02 March 2008

Suze Orman on personal finances

In the last few weeks, I've been trying to learn more about personal finances. I read this great book by Suze Orman called Women and Money. Why a book about women in particular? Orman says that she herself was surprised to find herself writing such a book. However, after many experiences talking to female friends, she realized that many women lack confidence and let their lack of confidence screw up their personal finances.

I don't lack confidence. My mom is a business owner and has been investing money for me and the rest of the family since I was born. But I have a tendency for excessive spending and occasionally giving gifts when I can't really afford it. Reading Orman's book has inspired me to spend more time on personal finances. My mom already did a great job by investing the maximum every year in my Roth IRA and setting up a Vanguard retirement and brokerage account for me (with no service fees!). I've got a great start.

For young people like myself, Ramit Sethi recommends three books to learn about investing.
  • Suze Orman, The Money Book for the Young, Fabulous, and Broke
  • Taylor Larimore, Mel Lindauer, Michael LeBoeuf, The Bogleheads' Guide to Investing
  • David Swensen, Unconventional Success: A Fundamental Approach to Personal Investment

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