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05-19-2017, 09:48 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,308
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Basic Investing Book?
My wife and I have a friend who, we have recently found out, has been a victim of Eddy Jones. He's not sure how many annuities his "advisor" has sold him --- he thinks it's four or five. Ack! We are trying to slowly coach him towards better investing.
He's in his early 60s, has a BA in teaching history. He has not taught for years, though. Mathematics is not his strong point. He makes his living by cleaning homes and businesses and running a vending route. He is a prodigious saver and our guess is that he might have a $300-500K net worth. This includes a rental house he owns free and clear and expects to sell in the next few months. That will create some cash that we are hoping to keep out of Eddy's clutches.
On an unrelated investment effort, I came across a guy name Bill Schultheis and he gave me a copy of his book: The Coffeehouse Investor I was quite impressed and we loaned the book to our friend. He liked it a lot. He is also a prodigious reader, mostly of history and sometimes very dense history. So ... I need another book or two to feed to him and I am looking for suggestions.
I looked at my bookshelf, but I have Malkiel, Charles Ellis, John Bogle, and the like. All too mathematical and too much in the deep end of the pool for our friend. I am looking for something that is one small step more complex than The Coffee House Investor. (You can get a flavor here: The Coffeehouse Colloquy | The Coffeehouse Investor)
Thanks in advance for your suggestions.
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05-19-2017, 09:57 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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I would suggest books by Bill Bernstein who usually puts a chapter with history into his books.
Investors Manifesto
The Four Pillars of Investing
are probably suitable for your friend, but Bernstein has other books including the short, free "If You Can" in PDF format.
Bernstein's earlier books are probably too much math.
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05-19-2017, 10:06 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,308
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Quote:
Originally Posted by LOL!
... Bernstein's earlier books are probably too much math.
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Yeah. I have a couple of the Investing For Adults genre but those wouldn't work for him. The titles you suggest are less mathematical?
(I have given him "If You Can" but it really doesn't hit hist situation as it is deliberately more for young people.)
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05-19-2017, 10:11 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Location: Nashville
Posts: 2,504
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Perhaps, How to Make Your Money Last: The Indispensable Retirement Guide by Jane Bryant Quinn
My wife is similar to your friend in that she is highly educated and smart, but not into personal finance (small business finance OTOH....). This is the one book that she not only [mostly] read, but recommended to others.
__________________
OMY * 3 2ish Done 7.28.17
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05-19-2017, 10:18 AM
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#5
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Recycles dryer sheets
Join Date: May 2012
Location: Brewster
Posts: 367
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The first lesson is, never buy an investment advice book. Check it out from your local library.
I like Bogle's Little Book and Andrew Tobias' The Only Investment Guide You'll Ever Need.
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05-19-2017, 10:30 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,134
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__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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05-19-2017, 11:14 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,806
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Since he is fascinated with history, I'd recommend this one:
https://www.amazon.com/Against-Gods-.../dp/0471295639
I read it long ago, so I'm forgetting details, but I recall being fascinated by hearing the beginnings of modern financial structures.
It might not help that much with personal finance though. But it is interesting.
-ERD50
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05-19-2017, 11:27 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Location: Nashville
Posts: 2,504
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Quote:
Originally Posted by ERD50
Since he is fascinated with history, I'd recommend this one:
https://www.amazon.com/Against-Gods-.../dp/0471295639
I read it long ago, so I'm forgetting details, but I recall being fascinated by hearing the beginnings of modern financial structures.
It might not help that much with personal finance though. But it is interesting.
-ERD50
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Agree on all counts. Very interesting book.
__________________
OMY * 3 2ish Done 7.28.17
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05-19-2017, 01:29 PM
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#9
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,140
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I like "The Millionaire Teacher" by Hallam for beginners. Simple explanation about fees, asset allocation, index funds, and how easy it can be. It's an easy read.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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05-19-2017, 03:26 PM
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#10
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,290
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I'm also a fan of "The Millionaire Teacher". "How a Second Grader Beat Wall Street" is good for beginners too.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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05-19-2017, 03:30 PM
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#11
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Recycles dryer sheets
Join Date: Feb 2010
Posts: 293
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The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between. William Bernstein.
__________________
FIREd at 46, 8/31/11
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05-19-2017, 03:45 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,308
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Thanks, all. I have ordered several of those books from Amazon.
And, @Nightcap, I didn't get from the library but I did buy from the used book sellers. Average price for four with shipping was around $10/each.
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05-19-2017, 07:30 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Michigan
Posts: 4,939
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It's not super tactical, but I always recommend "Your Money and Your Brain" by Jadon Zweig. It got me through the Great Recession market:
__________________
"The mountains are calling, and I must go." John Muir
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05-19-2017, 10:42 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,973
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Have your friend look at his yearly statement from last year from Ed, buried in there will be the fees they charged him, above and beyond the fund fees, often 2% of his total $$$.
That could help him decide to leave them, or at least put the money someplace cheaper (like Vanguard).
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05-26-2017, 09:42 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 4,655
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Gone Fishing Portfolio- an easy read with easy to execute advice
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05-27-2017, 07:08 AM
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#17
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Full time employment: Posting here.
Join Date: Feb 2007
Posts: 599
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Quote:
Originally Posted by Nightcap
The first lesson is, never buy an investment advice book. Check it out from your local library...
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+1 to that. I almost always check it out from the library. If I can't find it at the library I will consider buying it, reading it and giving it to the library.
__________________
Dreamin' of Streamin'
FIRE'd at 52 on 7/8/11
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05-27-2017, 07:43 AM
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#18
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Recycles dryer sheets
Join Date: Feb 2015
Posts: 176
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Jim Collins' website stock series got turned into a book called The Simple Path To Wealth. It was instrumental for me going from zero investment knowledge and being scared of investing, to feeling completely confident in my own investment abilities and have a good understanding on how it all works.
This is investing and money management for those that haven't got a clue about either.
Stock Series
^can read the series online or get the book - whichever works
__________________
FIRE as of spring 2015!
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05-28-2017, 05:47 PM
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#19
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Recycles dryer sheets
Join Date: Jan 2017
Location: TX
Posts: 102
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Quote:
Originally Posted by FrankiesGirl
Jim Collins' website stock series got turned into a book called The Simple Path To Wealth. It was instrumental for me going from zero investment knowledge and being scared of investing, to feeling completely confident in my own investment abilities and have a good understanding on how it all works.
This is investing and money management for those that haven't got a clue about either.
Stock Series
^can read the series online or get the book - whichever works
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+100
Just noticed that The Simple Path to Wealth is being released on 6/27/17 in audiobook format narrated by JL Collins himself. My "poor" children will never be the same after our next road trip.
An excellent oldie but goodie that complements JL Collin's book is The Wealthy Barber by David Chilton.
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05-28-2017, 08:40 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Posts: 1,934
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__________________
And if I claim to be a wise man, it surely means that I don't know.
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