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Re: Book to help Youing Couple Get started on the right financial foot??
Old 08-17-2005, 05:33 PM   #21
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Re: Book to help Youing Couple Get started on the right financial foot??

Just finished reading "All Your Worth--the Ultimate Lifetime Money Plan," by Elizabeth Warren and Amelia Warren Tyagi (you might recognize Elizabeth Warren's name as the Harvard Law Prof who was prominently featured in a PBS special talking about credit card companies--and one who argued against the recent bankruptcy law).

http://tinyurl.com/expob

It's surprisingly good. I say surprisingly, because I didn't necessarily expect a lot when I checked it out of the library. It's primarily about budgeting and has solid advice, but also has a good start to what to do when one starts saving. Not told as a story (as "The Wealthy Barber"), but enough real-life examples to make sense to someone with no background in this sort of thing.

Richard
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Re: Book to help Youing Couple Get started on the right financial foot??
Old 08-17-2005, 06:16 PM   #22
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Re: Book to help Youing Couple Get started on the right financial foot??

I was a child of the 60s. I very well remember my Dad talking to me about "net worth". I found the whole concept repulsive. I wish he were still alive so I could apologize for my ignorance and arrogance.

Haha
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Re: Book to help Youing Couple Get started on the right financial foot??
Old 08-17-2005, 06:30 PM   #23
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Re: Book to help Youing Couple Get started on the right financial foot??

Quote:
As for Kiyosaki-- I wouldn't even use his books as a door stop or a charcoal starter.
Well there goes one of my suggestion. Although he did get me started looking at real estate and business in a whole new light.

I think "The Millionaire Next Door" was the first book I ever read on LBYM. Classic book, I even enjoyed all the charts.
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Re: Book to help Youing Couple Get started on the right financial foot??
Old 08-17-2005, 07:40 PM   #24
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Re: Book to help Youing Couple Get started on the right financial foot??

I think books are dangerous - it's probably not a good idea to read any of them.

But - like hormones and investing and perhaps diet books - people will go ahead a do it anyway.

1994 - gave away copies on Bogle on Mutual Funds - oldest nephew actually read it.

I also gave him my patented Boglehead lecture on DCA, index fund - keep faith with De Gaul and keep plugging away via TSP. Any wise - my lecture or da book??

Get them to start with real money - they will learn which books to read later.

Bench mark TSM via DCA - then they can read and screw it up in the stretch. At least my nephew got ten years in before he read Four Pillars - not a book I'd recommend for the accumulation phase - distribution is another story.
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Re: Book to help Youing Couple Get started on the right financial foot??
Old 08-17-2005, 08:14 PM   #25
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Re: Book to help Youing Couple Get started on the right financial foot??

I think for young folks just starting out with what I refer to as the "credit card syndrom" a good book for them would be Suze Orman's "The Road To Wealth" It deals with all aspects of Money today and the problem young people get themselves into with too easy credit. (Buy now-pay later) Also, she is on TV and watched by alot of young people.

She also explains in short chapters all the different avenues for investing available out there.

It is very easy reading and it might spark their interest to start thinking about these things now, before it is to late.

Here are the different chapter:

1. Managing Debt (Talks a lot about credit cards and financing[/i])
2. Financiial Intimacy (Talks about how young couples get themselves in trouble and how important it is to discuss and agree on money matters with your partner.)
3. Home Ownership
4. Insurance
5. Paying for College
6. Retirement Planning
7. Stocks
8. Mutual Funds
9. Bonds and Bond Funds
10. Annuities
11. Wills and Trusts

I think # 1,2 & 3 are especially important for young people starting out.
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Re: Book to help Youing Couple Get started on the right financial foot??
Old 08-17-2005, 08:49 PM   #26
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Re: Book to help Youing Couple Get started on the right financial foot??

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Originally Posted by modhatter
Also, she is on TV and watched by alot of young people.
I think # 1,2 & 3 are especially important for young people starting out.
I think one of the most important things for young people to do when they're starting out is to avoid Suze Orman.

Especially when they already own GM cars.

Can you imagine Jack Bogle or William Bernstein flogging Hummers or VWs?
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Re: Book to help Youing Couple Get started on the right financial foot??
Old 08-17-2005, 09:32 PM   #27
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Re: Book to help Youing Couple Get started on the right financial foot??

Books aren't worth spit - compared to the 'delicate' and carefully crafted art of mentoring - harder but it works better.

You can grade their book reports in the stretch.
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Re: Book to help Youing Couple Get started on the right financial foot??
Old 08-17-2005, 10:01 PM   #28
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Re: Book to help Youing Couple Get started on the right financial foot??

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Originally Posted by Nords
I think one of the most important things for young people to do when they're starting out is to avoid Suze Orman.
Nords, we must share a common dislike of bad authors. Kiyosaki and her are the two worst "financial pundits" out there. I've never read her books and I never will. I have read a number of her articles on Yahoo Finance, and she usually does a poor job of getting her facts straight. Many times she is flat out wrong and gives poor advice.

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Re: Book to help Youing Couple Get started on the right financial foot??
Old 08-18-2005, 04:59 AM   #29
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Re: Book to help Youing Couple Get started on the right financial foot??

Quote:
Originally Posted by justin
Nords, we must share a common dislike of bad authors.* Kiyosaki and her are the two worst "financial pundits" out there.* I've never read her books and I never will.* I have read a number of her articles on Yahoo Finance, and she usually does a poor job of getting her facts straight.* Many times she is flat out wrong and gives poor advice.*

There was a Seinfeld episode where a "Suz" character turned out to be
nonexistent. ER wannabees would be well served if they
pretended Suze Orman did not exist

JG
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Re: Book to help Youing Couple Get started on the right financial foot??
Old 08-18-2005, 02:26 PM   #30
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Re: Book to help Youing Couple Get started on the right financial foot??

I haven't had much exposure to Suze Orman. I've caught a few minutes of her on TV once or twice and heard one of her radio shows once. She seemed to be the Richard Simmons of investing. But I don't know that either her or Richard should be condemned. They both offer advice to the clueless who are probably unable to understand more serious, detailed advice.

If you are in good physical shape, eat right and exercise, Richard Simmons is kind of a clown. But there are lots of people who were affected positively by him. They lost weight and started exercising when other things didn't work for them. Same for Suze (I think). If you have gotten yourself to early retirement, chances are Suze seems like a clown. But there are plenty of clueless investors that seem to have turned their financial situation around because they listened to her.

Another way to look at it is that people can only learn incrementally. They have to be intellectually prepared to learn. If their current knowledge on a topic is basic or non-existent, they can't possibly learn advanced details. They have to learn the basics first. A great major league baseball coach may be pathetic as a little league coach, and a great little league coach has nothing to offer a verteran major league star.

Or maybe I'm wrong and Suze is evil. Like I said, I really haven't had much exposure to her.
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Re: Book to help Youing Couple Get started on the right financial foot??
Old 08-18-2005, 03:09 PM   #31
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Re: Book to help Youing Couple Get started on the right financial foot??

SG,
I think you have a point there. I recommended Suze Orman's books to a friend (my kid's middle school teacher -- newly single mom, no savings, looking to me for 'investment advice') who are truly at square one with all things financial and investing. I think Suze, aside from her GM fiasco, is approachable for this crowd. Everyone here, on the other hand, steer well clear.

Can't say the same for Kiyosaki -- I couldn't recommend those books to anyone. He is quoted, somewhat defensively, as saying, "I never said I was a best-writing author -- I only wanted to be a best-selling author... and I am!" Caveat Emptor.

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Re: Book to help Youing Couple Get started on the right financial foot??
Old 08-18-2005, 03:24 PM   #32
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Re: Book to help Youing Couple Get started on the right financial foot??

SG, I think you are generally on to something. After reading Kiyosaki's book and Suze's articles, I thought they were ridiculous. But I now realize they serve a limited market. If you need a cheerleader to cheer you to your goals, check out Kiyosaki or Suze. They are more self-help, motivational authors from what I've seen. And you're certainly correct. The learning starts on the ground floor. I know that there are better money/investment/budgeting books out there for the novice.

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