Please recommend a good "money book" for me?

[Indylady]

Post grad, I think seriously time for me to figure out/do a little planning on my own financial situation. I''ve got the basics, and don''t have any loans or debt. Can you recommend any good money books for me?

 

[steph72276]

Wow, good for you for coming out of school with no debt! That is seriously an accomplishment in and of itself! The first step I would recommend before even getting into more complicated things, is to save, save, save for an emergency fund. I would suggest at least 6 months living expenses, maybe more in this economy. I would also make sure you are budgeting so that you can track where your money is going. I would also make sure you are contributing to your 401k at least what your company matches (if they do that). Then after those things, get into more of the investment side. You want to be sure you have a good cushion in case of a job loss. I would recommend Dave Ramsey''s Total Money Makeover even without having debt. It''s a very quick, easy read and gives a basic outline. Good luck!

 

[pennquaker09]

The Money Book for the Young, Fabulous, and Broke by Suze Orman

 

[Callisto]

Date: 5/16/2010 5:03:53 PM
Author: pennquaker09
The Money Book for the Young, Fabulous, and Broke by Suze Orman

I just read this book and really enjoyed it. Like you I finished school without debt so there''s definitely a few chapters that don''t really apply as they discuss student loans and such, but I actually read them anyways just to better understand debt for the future if needed. I might get another one of her books directed towards people a little bit later in life too to know for the future but the YF&B book is really great and SUPER easy to read.

 

[PumpkinPie]

congrats for finishing school with no debt and wanting to take better charge of your finances

 

[Indylady]

Thank you FlSteph, Penn, Calisto, and Maevie! I''m very thankful to have gotten a full ride (my SO did as well). Fingers crossed that we''ll find funding for graduate school. So, that definitely helped a lot.

I will look into those books this weekend! I love Suze Orman.

 

[Haven]

It's really wonderful that you have no debt, IndyLady! Nice job.

I really like David Bach's books. I've said it in other threads, but his "latte factor" concept has saved me thousands of dollars over the years, seriously. I also like the way he recommends that we organize our financial files. I'm pretty sure I used his filing system when I first set up my financial file cabinet years ago. He writes the Smart Women Finish Rich books.

I also like Dave Ramsey, but his books are more about getting out of debt. He does have a plan for what to do with your money once you have no debt, though his investing advice is often criticized by people.

I love Suze Orman, too.

Your local library probably has a ton of these books available, so I'd go spend some time going through them to see whose style works best for you. If you want to own some of these books, used bookstores almost always have a lot of personal finance books, too. Our local used bookstore has an entire section of personal finance, and they're mostly in great condition, and they're super affordable.

I went a little crazy on the personal finance books back when I first graduated from college. My own parents made a mess of their finances, and I didn't want to end up like them, so that accounts for all the interest. Anyway, I found that the more books I read, the more all the *basic* advice started to sound the same. It's great to find a writer whose style really speaks to you, but in the end the best advice I got out of these books was:

1. How to organize and maintain my financial records
2. How to set clear and attainable goals
3. How to manage my daily spending so I wasn't undermining my bigger goals by spending unnecessary money on little things that I didn't really need

I am by no means a personal finance champion, but I can tell you this: managing my finances very closely, and getting smart about spending and saving and planning for the future in my early 20s has afforded me *freedoms* that I would have never even dreamed of having when I was younger, having grown up in a money-strapped family.

In no way do I live a glamorous lifestyle, but by being very careful and living well within my means, I have been able to pursue things that are truly fulfilling (both in my career and personal life) and I've been able to create a life that feels like a dream life to me. It doesn't take a lot of money, it just took some planning and getting in touch with what *really* matters to me. And I honestly could not be happier.

ETA: Oy. That last bit turned into a cheese-fest. Sorry! I really do attribute a lot of my happiness to the freedoms that having sound personal finances affords. I'd say: it's not money that buys you happiness, it's a *freedom* from having to worry about money that makes happiness easier to achieve.
Okay, still cheesy. Sorry.

 

[partgypsy]

My absolute favorite is Your money or your life, by V Robin and J Dominguez. This is more of "life" book than "money" book, but kind of a life changer. I like the older version better than the newer version for some reason.

My latest favorite book is "All your worth" by Warren and Tyagi (mom daughter team). They have a formula in there what you should target your needs, wants, and savings. It was very illuminating. Most people spend too much on their basic needs (house, car, loans) to be able to save 20%, and have 30% left over for "wants". You calculate where you are now, so know what to do to get it in balance. What I like about it is not extreme. It allows you to both save and have money designated for wants.

I''ve read a bunch of different financial books and they all have something useful in them, but target different audiences.

 

[Indylady]

Oh dear, I''m so sorry for getting back to this thread so late! I started a few threads within days of each other, and must have thought I had followed up on this one when I hadn''t.

Haven, thank you! My SO and I choose the university that we did because we got full rides. It wasn''t either of our first choices, but we were also a little afraid to sign for loans, especially because we both intended to go to graduate school. It was a tough decision to make, but I''m very thankful that I choose this path because I feel like I have a "clean slate" for graduate school and a lot less stress.

Going to a used bookstore to get these books is also a great idea. Out of your advice, I think that number 3 is something I''ve been working really hard for. I''ve been the latte factor to cut down on minor purchases so I could save up for a big one. I have no idea where I''d heard of it, but now that I know where its from I''ll definitely have to read David Bach''s book. I''d find myself spending $30 or $60 really easily on things I don''t need (Case in point, a yellow gold band that I bought it more because it was a "steal" than because I actually needed it. Heck, I don''t even think I wanted a band till I saw it.) and never purchasing that $150 colored stone that I''d had my eye on for months. Your cheese fest was entirely appreciated!

Partgypsy, thanks for the advice! I''ll definitely look into that book as well. I like the idea of factoring in a little fun.