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how to learn finance
wraith808:
I read the Dave Ramsey book (Total Money Makeover). I would classify it as more of a motivational book than an information book.. It's basically written to wake you up to the urgent need to get absolutely dead serious and focused on eliminating all debt, and shake some sense into you about getting deadly serious about making a major life-changing commitment to budgeting your money.
It's short on facts and details, but if you can benefit from the motivation I'd say it's worth a read.
-mouser (January 19, 2017, 02:30 AM)
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Maybe it was a different one I read, because when I read Dave Ramsey, it gave me concrete steps on what to do to get out of debt.
Looking on Amazon, what you need is the workbook.
https://www.amazon.com/Total-Money-Makeover-Workbook/dp/0785263276/
The Financial Peace Planner is also a good one...I attended one of his Financial Peace University seminars at church, and it was good also.
https://www.amazon.com/Financial-Peace-Planner-Step-Step/dp/014026468X/
mouser:
Well I wouldn't say there are no concrete steps -- it's just you could write all the facts and steps and procedure out on an index card. And you could sum them up basically by saying that you should:
1) create an emergency fund for emergencies.
2) get super focused on paying off all your debt as soon as humanly possible -- change your lifestyle dramatically to do so if need be; pay off smaller debts first for the psychological benefit.
3) after 1+2 are done, start saving 15% per year for retirement.
Again, don't get me wrong, if you need this motivation, i think it's well worth it to read the book even if those are the only concrete steps you get out of it.
I'm not knocking the book -- it is what it is -- it's not an investment strategy book, it's mostly a motivational book (imho).
But the financial problem for many of us is really a mental habit behavior issue you are trying to fix, so whatever you need to do to get yourself motivated is worth it.
Deozaan:
I read the Dave Ramsey book (Total Money Makeover). I would classify it as more of a motivational book than an information book.. It's basically written to wake you up to the urgent need to get absolutely dead serious and focused on eliminating all debt, and shake some sense into you about getting deadly serious about making a major life-changing commitment to budgeting your money.
It's short on facts and details, but if you can benefit from the motivation I'd say it's worth a read.-mouser (January 19, 2017, 02:30 AM)
--- End quote ---
Well I wouldn't say there are no concrete steps -- it's just you could write all the facts and steps and procedure out on an index card. And you could sum them up basically by saying that you should:
1) create an emergency fund for emergencies.
2) get super focused on paying off all your debt as soon as humanly possible -- change your lifestyle dramatically to do so if need be; pay off smaller debts first for the psychological benefit.
3) after 1+2 are done, start saving 15% per year for retirement.
Again, don't get me wrong, if you need this motivation, i think it's well worth it to read the book even if those are the only concrete steps you get out of it.
I'm not knocking the book -- it is what it is -- it's not an investment strategy book, it's mostly a motivational book (imho).
But the financial problem for many of us is really a mental habit behavior issue you are trying to fix, so whatever you need to do to get yourself motivated is worth it.-mouser (January 19, 2017, 01:59 PM)
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I think this is a fair assessment. I felt like for the first chapter or two he was spending all his time telling the reader how awesome his book is and how it will change your life. It was very self-promotional and it made me suspicious that it was just going to be a bunch of BS. I kept wondering when he was going to get to the actual content.
But then once I got to the content, I was happy with it, and it definitely helped me see some concrete steps to take. And yes, those concrete steps could be put on an index card (I summarized them in my previous post). But I felt the book was useful in driving home the point of the importance of doing these things as well as how big of a difference these things can make over the long term.
If you want a book about facts, read The Millionaire Next Door. :) It's also not an investment strategy book. But it does talk about the many little ways--and some of the big ways--you can improve your finances through your every day behaviors.
IainB:
@kalos: I happened to read this today and thought of your query: 10 Financial Websites That Help You Stay On Top Of The Market
Most of the 10 seemed like they might be commercial or "punting" websites.
This one seemed like it might be educational and worth investigating further: MyMoney.gov
wraith808:
But then once I got to the content, I was happy with it, and it definitely helped me see some concrete steps to take. And yes, those concrete steps could be put on an index card (I summarized them in my previous post). But I felt the book was useful in driving home the point of the importance of doing these things as well as how big of a difference these things can make over the long term.
-Deozaan (January 19, 2017, 06:52 PM)
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Yes, the system at it's basis is pretty simple. He also goes over the envelope system at some point, though I'm not sure if he does so in that book, or if it's the other. But in all honesty, the simplicity makes it easier to follow and continue to follow.
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