Business & Investing
Sponsored by

Best book to start with if you know nothing about money management (for a gift)

3,021 Views | 23 Replies | Last: 4 yr ago by cazadore
one MEEN Ag
How long do you want to ignore this user?
AG
Guys,

I've got a friend who knows absolutely nothing about investing (keeps his cash in a safe), but is interested in learning.

I'm sharing my knowledge, but once he goes home to his family he's outgunned- they like their cash in the safe method. A physical book that he could read and share would be great. Does anyone know any resource I could share with him that explains basic investing and money management?

I'm sure Dave Ramsey is a great resource, but any specific book recommendations from the investment savvy crowd? I think he'd be a little overwhelmed with being told to go read the bogleheads wiki.

Old RV Ag
How long do you want to ignore this user?
AG
one MEEN Ag said:

Guys,

I've got a friend who knows absolutely nothing about investing (keeps his cash in a safe), but is interested in learning.

I'm sharing my knowledge, but once he goes home to his family he's outgunned- they like their cash in the safe method. A physical book that he could read and share would be great. Does anyone know any resource I could share with him that explains basic investing and money management?

I'm sure Dave Ramsey is a great resource, but any specific book recommendations from the investment savvy crowd? I think he'd be a little overwhelmed with being told to go read the bogleheads wiki.

Isn't there an entire series of books for first timers on about everything? Like xxxxxx for Dummies?
Red Pear Realty
How long do you want to ignore this user?
Sponsor
AG
IF he's a Christian, I would encourage him to read Matthew 25: 14-30. Jesus clearly doesn't want us to do this on any level.

If he's not a Christian, I'd tell him even Dave Ramsey thinks this is dumb. I heard Dave tell the story once of a man he met at a conference who told him about his dad who would bury money in mason jars in the back yard. When the dad died, and they dug it up, it had all disintegrated to the point where it was literally all just dust.

Last thing you could do is share his address.

Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Baby Billy
How long do you want to ignore this user?
AG
The Millionaire Next Door or Wealthy Barber
cjsag94
How long do you want to ignore this user?
AG
I doubt there's a book that would help.

I'd present projections of wealth at zero return vs 5%. If family still insists on letting it sit in the safe, then either they are filthy rich and it doesn't matter, or they are overly concerned with a catastrophic crash. Either of those a book won't help.

A psychology book dealing with why they are so adverse to risk is probably the best option?
txaggie05
How long do you want to ignore this user?
AG
Simple Path to Wealth - J L Collins
AgFB
How long do you want to ignore this user?
AG
Simple Wealth Inevitable Wealth by Nick Murray.
The Collective
How long do you want to ignore this user?
AG
If we have a catastrophic crash, your $ bills aren't going to be valuable anyway.
Ragoo
How long do you want to ignore this user?
AG
Hire a shrink to help him overcome his fear of calamity.
arrow
How long do you want to ignore this user?
AG
Millionaire Teacher might be a good a choice.
Laser Wolf
How long do you want to ignore this user?
If they are going that route they should be converting the cash into gold and silver.
Baby Billy
How long do you want to ignore this user?
AG
AgFB said:

Simple Wealth Inevitable Wealth by Nick Murray.
aggie028
How long do you want to ignore this user?
AG
The little book of common sense investing
TwoMarksHand
How long do you want to ignore this user?
AG
txaggie05 said:

Simple Path to Wealth - J L Collins
tarletontexan
How long do you want to ignore this user?
S
Show him the value of money vs inflation over time. Money in a safe is losing money every single time.
Rock1982
How long do you want to ignore this user?
AG
txaggie05 said:

Simple Path to Wealth - J L Collins
Yep.
TheVarian
How long do you want to ignore this user?
AG
Rich dad Poor Dad
TheVarian
How long do you want to ignore this user?
AG
Huell Babineaux said:

The Millionaire Next Door or Wealthy Barber
hopeandrealchange
How long do you want to ignore this user?
In this order.
The Richest man in Babylon.
Rich Dad Poor Dad
The Millionaire next door.
deadbq03
How long do you want to ignore this user?
AG
CJS4715 said:

If we have a catastrophic crash, your $ bills aren't going to be valuable anyway.
This is exactly what I told my wife when I was explaining how transitioning our "rainy day fund" to I Bonds was a smart move. If we ever get to the point where I Bonds are worthless, our cash is worthless, too.
jaggiemaggie
How long do you want to ignore this user?
AG
TwoMarksHand said:

txaggie05 said:

Simple Path to Wealth - J L Collins

This 100x
FrontPorchAg
How long do you want to ignore this user?
CJS4715 said:

If we have a catastrophic crash, your $ bills aren't going to be valuable anyway.
To be fair, if the crash is that catastrophic I don't think stocks or bonds will be worth much either.

All animals are equal, but some animals are more equal than others
FrontPorchAg
How long do you want to ignore this user?
If he is terrified of investing maybe you can convince him to invest in real property.


Once my IRA's and HSA's are maxed out I put money into a couple of rental units. They are pretty much recession proof and I give my renters a discount if they pay cash.
All animals are equal, but some animals are more equal than others
GiggityAg01
How long do you want to ignore this user?
AG
Mtn_Guide said:

If he is terrified of investing maybe you can convince him to invest in real property.


Once my IRA's and HSA's are maxed out I put money into a couple of rental units. They are pretty much recession proof and I give my renters a discount if they pay cash.


I keep trying to think of a reason to give your renters a discount for cash payment other than tax fraud.
cazadore
How long do you want to ignore this user?
The Wealthy Barber
The Millionaire Next Door
10 Steps to Financial Prosperity by Bill Griffith
Refresh
Page 1 of 1
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.