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Books to start addressing financesBasic Question (self.askMRP)

submitted by R288DRO

So I've had a look in the sidebar- does anyone have any good recommendations for books to start tackling finances?

No major debts except a mortgage, but I'm a complete newb with money.


[–]helaughsinhidden11 points12 points  (1 child) | Copy Link

No major debts except a mortgage, but I'm a complete newb with money.

You're doing fine, keep it up!

This is a great starter: https://www.amazon.com/Dave-Ramseys-Complete-Guide-Money/dp/1937077209

Most people borrow too much and use credit cards they can't pay off the same month and get buried. Just don't do that and you're 15 years ahead of most people.

For insurance and investments, there are SO MANY to pick from it's dumb to take advice from people who don't know your goals, background, history, etc.

[–]R288DRO[S] 1 point2 points  (0 children) | Copy Link

Thanks for the advice man - I'll check Ramsey out.

[–]4percent338125 points26 points  (2 children) | Copy Link

Total money makeover -Dave Ramsey. Life changing.

[–]R288DRO[S] 3 points4 points  (0 children) | Copy Link

Awesome, thank you

[–]eqtitan1 point2 points  (0 children) | Copy Link

Thank you as well, listening to the audiobook during my commute.

[–]SteelSharpensSteelMod / Red Beret5 points6 points  (0 children) | Copy Link

I wrote a post on this, and it was covered in 60 DoD.

[–]vplatt3 points4 points  (4 children) | Copy Link

Actually, I would address this with a product rather than just a book.

See /r/ynab for details. There you will find a method, a product, a community, and a way forward for finances.
It's perfect for newbs.

[–]ShortGame640 points1 point  (3 children) | Copy Link

This is my first month using it after researching it all Summer and being wary of my commitment to actually following through on it.

Two weeks in and it's fucking awesome.

As others have said, if you give every dollar a job, it's like you get an automatic raise. I'm pretty fucked with debt and making sure I have that in the budget at the beginning of the month is pretty freeing.

[–]vplatt0 points1 point  (2 children) | Copy Link

It's a great way to RP household spending too. I mean, there's definitely an element of OYS to it too, because it keeps both of you honest. But it has been well worth it for us at least.

[–]ShortGame640 points1 point  (1 child) | Copy Link

I used it back in the day when there wasn't automatic import and actually preferred having to confront each and every purchase, as the "definitely didn't need that" purchases were obvious.

[–]vplatt0 points1 point  (0 children) | Copy Link

Well, you don't NEED to link your accounts to your bank. That would completely kill auto-import and still use the product like you did previously. Honestly, we would be a bit better off if we did that ourselves still, but it was such a huge chore that I completely hated the process then. The tiny bit of loss of control is worth it for me.

[–]Redpillbrigade1710 points11 points  (2 children) | Copy Link

Rich Dad Poor Dad is a good one. Classic,

Also start following and reading through the personalfinance subreddit. Good nuggets there and wiki resources.

[–]JCX_Pulse3 points4 points  (1 child) | Copy Link

This one changed my whole perspective on money and investing. Loved it. Highly recommend.

[–]gvntr0 points1 point  (0 children) | Copy Link

Love it. Somewhere in that book Ramsay says that Rich People love risk. This is a fundamental point to ponder.

He also says that Rich People make money when the market goes down, too, whereas middle class people only profit as long as the market is going up. The Rich make money off movement, off volatility. This is also fundamental. The Rich hedge.

[–]BobbyPeruRed Beret5 points6 points  (0 children) | Copy Link

The Millionaire Next Door

Rich Dad, Poor Dad

[–]SoggyTrainCucked by machines1 point2 points  (0 children) | Copy Link

I liked Tony Robbins "Money Master the Game". TLDR-fire your financial advisor, do this shit yourself. It's a long game, like marriage.

[–]wkndatbernardus1 point2 points  (0 children) | Copy Link

R/financialindependence will give you all the info you need to grow wealth, even on a modest income. Check their sidebar and implement the prime directive. Saving 20% of your income in tax deferred accounts is a good start but, those mofos try for at least 50%.

[–]CaptJohnLukeDiscard1 point2 points  (0 children) | Copy Link

YNAB. There’s a book and there are a few hundred 3-5 min podcasts.

The actual product is an app which basically is the digital version of the envelope system.

[–]Jacked_Reiki_Dude0 points1 point  (0 children) | Copy Link

OP, you might want to check out r/financialindependence and r/leanfire. The core principle is to forego those $200 concert tickets and buy a few shares of Vanguard S&P500 index funds instead. Do this over 1,000 repetitions and after a while you start to have actual financial and employment choices and not living paycheck to paycheck. About 10 years ago when I stopped tithing, stopped giving money to relatives, and made my wife pay for her shit out of her own paycheck, my financial picture solidified very rapidly.

You can kill a man, but you can't kill an idea.

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