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Basic Investing Book?
Old 05-19-2017, 09:48 AM   #1
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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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Old 05-19-2017, 09:57 AM   #2
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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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Old 05-19-2017, 10:06 AM   #3
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Quote:
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... Bernstein's earlier books are probably too much math.
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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Old 05-19-2017, 10:11 AM   #4
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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.
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Old 05-19-2017, 10:18 AM   #5
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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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Old 05-19-2017, 10:30 AM   #6
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Jonathan Clements "Money Guide 2016".

Jonathan Clements Money Guide 2016 by Jonathan Clements, Paperback | Barnes & NobleĀ®
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Old 05-19-2017, 11:14 AM   #7
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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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Old 05-19-2017, 11:27 AM   #8
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Originally Posted by ERD50 View Post
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
Agree on all counts. Very interesting book.
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Old 05-19-2017, 01:29 PM   #9
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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.
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Old 05-19-2017, 03:26 PM   #10
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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.
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Old 05-19-2017, 03:30 PM   #11
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The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between. William Bernstein.
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Old 05-19-2017, 03:45 PM   #12
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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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Old 05-19-2017, 07:30 PM   #13
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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:
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Old 05-19-2017, 10:42 PM   #14
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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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Old 05-20-2017, 05:48 AM   #15
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I don't think I saw the Boglehead's book mentioned. I thought it was pretty practical. https://www.amazon.com/Bogleheads-Gu...dp_ob_title_bk
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