reading advice for an ambitious woman in her early 20s?

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Barefootgirl
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reading advice for an ambitious woman in her early 20s?

Post by Barefootgirl » Mon Mar 31, 2014 11:37 am

I am the mother of a very bright and enterprising young woman in her early 20s. She has a great future ahead of her.

There is only one issue - like some others her age, she will not or does not want to hear advice that comes from her parents. She either has to learn it for herself (often the hard way)
or learn it from other sources, usually published.

I wasn't aware that she was having trouble keeping up with her credit card payments until she admitted it to me recently and told me she solved her problem by paying off the card with the highest interest rate first, then tackling the other. She asked me if I was aware that minimum payments get you nowhere. I kept my chuckles to myself.

She is saving money now to purchase her own home and working hard to boost her credit rating which is now at 700.

I want to encourage this and boost her interest in Finance even more, but can't appear to be doing so…. so this is tricky.

I have another plan. We meet once or twice a week for dinner. My plan is to bring her books to read on the subject. She'll set them aside at first, but I know she will later pick them up when she is in her own place at night. She models herself after the best parts of both parents, but takes great pains to avoid the appearance of doing so.

It's an unusual parental model, but it works for us mostly, LOL - I hope as she matures, we'll get to a different model. For now, this is where we are.

Would love any reading recommendations - books, blogs, magazines, etc for someone in their early 20s? All I have now are retire early books - so those wouldn't work for her. I can't really recommend any books from my own past, since I learned the hard way and unlike my daughter, didn't have any models.

Thanks, BFG
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XtremeSki2001
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Re: reading advice for an ambitious woman in her early 20s?

Post by XtremeSki2001 » Mon Mar 31, 2014 11:47 am

When I was her age, not too long ago, I read The Bogleheads' Guide to Investing. That's really the only book I read and then I came here for questions. I used to reach the blog iwillteachyoutoberich, Ramit is a nice guy but his blog pushes too much marketing/sales these days.
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Re: reading advice for an ambitious woman in her early 20s?

Post by Grt2bOutdoors » Mon Mar 31, 2014 11:49 am

The Millionaire Next Door - an eye-opener into the "real" millionaires as opposed to those who are living a facade.
Your Money or Your LIfe - Joe Dominguez, a bit outdated, but I picked my copy up for a $1 at a flea market. Still haven't finished the book.
The Bogleheads Guide to Investing - I still like flipping through this book from time to time - the part about needing to save before you can invest still rings true.
The Little Book of Common Sense Investing - John Bogle.

All of these books cost less than $20, all of them are pretty simple to read and understand.

Now, here's a freebie from our friend Rick Ferri - on http://www.rickferri.com - Serious Money, if your daughter doesn't get enlightend with that, I'd be surprised.
Here's another set of freebies from another good guy, Paul Merriman and can be found at paulmerriman.com - all about investing using low cost index funds, gives ideas on various allocations/models, he posts on CBS Marketwatch and occassionally, he'll post on the forum. Give it a try.
Last edited by Grt2bOutdoors on Mon Mar 31, 2014 11:51 am, edited 1 time in total.
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steve_14
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Re: reading advice for an ambitious woman in her early 20s?

Post by steve_14 » Mon Mar 31, 2014 11:50 am

Sounds like she's doing great -gainfully employed, paying down credit card debt the correct way, etc. What makes you think parental intervention is required? If she did come to you for help, especially at that age, I'd point her to http://www.reddit.com/r/personalfinance .

livesoft
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Re: reading advice for an ambitious woman in her early 20s?

Post by livesoft » Mon Mar 31, 2014 11:53 am

I'm not sure bringing books will work, but having books on the table when she comes to your home does work.

For instance, I had my copy of "Bogleheads' Guide Retirement" on my kitchen table when my BIL came to visit over New Year's. He's retired. He asked if he could take it home with him. When I told my daughter about this she laughed. Then I told her, "Watch out, I am going to manipulate you the same way." Then a week later, I left a copy of "What Color Is Your Parachute?" on the kitchen table. It disappeared when my daughter went back to school. A month later, she told me she had her summer job lined up.
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lostinjersey
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Re: reading advice for an ambitious woman in her early 20s?

Post by lostinjersey » Mon Mar 31, 2014 1:14 pm

Beth Kobliner's book "Get a Financial Life: Personal Finance in Your 20s and 30s" was the Bible for me as a young woman. Highly recommend.

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Re: reading advice for an ambitious woman in her early 20s?

Post by Grt2bOutdoors » Mon Mar 31, 2014 2:08 pm

lostinjersey wrote:Beth Kobliner's book "Get a Financial Life: Personal Finance in Your 20s and 30s" was the Bible for me as a young woman. Highly recommend.
Could be why you are now lost in Jersey. :P
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JupiterJones
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Re: reading advice for an ambitious woman in her early 20s?

Post by JupiterJones » Mon Mar 31, 2014 2:24 pm

If there's one of Dave Ramsey's "Financial Peace University" classes starting in your area, you could mention how you'd like to go yourself and ask if she'd go with you if you paid her way.

The advice wouldn't be "coming from you", and you guys could talk about--and critique--what you're taught in class. (Dave's investing advice is notoriously un-Bogleheady, but as a catalyst for discussion of the Boglehead approach it should work just fine.)

Alternatively, you could just send her to the class by herself with the promise that you'll give some amount to her down payment fund as a reward for completing the course.
Stay on target...

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SecretAsianMan
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Re: reading advice for an ambitious woman in her early 20s?

Post by SecretAsianMan » Mon Mar 31, 2014 2:31 pm

1) I would limit any gift to one book for now rather than multiple books as stated in your post (even if you intended them to be over a period of time and not all at once).

2) I would give the book as one of her gifts for a particular holiday. That way, I think it comes across as less pushy and maternalistic and is more likely to be read than if you gave it to her over dinner.

Regardless, the fact that she paid down her debt, is working toward another positive financial goal, and is smart enough to have dinner with her mom every week shows that she's doing pretty well already for someone her age. Hopefully your fine-tuning efforts will be successful.

SAM

traveler90
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Re: reading advice for an ambitious woman in her early 20s?

Post by traveler90 » Mon Mar 31, 2014 2:33 pm

I am a 24-year-old guy and know what you mean. Nothing worse than my parents giving me advice now that I am on my own haha!

I enjoyed and would recommend Millionaire Next Door and Random Walk Down Wall Street.

IlliniDave
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Re: reading advice for an ambitious woman in her early 20s?

Post by IlliniDave » Mon Mar 31, 2014 2:55 pm

Grt2bOutdoors wrote:The Millionaire Next Door - an eye-opener into the "real" millionaires as opposed to those who are living a facade.
Your Money or Your LIfe - Joe Dominguez, a bit outdated, but I picked my copy up for a $1 at a flea market. Still haven't finished the book.
The Bogleheads Guide to Investing - I still like flipping through this book from time to time - the part about needing to save before you can invest still rings true.
The Little Book of Common Sense Investing - John Bogle.

All of these books cost less than $20, all of them are pretty simple to read and understand.

Now, here's a freebie from our friend Rick Ferri - on http://www.rickferri.com - Serious Money, if your daughter doesn't get enlightend with that, I'd be surprised.
Here's another set of freebies from another good guy, Paul Merriman and can be found at paulmerriman.com - all about investing using low cost index funds, gives ideas on various allocations/models, he posts on CBS Marketwatch and occassionally, he'll post on the forum. Give it a try.
This is a pretty good list. If she's actually struggling with the credit card and day-to-day spending, you could add Dave Ramsey's Total Money Makeover. Just be sure to pair it with the Bogle book or Boglehead's guide and a hint that those are better resources for investing strategies--but Ramsey will lay a good blueprint for operating in the black and getting money set aside to invest.

Edit to add, it might be considered somewhat "political", but Affluenza (can't recall the authors) is another good one about the pitfalls of excess consumption.
Don't do something. Just stand there!

northstar22
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Re: reading advice for an ambitious woman in her early 20s?

Post by northstar22 » Mon Mar 31, 2014 4:14 pm

lostinjersey wrote:Beth Kobliner's book "Get a Financial Life: Personal Finance in Your 20s and 30s" was the Bible for me as a young woman. Highly recommend.
I second this. Great introductory book.

MathWizard
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Re: reading advice for an ambitious woman in her early 20s?

Post by MathWizard » Mon Mar 31, 2014 4:19 pm

It sounds like she is more in the personal finance arena, so I'd add to the already good list:

Young, Broke and Fabulous Suze Orman

bcfamc
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Re: reading advice for an ambitious woman in her early 20s?

Post by bcfamc » Mon Mar 31, 2014 4:32 pm

I highly recommend subscribing to DailyWorth. It is a daily email targeted toward women and addresses personal finance, careers, etc. It is a quick read and I look forward to it every day. http://www.dailyworth.com/

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Re: reading advice for an ambitious woman in her early 20s?

Post by 4stripes » Mon Mar 31, 2014 7:33 pm

At that age I found these to be most relevant and instructive:

Elizabeth Warren's Balanced Money Formula and Ramit Sethi's book. I still budget based on these two books 10 years later.

I like Suze Orman as an addendum to those, but she's not specific enough for a sole reference.

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VictoriaF
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Re: reading advice for an ambitious woman in her early 20s?

Post by VictoriaF » Mon Mar 31, 2014 7:38 pm

Perhaps, your daughter would be interested in reading Mr. Money Mustache? There is a current Bogleheads thread about him, and we had several discussions before.

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CyberBob
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Re: reading advice for an ambitious woman in her early 20s?

Post by CyberBob » Mon Mar 31, 2014 7:42 pm

Bill Bernstein just released a new, free e-book for millennials.

http://www.bogleheads.org/forum/viewtop ... st=2013580

Bob

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Re: reading advice for an ambitious woman in her early 20s?

Post by BL » Mon Mar 31, 2014 9:40 pm

I think Jane Bryant Quinn is worth having around for a reference book on personal finance:
http://www.amazon.com/Making-Most-Your- ... yant+quinn

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Re: reading advice for an ambitious woman in her early 20s?

Post by Novine » Mon Mar 31, 2014 10:19 pm

I've recommended "The 10 Commandments of Money: Survive and Thrive in the New Economy" by Liz Pulliam Weston in the past. I think it's a great book for people needing an introduction to personal finance topics. After that, I would recomend the Dan Solin books "The Smartest Investment/401k/Retirement/etc. Book You'll Ever Read" as those are great primers on those topics.

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carorun
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Re: reading advice for an ambitious woman in her early 20s?

Post by carorun » Mon Mar 31, 2014 10:33 pm

Suze Orman's "The Money book for the young, fabulous, and broke" got me into personal finance at around 19. Probably wouldn't recommend her on a macro-level, but it gave me the tools and key frameworks of personal finance. I also started reading Michelle Singletary's articles in the Washington Post. I highly recommend her articles and books. She's like Dave Ramsey but much more "real" and doesn't push products or one size fits all methods.

I think The Bogleheads' Guide is a must read, but I remember it being a bit dry (and I was interested in investing at the time!) A lot of people like "Your Money or Your Life", though I haven't read it yet.

Edit: she probably reads more blogs than books. From my personal finance blogroll, I recommend Get Rich Slowly and MintLife blog for beginners.

ABQ4804
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Re: reading advice for an ambitious woman in her early 20s?

Post by ABQ4804 » Mon Mar 31, 2014 11:07 pm

Smart Women Finish Rich, by David Bach, is one of my favorites, with similar Boglehead values in personal finance as well as building your career, getting paid what you're worth, saving for a first home, etc. Also like Jane Bryant Quinn, a classic. You're being a thoughtful parent sharing investment articles and books, and I bet many of us do this. I often include a personal finance book with a couple fiction books I've enjoyed, basically passing them on. Best wishes!

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Re: reading advice for an ambitious woman in her early 20s?

Post by maroon » Tue Apr 01, 2014 12:02 am

northstar22 wrote:
lostinjersey wrote:Beth Kobliner's book "Get a Financial Life: Personal Finance in Your 20s and 30s" was the Bible for me as a young woman. Highly recommend.
I second this. Great introductory book.
I third this. Good to see this book get mentioned!

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Re: reading advice for an ambitious woman in her early 20s?

Post by Grt2bOutdoors » Tue Apr 01, 2014 8:14 am

alisa4804 wrote:Smart Women Finish Rich, by David Bach, is one of my favorites, with similar Boglehead values in personal finance as well as building your career, getting paid what you're worth, saving for a first home, etc. Also like Jane Bryant Quinn, a classic. You're being a thoughtful parent sharing investment articles and books, and I bet many of us do this. I often include a personal finance book with a couple fiction books I've enjoyed, basically passing them on. Best wishes!
The last person who told me "I am paid what I am worth" got RIF'd - obviously his employer didn't feel he was worth it. :twisted:
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one book

Post by davebarnes » Wed Apr 02, 2014 5:58 pm

A nerd living in Denver

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Re: reading advice for an ambitious woman in her early 20s?

Post by Leemiller » Fri Apr 04, 2014 8:16 am

The Millionaire in the Mirror. Terrible title. Amazing book. Please, please seriously consider it. It is about being successful in the workplace. Honestly, I see women being better at saving money than making money. One money management book is plenty IMO. Get her fired up and excited about her career.

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Re: reading advice for an ambitious woman in her early 20s?

Post by mommyshock13 » Fri Apr 04, 2014 8:25 am

I enjoyed Millionaire Women Next Door at her age.

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Re: reading advice for an ambitious woman in her early 20s?

Post by sashwin » Sat Apr 05, 2014 12:19 am

The eye-opener for me years ago was "Personal Finance for Dummies" by Eric Tyson. Much broader than just investing, and it started a journey that eventually led me to Bogleheads.

-- Ashwin

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Re: reading advice for an ambitious woman in her early 20s?

Post by MP173 » Sun Apr 06, 2014 7:50 pm

"The Fifties" by David Halberstam.

While it will not give her personal finance advise, it will tell her what life was like when her mom was born.

Ed

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VictoriaF
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Re: reading advice for an ambitious woman in her early 20s?

Post by VictoriaF » Sun Apr 06, 2014 7:57 pm

sashwin wrote:The eye-opener for me years ago was "Personal Finance for Dummies" by Eric Tyson. Much broader than just investing, and it started a journey that eventually led me to Bogleheads.

-- Ashwin
I, too, started Boglehead-like investing after reading Tyson's book and before I found the Bogleheads. As a side comment, there is no need to emphasize female writers in order to introduce a young woman to investing. She should read good effective writers regardless of their gender.

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Re: reading advice for an ambitious woman in her early 20s?

Post by JupiterJones » Mon Apr 07, 2014 12:22 pm

Yeah, the Tyson book is great (as are any of his other "Dummies..." books). Accessible, easy-to-read, and with solid, Bogleheadish advice.
Stay on target...

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Re: reading advice for an ambitious woman in her early 20s?

Post by protagonist » Mon Apr 07, 2014 4:14 pm

Barefootgirl wrote:I am the mother of a very bright and enterprising young woman in her early 20s. She has a great future ahead of her.

There is only one issue - like some others her age, she will not or does not want to hear advice that comes from her parents. She either has to learn it for herself (often the hard way)
or learn it from other sources, usually published.

1. Your assessment is she doesn't want to hear advice from her parents (which I assume extends to what books to read). The first thing I would humbly suggest is to self-evaluate that statement....are these her thoughts or your interpretation of them? In other words, just because she often rejects your advice does not mean she does not listen or respect your advice. It could have to do with method of delivery that she finds distasteful, or could have to do with assumptions on your part, not realizing that she is an adult now and will make her own decisions that may be different than yours and may be wrong. I am not saying either of these is the case....just that it is worth looking at one's self before attributing motives to others.

2. If it is the case that she rejects any advice from you, and you are trying to give her advice (including what to read), you are caught between a rock and a hard place and probably the best course I think would be to back off and only offer advice if requested, despite your better judgment and obvious much greater knowledge of finance. You believe she has a bright future ahead of her anyway, so there is little cause to worry.

3. Maybe she just needs to distance herself to find herself and her place in the world, as is common among twentysomethings in our complex society. If this is the case, then she will make her own mistakes for awhile and eventually, hopefully, learn from them. Fortunately, most 20-somethings don't have enough money to seriously hurt themselves financially when they screw up (assuming they screw up within reason), and when she gets a bit older she will come to respect your wisdom. Like the famous guy said (I heard this attributed to many different famous guys): "When I was 18 I thought my dad was the stupidest guy in the world. Now that I am 30 I am amazed at how much he learned in the last twelve years".
Last edited by protagonist on Mon Apr 07, 2014 6:10 pm, edited 2 times in total.

lhl12
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Re: reading advice for an ambitious woman in her early 20s?

Post by lhl12 » Mon Apr 07, 2014 5:43 pm

BL wrote:I think Jane Bryant Quinn is worth having around for a reference book on personal finance:
http://www.amazon.com/Making-Most-Your- ... yant+quinn
+1 on JBQ - a terrific reference.

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Re: reading advice for an ambitious woman in her early 20s?

Post by lhl12 » Mon Apr 07, 2014 5:46 pm

While it's not directly related to personal finance, I'd also recommend "Lean In" by Sheryl Sandberg. It's very interesting and thought-provoking for a career-minded young woman just starting out.

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