Any recommendations for books on Financial Planning?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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Faisal
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Any recommendations for books on Financial Planning?

Post by Faisal » Thu May 04, 2017 8:03 am

Been reading the forums and wiki actively. Have money invested. But I would like more information and knowledge for financial planning for my family's future. Early 30s with a 7 month old. We all have health insurance, life insurance, savings and investments. No debts and are now looking to buy a home and a car.

I want to have the necessary skills and knowledge so that we can have a safe and stable future, esp for my wife and son. So any good books or sources of information would be highly appreciated.

Grt2bOutdoors
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Re: Any recommendations for books on Financial Planning?

Post by Grt2bOutdoors » Thu May 04, 2017 8:08 am

I have yet to find one comprehensive book that incorporates all of the things you seek with great detail. Ask your questions here, because there are thousands of forum members who have experienced it first hand and are actually willing to share their experiences with you for FREE!! Those writing the books, are doing it for a fee, and do not provide an answer for every question you may have. We on the other hand, likely have those answers. :)
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

Topic Author
Faisal
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Re: Any recommendations for books on Financial Planning?

Post by Faisal » Thu May 04, 2017 8:24 am

Okay then. Here is the first issue.

Live in NYC and trying to find ways to save money. Our biggest expense is transport. Over 50% of our variable cost. If we buy a car we can bring it down to 20% of our variable cost. But need more information on the car buying process and any tips on how to save money in the various aspects of buying a car.

Any help would be greatly appreciated.

livesoft
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Re: Any recommendations for books on Financial Planning?

Post by livesoft » Thu May 04, 2017 8:27 am

Jane Bryant Quinn books are a good place to start.

In 30 years someone will ask you the same question and you will answer, "We read JBQ's Making the Most of Your Money and it helped us tremendously."
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Topic Author
Faisal
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Re: Any recommendations for books on Financial Planning?

Post by Faisal » Thu May 04, 2017 8:32 am

Thank you for the recommendation. Will look into it now.

HomoLudens
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Re: Any recommendations for books on Financial Planning?

Post by HomoLudens » Thu May 04, 2017 10:58 am

Faisal wrote:Been reading the forums and wiki actively. Have money invested. But I would like more information and knowledge for financial planning for my family's future. Early 30s with a 7 month old. We all have health insurance, life insurance, savings and investments. No debts and are now looking to buy a home and a car.

I want to have the necessary skills and knowledge so that we can have a safe and stable future, esp for my wife and son. So any good books or sources of information would be highly appreciated.

Larry Swedroe et al., "The Only Guide You'll Ever Need for the Right Financial Plan: Managing Your Wealth, Risk, and Investments". Nothing fancy, but a solid and user-friendly guide.
"'Thoughts without content are empty, intuitions without concepts are blind." Immanuel Kant

fishmonger
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Re: Any recommendations for books on Financial Planning?

Post by fishmonger » Thu May 04, 2017 11:01 am

I would say The Millionaire Next Door. Some of the lessons will be hard to practice living in NYC, one of the most expensive places in the world to live. But it does a great job of focusing on budgeting and debunking a lot of myths about who is wealthy in this country and how they ended up there

Fallible
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Re: Any recommendations for books on Financial Planning?

Post by Fallible » Thu May 04, 2017 11:26 am

The best overall financial book I've ever read - and still read after having bought the 1997 and then 2009 editions - is Jane Bryant Quinn's Making the Most of Your Money Now. It's more a reference book and one I'm sure you'll be using for many years.
John Bogle on his often bumpy road to low-cost indexing: "When a door closes, if you look long enough and hard enough, if you're strong enough, you'll find a window that opens."

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BL
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Re: Any recommendations for books on Financial Planning?

Post by BL » Thu May 04, 2017 12:53 pm

I used to check out older versions out at the library. Be sure to buy (or borrow) the latest version unless you deliberately buy a cheap old version.
Edited:
to remove retirement book title. The above Jane Bryant Quinn's Making the Most of Your Money Now is what I was referring to.
Last edited by BL on Sat May 06, 2017 7:38 am, edited 1 time in total.

ClaycordJCA
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Re: Any recommendations for books on Financial Planning?

Post by ClaycordJCA » Fri May 05, 2017 11:04 pm

You mention life insurance. What about disability insurance? You are more likely to become disabled and unable to work than die.

And to the topic at hand, we also like the Jane Bryant Quinn book.

JGoneRiding
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Re: Any recommendations for books on Financial Planning?

Post by JGoneRiding » Fri May 05, 2017 11:38 pm

sure ask about cars the single most widely disagreed upon topic on this board!!

I rec you go to the white coat investors page (he is very active here) and read his post on the 5k car and I think there is a second one on how cars affect retirement. Esp good advice in a place like NYC where the car may not need to be used daily

I really wish I had had that advice 10 years ago. But oh well. To make up for my silly purchase 10 years ago I am driving it until it dies. Since I bought a Subaru and my husband is a mechanic that car has to last another 10 years!

carolinaman
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Re: Any recommendations for books on Financial Planning?

Post by carolinaman » Sat May 06, 2017 7:50 am

ClaycordJCA wrote:You mention life insurance. What about disability insurance? You are more likely to become disabled and unable to work than die.

And to the topic at hand, we also like the Jane Bryant Quinn book.
+1 on Quinn's books. I really like her most recent book, "How to make your money last". As she states in the introduction, there are many books about investing, but there are surprisingly few about retirement planning, which covers investing but also a lot more.

star9
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Re: Any recommendations for books on Financial Planning?

Post by star9 » Sat May 06, 2017 9:15 am

Hands down, Jane Bryant Quinn's "Making the Most of Your Money Now" is the best financial planning book I've ever read. She covers every topic from buying and selling a home to paying for education to retirement planning. Her investment advice aligns with the Boglehead methods. I've checked it out of the library many times and now plan to buy, though I wonder if she'll have a new edition out soon given the most recent copy is 2009.

Also, take a look at the books recommended on this site. "The Bogleheads Guide to Investing" is great. I love the Coffeehouse book. And Jack Bogle's "Common Sense" investing is a great start to understanding the Boglehead method.

But Jane's book covers all areas of financial planning, such as budgeting etc. Like someone said here, it's a reference book that you'll refer to over the years.

InMyDreams
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Re: Any recommendations for books on Financial Planning?

Post by InMyDreams » Sat May 06, 2017 9:53 am

livesoft wrote:Jane Bryant Quinn books are a good place to start.

In 30 years someone will ask you the same question and you will answer, "We read JBQ's Making the Most of Your Money and it helped us tremendously."
+1

Her 2016 book, How to make your money last.
It's a well-rounded book, pretty easy reading. Covers basic investment strategy, but also looks at the big picture - Social Security, adequate insurance, estate planning.

Don't want to buy it? Borrow it from your library.

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