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Old 10-05-2007, 02:28 PM   #1
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Beginner saving/budgeting/retirement forums

I have a number of friends who haven't saved much or anything for retirement and live on very minimal incomes. One I talked to recently knew that IRAs existed but did not know anything about how they worked. She had decided to open an IRA "savings account" at her credit union to start saving something for retirement.

Anyway, does anyone know of any good introductory forums for people just getting started learning about investing, maybe have some issues with budgeting, and know very little about how to save for retirement?

Or if not, any simple straight forward books. Not like Four Pillars.
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Here's one I've been recommending...
Old 10-05-2007, 02:36 PM   #2
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Here's one I've been recommending...

Amazon.com: The Smartest Investment Book You'll Ever Read: The Simple, Stress-Free Way to Reach Your Investment Goals: Books: Daniel R. Solin

It's a quick read (a few pages per chapter). You can get it (used) for less than $2 on Amazon.

- Ron
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Old 10-05-2007, 03:03 PM   #3
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Financial Planning for the Utterly Confused By Joel Lerner
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Old 10-05-2007, 03:19 PM   #4
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Suze Orman internationally acclaimed personal finance expert : The Suze Orman Show : Will & Trust Kit : FICO Kit : Insurance Kit : Women & Money

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Old 10-05-2007, 04:03 PM   #5
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The SimpleLiving.net forums have a money section and a Frugality and Tightwadding section that might be appropriate. Many of the people there are on very low incomes (think YMOYL rather than TFPOI), but the advice is not likely to be as good as it is here.
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Old 10-05-2007, 04:36 PM   #6
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You duck, but my friend who was thinking about starting an IRA got to thinking about it because of Suze Orman.
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Old 10-05-2007, 04:52 PM   #7
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suze orman

yup, quite honestly... that's where I first heard of a Roth IRA. it opened my eyes to retirement and led to book reading (millionaire next door, automatic millionaire homeowner, you can retire young; how to retire in your 40s or 50s without being rich, etc.)
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Old 10-05-2007, 05:31 PM   #8
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Quote:
Originally Posted by rs0460a View Post
Amazon.com: The Smartest Investment Book You'll Ever Read: The Simple, Stress-Free Way to Reach Your Investment Goals: Books: Daniel R. Solin

It's a quick read (a few pages per chapter). You can get it (used) for less than $2 on Amazon.

- Ron
Quote:
Originally Posted by Moemg View Post
Financial Planning for the Utterly Confused By Joel Lerner
These look interesting, I'll take a look at them at the library. From looking on the internet, it looks like the "Utterly Confused" book is good as a starter for someone who doesn't really know what an IRA is or what a mutual fund is verses a savings account and Ron's suggestion looks like what to read after reading the first book. If someone gets that far.

Al, the simple living forum is a good idea. Like here, you are around like minded people which is reinforcing.
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Old 10-05-2007, 07:42 PM   #9
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"The Armed Forces Guide to Personal Financial Planning"

Investopedia.com

BankRate.com

"The Dollar Stretcher"

Your friend may be a little old for these but they make great birthday/graduation gifts:
"The Motley Fool Investment Guide for Teens"
and
"The Teenager's Guide to the Real World" (Written by Marshall Brain, who also runs the "How Stuff Works" website)

Finally, although he may be abrasive, zealous, & grumpy-- you can't get much more basic than Dave Ramsey...
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Old 10-05-2007, 08:19 PM   #10
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I began learning about managing money and investing by reading MONEY magazine. They publish the same kinds of articles year after year, with updates for the latest info.
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Old 10-05-2007, 11:56 PM   #11
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We have a list of forums, newsletters, worksheets, calculators and radio shows that we recommend. All sites are linked.

Financial Info and Forums

Your friends could find the ones that appeal to them, depending on where they are with financial language. These sites should be very helpful.

Be well,

Akaisha
Author, The Adventurer's Guide to Early Retirement
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Old 10-06-2007, 08:19 AM   #12
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Martha, I will havd to dig around, but IIRC the AICPA had a nice, non-threatening website about the basics of saving.
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Old 10-06-2007, 09:10 AM   #13
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There should be something in the Dummies or Idiot series of books. (I read one once on Medicare and it was quite good). I'd probably go check out the public library rather than buying anything. Charles Schwab was once giving away free copies of his book---it's been quite a while since I read it but it seemed like a good basic type book. Don't know if they still give them away or if only to clients but might be worth a try if there is a local office nearby.
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Old 10-06-2007, 09:35 AM   #14
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Quote:
Originally Posted by kaneohe View Post
There should be something in the Dummies or Idiot series of books. (I read one once on Medicare and it was quite good). I'd probably go check out the public library rather than buying anything. Charles Schwab was once giving away free copies of his book---it's been quite a while since I read it but it seemed like a good basic type book. Don't know if they still give them away or if only to clients but might be worth a try if there is a local office nearby.
Yes, I have Personal Finance for Dummies and it was surprisingly sensible and pretty much consistent with what people say on this board. That was my start, and then roamed the internet - - eventually I stumbled on the Morningstar Diehards forum where I read a lot and realized that this was one point of view that really made sense to me and that I am a diehard Diehard at heart! Didn't want to pay (new members have to), and the new diehards/bogleheads forum hadn't come about yet, so I came across this forum. Since then I have read Four Pillars of Investing by Bernstein (yawn! but good advice), and Swedloe's The Only Guide to a Winning Investment Strategy You'll Ever Need (MUCH more interesting and also good advice). I read most articles that people link to here, and sometimes browse on fpanet.

And there you have it -- the sum total of my financial education. That is why I usually give a caveat before advising anyone on this board. I have four degrees in science and engineering, but never got any finance, economics, accounting, or business classes somehow. Amazingly, it doesn't seem to take any more than what I have been exposed to, to make sensible financial goals and realize them. I haven't really had any problems yet in my planned progression towards ER other than Katrina, and after about a year of frighteningly increased expenses, I managed to get back on course financially using the skills/information obtained from these sources.
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