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Whoa! Daughter asked investing book...
Old 05-01-2021, 10:42 AM   #1
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Whoa! Daughter asked investing book...

Wow! My college grad daughter working her first job and living in her first apartment asked for a book on investing. I've got very few books left in my house to give her. Any suggestions from the crowd? She has a degree in finance, so she knows a little already.

BTW: I'll get her the book and one for my not so financially interested daughter.
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Old 05-01-2021, 11:08 AM   #3
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Honestly, I think mindset is almost more important than choosing the right fund. And a degree in finance does not guarantee the LBYM mindset.


I'd start with The Millionaire Next Door. When she is just starting her post-college adult life is the time to get good habits in place, learn to live frugally and be satisfied with what you have, not always be striving to have more or keep up with your friends and coworkers. Learn to live on 80% or 70% or less of your income and save the rest and it almost doesn't matter where you put it. A total market fund or a target date fund and you're good to go. You don't really need a book for that.
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Old 05-01-2021, 04:13 PM   #4
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Probably not what you had in mind, but it seems like I learn something new every month when I read Kiplingers.
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Old 05-01-2021, 04:33 PM   #5
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How did you get her interested in investing? Have been working to get older daughter (26 y.o.) interested. She’s a mechanical Engr making good coin and all she does now is put her bonus money in her checking account and call it good.

Gave her the contact info several times for our guy who has done well for us but that got zero traction.
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Old 05-01-2021, 06:00 PM   #6
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How did you get her interested in investing? Have been working to get older daughter (26 y.o.) interested. She’s a mechanical Engr making good coin and all she does now is put her bonus money in her checking account and call it good.

Gave her the contact info several times for our guy who has done well for us but that got zero traction.

This is a CCP from M* diehards forum.
"Knowing nothing about investing might be a benefit. You won't have to unlearn many popular beliefs propagated by Wall Street and the media that aren't true."

"Take the time to learn the basics of sound investing. It's really pretty simple stuff."
--------------------------------------------------------------------
Couple thoughts:
Any kid that speculates about saving for their retirement @ 26 should be parentally educated about IRAs & or Roth accounts.

Or, you could start a retirement account in their name & numbers that you'd depend on for said child's retirement @ that age, not informing them as such (Balanced-fund)

Or you can make it a contest, who's account set-up does better annually?

I'd forget the -advisor-or-our guy-reference since we all know its not advised by those that know better.
All things being equal, and you're already set for life of course.

Good luck & Best wishes....
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Old 05-01-2021, 06:07 PM   #7
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The Four Pillars of Investing by William Bernstein. I have given it to several nephews and will give it to my DD soon.
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Old 05-01-2021, 06:14 PM   #8
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Any kid that speculates about saving for their retirement @ 26 should be parentally educated about IRAs & or Roth accounts.

Or, you could start another retirement account in their name & numbers that you'd depend on for said child's retirement @ that age informing them as such

Make it a contest, who's account set-up does better annually?
All things being equal, and you're already set for life of course.

Good luck & Best wishes....

Thanks.

I’ve talked to her about IRA and Roth a few times and it didn’t stick. Even gave her all the contact info for our financial guy to make it easy and simple.

I like the contest idea to get her started. She is ultra competitive and would likely engage to see if she can do better financially than the old man.
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Old 05-01-2021, 06:53 PM   #9
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I'd say sending her to any kind of "financial guy" is a bad idea...most are sales people and looking for commission or fees.

The best idea I saw was Millionaire Next Door. You pair that with rule 1: minimal fees, rule 2: minimal fees, and rule 3: minimal fees, and you're 90% of the way there

The contest... Not a fan. This isn't a sprint. All that winning an investment sprint means is that you found a lucky risk. But it could easily go against you. Diversify and always have something to complain about.
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Old 05-01-2021, 07:00 PM   #10
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The Four Pillars of Investing by William Bernstein. I have given it to several nephews and will give it to my DD soon.
Wow! That's an expensive book in paperback at $494.90. And really expensive in Audio CD at $869.97.
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Old 05-01-2021, 07:06 PM   #11
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I'd suggest If you Can by Bernstein...and it's free

https://www.etf.com/docs/IfYouCan.pdf

and maybe MND as a follow up

*I'm trying to work on my 26 y/o. Not having much success (yet)
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Old 05-01-2021, 07:10 PM   #12
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It's nice that your daughter is interested in investing at such a young age.

It also doesn't hurt to find a young man from a wealthy family that's marriage material. It can be a good start in life.
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Old 05-01-2021, 07:35 PM   #13
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I have no recommendations on books. I would suggest that she join this site and read every post for a few months before making any big moves. It should cover many real life issues to be thinking about in her choices.
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Old 05-01-2021, 08:15 PM   #14
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Had the same question from my 20 year old not long ago. Try these two. My kid opened an account at Schwab and invested shortly thereafter.

Beginning Investors by William Bernstein https://www.amazon.com/If-You-Can-Mi...8033X?dchild=1
This is short, but has recommendations for further reading.

We’re Talking Millions by Paul Merriman. The first 6 chapters are good foundational info. (website undergoing an update. Look for it Monday @ PaulMerriman.com)
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Old 05-01-2021, 08:19 PM   #15
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I'd suggest If you Can by Bernstein...and it's free

https://www.etf.com/docs/IfYouCan.pdf

and maybe MND as a follow up

*I'm trying to work on my 26 y/o. Not having much success (yet)
cheers

am a lot older than your daughter , but will read it to see if i can add any new ideas to my current thinking
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Old 05-01-2021, 08:27 PM   #16
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“The Simple Path to Wealth” by blogger JL Collins. He wrote it specifically for his daughter of the same age as yours. Excellent and, as the title says, he keeps the investing part simple and focuses on all the benefits of a high savings rate and financial independence as soon as possible.
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Old 05-01-2021, 09:00 PM   #17
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Why not some good YouTube videos? More relatable to those youngsters...LOL
I have been watching these two personalities for a while.

https://youtu.be/qB0a8WEZHVI

https://youtu.be/N0YOm9mw6nE
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Old 05-02-2021, 04:43 AM   #18
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My go to recommendation is "Your Money and Your Brain" by Jason Zweig.
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Old 05-02-2021, 05:38 AM   #19
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Wow! That's an expensive book in paperback at $494.90. And really expensive in Audio CD at $869.97.
I buy the used copies for $6.

Also a fan of The Millionaire Next Door. But, IMO, its not really an investment book. Bernsteins, "If you can" is also very good and as someone else has mentioned, its free.
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Old 05-02-2021, 07:27 AM   #20
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Wow! My college grad daughter working her first job and living in her first apartment asked for a book on investing. I've got very few books left in my house to give her. Any suggestions from the crowd? She has a degree in finance, so she knows a little already.

BTW: I'll get her the book and one for my not so financially interested daughter.
I'd start with something like Four Pillars of Investing by Bernstein.

Send it to her cloud reader or Kindle. I usually purchase a few titles each year to hand over. I stay away from the number crunching titles and look for currently popular books I hear about on this forum.
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