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Best financial wisdom book for a guy in his 20s/30s

5,270 Views | 23 Replies | Last: 4 yr ago by 500,000ags
mrmill3218
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Read Rich Dad Poor Dad

Heard good things about The Millionaire Next Door

Any others you guys recommend?
Long Live Sully
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These are good.



Red Pear Realty
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Millionaire Real Estate Investor by Gary Keller

https://www.amazon.com/Millionaire-Real-Estate-Investor/dp/0071446370
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
PFG
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At your age I got my hands on everything by Bogle.

Now and again, when I get the itch to change things up just for the sake of changing, I reread his words.

Then I stop wanting to change and remind myself of this quote of his, my favorite:

"If you never peek from the age of 20 to the age of 70, you'll rip that first 401(k) statement open at age 70, and I recommend you have a doctor on hand because you'll go into a dead faint. Your heart might even stop. You're going to have an amount of money you can't even imagine"
Duncan Idaho
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Advice for 20 somethings recently out of college and have a decent job and are taking care of the fundamentals ....
1)dont buy too much house/pay too much rent and don't buy a house too soon (maintain your geographic Independence why your career is still young and be able to weather a lay off because they happen...a lot)
2)dont buy too much car, ever. (While a complete pos may keep you from getting laid, you are never going to get laid because of your car.
3)dont have too serious of a relationship too soon. (See point one above and the type of partner you can attract and will want at 20 is completely different from what you can get/want at 30)

dubi
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Duncan Idaho said:

Advice for 20 somethings recently out of college and have a decent job and are taking care of the fundamentals ....
1)dont buy too much house/pay too much rent and don't buy a house too soon (maintain your geographic Independence why your career is still young and be able to weather a lay off because they happen...a lot)
2)dont buy too much car, ever. (While a complete pos may keep you from getting laid, you are never going to get laid because of your car.
3)dont have too serious of a relationship too soon. (See point one above and the type of partner you can attract and will want at 20 is completely different from what you can get/want at 30)



This is so very true. I look at friends whose property tax bill is more than my mortgage.

I'd like to add #4-Only 1 car payment at a time for a couple.
10andBOUNCE
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The book of Proverbs
mrmill3218
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I currently have no car payment and no debt. Will buy my first house in the next year hopefully.
tford12
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I Drink Your Milkshake
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Quote:

At your age I got my hands on everything by Bogle.

Now and again, when I get the itch to change things up just for the sake of changing, I reread his words.

Then I stop wanting to change and remind myself of this quote of his, my favorite:

"If you never peek from the age of 20 to the age of 70, you'll rip that first 401(k) statement open at age 70, and I recommend you have a doctor on hand because you'll go into a dead faint. Your heart might even stop. You're going to have an amount of money you can't even imagine"
This is great advice, and advice I follow. But I can't help think about that poor SOB who drops dead at 69 and 364 days.

Don't forget to live folks!
O'Doyle Rules
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Whichever "how to become a millionaire "book does not assume an annual 10% rate of return. More like 6% these days
I Drink Your Milkshake
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Also, highly recommend The Simple Path to Wealth by JL Collins. He adds a dry sense of humor to an otherwise boring topic (set and forget index investing). But he wrote it to his daughter who had little in the way of financial literacy and I enjoyed the way he made no effort to complicate what should be a very simple strategy.
94chem
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freecashflow said:

Quote:

At your age I got my hands on everything by Bogle.

Now and again, when I get the itch to change things up just for the sake of changing, I reread his words.

Then I stop wanting to change and remind myself of this quote of his, my favorite:

"If you never peek from the age of 20 to the age of 70, you'll rip that first 401(k) statement open at age 70, and I recommend you have a doctor on hand because you'll go into a dead faint. Your heart might even stop. You're going to have an amount of money you can't even imagine"
This is great advice, and advice I follow. But I can't help think about that poor SOB who drops dead at 69 and 364 days.

Don't forget to live folks!


And if I had gotten a job at 20, I'd be dead already from disinterest.
gig em 02
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Millionaire next door should be your first read.

Dave Ramsey should be your second.

After those two you can start to explore how debt can be used to benefit you and why people will crap on Ramsey after my post, but you really need to understand the concepts in those two books before you REALLY need them.
500,000ags
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I second A Simple Path to Wealth by JL Collins.

He wrote the book based on individual letters to his kid, who had no interest in savings and investing, and the research for his personal finance blog. It's a short read, but it's packed full of great information. I'm 30 now and read it last year. I would be in a radically different place if I had read it after college.

Scott Trench is also highly recommended.
oldarmy1
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Would agree with Proverbs. Also "The Richest Man in Babylon".

Sound principles never change.
vette
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Cashflow Quadrant
AgsMyDude
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gig em 02 said:

Millionaire next door should be your first read.

Dave Ramsey should be your second.

After those two you can start to explore how debt can be used to benefit you and why people will crap on Ramsey after my post, but you really need to understand the concepts in those two books before you REALLY need them.


I read both of these the first year I got out of school with 50K in student loans. Excellent books for sure. Changed my mind completely and gave me a path to elimate those within about 5 years.
Cyprian
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+1 Millionaire next door. Helps with getting your house in order, and setting expectations.

-------------
Yeah, well, you know, that's just like, uh, your opinion, man.
jh0400
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freecashflow said:

Quote:

At your age I got my hands on everything by Bogle.

Now and again, when I get the itch to change things up just for the sake of changing, I reread his words.

Then I stop wanting to change and remind myself of this quote of his, my favorite:

"If you never peek from the age of 20 to the age of 70, you'll rip that first 401(k) statement open at age 70, and I recommend you have a doctor on hand because you'll go into a dead faint. Your heart might even stop. You're going to have an amount of money you can't even imagine"
This is great advice, and advice I follow. But I can't help think about that poor SOB who drops dead at 69 and 364 days.

Don't forget to live folks!


Moving this below the MND and Dave Ramsey posts.
Ag92NGranbury
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i wouldn't read the crap by robert kiyosaki... 'rich dad, poor dad' ...etc...

more of a multi level marketing scheme than nuggets...

later on when you are more financial literate, then go back and read them... there are some nuggets, but few and far between.


you can't go wrong with a bogle book
AgsMyDude
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gig em 02 said:

Millionaire next door should be your first read.

Dave Ramsey should be your second.

After those two you can start to explore how debt can be used to benefit you and why people will crap on Ramsey after my post, but you really need to understand the concepts in those two books before you REALLY need them.
Moving this below the "Don't forget to live" posts
Cyp0111
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I really struggle with both of those guys. Since most people on this board are graduates of a Tier 1 Research institution I hope we are maybe a little more advanced. However, it's a read if you want an extreme view.
Topher17
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Just finished The Simple Path to Wealth based on this thread and really enjoyed it. I've already been doing some of the things he suggests, but it certainly put it into perspective that with a little more focus, being FI is attainable more quickly than I'd previously thought. Thank you all for the recommendation.
500,000ags
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Topher17 said:

Just finished The Simple Path to Wealth based on this thread and really enjoyed it. I've already been doing some of the things he suggests, but it certainly put it into perspective that with a little more focus, being FI is attainable more quickly than I'd previously thought. Thank you all for the recommendation.
Really glad to hear that. The book is short and sweet. It reads like the most sound financial advice written by your financial-savy grandfather.
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