So my dad gave me some investing books - Page 2

MaxPower · #11 02-25-2007, 12:53 PM

Some of those are must reads, others I don't know.

One book that I read recently which was excellent was The Future for Investors by Jeremy Siegel.

Then again, I am not obsessive compulsive.

captZEEbo · #12 02-25-2007, 01:23 PM

I'm not sure if this is a possibility or not, but I went part-time to school after I got more serious with poker. I figured if I didn't go part-time, I'd never want to go back and finish school. It's really not that obtrusive to take 3-6 credits a semester.

Also, with the outlook on poker, I think it'd be foolish to take time off school now.

MtDon · #13 05-13-2007, 06:57 PM

A MUST READ for investing in stocks is "The Intelligent Asset Allocator," by William Bernstein. Shows the reasons for investing in low fee index mutual funds and how to build a diversified portfolio of stocks. Hint: the best way isn't just to match the overall market.

Also by Bernstein is "The Four Pillars of Investing." Very similar to the first recommendation, but less technical.

"A Random Walk Down Wall Street" is also good, but doesn't have as much detailed advice.

*** · #14 05-13-2007, 07:43 PM

tl;dr, but it is crucial that if you aren't going to college that you get out of your lease. Your dad is right that this is probably going to be your best opportunity to travel and live a carefree lifestyle. Spending a year in a small college town seems somewhat limiting when you consider how many exciting places there are in the world. Your dad is very right.

I took (was forced to take) a year off halfway through my degree and it was one of the best things that ever happened to me. I also planned on sticking around my hometown, and my dad also encouraged (almost forced) me to travel for a year. So I moved to London and took quite a few trips to the continent. Although I had a great time I had no problems with going back to school. I felt reinvigorated and it really helped my studies. I went from a C- student to an A- student, and enjoyed school much more for the rest of my time there.

If you're going to take a break, take a real break and totally get away from school.

Parlay Slow · #15 05-13-2007, 08:53 PM

Intelligent Investor is far from an advanced text. Take a look at Security Analysis by the same author.

ALawPoker · #16 05-13-2007, 09:41 PM

I think Phil Van Sexton nailed the investing thing. After you understand the basics, successful investing is more about discipline than anything else. And if you're reading these to try to prepare for a career in finance, like he said, none of these books will help much.

That said, reading them definitely couldn't hurt. And just going through the motions can force you to brainstorm about money, life, etc. But investing is more of a process than an event. I get the hunch from reading this post that you're thinking of it more like a hands on event (like a poker game or something).

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1) should i cancel the lease and move after summer?

[/ QUOTE ]

I don't think a year with your friends could hurt. Just don't use it as an excuse to get complacent. If you stay focused on what you want to do and where you want to be, I think it could be a good thing.

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2) how long can I stay away from academia, assuming I am intent on getting a degree (as everyone tells me to)?

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I dunno. I wonder the same thing (well, sorta, part of me just doesn't care much). From what my Dad and people tell me, the business world likes youth. So the longer you wait the less attractive you become to potential employers. But the way I see it, going at it half ass is probably the worst option. If, in an extreme case, you wait til you're 35 but have everything figured out, I feel like there's always the opportunity to impress people. And even if you can't, if you're happy building up money playing poker or whatever, you can always start your own stuff.

So I'd say the longer you wait the more you have to overcome. But it sounds like you trust yourself to overcome stuff. I don't think there's a steadfast rule, it's just what you're comfortable with.

Me and school never really mixed well either, so your post resonates with me. I'm 24 now and have been making my living off poker for the past 2 years or so, and really have no regrets. I think it's really important to like what you're doing. Who knows, maybe I'll go back to school and jump back on the "right track" 2, 5, 10 years from now, but if I do I want it to be mostly inherent motivation. You need to make sacrifices in life, and sometimes you need to delay immediate satisfaction for future satisfaction... but the way I see it, you want to be pretty sure that thing you're working for is what's really gonna make you happy. If you have a lot of doubts, then it's pretty hard to enjoy the process.

goodgrief · #17 05-13-2007, 11:45 PM

Everyone's read these books. Everyone isn't rich. Is your Dad rich? Then read the books but you'll get more by sitting down and talking to your Dad regularly about business/investing techniques that he uses than you will from these books. You'll be reading these books mainly as a sign of respect to your Dad, so that you can say something intelligent and stimulate conversation as much as you can to learn something of why he has been successful. If he isn't rich, if he's still on the positive thinking "one day my big deal will come" treadmill, then I wouldn't exactly take time out of my busy day to read or re-read crap like "Think and Grow Rich."

ArturiusX · #18 05-13-2007, 11:47 PM

[ QUOTE ]
Everyone's read these books. Everyone isn't rich. Is your Dad rich? Then read the books but you'll get more by sitting down and talking to your Dad regularly about business/investing techniques that he uses than you will from these books. You'll be reading these books mainly as a sign of respect to your Dad, so that you can say something intelligent and stimulate conversation as much as you can to learn something of why he has been successful. If he isn't rich, if he's still on the positive thinking "one day my big deal will come" treadmill, then I wouldn't exactly take time out of my busy day to read or re-read crap like "Think and Grow Rich."

[/ QUOTE ]

Reading doesn't make you rich, but following the plan and guidelines set out in this book during the tough and good times does. People just pick advice when they want to hear it, depending on their current situation. Rarely do they keep one linear view on investing and wealth building throughout several stock market cycles. Thats why Buffet et al are rich, and why some people succeed and others fail.

goodgrief · #19 05-13-2007, 11:51 PM

Sure, but seriously, nobody with half an IQ needs to take an entire year off school to develop a personal finance and investing plan.

SlowHabit · #20 05-14-2007, 10:38 AM

[ QUOTE ]
Everyone's read these books. Everyone isn't rich. Is your Dad rich? Then read the books but you'll get more by sitting down and talking to your Dad regularly about business/investing techniques that he uses than you will from these books. You'll be reading these books mainly as a sign of respect to your Dad, so that you can say something intelligent and stimulate conversation as much as you can to learn something of why he has been successful. If he isn't rich, if he's still on the positive thinking "one day my big deal will come" treadmill, then I wouldn't exactly take time out of my busy day to read or re-read crap like "Think and Grow Rich."

[/ QUOTE ]
Everyone reads "Theory of Poker." Not everyone plays well. Therefore, TOP is not a good book.

The thing you have to realize is that learning a concept isn't hard, it's knowing how to apply it. But before you apply something, it's useful to know what you are trying to accomplish. Thus, it's good to get a start by reading simple investment books so you will at least know which questions to ask.