financial planning books?

[destillat]

i won't bore you with too many details:

i make quite good money, my wife makes ok money... we have 1 economical car payment and 1 motorcycle payment, plus mortgage, utilities, etc...
no credit card debt to speak of, just a few thousand dollars...
yet, at the end of the day, when the bills are paid, we're basically living payday to payday, with nothing going into any kind of savings...

i'm looking for a financial planning advice book that isn't too complicated... something that myself and my wife could read through to try to get some tips and start saving for the future...

does anyone have any good recommendations?

 

[elmo]

Why not find a good planner instead of a book?

 

[porn_lover]

The simplest and most effective thing I would recommend it list out ALL expenses on paper or computer. I mean everything, from the daily coffee to mortgage, both you and your wife.
Then analyse it, you would be suprized at where money goes into these little things that add up big.
Then from the list decide what you guys can cut back on and being realistic on what you need and want. Not saying you need to dramatically change your lifestyle but scale down slowly. Do not be afraid to splurge once in a blue moon, but do not make it a habit.

It might not be easy in the beginning but you will get use to it and at the end it will be all worth it.

Sorry, I do not have any books the recommend but I believe the thesis of most book will be along the same lines.

Good Luck.

 

[Questor]

Why not find a good planner instead of a book?

Because a book costs $25 and a financial planner costs several hundred dollars, depending on what kind help you want.

Can't recommend a book. I bet it wouldn't be too hard to figure it out if you went to a decent book store and had a look at what is available. Check out table of contents, flip through a few chapters. I don't imagine its that complicated.

Aside from that, I'd start by tracking all my expenses for a month...everything. You must know what you are spending on before you can figure out how to control your expenses and save. Set a target for how much you want to save, and then start slashing, according to your priorities. Food budget? Skip meat once a week and forgo that nice meal out at a restaurant. Alcohol? Movies? Theatre tickets or concerts? Weekends away? Turn off those lights when not in use? Wear a warm shirt and turn down the heat. Sell the motorcycle. You choose.

edit: porn_lover beat me to it by 3 minutes. He makes the same point.

 

[elmo]

Because a book costs $25 and a financial planner costs several hundred dollars, depending on what kind help you want.

.

Most planners are paid commissions and will earn you a shitload more than any book as they understand your specific needs, a book doesn't. There are things in life worth saving money on...good professional assistance isn't one of them.

 

[Questor]

Most planners are paid commissions and will earn you a shitload more than any book as they understand your specific needs, a book doesn't. There are things in life worth saving money on...good professional assistance isn't one of them.

You may be right. Quite honestly, I have never spoken to a financial planner, although my impression from speaking to others who have used their services, my impression is that they help define life time goals and investment strategies. I would agree that if that is the road one is setting out on, and one does not know how to do it, it would be money well spent. However, OP did not specifically say that is what he wanted. It sounded to me like he was looking for tips on some modest saving for his future. He can get that from a book. And he can get that from reading this thread. He may very well end up going to a professional as well. I wouldn't discourage him from doing so, if that is what he wants.

 

[squash500]

Most planners are paid commissions and will earn you a shitload more than any book as they understand your specific needs, a book doesn't.

Most financial planners are no better than a good used car salesman . They are not professionals. Most of them just have to pass one course and then they are financial advisors or planners. Unlike Doctors and Lawyers who are true professionals, financial planners imho are not.

A couple of good books are The Unbiased Advisor by Warren Mackenzie. Another good one is The New Investment Frontier 3 by Howard Atkinson. This book is essentially a guide to Exchange Traded funds for Canadians.

Also David Bach has written a few good books on how to cut down expenses. He coined the term " the Latte factor". What he's saying is that people spend too much money on things like fancy coffees etc.

What most people don't realize is that financial advisors and planners are like real estate agents. If they don't earn enough commissions from clients then they are terminated. Financial advisors have very little fiduciary duty towards their clients. Imho, it is better to learn how to be a do it yourself investor.

 

[elmo]

Most financial planners are no better than a good used car salesman . They are not professionals. Most of them just have to pass one course and then they are financial advisors or planners. Unlike Doctors and Lawyers who are true professionals, financial planners imho are not.

A couple of good books are The Unbiased Advisor by Warren Mackenzie. Another good one is The New Investment Frontier 3 by Howard Atkinson. This book is essentially a guide to Exchange Traded funds for Canadians.

Also David Bach has written a few good books on how to cut down expenses. He coined the term " the Latte factor". What he's saying is that people spend too much money on things like fancy coffees etc.

What most people don't realize is that financial advisors and planners are like real estate agents. If they don't earn enough commissions from clients then they are terminated. Financial advisors have very little fiduciary duty towards their clients. Imho, it is better to learn how to be a do it yourself investor.

Agree somewhat - like anything else, you have to do your research and find one that works for you. There are some very good ones out there, finding them can be tricky.

 

[kumamake]

watch " till debt do us apart" tv show
hosted by gail
http://www.gailvazoxlade.com/debt.htm

this show will give u an idea of were your money goes

 

[fuji]

This is free:

http://www.financialwebring.org/forum/viewtopic.php?t=101652

 

[alan9080]

The Wealthy Barber still remains the all time best seller

http://www.chapters.indigo.ca/books...Edition-David-Chilton/9780968394731-item.html

5 other good ones

http://retireplan.about.com/od/booksofinterest/tp/good_books.htm

 

[Timbit]

Sounds to me, the problem you have is not so much in investing, but in getting more savings.

Your money or your life is the book to read. The goes off in tree hugging hippy crap every so often, but those parts are easy to avoid. Also the investment advice is just wrong, at least it in premise.

No point learning about investing if you can't save money.

"we're basically living payday to payday, with nothing going into any kind of savings..."



HA!, They will earn themselves a shitload more then any book and they fuck you over for extra commissions.

They are pushers, nothing more. Financial planners care about as much about your financial well being as a pimp does his whores.

Thats the problem with people today, they are not willing to take the time to teach themselves anything anymore. Specialization is for insects.

Cynic - I'd suggest talking to friends and finding an advisor they trust. A good advisor will take the time to understand your long-term needs and help determine how to get there - it's about the roadmap to help you on your journey. Once that has been established a good financial adviosr makes sure you stick to the plan - it's too easy to take money out or use maney you were supposed to put away on something frivolous - most people lack the discipline to manage their own money. With pension plans and government pensions adding less and less to retirees' incomes, it'll be up to individuals to come up with the savings.

Besides a decent financial advisor will help with investments, saving, tax reduction, education savings, etc.

You've already said you're living paycheque to paycheque - isn't it about time you figured out why?

Timbit

 

[1HandInMyPocket]

Well besides financial planning, you may also need to look at changing your financial mind set. For this I would recommend "Rich Dad, Poor Dad" by Robert Kiyosaki, though I'm sure some on this board may have some reservations about him.

 

[r_s426]

Most planners are paid commissions and will earn you a shitload more than any book as they understand your specific needs, a book doesn't. There are things in life worth saving money on...good professional assistance isn't one of them.

Make sure that they are completely independent though. Some are no more than salespeople and will try to nudge you towards investments that give them the highest finders fees.

 

[emacs]

my saving plan is quite simple: twice a month i contribute around twenty percent of my take-home pay to my RRSP. the sum of both contributions is approximately equal to my hourly wage multiplied by the number of days in a month. about six times a year i deposit several hundred dollars into my GIC. and, yes, i have a mortgage, pay property tax and other bills.

 

[zeebo]

Most planners are paid commissions and will earn you a shitload more than any book as they understand your specific needs, a book doesn't. There are things in life worth saving money on...good professional assistance isn't one of them.

This is definitely wrong. Most financial planners don't know jack about investing. They do what a trained robot could do. Money and investing isn't complicated.. But that's what the mutual fund and banking industry want you to believe so they can keep taking fat commissions.

 

[Tee11]

my saving plan is quite simple: twice a month i contribute around twenty percent of my take-home pay to my RRSP. ....

and how do you plan to take the RRSPs out when u retire? each dollar that u touch is taxable...so the tax man will get u after all...

please get professional advice....most advisors are on commission so they will try to sell whatever gets them the most ....but ask a few key questions and judge the guy by his responses and if sounds good, go with it...there are still good advisors out there...just dont believe evrything tha they say!!!..good luck....

 

[Nickelodeon]

i won't bore you with too many details:

i make quite good money, my wife makes ok money... we have 1 economical car payment and 1 motorcycle payment, plus mortgage, utilities, etc...
no credit card debt to speak of, just a few thousand dollars...
yet, at the end of the day, when the bills are paid, we're basically living payday to payday, with nothing going into any kind of savings...

i'm looking for a financial planning advice book that isn't too complicated... something that myself and my wife could read through to try to get some tips and start saving for the future...

does anyone have any good recommendations?

The Millionaire Next Door, by Thomas J. Stanley & William D. Danko

Yes, You Can Still Retire Comfortably by Ben Stein and Phil DeMuth

Both are very readable. Millionaire Next Door is a little preachy, Ben Stein is hilarious but on the money in terms of clarity of focus and messaging. The key message in all financial planning is that the earlier you start, the sooner you reach your goals because your money starts working for you.

Good luck and stay disciplined.

 

[Shades]

Well besides financial planning, you may also need to look at changing your financial mind set. For this I would recommend "Rich Dad, Poor Dad" by Robert Kiyosaki, though I'm sure some on this board may have some reservations about him.

Best book going is Rich Dad's Guide to Investing Robert T. Kiyosaki...it is the companion book to the Rich Dad Poor Dad and much, much better. Bought it for my kids.

Use a financial planner to help you think through your income/expense statements, saving plans etc. But personally, I would not use them to invest my money...and do not invest in mutual funds, ever.

Never, ever forget; Nobody, that is NOBODY, cares about your money like you do. You cannot give away this responsibility to anyone and think everything is going to be alright.

 

[Mencken]

When I complete my book I'll send you a copy. Seriously, well I'm serious about the book anyway.

Problem with financial advisors is that 90% of them are biased by their own interests...in other words they tend to steer you into what they make money from. And often with a clear conscience as all of their training has been to get them to do that. So they'll sell you mutual funds of one kind or another, some with deferred sales charges, and think they are doing you a favor. For every 100 grand they talk you into they make 5 grand off the top (for example), and you pay your 2.5% per year for as long as you own the fund...and much more if you sell before say 6 years. So...easy for them to say this or that or some other fund is great. And the best part...you still have to decide what fund to invest in anyway...and if you can do that intelligently you don't need them in the first place, and you SAVE YOUR MONEY. End rant.

So if you want a financial advisor get one who is NOT and agent of anyone, and who is qualified and works on a fee for service. Or read a selection of the books above...or wait for my book