Those financial planning books...

[Greaseball]

Are these really necessary? To me, there is only one way that will really work - do not spend more money than you earn. Kind of like weight loss - burn up more than you take in. So why are the books necessary? I doubt there is some way around this rule, but everyone keeps telling me I should read some financial books. Did anyone read one and find it helpful?

[chalupamom]

You have a point, but - like weight loss - no one method of doing "the obvious" works for everyone. There are all kinds of paths to eating less/spending less and all kinds of motivators to help people along. One voice might be motivating, inspirational and helpful to you and complete bunk to me. And, like other personal improvements (quitting a bad habit, exercising more, whatever) sometimes you need to try different motivators before you find one that sticks and is truly helpful to you.

I've read several financial planning books because I find the topic interesting. Probably the one that I enjoyed the most and got the most out of wasn't really a "planning" book at all - it was "The Millionaire Next Door". Reading helped reassure me that my priorities are in order and that my refusal to conduct "economic outpatient" programs for various people in my life wasn't a terrible thing. Very helpful and informative.

[mnnice]

Chalupamom--you make a very good point. I also really liked the millionaire next door, but really took from it that being frugal and disciplined will yield results and that if you trying to impress others that you will just end up being an "underaccumulator" with too big of a mortgage. Apparently we live frugally enough that nobody thinks we worth hitting up for economic outpatient care.

I also like Dave Ramsey's stuff even thought I am not a religous person (his stuff definitely has a Christian perspective) nor we particularly managed things exactly as he would recommend. I walked away from reading the "Money makeover book" (not sure of the exact title) thinking dh and I do a good job with money and communicating about it. However, we should be generalizing the communication to some other parts our relationship.

[kerc]

i look at financial planning books the same way I look at nutrition books. I didn't learn the "Facts" from my parents -- they were/are up to their eyeballs in debt. I also didn't learn the ins and outs of what kinds of foods are good for me.

Weight loss books are slightly different for me, as are get rich quick books. But I found dave ramsey's book; the millionaire next door book; and the information in Your Money or Your life all to be a reality check in how to assess what MY goals are in life and how to attain those financial goals. and while I think of it, that I should even have financial goals. :LOL

[queen bee]

"Don't spend more money than you take in" will keep you out of debt, but there can be a heck of a lot more to financial planning than staying out of debt. Maybe you want to buy a house. Maybe you want to refinance a house you already have. Maybe you want to move from "I've got a 401K at work" to a more aggresive, involved approach to investing. Maybe you just want to shake up your own financial world view a bit.

I've benefitted enormously from financial books. The basics of budgeting and family financial management have always been pretty obvious to me, but some of the other stuff hasn't. Reading reading reading has really helped to demystify a lot of things that once seemed really intimidating.

I'm currently making my way through the Motley Fool books.

[EmsMom]

ITA with QueenBee. There is much to learn about finances. I grew up financially illiterate. I starting reading frugal books when my first child was born and moved on the financial books. It has really been an eye-opener. There really is a standard protocal to financial independence and it is worth learning more to attain your dreams.