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The Business and Financial Forum THIS SPACE OPEN FOR ADVERTISEMENT. YOU SHOULD BE ADVERTISING HERE!
Revscene Wall Street.
Consolidating debt? Good business tips? Buying stock? How's our economy doing? Discuss and share advice and tools on everyday banking, investing, wealth management and insurance.

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Old 02-22-2011, 09:31 PM   #1
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The Wealthy Barber

I'm not sure if this is the right place for this, but my parents recommended a book to me that's a great start to financial freedom. A book called "The Wealthy Barber" is an awesome book for financial noobs like myself, that are looking to shore away some cash for their future.

It mostly covers the 10% golden rule, rsp's, and other stuff like wills and real estate investment.

The examples are outdated, as the book was published in 1998?-ish, but a lot of the idea is there.

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Old 02-23-2011, 01:57 PM   #2
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i think they have the updated 2000's version, i have read it and it was a good reference

would recommend how an economy grows and why it crashes by Peter Schiff (really easy to read)
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Old 02-23-2011, 02:13 PM   #3
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Does anyone here actually follow the 10% golden rule?
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Old 02-23-2011, 04:09 PM   #4
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no...i save as much as i can and think before i spend
last year i saved 65%+ of my after-tax income

Also, you have to think about expenses vs building capital.
if your savings account has not increased but all of your disposable income is going towards a mortgage or into your own business, then that's also acceptable
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Old 02-24-2011, 09:28 AM   #5
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Quote:
Originally Posted by waddy41 View Post
no...i save as much as i can and think before i spend
last year i saved 65%+ of my after-tax income

Also, you have to think about expenses vs building capital.
if your savings account has not increased but all of your disposable income is going towards a mortgage or into your own business, then that's also acceptable
Props to your high savings rate man!

On the second point, I think it's best not to count one's primary residence as an "investment." Houses/condos are money pits, just like cars and besides, (hopefully) you buy them to live in and not wishfully thinking that it will go up just "because RE always goes up in the LR." If you don't believe me just look at the RE prices in places like LA, Phenix, Florida, Spain etc.
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