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Reddit mentions of Personal Finance For Dummies
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Reddit mentions: 3
We found 3 Reddit mentions of Personal Finance For Dummies. Here are the top ones.
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| Height | 9.098407 Inches |
| Length | 7.299198 Inches |
| Number of items | 1 |
| Release date | November 2018 |
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I was going to echo this comment. OP, suggest he has a look at e.g. Personal Finance for Dummies.
Basically setting aside a decent portion of what he makes now is work 7 figures by the time he retires, which is not the case for the same amount set aside in his 40s or 50s. That money now is gold later on. So he needs to plan for paying corporate taxes and then personal taxes and finally invest as much as he can.
I would say set some aside to invest in growing the business and then whatever he takes home, invest as much as possible in long term (retirement) plans. Of course, spend some on the current necessities, but don't go too wild yet. A tax advisor and financial planner can help (e.g. how much to invest within the company vs how much to pay himself in salary or dividends which will all have different tax implications. Retirement plans are generally tax deferred, so that helps too.
Personal Finance for Dummies
https://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1119517893/ref=mp_s_a_1_3?keywords=personal+finance+for+dummies&qid=1568165153&s=gateway&sprefix=personal+finance&sr=8-3
Investing for Dummies
https://www.amazon.com/Investing-Dummies-Eric-Tyson/dp/1119320690/ref=mp_s_a_1_3?keywords=investing+for+dummies&qid=1568165219&s=gateway&sr=8-3
Same author. I read the older version of Investing for Dummies by the same author something like 15+ years ago. I did not read the personal finance one, but the investing book will put a lot of things into perspective for you. It really would be great if these were studied in highschool and\or college. Always get the latest version. They update it for current tax law. The general ideas are always the same.
Pay down debt or avoid incurring it. No investment is 100% except paying off debt. Don't buy more than you can afford. Diverse mutual funds are good. Pre-tax 401k is good.
The For Dummies series of books are actually pretty good for fundamentals as well. You might like this one:
https://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1119517893