Personal Finance Books

[Kueeny]

Hello!


I just got my first job and I was looking into budgeting and possibly investing.
Now, I know this is very broad subject but I was looking for books on the matter. What would you recommend a college student with very little money management experience to read? Is there any books you wish you had read in your college years?

Oh and also would you recommend me getting a credit card now? It sounds a bit...frightening but many have recommended this to me without much of an explanation.

Thank you kindly.

Kueeny

[Nightfly]

Still one of the best books I've ever read about money matters (in general) is the Millionaire Next Door. It's an interesting read, even though it's been out for several years now. Also, it never hurts to check out literary works which have addressed money matters, such as "Great Expectations". There is wisdom in the classics.

[DebtFree&Broke]

My favorite books are "The Total Money Makeover" by Dave Ramsey and "The Richest Man in Babylon" by George Clason.

[Kueeny]

Thanks for this and luckily these books are in my public library!

[disneysteve]

would you recommend me getting a credit card now?

That really depends on why you want/need a credit card. A credit card is just another financial tool like cash, check, debit card, money order, etc. It is one more means of payment that offers some advantages others don't. It also, however, has the potential to cause problems if you don't handle it well. If you fall into the trap of using a credit card to buy things that you don't need, can't afford and don't have the money for, you'll find yourself in trouble very quickly. If you focus on the minimum monthly payment when deciding whether or not you can "afford" a purchase, you'll regret it.

If, however, you have the financial knowledge and discipline to just use a credit card as a convenient way to pay for purchases you would be making anyway and you will pay the bill in full and on time every single month without fail, the a credit card is great to have. And if you can qualify for a rewards card, they literally pay you to use it. Tough to beat that deal.

[jpg7n16]

What would you recommend a college student with very little money management experience to read?

Make that two votes for Total Money Makeover by Dave Ramsey.

Oh and also would you recommend me getting a credit card now?

No. I typically don't recommend doing things you don't understand. Can you give us a good reason why you should have a CC right now? I personally have a good reason for why I use my CC, but you need to find one for yourself.

Besides, I think you'd be better off focusing on how to manage and control your budget before learning how to use a CC.

[bjl584]

Hello!


I just got my first job and I was looking into budgeting and possibly investing.
Now, I know this is very broad subject but I was looking for books on the matter. What would you recommend a college student with very little money management experience to read? Is there any books you wish you had read in your college years?

Oh and also would you recommend me getting a credit card now? It sounds a bit...frightening but many have recommended this to me without much of an explanation.

Thank you kindly.

Kueeny

The "Millionare Next Door" is a great book as a first read into the world of money management.

As for the Credit Card, you need to learn about how credit works, the dangers of credit cards, the benefits. You do need to establish credit and a credit history, but you need to learn what you are doing before you jump in and get yourself in trouble.

[ecoadapt]

Total Money Makeover by Dave Ramsey

I'd also recommend this book. And about that Credit Card, I'd say No. In your situation it's not just highly recommended. I mean, learn first how to manage properly your money with you. But of course, it's always up to you.

[YLTL_Dan]

I'll add The Richest Man in Babylon and Think and Grow Rich... both classics

[josetann]

I see that the basics are covered. So I'll throw this out there: "Influence: The Psychology of Persuasion". It won't tell you how to create a budget, how much to save for retirement, or anything like that. But it WILL tell you about how people/companies try to persuade you to spend money with them. So maybe it'd help you from all those impulse buys that can be a real budget buster (from the sale on Doritos this week, to that new Harley you bought even though you thought you were "just looking").

[Kueeny]

Thank you for your relies! I will wait on the credit card and pick these books up. Im excited! Thank you .

[PetMom]

The Tightwad Gazette.

A classic and teaches theories that apply today.

We still have a super strict budget based on principles from the book we use when we need to get the ef back up to par.

[mrpaseo]

I wanted to compliment a few posts:

That really depends on why you want/need a credit card. A credit card is just another financial tool like cash, check, debit card, money order, etc. It is one more means of payment that offers some advantages others don't. It also, however, has the potential to cause problems if you don't handle it well. If you fall into the trap of using a credit card to buy things that you don't need, can't afford and don't have the money for, you'll find yourself in trouble very quickly. If you focus on the minimum monthly payment when deciding whether or not you can "afford" a purchase, you'll regret it.

If, however, you have the financial knowledge and discipline to just use a credit card as a convenient way to pay for purchases you would be making anyway and you will pay the bill in full and on time every single month without fail, the a credit card is great to have. And if you can qualify for a rewards card, they literally pay you to use it. Tough to beat that deal.

Amazing answer Steve, well said. If we could all understand this before we "leave the nest" we would be a stronger nation.

It is important to understand that a CC is a tool, used to spend current or past money, NOT future money. If you can grasp this concept, then you can probably get a CC and start building your credit history. After evaluating my budget, the ONLY thing I NEED a CC for is buying gas...lol. Not really but I hate going in to stand in line when I can just pay at the pump. Everything else I can easily deal with not having a CC. But, I do have CC discipline, as Steve said, I may my balance monthly. If I did not have the discipline, I would not have one.

No. I typically don't recommend doing things you don't understand. Can you give us a good reason why you should have a CC right now? I personally have a good reason for why I use my CC, but you need to find one for yourself.

Besides, I think you'd be better off focusing on how to manage and control your budget before learning how to use a CC.

Well said, there are plenty of reasons to have a CC, but you should fully understand before you get one. Not only how it works and the percentage rate etc. but the trap, the emotional feelings, the freedom of being able to buy whatever you want... Many feel this high, and regret it later when they realize they can not pay the bill... or the bill becomes daunting, or a life issue happens and their income changes and all of a sudden they can not afford the payments... It is best to not spend money you do not have... regardless of how much you need something. The problem is, if you can not afford $10 dollars worth of something now, what makes you think you are going to be able to afford it later... Plus the interest that builds on it? I can not say it enough, use your CC as a tool to spend the money you already have NOW, not what you will have in the future.

As for the Credit Card, you need to learn about how credit works, the dangers of credit cards, the benefits. You do need to establish credit and a credit history, but you need to learn what you are doing before you jump in and get yourself in trouble.

Another good post.

I'd also recommend this book. And about that Credit Card, I'd say No. In your situation it's not just highly recommended. I mean, learn first how to manage properly your money with you. But of course, it's always up to you.

You should learn to properly manage, budget and invest your money. Then introduce the CC, once you understand it of course.

Thank you for your relies! I will wait on the credit card and pick these books up. Im excited! Thank you .

A wise decision.

Ray

[snafu]

Kueeny, Good on you for your awareness of the need to understand money management. Hat's off to you for picking up a good book and Reading it! If you're at the library, I suggest you pick-up Kiplinger's Magazines for a quick read to keep up-to-date with current money issues & money saving ideas.

If you have questions or wish to make major purchases now/future, please ask for feedback before making the final decision. We have different backgrounds and experience but our intent is be helpful without emotional overlay.