The ongoing financial turmoil and financial discussion thread

[Slava]

That is a pretty good list macker. I've read almost all of those myself (some are not really investing or financial planning books, but interesting nonetheless!).

[macker]

Originally Posted by Slava

That is a pretty good list macker. I've read almost all of those myself (some are not really investing or financial planning books, but interesting nonetheless!).

Yep, Moneyball won't quite cut it will it. I am guilty of never reading Grahams masterpiece.....thanks for pointing it out as a reminder! Also noted was "A random walk down wallstreet" which I have heard is a great read but I have never gotten to....
It is likely a race to the publisher right now and there should be some good books comming out soon to try to make sense out of all of this non-sense...Not sure I want to read about it too much after it is over though....

[cmyden]

The Wealthy Barber
Investing For Dummies (Canadian Edition)
A Random Walk Down Wall Street
The Intelligent Asset Allocator
The Four Pillars of Investing
Value Averaging



Read them in this order, thank me in 30 years.

[Slava]

Originally Posted by macker

Yep, Moneyball won't quite cut it will it. I am guilty of never reading Grahams masterpiece.....thanks for pointing it out as a reminder! Also noted was "A random walk down wallstreet" which I have heard is a great read but I have never gotten to....
It is likely a race to the publisher right now and there should be some good books comming out soon to try to make sense out of all of this non-sense...Not sure I want to read about it too much after it is over though....

I don't doubt that a number of books are already being printed on this mess, but I doubt I will read any of them. Maybe if one were given to me for free I would, but otherwise I will likely skip it. I've read enough as its gone on!

[Claeren]

www.minyanville.com

Best consistant and non-extreme (at least not extreme in just one direction) financial insight on the web that I know of.



Claeren.

[Nancy]

Holy pound cake, didn't notice what a beating the GBP has taken in the past 6 months. Down 30% against the USD and almost 50% against the Yen. (The C$, by comparison, is down 20% against the USD.)

[Bobblehead]

And Japan has deflation (again).

Indicating a return of the deflation which ravaged the Japanese economy in the 1990s, the Bank of Japan cut its growth forecasts, predicting the world's No. 2 economy would contract for two full years until March 2010.

http://www.guardian.co.uk/business/feedarticle/8306488

[Claeren]

And here is an article I posted in the Real Estate thread about Britain facing the very real threat of total nationalization of its banking industry (and by extension of that likely a national default and/or (further) collapse in the value of the GBP).

http://www.nytimes.com/2009/01/22/bu...s/22pound.html





Claeren.

[Clarkey]

Stay away from that Rich Dad Poor Dad garbage.

[DementedReality]

Originally Posted by Clarkey

Stay away from that Rich Dad Poor Dad garbage.

well since you say so!

how about giving us some background to support your comment?

[I_H8_Crawford]

Originally Posted by DementedReality

well since you say so!

how about giving us some background to support your comment?

http://www.johntreed.com/Kiyosaki.html

http://online.wsj.com/article/SB1160...y_page_left_hs



Disclaimer - I don't necessarily disagree with everything Kiyosaki preaches, but there are a LOT of people out there saying his methods are trash.

[DementedReality]

Originally Posted by I_H8_Crawford

http://www.johntreed.com/Kiyosaki.html

http://online.wsj.com/article/SB1160...y_page_left_hs



Disclaimer - I don't necessarily disagree with everything Kiyosaki preaches, but there are a LOT of people out there saying his methods are trash.

thanks .. that was usefull info!

[macker]

Originally Posted by I_H8_Crawford

http://www.johntreed.com/Kiyosaki.html

http://online.wsj.com/article/SB1160...y_page_left_hs



Disclaimer - I don't necessarily disagree with everything Kiyosaki preaches, but there are a LOT of people out there saying his methods are trash.

At the end of the day he is just another guy making money trying to teach others how to make money. The books have some good insights but they aren't new insights just more readable for the average person. I would draw the line at going to one of the "Rich Dad" seminars.

One of the reasons the rich get richer, the poor get poorer, and the middle class struggles in debt is because the subject of money is taught at home, not in school. Most of us learn about money from our parents and schools focus on scholastic and professional skills, but not on financial skills. Robert Kiyosaki : simplistic but true.

[Phanuthier]

I think if you follow any book too literally, you are going to get into trouble. Not all of us can be Warren Buffet, to see the potential of GEICO or Coca-Cola or Washington Post when he did (and you end up buying GM or Citi today); Peter Lynch, and buying a stores stock because he saw a lot of people (and you got pulled into the high-tech craz in the late 90's); likewise, Kiyosaki is good for the "welcome to the idea of investing" crowd, something to think about and an easy read, but horrible when it comes to financial advice.

[Claeren]

Originally Posted by Phanuthier

I think if you follow any book too literally, you are going to get into trouble. Not all of us can be Warren Buffet, to see the potential of GEICO or Coca-Cola or Washington Post when he did (and you end up buying GM or Citi today); Peter Lynch, and buying a stores stock because he saw a lot of people (and you got pulled into the high-tech craz in the late 90's); likewise, Kiyosaki is good for the "welcome to the idea of investing" crowd, something to think about and an easy read, but horrible when it comes to financial advice.

^ I agree with this.

The audience for 'Rich Dad, Poor Dad' is not savy investors but rather people who did not get even the most basic introduction to investing as kids at home. I know as someone who comes from a home where investing and money matters were never taught/demonstrated my reading of that book marked a major change/evolution in my thinking.

Because I was a 'beginner' at that time (I must have been like 14?) I didn't really read/retain the little questionable details - i got more of the big picture: "Small decisions add up, and the wealthy get rich over time through good decisions while the poor stay poor over time through bad decisions."

That basic piece of advice/perspective is more valuable than the questionable details are costly IMO.




Claeren.

[photon]

I agree with that the broad concepts of looking at your life like a balance sheet, cashflow, owning assets vs. liabilities, etc all were pretty stupendous revelations when you grow up in a house that always just makes ends meet (and often not even that).

Plus the motivational factor of the books is good, he tells good stories.

[MoneyGuy]

Originally Posted by Claeren

^ I agree with this.

The audience for 'Rich Dad, Poor Dad' is not savy investors but rather people who did not get even the most basic introduction to investing as kids at home. I know as someone who comes from a home where investing and money matters were never taught/demonstrated my reading of that book marked a major change/evolution in my thinking.

Because I was a 'beginner' at that time (I must have been like 14?) I didn't really read/retain the little questionable details - i got more of the big picture: "Small decisions add up, and the wealthy get rich over time through good decisions while the poor stay poor over time through bad decisions."

That basic piece of advice/perspective is more valuable than the questionable details are costly IMO.

Claeren.

I write financial columns in a couple of newspapers and I've written this same thing. I wrote a piece once called Millionaire in my Kitchen, a take off of The Millionaire Next Door. I made the point that almost anyone has the capacity to become wealthy by most of our standards. Those who do do so because of good decisions and those who fail financially do so because of not only bad decisions, but continuous bad decisions. By following a few simple principles and doing the right things time after time after time you can build true wealth that will last your lifetime. The millionaire in my kitchen title is a reference to my wife, who will be wealthy by doing these very things. Maybe one day I'll turn my writing into a book and then I can come here and tell everyone about the best financial book ever written.

[SebC]

Hmm...

http://www.facebook.com/lexicon/inde...2C%20new%20car

[Finner]

Originally Posted by Claeren

www.minyanville.com

Best consistant and non-extreme (at least not extreme in just one direction) financial insight on the web that I know of.



Claeren.

Excellent site. When i worked for TD Waterhouse that was one of the sites i read every day before speaking with investors. In fact it made the go-round through basically the entire business.

[Bertuzzied]

$43million for the 649 jackpot tonite. Every good financial plan should have a "win the lottery" section in it.