Book on finances… any suggestions?

[TheOldJJdigs]

Not sure I’ve made this public but recently I had a pretty bad accident and broke some fingers. One was a compound fracture and the bone came out.. pretty bad actually. So anyways after a 5.5 hour surgery I now have metal rods in my fingers and I’m out of work for a good while.

Does anyone have a good finance book? I’ve heard “the total money makeover” by Dave Ramsey is supposed to be very good. Curious to hear about any financial books you may have read that have made a significant impact on you and your life?

To be specific I’m looking for personal finance and growth. Could be about investments but it’d need to be a good beginner guide with my knowledge on investing. Really anything anyone has read that’s financially inspired you to view money in a different way.

 

[nannybooboo]

The total money makeover is the only book I've ever read and stuck with even to this day. Though I don't use the envelope system anymore, every payday my wife and I make a zero-based budget, we don't use credit cards, and avoid debt at all costs. I personally believe it's the most practical for personal finance, and recently purchased it again to give to my son since he is starting out on his own.

 

[Jbswole40]

i read this book years ago..its a classic think and grow rich..check it out

 

[TheOldJJdigs]

The total money makeover is the only book I've ever read and stuck with even to this day. Though I don't use the envelope system anymore, every payday my wife and I make a zero-based budget, we don't use credit cards, and avoid debt at all costs. I personally believe it's the most practical for personal finance, and recently purchased it again to give to my son since he is starting out on his own.

See I haven’t read it but I’ve followed his philosophy… I buy in with all of his beliefs with the exception of the credit. I just don’t believe in this day of age you can move up in the world without credit. I just bought the book yesterday and it’ll be here in a day or two.

Thanks for the input.. by the way my brother also said it was a great book and stuck with him to this day

 

[TheOldJJdigs]

i read this book years ago..its a classic think and grow rich..check it out

I’ll check it out!

There’s another one I heard of that comes highly recommended is “Rich Dad Poor Dad”

 

[nannybooboo]

See I haven’t read it but I’ve followed his philosophy… I buy in with all of his beliefs with the exception of the credit. I just don’t believe in this day of age you can move up in the world without credit. I just bought the book yesterday and it’ll be here in a day or two.

Thanks for the input.. by the way my brother also said it was a great book and stuck with him to this day

This is crazy- I just had this conversation with my son and his chick a few days ago. You build credit for paying your bills on time. I've had to finance my vehicles and my mortgage so I've built credit that way, if you rent and pay on time, you're building credit. As long as you keep your debt-to-credit ratio very low, you're golden.

I will say that his advice about buying vehicles is a little inaccurate right now because the vehicle market is so distorted currently, but everything else has been spot on. More than anything the zero based budget showed me how much money is getting pissed away on stupid shit and how little I had been saving. If you do nothing else, this tool alone will make a massive difference

 

[Jbswole40]

This is crazy- I just had this conversation with my son and his chick a few days ago. You build credit for paying your bills on time. I've had to finance my vehicles and my mortgage so I've built credit that way, if you rent and pay on time, you're building credit. As long as you keep your debt-to-credit ratio very low, you're golden.

I will say that his advice about buying vehicles is a little inaccurate right now because the vehicle market is so distorted currently, but everything else has been spot on. More than anything the zero based budget showed me how much money is getting pissed away on stupid shit and how little I had been saving. If you do nothing else, this tool alone will make a massive difference

Good stuff there

 

[Tren_Setter253]

Dave Ramsey is the man. Great advice for your everyday man not some cunt real estate “bro” with daddies money yelling at you to start a business. Total money makeover was a great read.

 

[TheOldJJdigs]

Dave Ramsey is the man. Great advice for your everyday man not some cunt real estate “bro” with daddies money yelling at you to start a business. Total money makeover was a great read.

Awesome… glad so many people have heard of it. I can’t wait for it to be delivered.

 

[maxmuscle1]

I use JP Morgan Chase through my credit account. Pretty knowledgeable staff and they will FaceTime you or you can go to branch locally (they also have employees that work in remotely). Not some robo-advisor either. Then actually answer and call you back .

Max

 

[Altenator_6]

I am reading Robert Kiyosaki's "Rich Dad, Poor Dad" for the second time. I read it a couple of years ago and it really got my wheels spinning. Robert Kiyosaki is the complete opposite of Dave Ramsey. Robert believes in "Good Debt" and buying assets that make you money. Dave Ramsey has more of a middle class way of thinking.... that is to become debt free. I have always had a Dave Ramsey way of thinking until the last 4 or 5 years. I now focus on making a set amount of extra payment on my mortgage, and all of my other liabilities I just pay the basic note. I also buy very little to no stupid shit. This frees up additional cash which allows me to purchase assets that will make me passive income. For example: I just purchased 6.5 acres with 20% cash down. I am building (6) 1200 sq. ft. houses that I will rent. This is consuming about 150K of my capital that I have saved, but I know I will get my 150K back many times over....... Sorry, I got off subject a bit, but my point is that the two authors I mentioned have very different points of views, and you should choose which way of thinking you really like, and are comfortable with. And BTW....... that 150K I mentioned is my hard earned money. Not "Daddy's money" as someone mentioned above.

Other books on my list to read:
1) Loopholes of Real Estate (Garrett Sutton)
2) Start your own Corporation (Garrett Sutton)
3) Tax Free Wealth (Tom Wheelwright)
4) The ABC's of Real Estate Investing (Ken McElroy)

This has become my way of passing one hour a day on the treadmill...... I read.

 

[TheOldJJdigs]

I am reading Robert Kiyosaki's "Rich Dad, Poor Dad" for the second time. I read it a couple of years ago and it really got my wheels spinning. Robert Kiyosaki is the complete opposite of Dave Ramsey. Robert believes in "Good Debt" and buying assets that make you money. Dave Ramsey has more of a middle class way of thinking.... that is to become debt free. I have always had a Dave Ramsey way of thinking until the last 4 or 5 years. I now focus on making a set amount of extra payment on my mortgage, and all of my other liabilities I just pay the basic note. I also buy very little to no stupid shit. This frees up additional cash which allows me to purchase assets that will make me passive income. For example: I just purchased 6.5 acres with 20% cash down. I am building (6) 1200 sq. ft. houses that I will rent. This is consuming about 150K of my capital that I have saved, but I know I will get my 150K back many times over....... Sorry, I got off subject a bit, but my point is that the two authors I mentioned have very different points of views, and you should choose which way of thinking you really like, and are comfortable with. And BTW....... that 150K I mentioned is my hard earned money. Not "Daddy's money" as someone mentioned above.

Other books on my list to read:
1) Loopholes of Real Estate (Garrett Sutton)
2) Start your own Corporation (Garrett Sutton)
3) Tax Free Wealth (Tom Wheelwright)
4) The ABC's of Real Estate Investing (Ken McElroy)

This has become my way of passing one hour a day on the treadmill...... I read.

Awesome info man thank you. That’s a big help… I’ve talked about the Rich Dad Poor Dad and everyone says it’s really good. Its absolutely on the list…

 

[Multislacking]

I'll add to the Dave Ramsey bandwagon as well. It's simple and it works. Sort of like dieting, we all know what works but have to stick to a program and not fall off the wagon or get sidetracked.

 

[TheOldJJdigs]

I'll add to the Dave Ramsey bandwagon as well. It's simple and it works. Sort of like dieting, we all know what works but have to stick to a program and not fall off the wagon or get sidetracked.

It’s being delivered tonight and I’m excited to start reading it. I think money is a tricky thing for a lot of people. They grow up making enough to survive but look at money in a way that it gets them the things they want. And I think successful people view it much differently.. and I just want to tweak the way I view money in a way it makes more sense but helps me instead of potentially hurting me down the road.

 

[Multislacking]

It’s being delivered tonight and I’m excited to start reading it. I think money is a tricky thing for a lot of people. They grow up making enough to survive but look at money in a way that it gets them the things they want. And I think successful people view it much differently.. and I just want to tweak the way I view money in a way it makes more sense but helps me instead of potentially hurting me down the road.

The american dream became a nightmare 60 yrs ago. They convinced everyone that debt was "normal" and just an everyday part of life. The best way to success? Go to college and rack up $100,000 in debt right off the bat before you ever start working a serious job. You'll need a dependable vehicle to get to that new job, add another $40-50k debt. But you still have to live the american dream....so go buy a house and add another $200k debt. Want to buy something? Businesses won't take checks, so go get a credit card. That's the system.

It's indentured servants in the 21st century. It was a great way to fuck people hundreds of years ago and it still works today. They just have to make it harder for people to see it for what it is. But it's almost impossible for people to see the reality of it, when that is what they are born into.

 

[E.J.D]

i read this book years ago..its a classic think and grow rich..check it out

Here's the audio version for anyone into listening vs reading. Or to listen in your "automobile university" -Zig Zigler

 

[E.J.D]

I've been listening to his videos a few months ago and found this. Give a listen if interested about books he's ready.

 

[heavyiron]

I took the series 7 like 35 years ago. It was a tough test, but you learn all the ins and outs of investing.

I no longer read anyone because most authors are in an economic matrix. Most tell you the same tired stuff. Our money is devaluing at a massive rate so all the performance data on funds, stocks or bonds is fake.

One lesson I can pass on is pick an investment strategy and stick with it for years.

I do watch some investment channels daily though if you are interested.

 

[TheOldJJdigs]

I took the series 7 like 35 years ago. It was a tough test, but you learn all the ins and outs of investing.

I no longer read anyone because most authors are in an economic matrix. Most tell you the same tired stuff. Our money is devaluing at a massive rate so all the performance data on funds, stocks or bonds is fake.

One lesson I can pass on is pick an investment strategy and stick with it for years.

I do watch some investment channels daily though if you are interested.

Here's the audio version for anyone into listening vs reading. Or to listen in your "automobile university" -Zig Zigler

I couldn’t agree more Heavy but for me I do enjoy the idea of changing bad habits or having a better plan and I’m very skeptical of 95% of the books or tools out there. I’m selective on who I read… just like you I think finance authors are spoiled brats with bad attitudes or they’re completely useless and off on the approach.

EJD you the man! I’ll take a listen lol

 

[TheOldJJdigs]

The american dream became a nightmare 60 yrs ago. They convinced everyone that debt was "normal" and just an everyday part of life. The best way to success? Go to college and rack up $100,000 in debt right off the bat before you ever start working a serious job. You'll need a dependable vehicle to get to that new job, add another $40-50k debt. But you still have to live the american dream....so go buy a house and add another $200k debt. Want to buy something? Businesses won't take checks, so go get a credit card. That's the system.

It's indentured servants in the 21st century. It was a great way to fuck people hundreds of years ago and it still works today. They just have to make it harder for people to see it for what it is. But it's almost impossible for people to see the reality of it, when that is what they are born into.

If this isn’t the truth.. the entire system is jacked the F up. People believe this country is a free country or that we can do anything we want. Except when you annihilate small business by having billion dollar companies own sectors of the market it makes it impossible. If you or I wanted to open a family run hardware store… there’s no way it would succeed. Home Depot and Lowe’s have the market. You couldn’t compete with their prices or access to materials and tools. You’d be out of business in less than a year. Walmart is great… I can buy anything for $3.88 and it’s wonderful. Except if I wanted to open a small store I couldn’t compete with that. This country is broken and I’m not a negative person… I make the best of every situation but when you’re fighting against the house and the cards are already against you it’s frustrating when you wake up and realize the situation you’re really in.

 

[Multislacking]

If this isn’t the truth.. the entire system is jacked the F up. People believe this country is a free country or that we can do anything we want. Except when you annihilate small business by having billion dollar companies own sectors of the market it makes it impossible. If you or I wanted to open a family run hardware store… there’s no way it would succeed. Home Depot and Lowe’s have the market. You couldn’t compete with their prices or access to materials and tools. You’d be out of business in less than a year. Walmart is great… I can buy anything for $3.88 and it’s wonderful. Except if I wanted to open a small store I couldn’t compete with that. This country is broken and I’m not a negative person… I make the best of every situation but when you’re fighting against the house and the cards are already against you it’s frustrating when you wake up and realize the situation you’re really in.

The mega corporations are on the brink of bringing back healthy competition. They have been sitting high and mighty so long they have started price gouging on a massive scale. People are beginning to look elsewhere (or do without). Walmart still makes a nice dime off my family, but personally I won't set foot in there if I can avoid it. I will go to another grocery store if it is just me. The wife will complain about "expired" things but it is the same stuff we get at walmart that is on the brink of expiring at the exact same time. It's just a disconnect in her thinking walmart is somehow better.

It's funny you mentioned Home Depot and Lowes. My son in law took a nice job last year working for a local lumber/hardware company that has stores in a few states. And they can't seem to open new stores fast enough and he's been on the road almost the entire time doing just that.

Amazon had a massive layoff around Thanksgiving last year. What SHOULD have been their busiest time, and they were letting go of thousands of employees. That is telling.

 

[TheOldJJdigs]

The mega corporations are on the brink of bringing back healthy competition. They have been sitting high and mighty so long they have started price gouging on a massive scale. People are beginning to look elsewhere (or do without). Walmart still makes a nice dime off my family, but personally I won't set foot in there if I can avoid it. I will go to another grocery store if it is just me. The wife will complain about "expired" things but it is the same stuff we get at walmart that is on the brink of expiring at the exact same time. It's just a disconnect in her thinking walmart is somehow better.

It's funny you mentioned Home Depot and Lowes. My son in law took a nice job last year working for a local lumber/hardware company that has stores in a few states. And they can't seem to open new stores fast enough and he's been on the road almost the entire time doing just that.

Amazon had a massive layoff around Thanksgiving last year. What SHOULD have been their busiest time, and they were letting go of thousands of employees. That is telling.

Well if it is changing I’d welcome it and to be honest I feel the same way about Walmart. We do
Our best not to shop there and for me it’s just on principle. If it is changing I’d welcome that just as I’m sure a lot of people would.

 

[heavyiron]

Zoltan Pozsar

ShortUrlPDF

plus2.credit-suisse.com

 

[Xxxspecopsxxx]

The american dream became a nightmare 60 yrs ago. They convinced everyone that debt was "normal" and just an everyday part of life. The best way to success? Go to college and rack up $100,000 in debt right off the bat before you ever start working a serious job. You'll need a dependable vehicle to get to that new job, add another $40-50k debt. But you still have to live the american dream....so go buy a house and add another $200k debt. Want to buy something? Businesses won't take checks, so go get a credit card. That's the system.

It's indentured servants in the 21st century. It was a great way to fuck people hundreds of years ago and it still works today. They just have to make it harder for people to see it for what it is. But it's almost impossible for people to see the reality of it, when that is what they are born into.

I agree but unfortunately to have as much success as America and many other countries you have to have lots of consumers. How do you do that? Simple, no gold standard to back dollars, turn the printing press on, and create credit. If we all were debt free this country would be a third world nation. Someone's gotta buy this stuff.

 

[Multislacking]

I agree but unfortunately to have as much success as America and many other countries you have to have lots of consumers. How do you do that? Simple, no gold standard to back dollars, turn the printing press on, and create credit. If we all were debt free this country would be a third world nation. Someone's gotta buy this stuff.

Credit as you're describing for a society's success has become a martingale wager...a strategy that never succeeds in the long run. Nations are literally doing what the worst of consumers do when it comes to credit. They get over extended and get a new credit card to keep making payments on the previous credit card. Rinse and repeat. You're a 1000% correct though...they control the system, so just "print" more. They don't even have to print any more...just add zeroes to the right of their values and they're good to go.

 

[E.J.D]

Soooooo, I've been wondering all who have read Think and Grow Rich who did you have in your mastermind group?

 

[Jbswole40]

Soooooo, I've been wondering all who have read Think and Grow Rich who did you have in your mastermind group?

Vision for sure

 

[Altenator_6]

Soooooo, I've been wondering all who have read Think and Grow Rich who did you have in your mastermind group?

Haven't read this one yet either..... How is it? Do you recommend or is it a waste of time?

 

[E.J.D]

I completed the book 20ish years ago. It's regarded as a classic so that alone is probably worth giving it a read. Although most of the topics I believe have been used by many authors with their own spin.

The mastermind group is a concept in the book about gathering a group of people you want wisdom, knowledge or information from. Then you visualize sitting around having conversations and learning from. Bounce ideas off of. If my memory remembers correctly.

 

[Bellamy]

You should try listening to the audiobook "Millionenschwere Gewohnheiten" in German, which is a non-fiction book written by Brian Tracy. Brian's goal in the audiobook "Millionenschwere Gewohnheiten": Proven Strategies to Double and Triple Your Income is to help you achieve your personal and business goals faster and easier than you ever imagined possible.