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Customer Discussions > I Will Teach You To Be Rich forum

Just another hocus pocus washed down financial "guru"

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Initial post: Aug 27, 2009 12:15:35 AM PDT
Last edited by the author on Aug 27, 2009 12:19:59 AM PDT
Most finance books/self-help books are fraud on amazon. This one is no different... These authors are pros at marketing and know how to boost their products rankings in google, amazon, etc. The author and the affiliated publisher hire cheap labor to write fake reviews and to "make useful" the discussion by clicking "yes."

I can usually get a good idea/summary of the B.S. advice that can be summarized in a few lines from the 1-star 2-star and 3-star reviews...

These books are "feel-good" material that have a lot of rhetoric but don't have much substance.

You guys are better off taking microeconomics, macroeconomics, and a personal finance class at your community college or through openmit (free) if you really want to get good.

The rest should be common sense (don't spend what you don't have, cut car insurance, get cheaper cable, eat out less.) --- the authors end up patronizing the readers ---- we KNOW these things, what we want to master is the investment part.

I'll sum it up for anyone who needs these types of books

1) pay off high interest debt first over investing. A 20% credit card interest rate is still going to make you go more in debt than a high rate 12% mutual fund/stocks (and this is not conservative in fact this is more liberal)
2) once this is done, save 30-40% in a Roth IRA, then the rest in a 401K/IRA account (but do the ROTH IRA as it is tax deductible when you take it out when you're 59.5) --- max limit for roth ira is like $5500
3) get a good job that pays well enough --- don't waste time on stupid crap
4) good education - 1) go to school with something that you are good at 2) that has good/strong medium-long term security (don't expect a crap/junk liberal arts degree to do much) 3) don't go to law school because there are too many lawyers 4) if you enter the teaching sector, the health professions, engineering, mechanics/trades, police officer, anything where there has always historically been a demand for in any society --- go for it.
5) if you get education and higher level education --- go for the school that has the lowest cost (unless its an ivy then its a different story but most of you won't be going sooooo)
6) don't buy stupid stuff. You don't need that new macbook pro you idiot.
7) Remember how I said to take micro/macro/personal finance? Well, also as your understanding of economics/finance/money grows, start taking business classes and start thinking about how you would like to invest your money in personal endeavors like a small business. If you are not the type to take these risks, don't worry there are lots of avenues like stocks/mutual funds/etc.

Once you have paid off any outstanding debt, do the following:

Investing in mutual funds are fine but remember that 80 percent of funds under perform the market. That means you're paying someone to make you money slower than a low cost index fund etf could do if you added money automatically from your checking account. I say stay away from mutual funds, get an account with sharebuilder and setup an automatic withdrawal of five dollars once a week into that account. Slowly ratchet that up to as much as you can. Once you have some real money, ie 1k or more buy shares of SPY. That is an ETF index fund that tracks the Standard and Poor's 500. Whatever the market does, SPY does. It's an easy no-brainer way to invest that has been shown to out perform actively managed mutual funds, or whatever trading method out there.

Chit, I didn't mean to write a novel but oh well. You asked.

Also, you may wanna subscribe to Money magazine and after a year "graduate" to kiplinger's.

If you've taken at least micro and macroeconomics (or not you can still do this), you may wanna get a student subscription (which is cheaper) to The Economist. It will be difficult to understand/read now but after a couple of months you will get fluent in it and know what's going on in the world economically (which will affect your investment decisions)

That's all noobs.
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Total posts:  1
Initial post:  Aug 27, 2009
Latest post:  Aug 27, 2009

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I Will Teach You to be Rich
I Will Teach You to be Rich by Ramit Sethi (Paperback - May 14, 2009)
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