Help me get my friends started

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Help me get my friends started

Post by » Tue Feb 13, 2018 12:59 pm

Hello Bogleheads!

I've been a lurker forever but this is my first post. I'm 25 years old and married, and my husband and I have begun to really hit our stride with managing our passive portfolios, tracking our spending with Mint, contributing to his ROTH 401k (I don't have one at my job-new company- hopefully that will change eventually!) and our ROTH IRAs.

My friends have noticed that we have gotten it together and have begun asking me for advice. It's crazy how you can spend ~17 years in school yet come out knowing nothing about any of this! I want to help, but I know finances are a sticky subject and it's somewhat taboo to discuss them in depth.

I give them my starter book (Investing 101 by Kathy Kristoff) but for some, even that is too dry. I always do Bogleheads as a second book once they are interested, because I think it's a little too much information to be a starter book for somebody who has no financial education whatsoever. It's my favorite book of all time, but I think it can be a bit of information overload for a 25 year old who is just being introduced to this new world.

So, this all leads me to my question. How would you help them? What is the best way to introduce people to this enlightened world we live in? I think compound interest calculators are great, but they almost seem fictitious to somebody who doesn't know the underlying mechanisms that lead to compounding. Even if you see the numbers, it's hard to connect the dots on how just $50 a week (one night staying in vs. going to a restaurant/bar) can turn into 100k over 20 years. I want to help my friends, but I don't want to break social rules by saying too much about our own situation. However, those people are my world, and I know it's crucial to start investing by 25 (or earlier) to get the maximum benefits of compounding.

How do you teach your colleagues or adult children who want to learn? How do you wish you had been taught?

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Re: Help me get my friends started

Post by buccimane » Tue Feb 13, 2018 2:45 pm

Hi Daisy Dog,

I usually start with this link to a John Oliver segment on retirement investing:

This video is why I began investing, and also how I stumbled upon BogleHeads. John Oliver has the unique characteristics of being credible, humorous, and knowledgeable, which make this video perfect for new investors around our age (~25). Probably going to be the video that has the biggest impact on my life when I look back 30+ years from now (should I live long enough). :sharebeer
A man convinced against his will is of the same opinion still

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Re: Help me get my friends started

Post by barnaclebob » Tue Feb 13, 2018 2:50 pm has a good flow chart of where you should be putting your money. Its in their sidebar/wiki

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Re: Help me get my friends started

Post by ThriftyPhD » Tue Feb 13, 2018 2:59 pm

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Re: Help me get my friends started

Post by Fallible » Tue Feb 13, 2018 3:03 pm

Welcome and congratulations to you and your husband for getting off to a great start!

Books and a wiki page I've recommended (after being asked!) to young relatives are William Bernstein's "If You Can," and the "Getting Started" page in the Bogleheads' wiki.

For specifics on just about every financial topic, there is Jane Bryant Quinn's classic "Making the Most of Your Money Now," and Andrew Tobias's "The Only Investment Guide You'll Ever Need." For a general approach to investing, there is Jack Bogle's classic, "The Little Book of Common Sense Investing."
Last edited by Fallible on Tue Feb 13, 2018 3:14 pm, edited 1 time in total.
Bogleheads® wiki | Investing Advice Inspired by Jack Bogle

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Re: Help me get my friends started

Post by Finridge » Tue Feb 13, 2018 3:11 pm

barnaclebob wrote:
Tue Feb 13, 2018 2:50 pm has a good flow chart of where you should be putting your money. Its in their sidebar/wiki
Here it is:

Thread discussing it: ... low_chart/

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Re: Help me get my friends started

Post by StevieG72 » Wed Feb 14, 2018 8:14 am

Maybe Millionare Next Door would be a good read...

Instant gratification trumps a fully funded 401k for most people.

I have given up on trying to convince my friend that he should dump his FA.
Fools think their own way is right, but the wise listen to others.

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