Personal and business finance book recs

[RxPsych]

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Does anyone have any recs on personal finance and/or business finance books? I've been heavily interested in planning for retirement, preparing for my future children's futures, and the possibility of starting a private practice after being licensed for a few years. I've enjoyed reading many related posts here by seemingly successful individuals and would like some more resources to look into.

 

[psych.meout]

The White Coat Investor website and subreddit are good resources.

 

[PsyDr]

DM'ed much better advice.

1) First step is to read something about easy retirement strategies. If you look at Warren Buffet's advice to his wife, upon his demise, it's pretty much the same thing. Whitecoat investor and Eric Bogle are decent sources.

Lazy portfolios - Bogleheads

2) Things to google
a. FIRECalc.com 's retirement calculator
b. 529 plans, and if you can lock in your rates in your state
c. HSAs as used for retirement
d. outcomes from dividend stocks vs growth stocks
e. A Random Walk Down Wall Street

3) Like anything else you want to learn about: set some google alerts for relevant things, briefly read them every day, gain some familiarity over time using a variation of spaced repetition. This also works for local real estate, or anything else you are trying to get a feel for.

 

[RxPsych]

DM'ed much better advice.

1) First step is to read something about easy retirement strategies. If you look at Warren Buffet's advice to his wife, upon his demise, it's pretty much the same thing. Whitecoat investor and Eric Bogle are decent sources.

Lazy portfolios - Bogleheads

2) Things to google
a. FIRECalc.com 's retirement calculator
b. 529 plans, and if you can lock in your rates in your state
c. HSAs as used for retirement
d. outcomes from dividend stocks vs growth stocks
e. A Random Walk Down Wall Street

3) Like anything else you want to learn about: set some google alerts for relevant things, briefly read them every day, gain some familiarity over time using a variation of spaced repetition. This also works for local real estate, or anything else you are trying to get a feel for.

Thanks for the DM. I'm familiar with the Bogle philosophy and have been following it for the past 3 years or so since I started investing. As a grad student it's been a challenge, but being able to put in $100/mo and some extra for that time has been a good start. I'm moderately familiar with some of the things you mentioned (like HSA for retirement) and my main barrier right now is simply being a grad student and not being able to contribute much to these accounts. But I'd like to be as prepared as possible once those adult paychecks start coming in. Thanks again!

 

[psych.meout]

As a grad student, putting money away is one of the minor things you can and should be doing. Instead, you should focus on other matters, like finishing grad school and internship as quickly as possible, getting licensed as soon as you can (assuming that is in line with your career goals, and otherwise not letting things get in the way of you making real money as a psychologist. That will pay far greater dividends than what you could accrue in gains from minor investing from what little money you have as a grad student, intern, or post doc. Lost investment gains can easily be dwarfed by a lost year of income from a licensed job because you took an extra year for grad school or were otherwise delayed in getting to a real income.

 

[RxPsych]

As a grad student, putting money away is one of the minor things you can and should be doing. Instead, you should focus on other matters, like finishing grad school and internship as quickly as possible, getting licensed as soon as you can (assuming that is in line with your career goals, and otherwise not letting things get in the way of you making real money as a psychologist. That will pay far greater dividends than what you could accrue in gains from minor investing from what little money you have as a grad student, intern, or post doc. Lost investment gains can easily be dwarfed by a lost year of income from a licensed job because you took an extra year for grad school or were otherwise delayed in getting to a real income.

I agree entirely, and it's been smooth sailing managing my financial situation while staying on track to graduate. I'm glad I've been contributing as much as I have because I've been able to get the ball rolling, and it feels good and keeps me motivated to continue investing and not pull anything until retirement. Definitely can't wait to even see a postdoc salary and contribute more to retirement

 

[AcronymAllergy]

I don't have much to add to what's already been said other than to second the rec for the White Coat Investor. You could always go with the nuts-and-bolts classic of The Intelligent Investor, although it's a longer and slower read, and some of it isn't quite as applicable as it was decades ago. A Random Walk Down Wall Street, as already recommended, is more recent.

 

[R. Matey]

Putting out a rec for the Simple Path to Wealth for the easy button approach to investing.