Which Personal Finance or Investment Books have you read?

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panda

panda

Well-known member
Just a curious question I wanted to ask the TI audience. Which books related to Personal Finance or Investments have you read? Have any you read any books from David Ramsey or Robert Kiyosaki? Both authors write books related to personal finance, but they are different in that Ramsey is not big fan of debt while Robert Kiyosaki advocates leverage.
 
Panda said:
Just a curious question I wanted to ask the TI audience. Which books related to Personal Finance or Investments have you read? Have any you read any books from David Ramsey or Robert Kiyosaki?
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So about those indian bank stocks.......
 
Sorry jmoney74,
I don't share my macro investing knowledge nor do I share what positions I hold on TI anymore whether it be short or long.

IrvineHomeOwner, did call me out that I was wrong with the DOW not reaching 18k, but he forgets all the other calls I got correct in forex, commodities, and emerging markets that you can dig up in my old IHB posts in the past 7-8 years. Therefore my macro investing knowledge is going to be my Ancient Chinese Secret :) 

jmoney74 said:
Panda said:
Just a curious question I wanted to ask the TI audience. Which books related to Personal Finance or Investments have you read? Have any you read any books from David Ramsey or Robert Kiyosaki?
Click to expand...

So about those indian bank stocks.......
Click to expand...
 
jmoney74 said:
Panda said:
Just a curious question I wanted to ask the TI audience. Which books related to Personal Finance or Investments have you read? Have any you read any books from David Ramsey or Robert Kiyosaki?
Click to expand...

So about those indian bank stocks.......
Click to expand...

Let's wait after the Brexit vote. I'm holding my long positions in stocks.
 
Panda said:
Just a curious question I wanted to ask the TI audience. Which books related to Personal Finance or Investments have you read? Have any you read any books from David Ramsey or Robert Kiyosaki? Both authors write books related to personal finance, but they are different in that Ramsey is not big fan of debt while Robert Kiyosaki advocates leverage.
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I've read both and prefer Kiyosaki's leverage methods to enhance cash flow strategy over Dave Ramseys snowball put all your money into paying off debt first plan. I think while young is the best time to invest your money so you have time for growth and set backs with down markets. We also like using debt to our advantage - using the bank's money to invest and increase monthly cash flow - mainly related to businesses or real estate. We're in our early 30s so for now remain on a more aggressive investment strategy. I personally feel like Dave Ramsey and Suze Orman are too conservative. Don't get me wrong, paying down debt is also important but some of the wealthiest people we know use debt to their advantage.

I think we are pretty good at being conservative with our personal expenses and living below our means - that just leaves more on the table to invest. I think in 10-15 years I want to be in a position where we can easily retire because the cash flow (outside of employment) will be sufficient to cover our personal expenses = financial freedom. I don't think I will actually retire for a very long time because I enjoy my work, it's fulfilling. BUT it's so nice to know you can retire tomorrow and have no concerns about that. Anyway that's a long term goal...not yet within our reach.
 
I began reading all of these personal finance books fifteen years ago when I was beyond broke and deep in student loan debt. I started with Rich Dad and loved it. It made me think about so many things I'd never previously considered, and hadn't been taught.

I enjoy Ramsey's podcasts and agree with much of his conclusions, especially for middle income households. He's a Bible Thumper though. So he thinks everything is black-and-white, that he's always right, and becomes angry with alternative arguments/possibilities. Ramsey's podcasts are also littered with terrible grammar, horrific logic/reason when it isn't completely absent, and some very wrong conclusions.
 
Paris,

I am very impressed by your post as you are your husband seem to be so young. I also believe in Kiyosaki (leverage) vs Ramsey (Snow ball). I think there is a place for both strategy depending on your age when your target retirement age is. Kiyosaki's first business was in the velcro wallet business with rock stars logos on it. He was over a millionaire dollars in debt and had to close this business down. His second venture was a education business he started at the age of 37 and becamse financially free at the age of 48 with his wife Kim. At the age of 50 he started his third business venture and published his first book Rich Dad, Poor Dad in 1997. I don't know if you knew this, but David Ramsey's first career was working as a full tiime real estate agent but he failed miserably as an investor due to leverage. This could be the reason why he discourages leveraging. I think Kiyosaki is a good man in the core and his story and life resonates with me more so than Ramsey. 

You and your husband are definitely in the millionaire fast lane as both of your guys have high paying jobs, an s corporation that already generates passive income, real estate investments, and probably investing in the stock market as well as contributing to the 529 plan.... and you are only in your early 30s! That is quite an accomplishment.

I am very curious to know what other personal finance books you have read outside of Kiyosaki, Ramsey, and Orman that have inspired you. You don't have to share this information if you don't want to, but what is your goal in terms of networth and passive income that you believe will allow you and your husband to be financial free in your retirement between 10-15 years living in Orange County? TalkIrvine is very lucky to have a poster like you and I think you can really inspire others in the steps you and your husband are taking to reach early retirement.

Thank you for sharing.

Paris said:
Panda said:
Just a curious question I wanted to ask the TI audience. Which books related to Personal Finance or Investments have you read? Have any you read any books from David Ramsey or Robert Kiyosaki? Both authors write books related to personal finance, but they are different in that Ramsey is not big fan of debt while Robert Kiyosaki advocates leverage.
Click to expand...

I've read both and prefer Kiyosaki's leverage methods to enhance cash flow strategy over Dave Ramseys snowball put all your money into paying off debt first plan. I think while young is the best time to invest your money so you have time for growth and set backs with down markets. We also like using debt to our advantage - using the bank's money to invest and increase monthly cash flow - mainly related to businesses or real estate. We're in our early 30s so for now remain on a more aggressive investment strategy. I personally feel like Dave Ramsey and Suze Orman are too conservative. Don't get me wrong, paying down debt is also important but some of the wealthiest people we know use debt to their advantage.

I think we are pretty good at being conservative with our personal expenses and living below our means - that just leaves more on the table to invest. I think in 10-15 years I want to be in a position where we can easily retire because the cash flow (outside of employment) will be sufficient to cover our personal expenses = financial freedom. I don't think I will actually retire for a very long time because I enjoy my work, it's fulfilling. BUT it's so nice to know you can retire tomorrow and have no concerns about that. Anyway that's a long term goal...not yet within our reach.
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Thanks Panda. I think everyone has different financial goals in life. Ours was never to become billionaires but we never want to get stuck in that rat race of having to go to work everyday, hate our "jobs" and work until 65 dedicating 30 years to a company to just get a thank you and 401k at the end of it. People spend so much time commuting to work, away from their families, spending time with their kids only on weekends with a W2 paycheck. To us we didn't want to be traditional in that sense. Maybe it's because I'm in medicine I see daily how very short life can be. You can work all your life, retire at 66 and suffer a fatal heart attack at 67.

So we opted to take risks early and go the untraditional route. We both started our careers later because of all my years of training and of course my husband spent 4 years in the military. So I think that drove us more to "catch up" with the rest of our generation. I remember our first business we bought a failing business for very cheap with most of our savings but it was very stressful turning that thing around. We were losing $15k a month so imagine - failure was not an option. Partly we got lucky but turned it around into a pretty thriving business. If we sell just that one business it would cover both kids college educations with more to spare and it's a business that currently brings us cash flow. So instead of the traditional 529 plan we took the risk of S Corps. I'm a strong believer in no risk no reward. And if you fail keep trying harder. Sometimes it's luck but if you try enough, learn from your failures you'll get there.

Our goal in the next 10-15 years is to accumulate enough cash flow outside of our "jobs" to cover all personal expenses. That way our "jobs" will be income for investments that would continue to generate more income. That's the "snowball effect" I like. Yes these businesses come with a lot of headaches. Employees, workers comp etc etc - it is sometimes so much less complicated to go to work and bring a paycheck home. But then the reward is working less, spending more time with family and finding more time to enjoy life. And knowing you can quit your job tomorrow and be okay. For retirement we both have pensions, retirement accounts and my husband gets some good stock options. But I'm hoping we'll have less expenses anyway - home paid off etc so shouldn't be an issue. But I still love working so feel like I'll do something even in my 70s - maybe some concierge medicine, some real estate.  :)

Some of the financial books worth a read include
The only investment guide you'll ever need
Andrew Tobias
Make your kid a millionaire
Kevin McKinley
How rich people think
Steve siebold
What works on wall street the classic guide by James o'shaughnessy
Cash-flow quadrant: rich dad's guide to financial freedom
Robert kiyosaki
Beating the street
Peter Lynch
Unlimited power
Anthony Robbins
Creating wealth
Robert Allen
 
I followed Paris' plans when I was in my late 20s. 

Nothing says future flexibility like paying yourself 25-35% of your gross straight out of score.  You still have plenty of party money and toy money.

I liked Rich Dads cash flow quadrant, still remember the story in there about rich dad asking him how many of those rental properties he could afford where he was chipping in $100/month on it.  Most of his other stuff is selling junk IMHO.

Also like What works on Wallstreet.

And for flexibility of thinking on how to get things done, the four hour work week.  A little sleazy, a little full of it, but also an interesting take on approach.

And the FIRE web sites back in the wild days when they were su threads in the forums of the motley fool before 2000.  It's progeny ishttp://www.early-retirement.org/forums/f28/

 
Also Kiyosaki's source of wealth was writing the books, not the actually wealth creation methods he wrote about. Having said that, I have read excerpts and summaries of some of the strategies, but not the entire book myself. So I'll reserve further judgment.

I am a big fan of Lynch and Tobias. Their philosophy is KISS, which is applicable to the masses. Not everyone has the personality or brains to execute high risk high reward strategies. Save, keep personal and investment expenses down, invest for the long run, and don't get into anything you don't have an expertise (exotics, active stock picking, commodities, etc.)

As it pertains to RE, while there's a lot of expertise here because most are here due to an interest in RE and communities, for most that don't have a deep passion, they should just buy a REIT index. That and your home will already be a major part of the typical household's net worth.
 
acpme said:
Also Kiyosaki's source of wealth was writing the books, not the actually wealth creation methods he wrote about.
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Let's not forget his ties to Multi Level Marketing schemes and licensing of his titles to seminar cycles.
 
Irvine Co may one day go back to becoming a REIT, especially when the Don goes. Most of the major REITs were at one time family businesses. It's an extremely tax efficient exit for large family RE portfolios.
 
peppy said:
acpme said:
Also Kiyosaki's source of wealth was writing the books, not the actually wealth creation methods he wrote about.
Click to expand...

Let's not forget his ties to Multi Level Marketing schemes and licensing of his titles to seminar cycles.
Click to expand...

A lot of those were affiliated with Donald Trump, so it's all good. Trump has never been involved in anything shady.
 
fuller.jpg


Rich dad was R. Buckminster Fuller, the man who can predict the future in economics. During his time, Dr. Fuller had a reputation as a futurist and was often called "Grandfather of the Future" He died on July 1st, 1983.

Ray_Dalio.jpg

i believe that this man also has the same gift that Dr. Fuller had. He claims that his greatest secret to his succcess is meditating 20 minutes two times everyday. Once he closes his eyes,  Ray Dalio can see the future of economics.
 
Panda said:
fuller.jpg


Rich dad was R. Buckminster Fuller, the man you can predict the future in economics. Dr. Fuller had a reputation as a futurist and was often called "Grandfather of the Future" He died on July 1st, 1983.
Click to expand...

"Is Harry Potter real? Why don?t you let Rich Dad be a myth, like Harry Potter?" [R. Kiyosaki]
 
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