Investing books

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tmac11

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Hey guys

I've recently been looking into investing for the future. I was wondering if there were any books that any of you may have come across that were helpful regarding investing. I am definitely a beginner when it comes to this so basic books with fundamentals would be of great benefit also. Thanks a lot for the help.

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There are many flavors to choose from. Many are just common sense scam books. I can tell you to stay away from the Rich Dad/ Poor Dad. What a waste of money.
 
I'm a beginner investor as well. Check out this link for a list of good books.

I'm reading a Random Walk Down Wallstreet right now, it's informative and a pretty easy read at the same time. Check out some of the reviews on Amazon.com

I did happen to read one of the Rich Dad/Poor Dad books earlier this year and, yea it wasn't great, but I did provide me some motivation to go out and learn more about finance.

Hope that helps :)
 
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Personal Finance for Dummies - Eric Tyson. Great for the entry-level investor, and I like his no-hype, common sense philosophy.
 
I read Investing for Dummies which is a solid start.
Also you can learn a lot from the Vangaurd website www.vanguard.com

Does anyone know or have any recommendations for investing once you get into the high income and high tax bracktes??
I'm a GI attending now and wondering how to best insulate myself against taxes and what not...thanks
 
Sane investing in an insane world by james j. cramer
 
I'm a beginner investor as well. Check out this link for a list of good books.

I'm reading a Random Walk Down Wallstreet right now, it's informative and a pretty easy read at the same time. Check out some of the reviews on Amazon.com

I did happen to read one of the Rich Dad/Poor Dad books earlier this year and, yea it wasn't great, but I did provide me some motivation to go out and learn more about finance.

Hope that helps :)

Malkiel is great... A Random Walk is an old standard. Tyson's books (for dummies) are great as well! I've read all the rich dad/poor dad books and think that they're great... you just have to understand what you're reading.
 
What about investing message boards, can you guys recommend any? I do check out diehards.org in my spare time, but I was wondering if there any others.
 
Beat the Street by Peter Lynch
Seriously awesome book for investing in stocks!

The Millionaire Next Door
Examines the traits of American millionaires, attacks perceptions the public has of millionaires

Think and Grow Rich by Napolean Hill
Classic, finance people reference this one all the time

The Art of War by Sun Tzu
same as above

The E Myth Physician
very vague, but throws out some good ideas

The Wealth of Nations by Adam Smith
the foundation of every Economics textbook ever written

I'd also peruse over an accounting text if you haven't taken the course...

Avoid anything written by finance houses (i.e. Charles Schwab), Robert Kiyosaki (http://www.johntreed.com/Kiyosaki.html), or anything promising or guaranteeing anything.

Also, as far as television goes, Suze Orman is good for personal finance (CNBC), especially for our age. Kudlow and Company is an incredible show for economics (CNBC).
 
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Kudlow and Company is an incredible show for economics (CNBC).


:laugh: You're kidding... right?


This is along the same lines of avoiding books written by finance houses, etc. Kudlow, and the rest of those "TV Advisors" are all paid based on what kind of ratings they bring in. The better the market does and the more bullish they are, the more people are likely to watch and keep watching.

Please also keep in mind who CNBC makes $$ off of (The investment houses and their products that get advertised on CNBC).

I'm not saying don't watch the shows, just be sure to take anything they say with a grain of salt (then again that can be said for any advice or info related to money... including this very post).


Also, Re: Investment books... whatever book you decide to pick up, as someone mentioned double check some reviews on Amazon (although that doesn't necessarily mean its a good book or that all the reviews are legit) and my most important point... make sure whatever investment book you read into agrees with your style and comfort for investing/trading.
 
:laugh: You're kidding... right?


This is along the same lines of avoiding books written by finance houses, etc. Kudlow, and the rest of those "TV Advisors" are all paid based on what kind of ratings they bring in. The better the market does and the more bullish they are, the more people are likely to watch and keep watching.

Please also keep in mind who CNBC makes $$ off of (The investment houses and their products that get advertised on CNBC).

I'm not saying don't watch the shows, just be sure to take anything they say with a grain of salt (then again that can be said for any advice or info related to money... including this very post).


Also, Re: Investment books... whatever book you decide to pick up, as someone mentioned double check some reviews on Amazon (although that doesn't necessarily mean its a good book or that all the reviews are legit) and my most important point... make sure whatever investment book you read into agrees with your style and comfort for investing/trading.

On his show, Kudlow will routinely talk about one individual stock or another. I'm not talking about that, and frankly, I don't care about what stock he's touting or what CEO is going to come talk on his show about how great their company is doing. I specifically referenced his value in a macro scale. He is a self-touted supply side economist whose take on both government and economic policy is dead on, and anyone can learn a lot from his show. Don't like watching his show on cnbc? read his column in the WSJ. Either way he's full of great economic insight, which is what is important. Besides, every advisor that comes on his (or any other) show will have a completely different opinion than any other advisor, and it's impossible to take away anything useful from any of them.
 
On his show, Kudlow will routinely talk about one individual stock or another. I'm not talking about that, and frankly, I don't care about what stock he's touting or what CEO is going to come talk on his show about how great their company is doing. I specifically referenced his value in a macro scale. He is a self-touted supply side economist whose take on both government and economic policy is dead on, and anyone can learn a lot from his show. Don't like watching his show on cnbc? read his column in the WSJ. Either way he's full of great economic insight, which is what is important. Besides, every advisor that comes on his (or any other) show will have a completely different opinion than any other advisor, and it's impossible to take away anything useful from any of them.

My point was that he's a permabull. He does have some good commentary from time to time, but he's not nearly objective enough about the market and financial conditions.

Remember the top in 2000/2001? The personalities on CNBC basically encourage all the long term investors to keep buying the dips etc. You can get away with buying most dips, but there are people who bought stocks on that last "dip" of the tech rally of the 90s that are still probably holding some of those stocks they bought at levels significantly higher than here. Feel free to look at some charts of all the former high flying tech stocks.

Also next time you watch the show, pay attention to how few bears there are or how often they get cut off/interrupted, etc.
 
As a professional wealth planner (and I’m only here to disseminate information and not to sell my services), whatever you do, do not follow Susie Orman. Read her if you wish, but do not follow her advice; her focus is the lower to middle-middle class. The books I recommend are for the upper-middle to affluent are which you are (or will become as physicians):

In addition to the excellent already lists posted:

For the Young Becoming Wealthy:
Missed Fortune: Dispel the Money Myth-Conceptions--Isn't It Time You Became Wealthy? By Douglas Andrew

For the Not-So-Young on Becoming Wealthy:
The Last Chance Millionaire: It's Not Too Late to Become Wealthy by Douglas Andrew

For Current Events That Will Shape the Future (so you’d know how to invest and protect yourself and your children):
The World Is Flat: A Brief History of the Twenty-first Century by Thomas L. Friedman
Revolutionary Wealth: How it will be created and how it will change our lives by Alvin Toffler and Heidi Toffler
The Age of Turbulence: Adventures in a New World by Alan Greenspan
The Elephant and the Dragon: The Rise of India and China and What It Means for All of Us by Robyn Meredith
Supercapitalism: The Transformation of Business, Democracy, and Everyday Life by Robert B. Reich
The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb
The Tipping Point: How Little Things Can Make a Big Difference by Malcolm Gladwell
Freakonomics: A Rogue Economist Explores the Hidden Side of Everything by Steven D. Levitt, Stephen J. Dubner
Wikinomics: How Mass Collaboration Changes Everything by Don Tapscott and Anthony D. Williams
The Undercover Economist: Exposing Why the Rich Are Rich, Why the Poor Are Poor--And Why You Can Never Buy a Decent Used Car! by Tim Harford
Microtrends: The Small Forces Behind Tomorrow's Big Changes by Mark Penn and E. Kinney Zalesne
The Political Brain: The Role of Emotion in Deciding the Fate of the Nation by Drew Westen

Other books of interest, but not for planning:
Blink: The Power of Thinking Without Thinking by Malcolm Gladwell
Stephen R. Covey’s Habits are all worth reading and instilling.

Other thoughts:
Ric Edelman also has the same message but less technical.
Robert Allen is good but requires time and commitment.
I say away from Kiyosaki because he’s too preachy and made most of his millions on the Rich Dad, Poor Dad series. Further, I want a technical approach because I’m already sold and have help many families (including my family).
I hear from my co-league this book is pretty good: The New Mortgage Investment Advisor: Structuring Your Mortgage to Work as a Financial Planning Tool by Peter Mitchell

I’m a prolific reader because I really enjoy planning for wealthy retirement both for my clients and yours truly. I don’t like books that are preachy. Books should be technical, factual, dovetails the facts into cogent observable forces and, above all, they should be surprising. They must surprise because if the path to wealth is common knowledge, there would be many more wealthy people (A great percent of the population start maximizing their Qualified Plans (IRA and 401) early enough and yet retire just above subsistence due to tax and inflation, if they could retire at all. Worse yet, an unexpected catastrophe could hammer their family, not to mention the inevitable estate transfers (FYI… The best year to die for the wealthy is 2010 when the Estate Tax exemption is unlimited.).), but the fact is only the top one percent are wealthy because they use uncommon knowledge, plan, smartest lawyers and accountants, and, I will get crap for this, they take advantage of “Loopholes” they lobbied in Congress in the first place.

Again, I’m a wealth planner, here, only to give financial, wealth, and investment information. I am not selling my services.

Finally, the best advice I give is to not read Susie Orman, she’s great for the lower to middle-middle class. You guys need to get on the upper to affluent planning. Please advise your planners accordingly.
 
I recently read my first investing book. I don't how good it is but seemed to have some good advice (but I always research and cross-reference advice). The real power of it for me was that it got me excited about investing and saving. The book is Jim Cramer's Stay Mad for Life.
 
As I am about to get married, I am currently reading David Bach's Smart Couples Finish Rich.

I have read literally 0 other books about finances and investing, but most of what he says makes sense to me, and he does a good job of making me feel motivated to start saving for retirement ASAP--gotta get on that compound interest gravy train!

Also, having read his book, I now actually know what a 401(k) is and how it is different from an IRA.
 
bulls eye investing by Mauldin is a book I am reading slow start but has really good insights
 
As a professional wealth planner (and I’m only here to disseminate information and not to sell my services), ...I’m a prolific reader because I really enjoy planning for wealthy retirement both for my clients and yours truly. I don’t like books that are preachy. Books should be technical, factual, dovetails the facts into cogent observable forces and, above all, they should be surprising. They must surprise because if the path to wealth is common knowledge, there would be many more wealthy people .....Again, I’m a wealth planner, here, only to give financial, wealth, and investment information. I am not selling my services.
....

Holy smokes there is a lot of advertising in this post. "Dovetails the facts into cogent observable forces" WTH is that supposed to mean? Your post seems to do nothing other than try to get the reader to believe personal finance must be complicated so we better get right out and hire a wealth planner.

Incidentally, it isn't complicated to get rich, and the way to do so isn't surprising.

http://www.bogleheads.org/forum/viewtopic.php?t=19085&mrr=1213217459

Medical students and residents don't have much time to read and if they could read just one GOOD investing/personal finance book, they'd be better off than 90% of their co-workers. Try one of these:

The Coffeehouse Investor
Investing for Dummies
The Bogleheads Guide to Investing
The Only Investment Guide You'll Ever Need
The Only Guide to a Winning Investment Strategy You'll Ever Need
Straight Talk On Investing

There is no reason any physician cannot be a multi-millionaire investing in nothing more exotic than low-cost, index mutual funds holding good ole stocks and bonds in tax-protected (IRA/401K etc) and taxable accounts. The secret to being rich is that there aren't any secrets. Make a lot of money, spend less than you earn, don't let anyone sell you something you don't need, and don't make any big money mistakes and you'll be just fine.
 
I read Investing for Dummies which is a solid start.
Also you can learn a lot from the Vangaurd website www.vanguard.com

Does anyone know or have any recommendations for investing once you get into the high income and high tax bracktes??
I'm a GI attending now and wondering how to best insulate myself against taxes and what not...thanks

Max out your tax-protected accounts. Invest tax-efficiently in your taxable accounts. Don't get suckered into high expense cash-value life insurance and variable annuities.
 
I WILL TEACH YOU TO BE RICH - by Ramit Sethi

great beginning tips and all about AUTOMATION which means set it and forget it, PERFECT for busy medical students and residents!

check out his website too
www.iwillteachyoutoberich.com

I also like Get Rich Slowly
http://www.getrichslowly.org/blog/
great, great book on how to handle your personal finances. its really all you need.

he doesnt really go into taxable investments, which is reasonable, since most ppl dont even get to 100% employer match (!). but it would relevant for most physicians, bc we should plenty of cash left over even after our Roth and 401ks (if its an option) are maxed out. then again, i guess the point is, just take all your extra money and push it over to long term index funds.
 
I really liked "Investing for Dummies." It's a great intoduction and was my first investing book. I knew absolutely nothing before this book and after reading it was able to have an in depth discussion with my parents about a few changes they should make in their retirement investments that could mean a substantial increase in their nest egg. If you never read about this stuff you may never know. A good follow-up book is "Mutual Funds for Dummies".

I also like Dave Ramsey's books, starting with "The Total Money Makeover", which is more of a no-nonsense personal finance philosophy, but his baby steps plan will put you on the path to retiring wealthy.

Also have planned to read "The Physician Investor." I hear good things.
 
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long term baby. Dividend stocks and long term view.

Here i will help: AT&T, Altria, J&J. good stocks to start with.

Minimal gambling required. And you get a dividend.

Everything else is risky b/c 99% of the time you can't time the market like some wallstreet gizmo nerd.

Hope this helps.
 
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