Worth: The Ultimate Lifetime Money Plan

The first thing that you need to do is go to the library and read books on stock market investing. Personally I like this book.

http://www.amazon.com/Neatest-Little-Guide-Market-Investing/dp/0452298628

Given your take home of $4000 per month, $1000 on housing isn't terrible, but you have not stated estimated utilities. Are you including them in rent?

I am a big fan of cutting expenses if I can. Have you considered taking on a roommate? They will help with rent and utilities.

You should be trying to put away 10-15% of your income per year for retirement. I would suggest that you try to max your roth to $5,500 for the year.

Finally, have you fully funded your emergency account? You should aim to have 3-6 months of living expenses (6-12k for you) in an easily accessible account to cover you just in case you need to change jobs or something happens.

It was about two years ago I read about bidets (I think in frugal) and my God, what a difference in money saved, cleanliness, comfort.

bidet seat

adapter that comes with seat sux, so buy this one

Get a Financial Life is my favorite personal finance for young adults.

Bogleheads is the place to go for investing. Very beginner friendly. The videos are super cheesy but very accurate and unbiased.

Hello Everyone! My name is Rachel and I am the author of “High On The Hog:Financial Progress.” My book is currently for sale on Amazon: High on the Hog: Financial Progress https://www.amazon.com/dp/B07Y4JNN4N?ref=ppx_pop_mob_ap_share. I wanted to teach everyone some proven methods that have helped me to purchase a home at the age of 23 & pay off a six-year car Ioan in 3 years! Follow the link, get your copy & let your MONEY work for YOU!

I don’t see any replies to your question about investing in bonds. It’s not a simple answer. I would stick to a high yielding savings account or a CD if your goal is to leave the money sitting for 0-5 years.

This might sound silly, but this book is simple to read and keeps you engaged. If you have the financial means to invest, this is a great starting point to get your bearings:

https://www.amazon.com/Investing-Dummies-Eric-Tyson/dp/1119320690

Hi, extremely well move to start so early.
Put everything in a high yield savings/money market account while you start reading in ways how to invest your savings to get even higher yields.
Perhaps real estate, perhaps mutual funds, perhaps CD’s...

I personally started digging into the stock market with the focus on dividend paying companies.

Here is an easy read on dividend investing. I have no financial education and was able to read it very smooth.
https://www.amazon.com/All-About-Dividend-Investing-Second/dp/0071637133/ref=nodl_

https://www.amazon.com/dp/B07CMKY4LY/ref=cm_sw_r_cp_awdb_t1_CzH4Db2613C2N

Is a book all about running a store. It might be helpful.

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.

• Houses are stupid expensive.
  
  • A down payment is usually 20% of the sale price.
    
  • Mortgage rates are stupid high for young people with student loans.
    
  • Home-owners insurance is stupid expensive.
    
  • Property taxes are stupid expensive.
    
  • Maintenance costs are stupid expensive.
    
  • Missing a mortgage payment could easily result in foreclosure.
    
    • New grads are high risk. It's extremely likely any lender who gives you a mortgage can foreclose the second you miss a mortgage payment.
      
  • Dropping a large portion of your net worth on an investment you are extremely likely to lose is not smart financial planning.
    
    
• You have very little income.
  
  • You'll be an entry-level candidate with (presumably) an entry-level salary.
    
  • Using student loans to pay for a down payment on a mortgage is not smart financial planning.
    
    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:
    
    
• Read I Will Teach You to Be Rich by Ramit Sethi and I'm a big fan. It's $6.99. I know the title is absolute shit, but it will teach you how to handle and track your money. "To know thyself..." and all that crap. The rest of my bullets are all covered in that book too.
  
  
• Use Mint and make a budget in Excel or google sheets. The first month, just track spending. You can set goals, but the key is to see your behavior from a bird's eye view so you know what to change.
  
  
• Change your lifestyle gradually.
  
  • I'm a foodie too, but you really should learn too cook at home. Here's my 2-week meal plan. Where I'm from, it's about $120 for 17-21 days of food. Spending $500+/mo on food is obscene. Cut that figure down.
    
  • Study at the library. Don't go to coffee shops or other commercial establishments where you need to buy a drink. That $2 adds up over time.
    
  • Cultivate hobbies in your downtime. Some people eat when they're bored. Personally, I spend money when I'm bored. That's advice I've never read in a book, but has helped me tremendously.
    
  • Do this all slowly. If you make drastic cuts, you're less likely to keep to your spending goals.
    
    
• Set reasonable goals.
  
  
  • Start with an emergency fund. There's a big difference between a person with $500 saved and a person with $5,000 saved.
    
  • For most, taking out a loan on a car is a more feasible and realistic goal before getting a house. You'll need it to travel to interviews, drive to and from internships, and it'll give you more freedom when deciding where to live around uni. That said, postpone it as long as possible. The cost is only worth it when the benefits are really high.
    
    
• Keep up or lurk with us on /r/Frugal, /r/budgetfood, /r/freebies, /r/coupons, and /r/personalfinance.