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Old 08-10-2010, 06:03 PM
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Default Need a book for my situation, any suggestion?

Hey guys, so here is my current situation, me and my fiance are both RN's at our local hospital, I am 21, she is 22. Honestly I have no idea how to sort all of this money and where to begin. a little personal info so you can see where I am at, Both of our cars are paid off, we have no rent of any kind. So all of our expenses are honestly probably at 1000$ (per month)including food gas, car insurance and other thing we decide to just buy. so currently at about the end of each month I would say we have right around 5,000$ not really doing anything.

Anyway if any of you know a book that might be of interest to me and really explains things, what they do and how they benefit me etc. that would be a lot of help thanks a lot!
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Old 08-11-2010, 09:51 AM
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Default Re: Need a book for my situation, any suggestion?

I'm personally a big Robert Kiyosaki fan. He's the author of a book called "Rich Dad Poor Dad".

His book teach you "how" to invest versus "what" to invest in.

Many books will tell you what to invest in (i.e., real estate, stocks, bonds). However, what I've found is that you have to read a lot of books on each topic and then invest in what is best for you.

For example, I love real estate investing over stocks. You'll find it easier to learn about something you have a passion for.

A word of caution though, be careful what you read. Many authors are paid by large investment companies to persuade unsavy investors into their funds and stocks. What happens is they get richer and you get poorer.

Let me know if I can help more.
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Old 08-11-2010, 02:41 PM
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Default Re: Need a book for my situation, any suggestion?

Hey thanks, I am not sure I was thinking about stocks yet, what about CD and bonds and what not, maybe any books explaining those real well and if they are helpful or not?
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Old 08-12-2010, 09:10 AM
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Default Re: Need a book for my situation, any suggestion?

Well i would also strongly recommend rich dad and poor dad , no other book explains you to plan your investment, handle your finances and even intricate terminology related to accounts in layman terms.
You can even call that book "finance for dummies".
Robert Kiyosaki partnered with legendary Donald trump and wrote this wonderful book why we want to make you rich?, this is also worth a read.
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Old 08-12-2010, 07:34 PM
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Default Re: Need a book for my situation, any suggestion?

Quote:
Originally Posted by RNStan View Post
Hey thanks, I am not sure I was thinking about stocks yet, what about CD and bonds and what not, maybe any books explaining those real well and if they are helpful or not?
Just another reason for me to push my recommendation...

You are young! There's no reason for you to be buying CDs and bonds. These are investments for either older people needing stable income or people who are afraid of risk while investing.

However, I won't go too far down this road because inside this forum you can read all about the pros and cons of CD and bond investing. You will find good (and bad) arguements for both but will end up even more confused.

I found that people offering financial advice easily tell others want they should invest in (and often many offering this advice have zero investing experience).

You don't need someone telling you what to invest in. What you need is to learn why you are investing the way you do. WHY is the question to answer...no what.

Make sense?

Take the time...read books, attend seminars, talk with investors (who actually invest)...then make up your own mind about what is best for you and your fiance.
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Old 09-11-2010, 12:15 PM
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Default Re: Need a book for my situation, any suggestion?

another great resource from Robert Kiyosaki is 'Conspiracy of the Rich: The 8 New Rules of Money' which is entirely online... in the current economy nothing is certain and far too many have lost fortunes in seemingly sound investments... I'm glad to see young couples starting out realizing that wealth education is worth investing their time and energy before their money
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Old 12-23-2010, 07:51 PM
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Default Re: Need a book for my situation, any suggestion?

Check out "The Automatic Millionaire" by David Bach.

I would avoid all of the Rich Dad/Poor Dad books by Robert Kiyosaki.
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Old 12-26-2010, 05:11 AM
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Default Re: Need a book for my situation, any suggestion?

thanks for the information
---
jack
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Old 01-15-2011, 05:43 PM
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Default Re: Need a book for my situation, any suggestion?

Before you start looking at what books to read, I would suggest that you both max out your 403b pension plans at your hospital. Talk to the representive at the hospital who offers the program and see what options they offer. Because you are both young you can take advantage of being aggressive in your investments.
P.S. CD's are for conversative old people and not appropriate for you.
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