Author Topic: I need some books on financial planning...  (Read 3405 times)

WootWoot

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I need some books on financial planning...
« on: November 08, 2017, 03:29:37 PM »
...and I really, really have trouble understanding what's written in 99% of them.

I'm math-phobic, to begin with. I'm looking for something written in plain language, along the lines of Jane Bryant Quinn. Right now I'm reading one of her books, but the copyright is 2006.
The other books I took out of the library are by Samuel Case (looks a bit dry, and really old copyright wise) and "The Only Investment Guide You'll Ever Need."

I'm seriously considering "Personal Finance for Dummies." I've always liked the series (despite the title!). I have looked at some of the books recommended on here, and they seem a bit too complicated for where I'm at right now. (Where I'm at: Trying to save more for retirement, trying to manage a windfall, trying to invest money without losing any of it, hopefully without paying large fees).

So, I'm looking for something written

1. After the recession;
2. In Plain English;
3. For an older investor (not completely necessary, but "Get A Financial Life" is too "young" for me.

Can you help? Thank you very much! :)

Acastus

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Re: I need some books on financial planning...
« Reply #1 on: November 09, 2017, 12:49:25 PM »
Nothing wrong with Personal Finance for Dummies, by Eric Tyson. It was the first book on the topic I ever read. His advice on reducing expenses is pretty basic. Try the Frugalwoods blog for that.

WootWoot

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Re: I need some books on financial planning...
« Reply #2 on: November 09, 2017, 01:52:44 PM »
Thanks for responding! I'll check out that blog too.

jalich

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Re: I need some books on financial planning...
« Reply #3 on: November 10, 2017, 12:17:27 PM »
The Simple Path to Wealth by Jim Collins (jlcollinsnh) is an excellent general resource. It's not tailored to a specific age group, but explains personal investing in fairly simple terms. Plus MMM wrote the forward, so you know it's pretty closely aligned with Mustachian values if that sort of thing is important to you.

http://jlcollinsnh.com and you can find a link to http://www.thesimplepathtowealth.com/ from his homepage. The whole site is a good read; the book is mostly an edited and organized version of the blog laid out in a logical manner. Well worth the $15 IMO.

MDM

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Re: I need some books on financial planning...
« Reply #4 on: November 10, 2017, 09:41:40 PM »
Previous suggestions all good.  See also Getting started - Bogleheads and www.etf.com/docs/IfYouCan.pdf for yet more perspectives.

Find the one(s) that work best for you.  Good luck!

aceyou

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Re: I need some books on financial planning...
« Reply #5 on: November 12, 2017, 05:37:15 PM »
I'll second The Simple Path to Wealth.  He makes finance understandable and even enjoyable without dumbing anything down. 

WootWoot

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Re: I need some books on financial planning...
« Reply #6 on: November 13, 2017, 12:01:12 PM »
OK, sounds good! Thank you, everyone, for your help!

I'm almost done with the Jane Bryant Quinn book. It was helpful, especially in explaining some stuff re: life insurance.

Cwadda

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Re: I need some books on financial planning...
« Reply #7 on: November 13, 2017, 12:02:03 PM »
The Simple Path to Wealth by Jim Collins (jlcollinsnh) is an excellent general resource. It's not tailored to a specific age group, but explains personal investing in fairly simple terms. Plus MMM wrote the forward, so you know it's pretty closely aligned with Mustachian values if that sort of thing is important to you.

http://jlcollinsnh.com and you can find a link to http://www.thesimplepathtowealth.com/ from his homepage. The whole site is a good read; the book is mostly an edited and organized version of the blog laid out in a logical manner. Well worth the $15 IMO.

Yes, this book is what you want.

reeshau

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Re: I need some books on financial planning...
« Reply #8 on: March 07, 2018, 08:34:36 PM »
I recommend  "Your Money Ratios" by Charles Farrell.  It's a great financial-planner-in-a-box.  While he does not avoid math, it is straightforward with plenty of examples.  He also does a good job building up a financial plan, starting with earning and spending, then going into major money events (houses, kids, college, retirement).  He emphasizes how they are related--those are the ratios in the title.

It is geared for traditional retirement age, and earnings from median wage to about $75k.  So, not necessarily in line with MMM.  But I consider it a very good primer, giving you a "license to learn" upon finishing:  you will better know the areas to study further, and what questions you want answered.  Everyone I have loaned or referred the book to raves about it, and for different reasons, which I take as proof of the breadth of topics covered.

WootWoot

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Re: I need some books on financial planning...
« Reply #9 on: March 08, 2018, 09:55:17 AM »
OK, thank you! I will check into it!

Leisured

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Re: I need some books on financial planning...
« Reply #10 on: March 14, 2018, 05:57:41 AM »
These two books are more about investing than financial planning. 'The Richest Man in Babylon' by George Clason, and 'The Intelligent Investor' by Benjamin Graham. Both available for slight cost from Amazon. The Richest Man implies, correctly,  that investing goes back to the ancient world, although the characters in the book are fictional. Both books give good insights.

Edit: the low cost of these books are if you buy as Kindle.
« Last Edit: March 14, 2018, 06:00:10 AM by Leisured »

2Birds1Stone

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Re: I need some books on financial planning...
« Reply #11 on: March 14, 2018, 06:12:27 AM »
A Simple Path To Wealth by JCollins is a good read.

WootWoot

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Re: I need some books on financial planning...
« Reply #12 on: March 26, 2018, 03:21:26 PM »
Thanks for the suggestions. Haven't been on here in a week or two so didn't see them till now.

Zola.

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Re: I need some books on financial planning...
« Reply #13 on: March 29, 2018, 07:40:16 AM »
These two books are more about investing than financial planning. 'The Richest Man in Babylon' by George Clason, and 'The Intelligent Investor' by Benjamin Graham. Both available for slight cost from Amazon. The Richest Man implies, correctly,  that investing goes back to the ancient world, although the characters in the book are fictional. Both books give good insights.

Edit: the low cost of these books are if you buy as Kindle.

Reading this at the moment, an easy read, light and interesting. Straight forward!

frugalone

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Re: I need some books on financial planning...
« Reply #14 on: September 21, 2018, 06:28:03 PM »
A Simple Path To Wealth by JCollins is a good read.

I just downloaded this from Audible.  Already read/listened to most of the others.  Great post!

MDM

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Re: I need some books on financial planning...
« Reply #15 on: September 21, 2018, 07:24:13 PM »
...trying to invest money without losing any of it, hopefully without paying large fees.
With some folks, a "without losing any of it" concern will cause them to restrict investments to CDs, savings account, etc. - in the extreme, keeping it all under the proverbial mattress.

Nothing wrong with investing conservatively, just don't take it too far.  E.g., see Asset allocation - Bogleheads.

In particular, do not let a "financial advisor" sell you an annuity unless you completely understand the ~100 page contract that governs it.  You won't understand it, so don't buy it.

Unscrupulous financial advisors love to prey on people who "don't want to lose money" by selling various forms of annuities.  With those products, of the three parties involved (the annuity company, the financial advisor, and you), two of those three will make a lot of money if you buy the annuity.

singpolyma

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Re: I need some books on financial planning...
« Reply #16 on: September 21, 2018, 07:36:28 PM »
Why do you need something written recently? The fundamentals don't change that much.

frugalone

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Re: I need some books on financial planning...
« Reply #17 on: September 22, 2018, 06:48:57 AM »
A Simple Path To Wealth by JCollins is a good read.

I just downloaded this from Audible.  Already read/listened to most of the others.  Great post!

I listened to 2 hours and 20 minutes last night and I learned so much!  It was very easy to listen to and it has a PDF that you download to view all the graphs and diagrams.  Can't wait to start listening today.

WhiteTrashCash

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Re: I need some books on financial planning...
« Reply #18 on: September 22, 2018, 06:54:45 AM »
I liked "The Road to Wealth" by Suze Orman. She also wrote "The Money Book for the Young, Fabulous, and Broke" which may be geared toward younger readers but has a very accessible question and answer format.

profnot

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Re: I need some books on financial planning...
« Reply #19 on: September 23, 2018, 02:49:42 PM »
I've been working on my retirement plan and have found the books listed below helpful.

I think the Quinn book you have been reading is the best and most comprehensive book on personal finances.  The size is daunting but her info is clear.  And, as she says, there is no need to rush into anything.  Her second book is just as good.

A fun book for with another perspective: Rich Dad, Poor Dad.  It's a quick read.
He votes for being an entrepreneur and investing in real estate. 

~ ~ ~

Books
Making the Most of Your Money Now
and
How to Make Your Money Last
by Jane Quinn
The first book is the most comprehensive encyclopedia of concepts and tools for personal finance for the lay person in the US.  Her explanations and advice are sound and simply written.  The second book focuses on preserving funds through retirement.

Plan Your Estate
by Denis Clifford for Nolo Press
Great overview of all aspects of retirement and estate planning except how to anticipate and pay for medical expenses. Includes Wills, Powers of Attorney, Trusts, ways to avoid probate, and more.  Terrific book to read before speaking to an estate planning attorney and insurance brokers.

8 Ways to Avoid Probate
by Mary Randolph for Nolo Press
Tools like Transfer on Death for real estate and vehicles, Payment on Death for bank accounts, and Trusts can be used to move parts of your estate into the possession of your heirs without the delay of probating your will.  Avoiding probate is not a scheme to avoid taxes.  This book expands on the information in the Plan Your Estate book.

Make your Own Living Trust
by Denis Clifford for Nolo Press
This book talks about Revocable Living Trusts and how to easily create one yourself.  I initially read this book to learn about Trusts: what they can and cannot do so I would be informed about the issues when I met with a lawyer.  But setting up a simple one turned out to be surprising easy so I did it and put my investments into it.  (I had to make some changes to the bookís forms to comply with WA law.)  This created a simple safe harbor for the investments.  Iím still studying about other kinds of Trusts so Iíll be informed when my inheritance arrives and I can get an expert attorney to create a more comprehensive Trust.

Living Trusts for Everyone:
Why a Will is Not the Way to Avoid Probate, Protect Heirs, and Settle Estates
by Ron Sharp

Long-term Care: How to Plan and Pay for it
by JL Matthews for Nolo Press

Family Fortunes
by Bonner and Bonner


Audiobook and book
The 5 Years Before You Retire
by Emily Birken
Good light overview of all aspects of retirement, including medical / long term care expenses, which is not covered in most books on retirement.


Article
Planning for Health Care Costs in Retirement
Online article published by Vanguard.  Very thorough.
https://personal.vanguard.com/pdf/ISGPLHC.pdf