7 Money Mantras for a Richer Life : How to Live Well with the Money You Have by Michelle Singletary.
I got this book on cd from the local library. The material was all pretty basic stuff such as save money, live within your means, avoid credit, don’t loan money to friends or family, have a will, organize your financial papers, and stuff like that. She refers to her grandmother a lot and the things she learned from her regarding money. If you really want to know, the mantra are:
1. If it’s on your ass, it’s not an asset!
2. Is this a need or is it a want?
3. Sweat the small stuff.
4. Cash is better than credit.
5. Keep it simple.
6. Priorities lead to prosperity.
7. Enough is enough.
I really didn’t get a lot out of it. I kept looking in my cd wallet at other books thinking I would rather be listening to them. I recommend David Bach’s books over this one.
Read more…
Smart Couples Finish Rich : 9 Steps to Creating a Rich Future for You and Your Partner by David Bach.
This is the second book I have read by David Bach, the first being Start Late, Finish Rich : A No-Fail Plan for Achieving Financial Freedom at Any Age. A lot of the information is the same in both books. This book has more information on record organization. One of the main concepts in Bach’s book is the Latte Factor, a term he created to describe the types of spending on non-essentials such as $5 lattes, and going out to dinner 5 nights a week, and things like that. By reining in this kind of spending, money can be saved which can be invested and can compound into huge sums of money over time. He also describes how the couple should save their money in three different baskets (Retirement, Security, and Dream). He stresses that people should make use of their 401k and IRA accounts where pre-tax money can grow tax free. He also discusses insurance. Then he gives the ten biggest financial mistakes that couples make. The final chapter he talks about how to increase your income by getting a raise. He describes the steps to go through to maximize your chances of getting a raise. This is a great book. I highly recommend David Bach’s books for people looking to improve their financial situation.
Read more…
Common Stocks and Uncommon Profits by Philip A. Fisher.
The author expounds on growth stocks. He tells his methods of finding them, evaluating them, buying them, holding them, and then selling them. He really loves growth stocks. The book is really beyond my current understanding. It is obviously intended for more advanced investors than myself. I did learn a little about growth stocks, but I am going to put this book aside, and come back to it later, and maybe I will get more out of it at that point. This book is not for the beginning investor.
Read more…
Charles Schwab’s Guide to Financial Independence by Charles Schwab.
This book is a guide to basic investing. The author describes why the reader should invest in stocks. He talks about the benefits of compounding. Also covered are mutual funds and how they work. This is an excellent book for the novice investor. He does spend a bit of time promoting the Charles Schwab 1000, but then again it is his book.
Read more…
The Craft of Investing : Growth and Value Stocks, Emerging Markets, Market Timing, Mutual Funds, Alternative Investments, Retirement and Estate Planning, Tax Savings by John Train.
The author covers many aspects of investing. Including investing in bonds, stocks, real estate, gold, art, commodities, currencies, foreign markets, and many other things. He even talks about investing scams such as diamonds, and whiskey. It is very obvious that the author favors growth stocks as he talks about them repeatedly throughout the book. There is a good chunk dedicated to estate planning.
Read more…