Book for new college graduate

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TomP10
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Book for new college graduate

Post by TomP10 » Sun Nov 19, 2017 11:51 am

I am looking for a book to recommend to a recent college graduate. I've already given him "If You Can" pamphlet. He really liked it -- he is fired about about saving and investing. I think he will got with Vanguard Target Date funds in his IRAs. He is lucky as those are also in his company's 401k plan.

But, I can tell from our conversations that he remains confused about the differences between various types of account (Roth IRA, traditional IRA, Roth 401k, regular 401k, taxable brokerage).

Rather than me going through it all I thought there might be a good (basic) book you could recommend.

Thanks.
"It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent." -- Charlie Munger

camper1
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Re: Book for new college graduate

Post by camper1 » Sun Nov 19, 2017 12:06 pm

Must be a popular subject....I just logged on to ask the same question. Hope you don't mind if I piggyback! In my case our son was just offered his first civil engineering job and if he accepts will be in a position with a very good salary but will be relocating to an unknown location and probably be relocating yearly. Has average student loan debt, very old car, but likes to spend a lot on craft beers and eating out!

He's interested in investing, but has not been interested in any of the books I've recommended- too geared to retirement aged folks. Looking for author he could relate too (MMM may be a little too radical, but something along that line) Something entertaining to read for young person starting out, but also with a boglehead message. Thanks!

VanillaThunder
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Re: Book for new college graduate

Post by VanillaThunder » Sun Nov 19, 2017 1:48 pm

I really like A Random Walk Down Wall Street, it has everything you mentioned and more

livesoft
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Re: Book for new college graduate

Post by livesoft » Sun Nov 19, 2017 1:55 pm

New college graduates would do well to read IRS Publication 17. It's free.
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PhysicsTeacher
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Re: Book for new college graduate

Post by PhysicsTeacher » Sun Nov 19, 2017 2:07 pm

I appreciate A Random Walk Down Wall Street, The Bogleheads' Guide to Investing, and The Four Pillars of Investing, but The Only Investment Guide You'll Ever Need would be my top pick for a first book on investing/personal finance. It has become my standard high school graduation gift. It's comprehensive enough that it might actually be the only guide a lot of people need without being so stuffed with esoteric topics that it's overwhelming. It also does a good job of emphasizing that the best investment plan in the world does no good if you don't live beneath your means so you have money to invest. Andrew Tobias has a witty, enagaging style that makes the book a genuinely enjoyable read.

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abuss368
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Re: Book for new college graduate

Post by abuss368 » Sun Nov 19, 2017 2:13 pm

TomP10 wrote:
Sun Nov 19, 2017 11:51 am
I am looking for a book to recommend to a recent college graduate. I've already given him "If You Can" pamphlet. He really liked it -- he is fired about about saving and investing. I think he will got with Vanguard Target Date funds in his IRAs. He is lucky as those are also in his company's 401k plan.

But, I can tell from our conversations that he remains confused about the differences between various types of account (Roth IRA, traditional IRA, Roth 401k, regular 401k, taxable brokerage).

Rather than me going through it all I thought there might be a good (basic) book you could recommend.

Thanks.
Hi TomP10 -

I have a few books that in my opinion would serve a college graduate or anyone well:

1) Jack Bogle - The Little Book of Common Sense Investing
2) Jack Brennan - Straight Talk on Investing
3) The Bogleheads Guide to Investing
4) The Bogleheads Guide to Retirement

* Any other books authored by Jack Bogle.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

hq38sq43
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Re: Book for new college graduate

Post by hq38sq43 » Sun Nov 19, 2017 2:16 pm

My favorite for such folks is Andrew Tobias's The Only Investing Guide You'll Ever Need, originally published over 30 years ago and revised somewhat every 3 or 4 years since then. Short, a fun read, and lots of very sound, useful advice on saving and investing. Available from Amazon for about $15.

And, of course, there is Fred Schwed Jr's Where are the Customers Yachts? for a dated but still humorously educational memoir of Fred's brief career on Wall Street.

Best regards,
Harry at Bradenton

DrGoogle2017
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Re: Book for new college graduate

Post by DrGoogle2017 » Sun Nov 19, 2017 2:34 pm

You can get books and they never read it. I put one of my daughter’s book to be sold on AMAZON, it’s part of decluttering my house, the title is something like No more Ramen: the 20s something to real world survival guide. I don’t know if she bought it or somebody gave her the book. It looks freaking new as all her books. I don’t even know if she reads it. But I was really surprised she has it.

This particular kid peppered me with all sorts of questions about Roth IRA, IRA and 401k before she left for her job. While her sister, I still have to grill her the key difference about Roth IRA and regular IRA and SEP IRA. I don’t want to leave my heirs with Roth IRA and then she ends up paying tax on it when she inherits it. Not to do dumb things that kind of thing.

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TomP10
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Re: Book for new college graduate

Post by TomP10 » Sun Nov 19, 2017 2:52 pm

abuss368 wrote:
Sun Nov 19, 2017 2:13 pm

I have a few books that in my opinion would serve a college graduate or anyone well:

1) Jack Bogle - The Little Book of Common Sense Investing
2) Jack Brennan - Straight Talk on Investing
3) The Bogleheads Guide to Investing
4) The Bogleheads Guide to Retirement

* Any other books authored by Jack Bogle.
I forgot to mention he has already read "The Little Book of Common Sense Investing"
"It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent." -- Charlie Munger

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bengal22
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Re: Book for new college graduate

Post by bengal22 » Sun Nov 19, 2017 3:34 pm

"Oh the Places You Will Go." Dr Seuss

Good life advice and encouragement.

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abuss368
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Re: Book for new college graduate

Post by abuss368 » Sun Nov 19, 2017 3:38 pm

TomP10 wrote:
Sun Nov 19, 2017 2:52 pm
abuss368 wrote:
Sun Nov 19, 2017 2:13 pm

I have a few books that in my opinion would serve a college graduate or anyone well:

1) Jack Bogle - The Little Book of Common Sense Investing
2) Jack Brennan - Straight Talk on Investing
3) The Bogleheads Guide to Investing
4) The Bogleheads Guide to Retirement

* Any other books authored by Jack Bogle.
I forgot to mention he has already read "The Little Book of Common Sense Investing"
Great choice! I read the original and now I am reading the 10th anniversary edition.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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GerryL
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Re: Book for new college graduate

Post by GerryL » Sun Nov 19, 2017 5:24 pm

When my nephew graduated from college I gave him Boglehead Guide to Investing, which had just been updated. Before giving it to him I re-read it for myself, highlighted some key passages (hard to narrow to a few) and added some sticky notes with comments. Wish I could say he has found it useful, but I have no idea.

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FreeAtLast
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Re: Book for new college graduate

Post by FreeAtLast » Sun Nov 19, 2017 5:53 pm

Wall Street Journal Guidebooks to Personal Finance, Money/Markets and Investing. Search on Amazon.
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bene1
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Re: Book for new college graduate

Post by bene1 » Sun Nov 19, 2017 6:10 pm

TomP10 wrote:
Sun Nov 19, 2017 11:51 am
But, I can tell from our conversations that he remains confused about the differences between various types of account (Roth IRA, traditional IRA, Roth 401k, regular 401k, taxable brokerage).

Rather than me going through it all I thought there might be a good (basic) book you could recommend.
Mike Piper - Investing Made Simple: Investing in Index Funds Explained in 100 Pages or Less

Chapter 1 - The Building Blocks (What's a stock, bond, mutual fund?)
Chapter 2 - Types of Accounts (taxable, traditional IRA, Roth IRA, 401k, Roth 401k, rollovers)
Chapter 7 - Asset Allocation and Risk Tolerance

The chapters are just a few pages each. Great starting point for "pre-investors" from one of our forum contributors.

Miriam2
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Re: Book for new college graduate

Post by Miriam2 » Sun Nov 19, 2017 8:12 pm

livesoft wrote: New college graduates would do well to read IRS Publication 17. It's free.
:shock: :shock: :shock:
lol - as I've said before, the assignments from livesoft are challenging 8-)

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Mel Lindauer
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Re: Book for new college graduate

Post by Mel Lindauer » Sun Nov 19, 2017 8:39 pm

I'm always reluctant to plug one of our own books, but I feel that it could be just what you're looking for.

We wrote our first book, The Bogleheads' Guide to Investing, to address the very market you've described. We assumed the reader knew absolutely nothing about investing and tried to take our readers thru investment elements, explaining things at a level that wasn't intimidating.

We worked on the premise that no matter how brilliant an author was, if his/her message was over the heads of the reader, causing their eyes to glaze over, it was useless.

From reader feedback and lots of reviews, it appears we succeeded.
Best Regards - Mel | | Semper Fi

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Sandtrap
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Re: Book for new college graduate

Post by Sandtrap » Sun Nov 19, 2017 8:54 pm

A nice "login" name on the Bogleheads forum and a very very cool "avatar" to get things started.

Personal and Life Black Swans:

"10 Stupid Things Men Do To Mess Up Their Lives" by Dr. Laura Schlessinger
https://www.amazon.com/Stupid-Things-Me ... s=dr+laura

"Life Code: The New Rules for Winning in the Real World" by Dr. Phil McGraw
https://www.amazon.com/Life-Code-Rules- ... ds=dr+phil

Then. . . Personal Finance:

"If You Can: How Millennials Can Get Rich Slowly" by Bernstein
https://www.amazon.com/If-You-Can-Mille ... ich+slowly

Ron Scott
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Re: Book for new college graduate

Post by Ron Scott » Sun Nov 19, 2017 11:58 pm

If he already read Jack Bogle's book, The Bogleheads Guide would be my next suggestion. I'd pay a million immediately if I could give that book to myself 40 years ago.

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Toons
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Re: Book for new college graduate

Post by Toons » Mon Nov 20, 2017 6:17 pm

hq38sq43 wrote:
Sun Nov 19, 2017 2:16 pm
My favorite for such folks is Andrew Tobias's The Only Investing Guide You'll Ever Need, originally published over 30 years ago and revised somewhat every 3 or 4 years since then. Short, a fun read, and lots of very sound, useful advice on saving and investing. Available from Amazon for about $15.

And, of course, there is Fred Schwed Jr's Where are the Customers Yachts? for a dated but still humorously educational memoir of Fred's brief career on Wall Street.

Best regards,

+1 Only Investment Guide You'll Ever Need.
Check your library also
:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

MP123
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Re: Book for new college graduate

Post by MP123 » Mon Nov 20, 2017 6:42 pm

+2

I'd also recommend The Only Investment Guide You'll Ever Need by Andrew Tobias

It covers quite a bit of personal finance as well as investing and is written in an entertaining and easy to read way. Not at all a dry textbook of complex theories. Would make a great gift for a College or High School graduate or really anyone that wants to get a good overview of personal finance. It's just too bad they don't teach that sort of thing in most schools these days.

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