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Personal Finance and Investing for Dummies

Investing For Dummies

If you’re new to the world of personal finance and investing and would like to improve your knowledge, then you should seek sound financial advice. But be careful: the internet is full of horrible personal finance advice, given by people who don’t know what they’re talking about.

However, you might not know where to get good advice about personal finance and investing. Here are some good resources to help you learn how to manage your finances wisely. Learn all about personal finance and investing for dummies, here. 

What to Watch

If you prefer to learn by watching tv shows and YouTube videos, here are a few suggestions to help you in managing your finances and investments.

The Dave Ramsey Show

Dave Ramsey is one of the most trusted sources of financial advice in the United States. His syndicated radio show, “The Dave Ramsey Show”, is among the top five radio shows in the United States and is heard by 13 million listeners each week on more than 600 radio stations.

Ramsey’s equity investments are divided into four types of mutual funds: growth, growth and income, aggressive growth and international. In addition to mutual funds, Ramsey has a portfolio of rental properties. His real estate investment philosophy is to acquire properties without taking on debt.

Mad Money

Jim Cramer, the host of CNBC’s “Mad Money”, has two main characteristics that make his show such a hit. Cramer has an encyclopedic knowledge of the stock market, which he uses to not only provide advice on stocks but also to educate viewers on how the market works. His goal, as he says in his “Mad Money Manifesto”, is to “level the playing field” by helping everyday people invest on the same level as the pros.

The Financial Diet

This YouTube channel was created by millennials, for millennials. “The Financial Diet” attempts to cover “Everything you wanted to know about money + living better, even for the total beginner.”

This channel includes videos from several different series:

The Financial Diet: Host Chelsea Fagan offers tips on a range of financial topics, from improving your credit to applying for a job.

The Lifestyle Fix: Host Tasha Cochran explains how to live the good life on a tight budget, covering topics like grocery shopping or organizing your wardrobe.

The Guide in 3 Minutes: Host Erin Lowry (a blogger and author better known as Broke Millennial) provides quick introductions to complex financial topics, such as paying fewer taxes and asking for a raise at work.

Make it Work: This series features real-life success stories from a variety of authors, such as a person who bought a house at 19 with a salary of $24,000.

The Financial Diet has a number of additional series, of which many focus on career, budgeting, and financial advice for students.

What to Listen To

Listening to audiobooks and podcasts is a practical way to learn new things, as you can listen to them while performing other activities. Here are three interesting audiobooks and podcasts to listen to improve your financial knowledge.

The Richest Man in Babylon

The Richest Man in Babylon is a free audiobook that tells you the secret of making money and keeping it. It gives financial advice through a collection of parables set in ancient Babylon. The series provides a number of invaluable lesson experiences that will help you succeed financially.

Millennial Money

Certified financial planner turned podcaster Shannah Compton Game says that her goal with Millennial Money is to break the taboo of talking about money. Airing twice a week, the podcast features interviews with other financial experts on topics ranging from paying off student loan debt to negotiating your salary. If you’re looking for something focused on the financial lives of young adults, this accessible show is hard to beat.

Planet Money

Those looking to better understand what’s going on with the economy will likely find NPR’s Planet Money a great place to start. The podcast likes to take recent news — the development of a COVID-19 vaccine or trade wars with China, for example — and give it additional context to help get you informed. If you are curious about all things that have to do with economics, then this podcast is for you.

What to Read

If you prefer reading over other forms of media, then here are four books to help you manage your personal finances and invest more effectively. 

Managing Your Personal Finances

The Managing Your Personal Finances textbook will help you discover new ways to maximize your earning potential, develop strategies for managing your resources, explore skills for using credit wisely, and discover different ways to invest money. Special sections in each chapter focus on current trends and issues consumers are facing in the market.

Personal Finance for Dummies

Another interesting book about personal finance is Personal Finance for Dummies by Eric Tyson. Tyson covers everything from budgeting, saving and reducing debt, to making timely investment choices, and planning for the future. The latest edition also covers cryptocurrency, technology and global investing, pot stocks, and even millennial lifestyle changes.

Investing for Dummies

If you want to start investing, Investing for Dummies, also by Eric Tyson, will help you make money with your money. In this bestselling investment guide, Tyson shows you how to grow your money with solid advice that has stood the test of time. The ninth edition includes up-to-date coverage of new developments such as the Tax Cuts and Jobs Act and their impact on investments, as well as the growing trend among brokers towards zero-fee stock trading.

The Intelligent Investor

First published in 1949, The Intelligent Investor by Benjamin is a classic that is still relevant today. The book centers on Graham’s well-known value investing strategy or the practice of buying stocks at prices below their value (undervalued stocks). The Intelligent Investor shows readers how to make money in the stock market without taking massive risks while addressing the emotional side of investing. The updated version published in 2006 includes comments and footnotes by financial journalist Jason Zweig, which adds a modern twist.

How to Make a Budget

In order to have enough money to save and invest, you need to first make a budget to see where your money is going. To help you set a budget and track it over time, Clever Girl Finance offers a free budget template in printable and spreadsheet versions. The comprehensive worksheets will guide you through each category of your budget.

You will have to set your spending goals for the budget categories. You will also need to think of a wide variety of categories ranging from debts to groceries and everything in between. And you will have the space to track your income from multiple income streams. Also, take notes on your spending habits over time. That way, you can adjust your budget for the next month if you see something you’d like to change.

Featured Image: Megapixl

About the author: Stéphanie Bédard-Châteauneuf has over four years of experience writing financial content for various websites. Over the years, Stephanie has covered various industries, with a primary focus on consumer stocks, cannabis stocks, tech stocks, and personal finance. This stock lover likes to invest for the long-term. Stephanie has an MBA in finance.

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