JohnUC33

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Thanks to whoever created this sub-forum.

Well, as of the last year, I've really taken an interest in learning all I can about finances so that I'll be able to wisely manage my money when I get a steady income in 7yrs from now :rolleyes:

As a MS1, I would like to be very knowledgeable about finances/investment by time I finish residency. To that extent, I would like to know what good financial planning/investment books I should definately read. I've already read "the millionaire next door" and "rich dad, poor dad". So besides those two books, what else can anyone recommend. Thanks
 

etf

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rich dad is one of the worst books ever written, and the drivel he contributes on yahoo finance makes me wish some hedge fund would short yhoo to the ground. the best advice i can give you is to start thinking about topics that interest you specifically, and then read about them on the web. for instance, if you're thinking about trading options, visit the chicago merc exchange website, and read their tutorials.
 

el_chavo

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I agree that rich dad is a little too out there and doesn't have any good advice, he just makes you excited to make money.
I think the personal finance book with fundamental principles that I enjoyed the most was Richest Man in Babylon. Nothing specific there, but the principles are truly timeless.
I think I learned the most as I started our learning from The Wealthiest Barber and from the For Dummies selection by Eric Tyson (Personal finance for dummies, Mutual funds FD, Investing FD).
Currently reading Automatic Millionaire, it's so-so, not a lot of new info.
Read Think and Grow Rich, it's more a motivational book than a personal finance book but an interesting read.
 
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Jocomama

Make 'em bleed!
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I didnt read any books. For the same reason outside of medical school I looked at excerpts, but was more interested in update info. There are great books out there - I just can't advize.
Here's what I did (and this is NOT advice):
1. Read Investors Business Daily. The developer of that - can't recall name - has written great book on general understanding of equities and evaluating stocks, and the conservative way to invest, when to get out, etc.
I did read that.
2. Read web sites - CNBC, then focused on the economic calender and learned about all the indicators (PPI, CPI, Weekly Jobless claims, Nat. Purch Manufacturers Index, etc), since they affect the market.
3. Was initially mentored by my boss (Surgery Attending) and got into Mutual funds with small amounts of autodebit (i.e. Health, Foreign, Science/Tech, Large Cap, etc)
Experience is 100x better than any reading
Why do you think an MD is useless without a residency to actually treat patients?
Good Will Hunting - Matt Damon read books, knew everything - but had no practical experience, until Robin Williams pointed it out.
4. I would read the Morningstar reviews of companies on research pages from my online broker.
5. Got onto PIMCO - bond/securities.

Now I have not read the book, but I bought it recently, and it has been so highly recommended: Good to Great. It was recommended by a PD.

Oh - forgot - Bloomberg. If you get the TV, great, other wise their web site is great for information.

el_chavo said:
I agree that rich dad is a little too out there and doesn't have any good advice, he just makes you excited to make money.
I think the personal finance book with fundamental principles that I enjoyed the most was Richest Man in Babylon. Nothing specific there, but the principles are truly timeless.
I think I learned the most as I started our learning from The Wealthiest Barber and from the For Dummies selection by Eric Tyson (Personal finance for dummies, Mutual funds FD, Investing FD).
Currently reading Automatic Millionaire, it's so-so, not a lot of new info.
Read Think and Grow Rich, it's more a motivational book than a personal finance book but an interesting read.
 

HTD

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etf said:
rich dad is one of the worst books ever written.
I can appreciate that point of view. I also see that books like RDPD and Millionaire next door are very helpful to open peoples minds to different points of view. Richest man in Babylon could be a one line cliff's note saying "save 10%". That would not, however, be as effective as taking the time to read the story.

I think of books like the one above as "philosophy" books. Many people need the seed planted. I know I did. Reading many books like these, or in my case listening to them on the road daily, made a huge impact on my life. Without them, I might have ended up making bad choice after bad choice. Now, I am more open to the detail oriented investment information sites.

Beyond those books, I just finished a revised edition of "The Intelligent Investor" by Graham. I found it very educational. I have "premium" membership to Morningstar and have found it to be well worth the annual fee (about $10/month) in terms of the extra advice given to members.

Good Luck!
 

masterMood

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etf said:
http://www.johntreed.com/Kiyosaki.html

i've posted this link before, but i think it's still worth a read for those that haven't. one-sided? definitely. but all his points seem legitimate.
I'm going to join the band-wagon and confirm that "Rich Dad, Poor Dad" is utter bull$hit.

eating a poop hotdog is better htan reading this garbage.
 
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