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05-03-2020, 03:33 PM
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#1
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Dryer sheet wannabe
Join Date: May 2020
Posts: 13
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Greetings from Florida
Getting started on the investment journey and was wondering what resources you wish you knew about sooner? Books, websites, tools, etc??
Thanks!!
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05-03-2020, 06:06 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Sep 2014
Location: The Great Wide Open
Posts: 3,789
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Welcome to the Forum! A lot of good people here with good advice/wisdom but currently all engrossed in Covid 19 pandemonium. Marry or associate with a partner that has the same goals and not "high maintenance". I suggest the book Millionaire next Door as a starter. Invest the max in your 401k as you possibly can. I put 22% of my pay away from day 1 with Megacorp, they matched the first 6% 100%; and I did it for 35 years. When you get your quarterly statement, they give you the winners and losers for the quarter. Buy the losers; everything goes in cycles. My wife and I make very good money with rental property, but it's not for everybody. Good luck to you!
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Give me Liberty or give me Death. Patrick Henry
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05-03-2020, 06:45 PM
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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: Dec 2008
Posts: 12,597
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This should be the ER Forum Elevator Speech.
Quote:
Originally Posted by Winemaker
Welcome to the Forum! A lot of good people here with good advice/wisdom..... Marry or associate with a partner that has the same goals and not "high maintenance". I suggest the book Millionaire next Door as a starter. Invest the max in your 401k as you possibly can. I put 22% of my pay away from day 1 with Megacorp, they matched the first 6% 100%; and I did it for 35 years. When you get your quarterly statement, they give you the winners and losers for the quarter. Buy the losers; everything goes in cycles. My wife and I make very good money with rental property, but it's not for everybody. Good luck to you!
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If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
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05-04-2020, 03:20 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 2,533
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Welcome! Many people recommend starting with "The Millionaire Next Door".
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Balance in everything.
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05-04-2020, 06:28 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Location: Twin Cities
Posts: 3,927
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Quote:
Originally Posted by HNL Bill
Welcome! Many people recommend starting with "The Millionaire Next Door".
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+1. There is no better place to start. I read that book in the 90s when I was getting going and now, like many here, I am one [emoji898]. Voila! Thank you, book.
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05-04-2020, 10:44 PM
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#6
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Full time employment: Posting here.
Join Date: Dec 2012
Posts: 656
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05-05-2020, 05:24 AM
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#7
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Full time employment: Posting here.
Join Date: Mar 2016
Location: An island off the coast of Florida. (Ok - if you really need to know it's Vero Beach)
Posts: 633
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Couple of suggestions (there are many - my favs)
Books - Four Pillars of Investing by Bernstein AND Random Walk down Wallstreet by Makeil
Another forum - Bogleheads
A good blog - Nerds Eye View by Michael Kitces, and The White Coat Investor
Some good research by Wade Pfau and Benegan.
Investment firms with sensible research tools and that won't hound you to death or steal you blind - Fidelity (family owned and service oriented) and Vanguard (Investor owned but more bare boned)
Last research tool - Firecalc
Unsolicited advice in addition to marry well: don't buy new cars, invest in your continuing education in a field that will pay back the effort, continually improve your skills.
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DW and I are 62/62. 100% equities 31 years. FIRE'd August 2019. Non-cola pension cashed out Dec 2022 before segmentation rates reduced balance - rolled to MM fund, max SS for DH and DW at FRA. Mega retiree health available. IRA rollover from 401k Jan 2020 for NUA treatment. LTCG for 3 years. Next few years will be IRA cash withdrawals or until Stock Market recovers. AA 33% stocks, 67% MM and T-Bills. Rising equity glidepath.
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05-05-2020, 06:45 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Location: Twin Cities
Posts: 3,927
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Quote:
Originally Posted by Elbata
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I’ll be darned. I posed that question 4 years ago and then completely forgot about the interesting string. Thanks for resurrecting it, Elbata. I’ve been doubling down on frugality lately, so I think I’ll post an update on it and see what other people are thinking these days. Cheers.
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05-05-2020, 09:30 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
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I started going to the library one night per month when I started playing the equity market. In books and in magazines, the same investment names kept popping up. And I always tried to be on the ground floor of some hot companies and better mutual funds.
But I was young, and time was my biggest asset. After 401K withdrawals and taxes, I only brought home about half what I made. Living in an ultra low cost of living state allowed me to still have an acceptable standard of living. Low cost housing and state taxes helped greatly to ER too.
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05-07-2020, 03:32 PM
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#10
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Dryer sheet wannabe
Join Date: May 2020
Posts: 13
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Thank you all!! So many good suggestions! I'm check out The Millionaire Next Door first on Amazon right now ..Ive certainly got plenty of time to read, these days! (were still on full shut-down in my city...probably will be for a while).
There's so many tools out there, its hard to know whats worth your time. It helps to hear personal recommendations/experiences.
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05-07-2020, 08:35 PM
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#12
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Dryer sheet wannabe
Join Date: May 2020
Posts: 13
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Wow, thanks @OldShooter - This list ought to keep me busy for a while!!
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05-08-2020, 09:47 AM
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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: Dec 2008
Posts: 12,597
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I think it's the easiest and best read of the "do this to retire early" [or at all...nowadays!] books. Let us know what you thought of it.
Quote:
Originally Posted by Ruishi
Thank you all!! So many good suggestions! I'm check out The Millionaire Next Door first on Amazon right now .
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__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
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