Finance book recommendations?

oranson · Nov 7, 2012

At the end of Mjs' book, well really though out, he talks about not being an idiot with money. Live within your means, don't buy stuff you can't afford, live in an [shitty] apartment driving that brand new M3, etc. It's not that I've made any bad decisions with money, I haven't yet! I am living comfortably on my own in an apartment, keeping my bills balanced, making money in the [super] slowlane.

Specifically, I'm talking about the story where his sister (I believe) wanted to buy a car and goes in wanting a $399 car payment but gets completely scammed. I'm 26, never bought a new car. I couldn't tell you the first thing about signing off on a deal. I know you walk in with a down payment and out you come in debt. Don't plan on buying a car anytime soon, but I don't know the in's and out's of deals.. Prevention is the best medication.

Any good book recommendations about stuff like this? Reading the fine print(s), stocks, trading, tax strategies for small business, liquid assets, capital gains taxes, portfolios, etc? Also, this link outlines how to live after making your wealth. But honestly, I don't know the FIRST THING about this stuff..

Looking for some good guidance! The internet is full of gurus.

Thanks!

GENT3861 · Dec 18, 2012

I use investopedia and optionsMonster. Both are good for beginners. I am not making a killing but I only have a small amount invested and am trading between classes in college. We, my dad and I, also trade Forex and he is making a comfortable living off of that. Hope this helps

Toao · Dec 18, 2012

I am not too familiar with taxation and all the regulations in the US. But what helped me are some wise quotes from Warren Buffet like never invest in a business (and stakes, obligations and stuff is about a specific business) that you don't fully understand.

A book I read a year ago maybe was from Banjamin Graham that in english is called "The intelligent Investor". What he wrote was not too wrong in my opinion and it made a pleasan contrast to the guru stuff you read so often. In the end it's always your decision where and how to invest. I can guarantee you will make false decisions but in the end it's about the sum of your right decisions wether you are successful or not.

ronlove · Feb 6, 2013

Hi Oranson: The best pure investment book I've read in 20 years is Joel Greenblat's The Little Book That Still Beats The Market.
It's nice taking investment advice from a self-made billionaire hedge fund owner. And his strategy is very simple to implement. Good luck! RL

tamo42 · Feb 10, 2013

Investing is just one facet of money management. To my mind, the most important thing in investments is to match your investment style to your personality. Some people are happy with 10% NNN commercial leases that have zero headaches. Others want the "excitement" of day trading. Investments of all flavors *can* work, but they won't all work for you. Find what suits you and study that.

Once you start building serious wealth, it's (past) time to start talking to professional tax, insurance, estate, and other industry experts. The challenge is that most of these kinds of pros are total crap, so you have to do your homework on your potential advisors.

oranson · Feb 11, 2013

Steven Smith said:
I think you should read Ramsey Book! It looks like an easy read.
Thanks again everyone. If anyone has additional books to recommend,
please let me know.

Forex trading would be good. Maybe start out with a small amount, then if I feel more comfortable, invest more. Dave Ramsey has some good things to say, but IMO, nothing that hasn't been said in MJ's book. I've listened to his talk radio show some.

tamo42 said:
Investing is just one facet of money management. To my mind, the most important thing in investments is to match your investment style to your personality. Some people are happy with 10% NNN commercial leases that have zero headaches. Others want the "excitement" of day trading. Investments of all flavors *can* work, but they won't all work for you. Find what suits you and study that.

Once you start building serious wealth, it's (past) time to start talking to professional tax, insurance, estate, and other industry experts. The challenge is that most of these kinds of pros are total crap, so you have to do your homework on your potential advisors.

I ordered a few books asset protection. Starting here. Going to learn about real estate investing, (possibly) off shores, bonds, money makets, and stocks.. I also found another book that describes opening up businesses just to purchase assets like a house, car, etc so that you never have anything directly in your name, but in the name of the business (which you control). Seems logical.
Obviously, something described here is the end goal. Where the money generates a monthly income without losing the nest egg.

Thanks for all the input!

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