My name is Kinthalis and ::hangs head down in shame:: I don’t know what a Roth IRA is, how the stock market works/how to invest in it, or how to develop a short and long terms savings/retirement plan.
What books would you guys recommend to someone like me - a total newb trying to prepare for things like buying a home, having a family, retirement, etc?
I’ve been navigating the alleyways of commerce using this book I got from a little guy I met briefly at a sci-fi convention. But I can’t make heads or tails of all these rules of acquisition. And who is this nagus guy anyway?
Not a book to read but a good website to browse through is BANKRATE. They have a big glossary section and lots and lots of articles and a variety of topics. As well as current typical loan rates and finance calculators.
I’ve always really liked Eric Tysons “Personal Finance for Dummies” as a good general intro.
I found this book to be a good primer: The Neatest Little Guide to Stock Market Investing.
When you feel like you’ve got a firmer understanding of the basics of investing, different investment types, etc., I’d highly recommend The Intelligent Investor.
How intelligent are you and how good are you at maths?
I second this. In general I HATE the Dummies books – hate hate hate – but Eric Tyson knows his stuff. Ric Edelman is also a pretty good source, lots of good info on his web site. His books get a bit repetitious, but picking up one of the basic ones isn’t a bad idea. Stay far, far away from Dave Ramsey – he’s not bad on some of the basics, but he’s an angry, judgmental hardass.
You could also start listening to Sound Money on public radio; this is what got me started.
I would say I’m somewhere between Homo Habilis and Einstein
I’m a programmer (studying computer science and engineering) so I don’t think I’m out of the loop math wise.
Thanks for the suggesitons so far guys, I got Eric Tysons “Personal Finance for Dummies” on my Barnes & Noble wish list!
when I was in your position I read this book by Gail MarksJarvis
‘Saving for Retirement–without living like a pauper or winning the lottery’
here is her website: http://www.gailmarksjarvis.com/index.html
I found her explanations quite clear and helpful–especially when it comes to saving for your retirement AND the market.
The Suze Ormand books are kind of “Personal Finance for Dummies”.
You might also try websites like www.motleyfool.com
I would avoid Robert Kiyosaki’s books (Rich Dad Poor Dad, etc) as critics widely regard him to be full of shit.
I recommend The Only Investment Guide You’ll Ever Need by Andrew Tobias.
I suggest CNN Money’s website. The ultimate guide to retirement. It’s free, which is nice.
I like 8 Steps to Seven Figures.
The Wealthy Barber by David Chilton. Best book for beginners that I’ve found.