Lux Investing

What is the best way to learn about investing/ saving/ becoming financially free?

I've read a few books by Donald Trump, Robert Kiryosaki (yeah misspelled), Dave Ramsey, and a few others. I just don't feel like I understand a lot of things - many books start off like you have some financial knowledge - I don't really - especially with terminology. Are there any books anyone recommends? Or classes (perhaps online classes?) Or clubs or websites? I want to have a financial IQ - I want to understand how to build wealth - not get rich quick kind of wealth - but the more long-term kind of wealth. I want to really understand how to wisely invest my money. What are your suggestions about how to learn?

Public Comments

1. I still think Dave Ramsey is the easiest to understand. He does offer classes. It is a 13 week class at your local church or organization. Go to his Financial Peace University (FPU) section on his website (www.daveramsey.com). We are using Ramsey's plan and I have read both The Total Money Makeover and Financial Peace Revisited. Since this time, I have started to read Suze Orman's book 9 steps to financial freedom. I don't agree with her use of credit and always talking about FICO but she does define more of the investing items. However, I think her book is far more dry and is taking me a while to read it (I am a very avid, fast reader). But I am absorbing more terms. Good luck and keep striving to be debt free and self sufficient!!
2. Great Question! You've already read books by some good authors. A book that I recommend to my client is The Wealthy Barber by David Chilton. This will go over many of the basics basics that other books skip over. This book builds a strong foundation to grow your knowledge with. If you follow a few of his recommendations, you will have a strong financial IQ and a good chance of becoming wealthy. After you read that book, other books will make more sense and become more helpful.
3. A financial advisor can get you on the right track as far as far as managing what you already have & making it grow & suggesting proven courses to take. Think your common sense approach will serve you well. I found an advisor who is taking some of the mystery out of it. Wish I had done it sooner. Best of luck.
4. I am convinced most Americans never conquer the first phase which is how to make money in the current Corporate Fascist Capitalism we now have! Being a employee or working hard is NOT the answer! The designed structure will only benifit the very few in wealth, how you make that connection many want to know including myself! I am a good steward of money just can't find away to get it that works! I know what to do with it!
5. just a small tip, be an entrepreneur, start a small business, with little input. you will slowly develop some very basic skills- experience & learn , the hard way
6. read more tips on investing, stocks and mutual funds to help you on this site
7. The most basic fundamentals are: Don't worry about investing in anything until you have paid off all your loans and outstanding debts. Once you are completely out of debt is when you need to learn about investing. Just some simple reading will help you understand stocks, mutual funds, annuities etc. If you hire a professional investment counselor I think it is best to use a "for fee" adviser over one who wants to sell you the actual investment products. Dave Ramsey's radio show is very good for learning some of the fundamentals. But he does try to sell a lot of stuff on the air (books, seminars, paid endorsed financial advisers and Realtors, even royal jelly.) No need to pay for this stuff. It's all free for listening and the books as well as hundreds of others are at the library. It's a good place to start.