Book Recommendations for Young Dreamers

[RetireeRobert]

Originally Posted by Milton

Hmmm ... consensus as the criterion for usefulness.

By that definition, the vast majority of threads on this board (or any other) are quite "useless".

Of course, I do now know several books found "bad" by one person each, for their particular situations and points of view---which may differ drastically from mine. Meaning that "bad" book for them may not be a "bad" book for me.

But I still don't know which one book is really "bad" in the judgement of more than one person, and therefore more likely to be also "bad" for my situation, and which I therefore need to avoid at all costs!

[Milton]

Originally Posted by RetireeRobert

Of course, I do now know several books found "bad" by one person each, for their particular situations and points of view---which may differ drastically from mine. Meaning that "bad" book for them may not be a "bad" book for me.

Literary subjective relativism!

[bongo2]

I like a lot of these books, and I think each one has its place:

Dave Ramsey's book is probably the best for your waitress who needs motivation to get out of debt and get financial sanity.

Your Money or Your Life is another "inspirational" book, where the ideas are critical and the details should probably be ignored.

For someone who is in decent financial shape and doesn't have the patience to wade through a textbook "the Wealthy Barber" is very simple, has most of the basics you need, and is short and entertaining enough for most people to get through.

For a slightly more sophisticated reader, and someone with enough scratch that they might be taken advantage of by a broker or planner, "the Only Investment Guide You'll Ever Need" almost lives up to its name, and is entertaining enough to keep you reading to the end.

The above book is the only investment guide you'll ever need, but doesn't cover much personal finance stuff. "Personal Finance for Dummies" covers all the basics, but is a little dry for someone who isn't motivated.

And then there are many other investment guides you won't need but might want, like "random walk down wall street", "bogelheads guide", one of Ed Slot's IRA books, "four pillars of investing", and "unconventional success". "Luxury fever" and "why smart people make big money mistakes" are also good financial psychology / behavioral finance books.

[ikubak]

There are so many great books out there....Your Money or Your Life, The Only Investment Guide You Will Ever Need, Random Walk Down Wall Street...the list goes on. I suggest going to the library and reading several of the ones mentioned in this thread.

[Want2retire]

Originally Posted by bongo2

I like a lot of these books, and I think each one has its place:

Dave Ramsey's book is probably the best for your waitress who needs motivation to get out of debt and get financial sanity.

Your Money or Your Life is another "inspirational" book, where the ideas are critical and the details should probably be ignored.

For someone who is in decent financial shape and doesn't have the patience to wade through a textbook "the Wealthy Barber" is very simple, has most of the basics you need, and is short and entertaining enough for most people to get through.

For a slightly more sophisticated reader, and someone with enough scratch that they might be taken advantage of by a broker or planner, "the Only Investment Guide You'll Ever Need" almost lives up to its name, and is entertaining enough to keep you reading to the end.

The above book is the only investment guide you'll ever need, but doesn't cover much personal finance stuff. "Personal Finance for Dummies" covers all the basics, but is a little dry for someone who isn't motivated.

And then there are many other investment guides you won't need but might want, like "random walk down wall street", "bogelheads guide", one of Ed Slot's IRA books, "four pillars of investing", and "unconventional success". "Luxury fever" and "why smart people make big money mistakes" are also good financial psychology / behavioral finance books.

I started with "Personal Finance for Dummies", and liked it even though I knew most of it already (from things my parents had taught me when young). It filled in the gaps that my parents had missed, or I hadn't absorbed.

I wish I could think of a tactful way to get my 29-year-old daughter to read it. I didn't teach her as well as my parents taught me, apparently, and she is up to her eyeballs in credit card debt. However, she doesn't like to be told what to do with her money (and since she is self supporting, I try to b*tt out unless she asks for my advice).

After PFFD, I read Swedloe's "the Only Investment Guide You'll Ever Need" and it is still my favorite book on this topic.

Bernstein's "Four Pillars of Investing" would be especially good for those who are not of the Boglehead frame of mind already. I found it very tedious, though everything he said was right, because I didn't need to be convinced.

[bongo2]

Originally Posted by Want2retire

After PFFD, I read Swedloe's "the Only Investment Guide You'll Ever Need" and it is still my favorite book on this topic.

Are you thinking of Swedroe's "The Only Guide to a Winning Investment Strategy You'll Ever Need"? I was talking about Tobias' very similarly named book.

[Want2retire]

Originally Posted by bongo2

Are you thinking of Swedroe's "The Only Guide to a Winning Investment Strategy You'll Ever Need"? I was talking about Tobias' very similarly named book.

Yes, that is the one I meant. I don't have the book at hand, so I got confused! Sorry! I have not read Tobias' book.

[jambo101]

On the off chance any one is into Sci-Fi the "Hyperion"series (4 books) by Dan Simmons is some of the best Sci-Fi I've read in over 40yrs,he also has another 2 book series called Illium and the second book called Olympos which will amaze.

[heyyou]

I would like to see "The Wealthy Barber" made into a play for highschoolers. With young, popular actors, the kids would go to see them and would unintentionally absorb some of the info. The highschoolers idolize actors in their early twenties, so that would match the roles in the book.