Favorite personal finance books.

[Tink-n-MrIncredible]

Who is your favorite personal finance author and what is the name of the book?

 

[MinnieVanMom]

Dave Ramsey, The total money makeover. I followed this for few years and now find myself needing to read it again.

 

[dvcgirl]

I really like "All Your Worth: The Ultimate Lifetime Money Guide", by Elizabeth Warren and Amy Tyagi (Ms. Warren's adult daughter).

 

[Sadie22]

Ric Edelman is another good one.

 

[Tink-n-MrIncredible]

Dave Ramsey, The total money makeover. I followed this for few years and now find myself needing to read it again.

Sound like me I need to re read it again. I loaned it to a friend a few weeks back, they have not even opened it up yet

 

[Tink-n-MrIncredible]

I really like "All Your Worth: The Ultimate Lifetime Money Guide", by Elizabeth Warren and Amy Tyagi (Ms. Warren's adult daughter).

Sadie22 Ric Edelman is another good one.


Thanks for the reply. I have never heard of either of these people. I will have to see what they have at my local library.

 

[DawnM]

The Millionaire Next Door was an eye opener.

 

[minnie1928]

Sound like me I need to re read it again. I loaned it to a friend a few weeks back, they have not even opened it up yet

I lent mine to a friend, who never read it and then admitted they lost it!!

Anyone know when Dave will be running his book sale again?

 

[Tink-n-MrIncredible]

I really like "All Your Worth: The Ultimate Lifetime Money Guide", by Elizabeth Warren and Amy Tyagi (Ms. Warren's adult daughter).

I lent mine to a friend, who never read it and then admitted they lost it!!

Anyone know when Dave will be running his book sale again?

On his site the books are for $10.00 each with $4.95 shipping on an order. On Amazon the book is $14.95, and is included in the order of $25 or more ships free. HTH

 

[travelbug]

I've enjoyed the ones already mentioned. I've also enjoyed reading stuff by David Bach like "The Automatic Millionaire" and "Start Late, Finish Rich".

 

[Sadie22]

First tip. Borrow the books from the local library first. After you read them if you want your own copies, then buy.

 

[pixiedustfairy]

Second for "All Your Worth" by Elizabeth Warren. I am giving this to my 2 adult daughters for Christmas this year. One of the most common sense books available.

 

[Debbie]

The Millionaire Next Door was an eye opener.

Gave a copy to my kids as they hit an age when they would actually think about finances.

 

[MrsPete]

Second for "All Your Worth" by Elizabeth Warren. I am giving this to my 2 adult daughters for Christmas this year. One of the most common sense books available.

I'll "third it". I think this book would be best for a young person just starting out . . . I like her approach: For example, your "must haves" cannot exceed more than 50% of your salary. That makes perfect sense. You cannot have the great apartment AND that fantastic brand-new car AND cable TV -- especially if you've already committted to student debt as part of your "must haves". Doesn't matter if apartments are high in your area or if you really, really want that new car -- you cannot go over 50% for your "must haves" and expect everything else to fall into place. It's a concrete rule that a young person just starting out can hang onto as a guideline -- doesn't mean they can't have the new car; just means they might have to choose between moving back in with mom and dad OR having the new car.

Another that I like, though it's kind of fallen out of fashion: The Tightwad Gazette by Amy Daczyn (probably spelling her name wrong). She published a newsletter back in the 80s or 90s, and later she combined those into three books, which were then put together into one big volume. She promotes extreme thrift. Although no one would use EVERY idea in her book (including the author), you'll find something in there for yourself. More than her specific suggestions, I can relate to her thought processes: How many hours do you need to work to pay for a fancy meal out? How do boxed potato flakes compare in price to baked potatoes? She very much encourages readers to "do the math" and to seek the cheapest option in every circumstance. Her specifics are now a bit dated, but her concepts are rock-solid.

I never bought into Mary Hunt's books. Her ideas just didn't resonate with me. Her ideas all seem to be . . . too little to make any difference? Or maybe just not right for me? She promotes ideas like "don't buy $5 lattes". I've never had a $5 latte in my life, so that's not helpful to me. I know, I know the latte is symbolic of SOMETHING on which I do spend, but none of her examples seemed to fit my life, and I found her unrealistic.

Likewise, I've never read Dave Ramsey; I think his books tend to be about getting out of debt, and except for three cars and one mortgage, I've never carried debt -- I've always been frugal. His advice is for the newly-frugal, whereas I want ideas for those of us who are already frugal but could use advice to take it to a higher level.

I liked The Millionaire Next Door, but it isn't a favorite because it was all theory: This is what other people are doing. It didn't give me specific ideas for things I personally could do differently to save money.

I also like Suze Ormond's books (although it drives me nuts that she pronounces her name Suzie, which breaks the rules of English phonics -- you can't just pretend that certain letters mix together in whatever way you want) and have already bought a copy of Young, Broke and Fabulous for my daughter for graduation.

 

[ilovemk76]

Another that has not been mentioned - Rich Dad, Poor Dad

 

[Tink-n-MrIncredible]

I'll "third it". I think this book would be best for a young person just starting out . . . I like her approach: For example, your "must haves" cannot exceed more than 50% of your salary. That makes perfect sense. You cannot have the great apartment AND that fantastic brand-new car AND cable TV -- especially if you've already committted to student debt as part of your "must haves". Doesn't matter if apartments are high in your area or if you really, really want that new car -- you cannot go over 50% for your "must haves" and expect everything else to fall into place. It's a concrete rule that a young person just starting out can hang onto as a guideline -- doesn't mean they can't have the new car; just means they might have to choose between moving back in with mom and dad OR having the new car.

Another that I like, though it's kind of fallen out of fashion: The Tightwad Gazette by Amy Daczyn (probably spelling her name wrong). She published a newsletter back in the 80s or 90s, and later she combined those into three books, which were then put together into one big volume. She promotes extreme thrift. Although no one would use EVERY idea in her book (including the author), you'll find something in there for yourself. More than her specific suggestions, I can relate to her thought processes: How many hours do you need to work to pay for a fancy meal out? How do boxed potato flakes compare in price to baked potatoes? She very much encourages readers to "do the math" and to seek the cheapest option in every circumstance. Her specifics are now a bit dated, but her concepts are rock-solid.

I never bought into Mary Hunt's books. Her ideas just didn't resonate with me. Her ideas all seem to be . . . too little to make any difference? Or maybe just not right for me? She promotes ideas like "don't buy $5 lattes". I've never had a $5 latte in my life, so that's not helpful to me. I know, I know the latte is symbolic of SOMETHING on which I do spend, but none of her examples seemed to fit my life, and I found her unrealistic.

Likewise, I've never read Dave Ramsey; I think his books tend to be about getting out of debt, and except for three cars and one mortgage, I've never carried debt -- I've always been frugal. His advice is for the newly-frugal, whereas I want ideas for those of us who are already frugal but could use advice to take it to a higher level. I liked The Millionaire Next Door, but it isn't a favorite because it was all theory: This is what other people are doing. It didn't give me specific ideas for things I personally could do differently to save money.

I also like Suze Ormond's books (although it drives me nuts that she pronounces her name Suzie, which breaks the rules of English phonics -- you can't just pretend that certain letters mix together in whatever way you want) and have already bought a copy of Young, Broke and Fabulous for my daughter for graduation.

Thank you for your post.
I think "All Your Worth" will be the first book on my list.

I would like to see a book for those of us who are already frugal also. This is something I would like to read about.

As far as the "The Tightwad Gazette" goes I will have to see if my Library has it. I don't think they sell this one anymore.

 

[Tink-n-MrIncredible]

First tip. Borrow the books from the local library first. After you read them if you want your own copies, then buy.

Thank you for the post. I learned this lesson a few years back. Where were you a few years ago? Hopefully someone else will read this and take note.

 

[Debbie]

Another that I like, though it's kind of fallen out of fashion: The Tightwad Gazette by Amy Daczyn (probably spelling her name wrong). She published a newsletter back in the 80s or 90s, and later she combined those into three books, which were then put together into one big volume. She promotes extreme thrift. Although no one would use EVERY idea in her book (including the author), you'll find something in there for yourself. More than her specific suggestions, I can relate to her thought processes: How many hours do you need to work to pay for a fancy meal out? How do boxed potato flakes compare in price to baked potatoes? She very much encourages readers to "do the math" and to seek the cheapest option in every circumstance. Her specifics are now a bit dated, but her concepts are rock-solid.

I'd forgotten about the Tightwad Gazette. I have all three of the books, and every now and then haul them out. When the kids were little, it was my 'goto' book. It is a totally different way of thinking, but the qualities that are in there are sensible in their own way.

 

[dvcgirl]

I'll "third it". I think this book would be best for a young person just starting out . . . I like her approach: For example, your "must haves" cannot exceed more than 50% of your salary. That makes perfect sense. You cannot have the great apartment AND that fantastic brand-new car AND cable TV -- especially if you've already committted to student debt as part of your "must haves". Doesn't matter if apartments are high in your area or if you really, really want that new car -- you cannot go over 50% for your "must haves" and expect everything else to fall into place. It's a concrete rule that a young person just starting out can hang onto as a guideline -- doesn't mean they can't have the new car; just means they might have to choose between moving back in with mom and dad OR having the new car.

.

And this is why we gave my 28 year old cousin and his 24 year old fiance this book as a part of their engagement gift. We're also going to have them over to help them "plug" their numbers into the categories laid out in this book to help them determine whether their money is "in balance".

I'm a firm believer in those percentages....50% for must-haves, 30% for wants", 20% for savings.

We've discussed this book before on this board and we get a lot of "But, but...I live in a major metro area and there's no way my must haves could *ever* be below 50%....that's not realistic....that's my *mortgage* payment".

And my answer would be....then move, or take in roommates, or do what it takes to balance your money. Because you can't live and succeed financially long-term without keeping those must-have's at or below 50%.....otherwise you'll always feel deprived (if you don't have enough for wants), or you'll never save a dime.

 

[DawnM]

I have the complete collection too....I just wish someone would update it!

Dawn

I'd forgotten about the Tightwad Gazette. I have all three of the books, and every now and then haul them out. When the kids were little, it was my 'goto' book. It is a totally different way of thinking, but the qualities that are in there are sensible in their own way.