The Vine: July 25, 2008
So now that I've done the whole first job thing, and the emigration thing, and the settling into what kind of adult I want to become thing, I find myself pondering the important stuff, like buying a house, investing for a rainy day, and never ever going into debt ever again.
So my question of readers is if they know of any decent books on budgeting, saving, investing and financial sense for the unmathematically inclined. I am in the UK so if they know of any that would be pertinent this side of the pond that would be perfect.
Thanks very much –
Suze Orman hater
I phoned my dad to see if he had any recommendations that might pertain to young investors regardless of country, and he said that, while he's not a fan of hers, Suze Orman might have something on her website that would help you."No go, Dad," I said, "she signed the letter 'Suze Orman hater,'" and I'll tell you, I have not heard him laugh that hard in a while.So Dad is a fan of yours, is my point.
Anyway!The issue here is that you have a lot of different personal-finance issues you want to address, and there probably isn't one book that gives you step-by-step instructions on all of them.Personal Finance for Dummies is as good a place to start as any, I'd guess, although I don't know that they have a UK edition; the For Dummies series also has books specifically on the stock market and home-buying.
If you're looking for a good system to help you save, Dad recommends a simple spreadsheet listing income and "run rate" (how much you spend in a given month).Once you get into the habit of tracking your expenditures, you see where you can make adjustments to save more money.Or you can reverse that — if you want to buy a house, and the down payment is twenty grand, go backwards from that figure to see how long it'll take you to save that amount.
For investments, it's often best to outsource that to someone who, like my dad, does it for a living; s/he can help you work up your investment profile — what your savings goal is; how much risk you want to assume in the portfolio — and diversify your money in the appropriate way.
So, start with the spreadsheet, and Google phrases like "personal investment advice UK" to see what comes up.The Interwebs have hundreds of sites on the subject that will give you tips and tricks, or point you in the direction of useful books.
Readers, anything to suggest?
Tags: Ask The Readers Suze Orman