Author Topic: Books recommendation for budgeting and building wealth?  (Read 2975 times)

Fuperw84

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Books recommendation for budgeting and building wealth?
« on: December 26, 2017, 05:11:24 AM »
Does anyone know good financial books to read if you're trying to live frugal and build wealth for retirement. I'm currently reading "The Millionaire Next Door" and "Stop Acting Rich...And Start Living Like A Real Millionaire". I'm also watching Dave Ramsey's teachings  on Youtube. Any recommendation is greatly appreciated.

lexde

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Re: Books recommendation for budgeting and building wealth?
« Reply #1 on: December 26, 2017, 07:27:02 AM »
Your Money or Your Life is always highly recommended it. I read it over the weekend and enjoyed it. It talks about some of the fundamentals of FIRE, including what “enough” is.

YNAB is coming out with a new book this week I believe.

Also definitely pick up JL Collins’ The Simple Path to Wealth.


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boarder42

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Re: Books recommendation for budgeting and building wealth?
« Reply #2 on: December 26, 2017, 07:44:09 AM »
Dave Ramsey has good advice to help you get out of debt. His investing advice is awful. You'll want to read jlcollins stock series for what many regard as the easiest way to build wealth in these parts

accolay

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Re: Books recommendation for budgeting and building wealth?
« Reply #3 on: December 26, 2017, 05:54:15 PM »
Your Money or Your Life is always highly recommended it. I read it over the weekend and enjoyed it. It talks about some of the fundamentals of FIRE, including what “enough” is.

YNAB is coming out with a new book this week I believe.

Also definitely pick up JL Collins’ The Simple Path to Wealth.
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Agree. Would like to add that you can get around JL Collin's book by just reading his website Stock Series.

joonifloofeefloo

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Re: Books recommendation for budgeting and building wealth?
« Reply #4 on: December 27, 2017, 10:59:42 PM »
For people with tricky circumstances (neurological differences, disabilities with intermittent symptoms, post-trauma, etc):
https://brainquirkcash.com/book/

tralfamadorian

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Re: Books recommendation for budgeting and building wealth?
« Reply #5 on: December 28, 2017, 07:49:08 AM »
Set for Life for those who are interested in including real estate in their portfolio.

ketchup

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Re: Books recommendation for budgeting and building wealth?
« Reply #6 on: December 28, 2017, 08:00:53 AM »
Dave Ramsey has good advice to help you get out of debt. His investing advice is awful. You'll want to read jlcollins stock series for what many regard as the easiest way to build wealth in these parts
+1, all around.

HomeSweetLab

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Re: Books recommendation for budgeting and building wealth?
« Reply #7 on: December 29, 2017, 02:42:07 AM »
Your Money or Your Life is always highly recommended it. I read it over the weekend and enjoyed it. It talks about some of the fundamentals of FIRE, including what “enough” is.

YNAB is coming out with a new book this week I believe.

Also definitely pick up JL Collins’ The Simple Path to Wealth.
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Agree. Would like to add that you can get around JL Collin's book by just reading his website Stock Series.

2nd the "Simple Path to Wealth" suggestion. Simply the best book I've read on savings and investments.

True, you could just read his blog posts to get most of the info in the book, but the book lays out everything you need to know in a logical, easy to follow format. I think it's definitely worth the $10.

Also, he created one of the best videos on the internet IMO: https://www.youtube.com/watch?v=eikbQPldhPY&feature=youtu.be
« Last Edit: December 29, 2017, 02:44:32 AM by HomeSweetLab »

Finances_With_Purpose

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Re: Books recommendation for budgeting and building wealth?
« Reply #8 on: December 29, 2017, 03:20:23 PM »
So, you asked for recommendations, so I'll add a few that I don't already see here:

Your Money or Your Life got it all started, and I see folks have mentioned it.  But the other book (from the blog) that was one of the first around here is this book.  It's an apt title, and a nice contrast to the opposite extreme, which we find all around us. 

Like others, I recommend checking out JL Collins' book, although you can get much of the content free via his blog, and also Jack Bogle's book, since Bogle is the most well-known figurehead of the index fund movement.

You may also want to check out Bogleheads' Guide, which is similar.

You may also want to check out William Bernstein's PDF/e-book called "If you can..." (easily locatable via google); it recommends some of these same books and other resources.  That PDF has a bibliography/homework list of books that contain a basic financial education if you read nothing else. 

You're already reading the book I would most strongly recommend, which is the Millionaire Next Door

Personally, I find that blogs and the like provide better solutions re: budgeting and the like because there's no one-size-fits-all solution to it.  You may be able to stay on target because you spend very little, so you can operate with a very simple budget and setup, whereas someone who struggles with spending will require more extensive tracking.  (I do recommend tracking at a level that allows you to see how you're doing vis-à-vis your goals.) 

I agree re: Dave Ramsey, too - he's great on basics, but sketchier re: investing.  But, with that said, you could follow Dave's investing advice and still do extremely well - most people stumble more over the basics (overspending, failing to save, selling in a downturn, etc.) than over picking among various instruments that are likely to bring home a positive return.

You could also read through case studies on these forums for a lot of ideas and suggestions.  Or do your own, once you've read up enough (it is great that you're reading up on things first). 

Finally, I am going to add a less conventional recommendation, which is that you also focus some energy on giving back - even as you start to accumulate wealth now.  I recommend giving back - including some of your money - as you go, treating your donations as an investment in something that is doing God's work in the world, one that pays dividends to others.  That is also an important part of this community (see this recent post, for example).  This is an excellent resource for how to give effectively - and what works.


h82goslw

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Re: Books recommendation for budgeting and building wealth?
« Reply #10 on: December 30, 2017, 09:37:30 AM »
Regarding Financeswithourpose’s post.....I used to totally stress about donating money to people/organizations when I was terrible at saving because I obsessed on how it was affecting me.
I wrote a few checks this year that made me smile because I knew I was helping a good cause and I was able to make these donations because I started being smart about money a few years ago.   Giving feels real good!  Thanks for making that point in your post. 

boarder42

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Re: Books recommendation for budgeting and building wealth?
« Reply #11 on: December 30, 2017, 12:21:20 PM »
On the giving point we're approaching the last hour for setting up a donor advised fund and reaping some tax breaks this year.

Wings5

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Re: Books recommendation for budgeting and building wealth?
« Reply #12 on: December 31, 2017, 12:23:40 AM »
Happy Money is a book I’ve perused lately that gives a few interesting tidbits on the link between spending and happiness. For example, your 1995 Camry gets you from home to work the same as the CEO’s Ferrari gets him from home to work. He has a Ferrari because “he enjoys driving it” and couldn’t drive something inferior. But even with a Ferrari he never actually takes it out just to drive it and enjoy it. Basically he takes Wagyu beef and makes sloppy Joe.

Those sorts of behavior and decision insights are packed into many of the books mentioned. After a while you understand it’s totally cool (and profitable!) to ignore the Joneses and find your own happiness.

Travis

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Re: Books recommendation for budgeting and building wealth?
« Reply #13 on: December 31, 2017, 12:29:53 AM »
If you've ever had doubts on how the stock market functions or needed someone to explain to you why "get rich quick" is statistically a game for suckers, read "A Random Walk Down Wall Street."  It's informative, easy to follow, and just plain entertaining.

Finances_With_Purpose

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Re: Books recommendation for budgeting and building wealth?
« Reply #14 on: December 31, 2017, 08:16:11 PM »
Regarding Financeswithourpose’s post.....I used to totally stress about donating money to people/organizations when I was terrible at saving because I obsessed on how it was affecting me.
I wrote a few checks this year that made me smile because I knew I was helping a good cause and I was able to make these donations because I started being smart about money a few years ago.   Giving feels real good!  Thanks for making that point in your post.

Sure - and thank you for sharing your personal experience.