Let's Read

[Riddick]

looking forward to it

[Maurader1]

This is a wicked idea. It's already caused me to buy three of the mentioned books, and i'm sure the schedule/roadmap will keep my reading on track also. I've quit poker for about a month now, and this is a great thing to fill my time with.

Thanks!

[Mr. Now]

personal finance concepts, personal financial planning, finance theory, quant analysis, risk management theory, efficient market theory, modern portfolio theory; investing styles such as value, momentum, GARP etc; trading psychology, real estate concepts:

These are some of the most useful topics you can understand as you execute on each stage of adult economic life. It is absolutely appalling how little the average person understands about financial topics. Knowledge and understanding of a core minimum of this subject matter can have a profound positive influence on the quality of life.

Just one timeless financial concept, properly applied, can be worth hundreds of thousands over your lifetime. Several such concepts, well understood and properly applied, are literally worth millions over the lifetime of a typical person of average means and intelligence.

[Mr. Now]

I strongly encourage members with specific expertise and passion for specific "financial" subject matter to contact me by PM if they are interested in book selection, facilitating reading and facilitating subsequent discussion on the subject. This program is long-term in scope and is to cover some very diverse subject matter. I am looking for those truly passionate about their specific topic who are also great explainers in print.

Immediately, I am seeking someone who can lead a discussion on Personal Finance and Financial Planning.

Definition:
Personal finance is the application of the principles of financial economics to an individual's (or a family's) financial decisions. It asks, "How much money will you need at various points in the future?" and "How do you go about getting that money?". It deals with questions like: * What is my annual income?* How can I increase my income?* What are my annual expenses?* How can I reduce my expenses?* How do I best budget my available income each year?* How much money can I save each year? ...

http://en.wikipedia.org/wiki/Personal_finance

[buriedbeds]

I'm glad this is going to happen; thanks for taking up the lead...

-bb.

[Mr. Now]

you are welcome. away we go.

[scotchnrocks]

This looks to be a very educational experience. I've already got a copy of "The Intelligent Investor" and am looking forward to contributing and also expanding my library based on others recommendations. Time to sticky this thread.

[jively]

[ QUOTE ]
Start with macro investment considerations -- e.g., asset allocation and diversification -- and then move to micro investment issues --e.g., security selection.

I'd suggest the following for the macro study.

*Winning the Loser's Game* by Charles Ellis
*Asset Allocation* by Roger Gibson
*The Intelligent Asset Allocator* by William Bernstein

[/ QUOTE ]
Asset Allocation and Intelligent Asset Allocator are both a bit advanced. They're good, but advanced.

All 3 of these are the same idea. The Four Pillars of Investing by William Bernstein is good and more suitable for a wider audience.

In terms of Personal Finance concepts, maybe a better place to start, and a good book is The Automatic Millionaire by David Bach. Maybe even a Suze Orman book, maybe The Money Book for the Young, Fabulous & Broke. "Aimed specifically at "Generation Broke"--those in their twenties and thirties who are working yet buried in credit card debt and student loans--this user-friendly guide offers a clear introduction to practical investing and money management techniques that can turn even a dismal financial situation around."

I think definitely a personal finance book should instruct people in creating their own Net Worth statement and reviewing it periodically; at least once per year.

-Tom

[Riddick]

How is this going to work?

I think maybe assign the first 5 chapters by sunday, then someone leads the discussion for a week, then the next 5 chapters by the next sunday, etc etc.

Discussion could be led by something like "name the single most important thing you learned from each chapter" or "of the first 5 chapters what is the best part you read and what is the worst thing"

But I really have no idea how book discussions go so im just throwing that out there.

[Sniper]

[ QUOTE ]
In terms of Personal Finance concepts, maybe a better place to start, and a good book is The Automatic Millionaire by David Bach. Maybe even a Suze Orman book, maybe The Money Book for the Young, Fabulous & Broke. "Aimed specifically at "Generation Broke"--those in their twenties and thirties who are working yet buried in credit card debt and student loans--this user-friendly guide offers a clear introduction to practical investing and money management techniques that can turn even a dismal financial situation around."

[/ QUOTE ]

I'm willing to lead off the reading with Bach's The Automatic Millionaire, as I think that helps to set a foundation for the more intermediate and advanced topics, if others think thats a good way to go!

MrNow is working on an Roadmap/Outline for the reading, but I would also be interested (as I'm sure he would) in other's opinions on how to break this out, as well as volunteers to lead certain topics.

Jively, also if you could provide a reading list for passive index type investing, I would like to add that to the reading list sticky!