Friday Finance: People’s Blog Recommended finance books and links

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This is an extract from The Poor Man’s Guide to Financial Freedom: A Realistic, 10-Step Manual to Building Liberating Wealth on a Small to Medium Budget.

Further Reading

I do not necessarily endorse the content of these websites and books.  It’s good to get another point of view.

Websites

[Edit: I’ve removed some of these links as they’ve become over-commercialized, feminized and/or pozzed. One was mostly about vaccines and climate change! They’ll be gone from the second edition of the book.]

Introductory and general information

www.practicalmoneyskills.ca (this one’s very introductory if that’s where you’re at)

www.investor.gov (introductory site for Americans, includes useful calculators and scam alerts)

www.moneyadviceservice.org.uk/en (something very similar offered in the UK, focused on ordinary people with money problems and questions. Includes helpline)

https://investingintroduction.ca/en/ (mostly for Canadians)

moneysmart.gov.au (mostly for Australians, but with good, basic, and straightforward information for anyone new to managing money)

www.investopedia.com (perfect for definitions of terms that you’re struggling to get your head around.  I go back to this one all the time.)

Financial independence, retire early (FIRE)

www.getrichslowly.org

www.madfientist.com (free but requires registration)

Books

A Random Walk Down Wallstreet: The Time-Tested Strategy for Successful Investing, by Burton G. Malkiel.  This one is often recommended by finance professionals for beginners and it explains why indexing is best.

The Total Money Makeover: A Proven Plan for Financial Fitness, by Dave Ramsey.  This is largely about getting out of debt and advocates a somewhat different strategy to the one suggested in Poor Man’s Guide to Financial Freedom.

The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns, by John C. Bogle.  This book advocates and explains the use of indexing in more detail.

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas J. Stanley.  This book reinforces what I’ve been trying to tell you: truly rich people don’t live in giant mansions and drive flash cars.  They live within their means and wisely manage their money, which is how they got rich in the first place.

There are many titles that I do not recommend.  Be wary of any finance book that advocates the very things I warned you about: day trading, currency speculation, flipping houses, borrowing to invest, picking stocks, timing the market, and all the rest of that nonsense.  Avoid anything that looks like a ‘get rich quick’ book.  In the real world, slow and steady wins the race.

Also available on many other platforms.

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