Financial Guidance Book For Recent College Grad?

[Tree-dweller]

I'm no "Young Dreamer", but rather the father of 2 soon-to-be college grads. I'd love to be able to present them some kind of financial guidance on the road ahead as they maneuver through life, especially their 20's and 30's. I try to give them a foundation of good advice, but I'm far enough away from that time in my life that I'm convinced I can't relate to much of what they may be encountering. Besides, a message from me about how not to get into trouble financially probably sounds just preachy enough that it's taken with a "Yeah, sure Dad" attitude. I've been impressed reading some of the posts here by those young'uns just starting out who seem to have it squared away, so I'm posting this question in the "Young Dreamers" forum to solicit the name of a book (or other medium) that you found provided not only the "how to" of sound financial planning while young, but also, perhaps even more importantly, the "why". I did a skim-search for something similar before posting this, and there are some references to be found, but they seem to go back more than a few years. I'm looking for latest/greatest, but I'll be happy to know of an old stand-by. Thanks in advance! (BTW, all suggestions are welcome, not just those from the Young Dreamers!)

 

[pb4uski]

I gave DD a subscription to Money magazine when she graduated from college. While Money is less than perfect, I think that by and large they focus on the right things (LBYM, minimize credit card debt, save regularly, invest in low-cost index funds, etc).

After a year or so, DD told me she really didn't have time to read it so I didn't renew it. Nonetheless, she is doing well - owns her own place, LBYM, has retirement savings more than many adults my age, etc.

I think the important things are to LBYM and save and invest regularly. I know when I was that age I realized that if funds hit my bank then it is likely they would be spent, so I made sure to have savings taken out of my paycheck.

 

[poorcarver]

I gave my son "Bogleheads Guide to Investing" this year for Xmas. He read it and immediately began switching his mutual funds to Vanguard. He is doing fine, living at about 30% of net income, debt free, no college loans, has more invested than many 50 YO's.

I gave the same thing to my daughter a few years ago. She is now in grad school so not too interested in investing beyond human capital. However she and her DH are buying a home, maxing his 401 and doing the LBYM thing with vigor.

Good Scottish stock.

 

[Mill]

Start them off with something easy especially if they are not much interested in personal finance or investing to begin with. I recommend "The Only Investment Guide you'll Ever Need" by Andrew Tobias. Its an easy read, and a good starter book. Even some humor in there.

 

[eytonxav]

I'll bet there are some good threads on this site that would also make for good reading for recent grads, and you can't beat the price.

 

[iam21177]

The Millionaire Next Door? I think it was the first time I realized that millionaires look like regular people and why.

The Money Book for the Young, Fabulous and Broke by Suze Orman?

 

[mystang52]

"The Wealthy Barber." Enjoyable quick-read, yet provides nice 'n' easy practical advice. I think it's a great starter book. And if they read nothing else, they'll still have a good personal finance foundation.

 

[seabourne]

My dad gave me "Getting Loaded" by a bit after college. I think that it was a pretty good starter, though to be fair, like many around here, I probably have some natural inclinations in this direction. Out of print now, but amazon is showing over 60 copies available. I lent out my copy (maybe to my brother?) and haven't seen it in years.

Getting Loaded: 50 Start Now Strategies for Making a Million While You're Still Young Enough to Enjoy It: Peter Bielagus: 9780451205926: Amazon.com: Books

 

[Free To Canoe]

Here is a thread that is directly related and that I found useful.

http://www.early-retirement.org/forums/f28/whats-the-best-overall-money-management-book-63778.html

 

[chasesfish]

I was most impacted by Get Clark Smart and The Millionaire Next Door as a new college grad ten years ago. They both served me we.l

 

[hsv_climber]

My vote goes to "The Richest Man in Babylon".
The free ebook is available on a google search.

 

[ERhoosier]

Over the yrs I've learned a lot from American Association of Individual Investors. Found their articles high quality & representing wide range of viewpoints.

AAII: The American Association of Individual Investors