dcsimg

Gurus


  • Meet the bloggers (3 comments)

    J.D. Roth emailed this morning to tell me that Mr. Money Mustache is visiting Portland later this week, and they’re hosting a blog meetup on Thursday, along with Tyler Tervooren of Riskology. If you’re in the Portland area, come meet the three mustachioed men. J.D. posted the details and directions on his site JDRoth.com today. This sounds like a fun event and I wish I could attend. Enjoy!

  • Talking with Tess Vigeland about the psychology of money (14 comments)

    Note: This article is from J.D. Roth, who founded Get Rich Slowly in 2006. J.D.’s non-financial writing can be found at More Than Money, where he recently wrote about how to be happy. As part of the Get Rich Slowly course, I interviewed 18 of my favorite financial experts. Combined, these interviews comprise over eight hours of audio and more than 200 pages of written transcripts, all of which are available as part of the…

  • The Opposite of Spoiled: The Right Way to Teach Kids About Money (61 comments)

    Note: This article is from J.D. Roth, who founded Get Rich Slowly in 2006. After a year off, J.D. is once again writing here at GRS. His non-financial writing can still be found at More Than Money. What’s the best way to teach kids about money? That question has haunted folks for decades — maybe centuries. There are dozens of financial literacy programs in the United States right now, but none of them seems to…

  • Confession: I Don’t Track Every Penny (84 comments)

    This post is from staff writer April Dykman. Sometimes my personal-finance articles make my friends feel guilty. “I read your article about saving money, and now I feel bad about the shoes I just bought,” says Guilt-Stricken Friend. “I don’t need them. I think I should return them.” Perhaps she’s waiting for me to tell her that she’s right, that she should return them. And then she should take that money she almost blew on…

  • Mike Michalowicz, ex-Toilet Paper Entrepreneur (20 comments)

    I’ve been meaning to write about Mike Michalowicz for a while now. Last October, in a comment to an article about generalization vs. specialization, I sided with specialists and promised reader Rya that I’d soon be discussing GIANT PUMPKINS! Why? Because at the time, I was reading Mike’s newest book, “The Pumpkin Plan.” However, life is full of detours, so I am finally writing about it months later… except that I won’t be writing about…

  • Financial enlightenment does not come from charts (52 comments)

    I’ve always looked at websites and apps that purport to solve your financial woes and set you on the path to fiscal happiness with skepticism. It’s not that I think they’re not useful; but I think that making charts and graphs and having the ability to Tweet your receipts is, while fun, not essential to financial health, and sometimes even a distraction. I think of this association as breast self-exams are to breast cancer: useful,…

  • How to Have More Money (84 comments)

    This is a guest post from Jerrold Mundis, author of the classic How to Get Out of Debt, Stay Out of Debt, and Live Prosperously [here's my review]. Mundis is a writer and financial therapist. The final book in his trilogy on personal money is Making Peace with Money. His website is Mundis Money. You can have more money. And you can have it — get it — without turning your life upside down or…

  • Reader Story: The Money Fix (59 comments)

    This guest post from Christine is part of the “reader stories” feature at Get Rich Slowly. Some stories contain general advice; others are examples of how a GRS reader achieved financial success or failure. These stories feature folks from all levels of financial maturity and with all sorts of incomes. This reader story is a little unusual. It’s the product of Daily Worth’s “The Money Fix”. But I’ll let Christine explain… My name is Christine,…

  • Learn More About Money from an Investment Group (17 comments)

    I love to learn. That’s part of what makes me who I am. And so I spend large chunks of time pursuing passions like astronomy and Spanish…and investing. Sometimes I’m asked if I have a method for picking up new skills and new knowledge. “Not really,” I say. “I just try to keep an open mind and to absorb as much information as possible.” As you’ve probably noticed around here, I try to never say…

  • What Will You Get from Social Security? (99 comments)

    This is a guest post from Robert Brokamp of The Motley Fool. Robert is a Certified Financial Planner and the adviser for The Motley Fool’s Rule Your Retirement service. He also has a blog, Twittering thing, and other things that are supposed to be important but he often forgets about, such as good manners. Robert contributes one new article to Get Rich Slowly every two weeks. I’m a big advocate of crunching retirement numbers to…

  • Estate Planning Done Right: How to Help Your Family from the Great Beyond (48 comments)

    This is a guest post from Robert Brokamp of The Motley Fool. Robert is a Certified Financial Planner and the adviser for The Motley Fool’s Rule Your Retirement service. He also has a blog, Twittering thing. Robert contributes one new article to Get Rich Slowly every two weeks. Note: No cats were harmed in the writing of this post. Unless you’re Obi-Wan Kenobi, you’re not going to be able to visit your relatives after you…

  • Celebrating Frugal Role Models (94 comments)

    This post is from staff writer Sierra Black. Sierra writes about frugality, sustainable living, and raising children at Childwild.com. Saving money and controlling your spending can be hard. Really hard. I’ve been consciously managing my money and getting out of debt for a couple of years now, and I still struggle with it every day. Some days I’m a recyclin’, reusin’, thrifty rock star. Other days I splurge on take-out just because I’m too frazzled…

  • An Interview with Thomas Stanley, Co-Author of “The Millionaire Next Door” (73 comments)

    This is a guest post from Robert Brokamp of The Motley Fool. Robert is a Certified Financial Planner and the adviser for The Motley Fool’s Rule Your Retirement service. He contributes one new article to Get Rich Slowly every two weeks. A while back, I mentioned the book The Millionaire Next Door to one of my colleagues at The Motley Fool. “That book changed my life,” she gushed. For some people, it really can be…

  • The Tax Protestor FAQ (53 comments)

    Every so often (especially this time of year), someone writes to let me in on a secret. “J.D., did you know you don’t have to pay income taxes?” they’ll say. “It’s true! Income tax is illegal!” I’ve never known how to respond to these folks. Now, I can just point them to the Tax Protester FAQ. This comprehensive collection of tax protester fallacies was put together by Pennsylvania attorney Daniel B. Evans. Evans says that…

  • Nine Lessons in Wealth-Building from The Millionaire Next Door (98 comments)

    This is a guest post from Robert Brokamp of The Motley Fool. Robert is a Certified Financial Planner and the adviser for The Motley Fool’s Rule Your Retirement service. He contributes one new article to Get Rich Slowly every two weeks. Want to become a millionaire? Then perhaps you should start by studying the behaviors of people who have done it. But don’t worry – you don’t need to stop the next Mercedes you see…

  • Advice from a Billionaire: What to do With a Windfall (42 comments)

    A long-time GRS reader named Andy dropped me a line the other day to point out an article on the Forbes website. Forbes interviewed billionaire Mark Cuban (best known as the owner of the Dallas Mavericks pro basketball team) about his secrets to building and keeping a fortune. Andy particularly liked Cuban’s answer to the penultimate question, which is about what to do with a windfall. (Or, I suppose, what to do with a bunch…

  • The Prioritized Spending Plan (66 comments)

    I don’t often get to listen to Dave Ramsey’s radio program. For one thing, I don’t know when it’s on. For another, the only radio stations I usually listen to are my satellite radio channels. (Those would be dance music on xm81, chillout music on xm84, classic country on xm10, and 1940s music on xm4. And oh, how I miss Fred, which was replaced by the execrable 1st Wave on xm44.) About once a year,…

  • The Best Way to Pay for Advice: The Advantages of a Fee-Only Financial Advisor (37 comments)

    This is a guest post from Robert Brokamp of The Motley Fool. Robert is a Certified Financial Planner and the adviser for The Motley Fool’s Rule Your Retirement service. He contributes one new article to Get Rich Slowly every two weeks. A few weeks back, I wrote about having a financial health day at work. With the help of some of my Foolish colleagues, we’ve created a PDF that outlines how to host your own…

  • The Snowball: How Compounding Affects Money, Knowledge, and Life (48 comments)

    This is a guest post from Robert Brokamp of The Motley Fool. Robert is a Certified Financial Planner and the adviser for The Motley Fool’s Rule Your Retirement service. He contributes one new article to Get Rich Slowly every two weeks. Happy anniversary to…well, all of us, I guess. This post marks my one-year (and five days) anniversary of being a contributor to Get Rich Slowly. It’s been a hoot. My very first post was…

  • Money Myths and the Importance of Thinking for Yourself (136 comments)

    When I sat down to write Your Money: The Missing Manual, I knew I wanted to start with a chapter on happiness. (Well, to be fair, I was going to conclude the book with this chapter; my editor suggested moving it to the beginning, which was a stroke of genius.) In particular, I wanted to make the point that money doesn’t buy happiness. Because we all know that’s true, right? Well, not so much, as…

  • Finding a Financial Guru (33 comments)

    This post is from GRS staff writer April Dykman. At certain stages in your financial journey, you need a catalyst to get you to the next stage. Perhaps right now you are coming out of the zeroth stage of personal finance, deep in debt and trying to take that first step to turn things around. Maybe you are debt-free, but you have no clue how to invest in the stock market. Or maybe you’re at…

  • Warren Buffett on the Lottery of Birth (69 comments)

    This is a guest post from Robert Brokamp of The Motley Fool. Robert is a Certified Financial Planner and the advisor for The Motley Fool’s Rule Your Retirement service. He contributes one new article to Get Rich Slowly every two weeks. One of the reasons J.D. asked me to join his merry band of GRS writers was so that I could add the occasional investing lesson to the line-up. Today, I’m going to hand that…

  • MyFinancialAdvice.com Helps the Average Person Find a Financial Advisor (13 comments)

    Many companies send me press releases and e-mail trying to get my attention. Some of these companies suck. Others are fine, but I don’t have the time to look at them. Every once in a while, though, I find what seems like a true gem, something I think would be of real use for Get Rich Slowly readers. Last week, I spent an hour chatting with the folks from MyFinancialAdvice.com. Based on what I’ve seen…

  • The Problem With Prognostication: Why You Shouldn’t Invest Based on “Expert” Predictions (32 comments)

    This is a guest post from Robert Brokamp of The Motley Fool. Robert is a Certified Financial Planner and the advisor for The Motley Fool’s Rule Your Retirement service. He contributes one new article to Get Rich Slowly every two weeks. I find predictions, and the people who make them, fascinating for a few reasons. First, I — like everyone — would love to get a hint of what’s coming up. But successful forecasting is…

  • Ask the Readers: How Do I Pick the Best Credit Card? (128 comments)

    Sometimes I get questions that are out of my league. In the past, I’ve just sort of ignored these, but I’d like to try to answer more of them. To do this, I’m going to start asking for tips from some of the experts I’ve met through GRS. For example, my good friend Mac from Get Fit Slowly (where I may eventually write again some day), came to me this week with a question about…

  • Great Lessons from Great Men (67 comments)

    Because I write a personal finance blog, I read a lot of books about money. I’ll be honest: they’re usually pretty boring. Sure, they can tell you how to invest in bonds or how to find the latest loophole in the tax code. But most of them lack a certain something: the human element. Recently I’ve begun to read a different kind of money book in my spare time. I’ve discovered the joy of classic…

  • Suze Orman Jumps Aboard the “Pay With Cash” Bandwagon (188 comments)

    This article is by staff writer Adam Baker. Baker recently listed the Top 10 Money Movies of the Decade. For years now, Dave Ramsey has recommended ditching credit cards and paying with cash. (Specifically, Ramsey advocates the use of an envelope budgeting system.) In fact, this anti-credit card stance is one of the biggest problems critics have with his philosophy; they often point out that “responsible” credit card use would yield a higher credit score….

  • You Can Negotiate Anything (45 comments)

    In May, I wrote about how to negotiate your salary. I argued that following the advice in Jack Chapman’s Negotiating Your Salary: How to Make $1,000 a Minute is one of the best ways to improve your financial well-being. I still believe it. If you’re looking for work or looking for a raise, you should absolutely read his book. But negotiation is a skill you can use in other parts of your life, too. In…

  • Is Frugality a Necessary Evil? (118 comments)

    In the comments on a recent post about peer pressure, I mentioned a quote that I’d edited from the original draft. (I write a lot of stuff that doesn’t make it into final articles. It’s as if there should be “bonus features” for GRS, like on DVDs.) Anyhow, I re-read John T. Reed’s Succeeding recently, and was struck by this passage, which does an excellent job of encapsulating my current philosophy on frugality. Reed writes:…

  • Warren Buffett Has No Regrets About the Past Year — Do You? (40 comments)

    This article is GRS staff writer Adam Baker. In addition to his work at Get Rich Slowly, Baker blogs over at Man Vs. Debt, where he maintains a list of every single item his family owns. It’s no secret that J.D. loves him some Warren Buffett. Honestly, though, who doesn’t? Financial wisdom seems to ooze from his pores. Previously on Get Rich Slowly, J.D. has touched on Buffett’s philosophies, well-known frugality, and charitable efforts. Buffett…

  • Failing Forward: Transforming Mistakes into Success (22 comments)

    Sometimes the best personal finance books aren’t about personal finance. In June 2006, for example, I shared a brief review of Steven Pressfield’s The War of Art. Ostensibly this book is about creativity and overcoming procrastination, but I found its lessons valuable for pursuing my financial goals. Last year I read Mastery by George Leonard. On the surface, this book has nothing to do with money, yet it’s one of the best books about money…

  • How to Buy a Mattress (140 comments)

    After my post about mattress shopping the other day, Garrison contacted me. “My home just flooded and due to renters insurance I was thrown into the market for a new mattress,” he said. “I called up my long-time best friend whose entire family is in the mattress business. I used his advice in my purchase and I’ve been completely satisfied.” Here’s what Garrison’s friend, Justin, had to say. I’ve written a lot here to help…

  • Escape from Cubicle Nation (35 comments)

    Last Friday, I attended a workshop put on by Pamela Slim, who writes about entrepreneurship at Escape from Cubicle Nation. Before this meeting, I didn’t know much about Slim or her message, but her work came highly recommended from my friend, Chris Guillebeau. “Pam is the real deal,” he told me. “Her book is what a lot other books have tried to be.” Based on this recommendation, I drove to hear Slim speak. I was…

  • Your Secret Credit Scores (21 comments)

    During yesterday’s episode of The Personal Finance Hour, Jim and I spoke with Liz Pulliam Weston, financial columnist and credit score expert. Weston provided background on how the credit scoring system works, and offered tips for how to maintain (and improve) your credit score. During the show, Weston mentioned a past MSN Money article in which she wrote about 8 secret scores that lenders keep. These lesser known (and confidential) scores are also a part…

  • The Personal Finance Hour, Episode 13: Credit Scores with Liz Weston (13 comments)

    Join us this afternoon for the 13th episode of The Personal Finance Hour. Today, Jim and I will be joined by a special guest, money writer Liz Pulliam Weston. Weston, “the most-read personal finance columnist on the Internet”, writes regularly for MSN Money, and is the author of Your Credit Score: Your Money and What’s at Stake. We would love to have you call with questions and share your own experiences! There are four ways…

  • An Investor’s Manifesto: 20 Guiding Principles for Investment Success (41 comments)

    Knight Kiplinger is the editor-in-chief and a columnist for Kiplinger’s Personal Finance, one of the “big three” money magazines. In the June issue, Kiplinger offered an investor’s manifesto, a list of twenty guiding principles for making smart investment decisions. Kiplinger’s manifesto is a great list, effectively summarizing mainstream investment theory on a single page. I liked it so much that I obtained permission to reprint it in its entirety. Here are the twenty points in…

  • Three Lessons from Warren Buffett (34 comments)

    This is a guest post from Robert Brokamp of The Motley Fool. Beginning today, Robert will contribute one article to Get Rich Slowly every two weeks. It’s my hope that he’ll bring a fresh perspective to this site, while also providing coverage of topics where I have weaknesses. Today he’s writing about one of my financial heroes, Warren Buffett. From what I can tell, there were no drugs, no free love, and just a little…

  • Fail-Safe Investing? Harry Browne’s Permanent Portfolio (64 comments)

    “The first rule of investing is don’t lose money; the second rule is don’t forget rule number one.” — Warren Buffett At the end of March, I asked you what topics you’d like to see covered during Financial Literacy Month. I received many great suggestions, and will continue to fulfill requests not just in April, but for months to come. One comment especially caught my eye. Kenneth F. LaVoie III wrote: Never again will I…

  • 8 Questions to Ask BEFORE Hiring a Financial Planner (120 comments)

    This is a guest post by Jeff Rose, an Certified Financial Planner from Illinois. Rose is also the author of Good Financial Cents, a financial planning and investment blog. Before reading his article, you may want to begin with two previous guest posts from Dylan Ross: What is a financial plan and why have one? and When and how to hire a financial planner. When meeting with a financial planner for the first time, many…

  • The Fundamental Rules of Investment Success (28 comments)

    John Templeton was born in the small town of Winchester, Tennessee in 1912. As a young man, he graduated first in his class from Yale University before earning a law degree as a Rhodes Scholar at Oxford University in England. Eventually he became a billionaire by popularizing globally-diversified mutual funds. Templeton started his own mutual-fund company in 1954. He sold his firm to Franklin Resources in 1992, which became known as Franklin Templeton Investments after…

  • Safe Money in Tough Times: Questions and Answers with Jonathan Pond (58 comments)

    My wife is a public broadcasting fanatic. I recognize its value, but mostly I just tolerate it. (I often joke that NPR is “noise pollution radio” — I can’t think when it’s on.) Usually the television pledge breaks annoy me, but one night last week, the local station employed a clever tactic. They had a financial expert answer viewer questions between pleas for more money. Jonathan Pond bills himself as “America’s financial planner”. He runs…

  • George Kinder: Three Questions about Life Planning (31 comments)

    I spent last Tuesday at the mid-winter conference of the local financial planning association. I was there to give a one-hour presentation about financial blogs, but I had a secondary motive. I wanted to hear the keynote speaker, George Kinder. George Kinder takes a unique approach to financial planning. He moves beyond the numbers and tries to address the goals and values of the client. Kinder calls this method “life planning”. From his website: Life…

  • Which America? The Possibilities of American Thrift (36 comments)

    As National Thrift Week winds down, I’m pleased to offer (by permission) a short essay from author David Blankenhorn. This is taken from the end of his 2008 book, Thrift: A Cyclopedia, published by Templeton Press. (Read more about the book here.) I’ve altered formatting slightly to make it more readable in blog format. Emphasis is mine. I want to conclude this book by asking you to reflect briefly on this 1957 observation on successful…

  • Tune in Tonight: Nightly Business Report Interviews Warren Buffett (20 comments)

    As part of its 30th anniversary, Public Broadcasting’s Nightly Business Report is airing an interview with Warren Buffett tonight (Thursday, January 22nd). Susie Gharib spoke with “the oracle of Omaha”, asking him about the economy, about President Obama, and about investing. Here are some excerpts from the transcript, posted with permission. Update: Video of the interview is now online. Susie Gharib:  One thing that Americans aren’t buying these days is stocks. Should they be buying?…

  • Happy 303rd Birthday, Benjamin Franklin! (26 comments)

    Today is the first day of National Thrift Week. It’s also the 303rd anniversary of the birth of America’s first — and best — personal-finance writer. Benjamin Franklin was born on this day in 1706. Franklin was an amazing man, a polymath, and a great advocate of industry and frugality. “Be industrious and frugal, and you will be rich,” he wrote in 1768, more elegantly expressing my own notion that to gain wealth you must…

  • Interview: The Motley Fool’s David Gardner Talks About Stock-Market Investing (19 comments)

    Earlier today, I reviewed the new book from The Motley Fool, Million Dollar Portfolio. I had the pleasure to interview author David Gardner at the end of December. This post contains excerpts from that interview. The complete interview will be included as part of the hypothetical future Get Rich Slowly podcast. J.D. Earlier this year, you met with Stephen Popick, a government economist who writes for Get Rich Slowly. During the first part of your…

  • Million Dollar Portfolio: The Motley Fool Guide to Stock-Market Investing (46 comments)

    “People want to make money fast, but it doesn’t happen that way.” — Warren Buffett Over Christmas, I read Roger Lowenstein’s fantastic biography of Warren Buffett, one of my financial heroes. Because I currently prefer to invest through index funds, it was fascinating to read how Buffett has been able to make billions by purchasing individual stocks. Next, I picked up the new book from David and Tom Gardner: The Motley Fool Million Dollar Portfolio….

  • Free Downloadable Suze Orman Book from Oprah (22 comments)

    Here’s a quick reminder that Suze Orman will be on The Oprah Winfrey Show this afternoon to discuss jumpstarting your personal finances in 2009. Serena wrote to let me know that until next Thursday (15 January 2009), you can download Suze Orman’s new book free from Oprah’s web site. Suze Orman’s 2009 Action Plan features 200 pages devoted to topics like credit, retirement investing, spending, real estate, and “protecting yourself”. This is a real book,…

  • Like a Drug: Suze Orman on Credit Cards (42 comments)

    I recently participated in a conference call with Suze Orman, who is working to promote Best Life Week. This series runs on The Oprah Winfrey Show all this week, and is intended to help viewers “jumpstart 2009 and make it the best year ever!” Hyperbole aside, it was great to have a chance to speak with Suze Orman, who will be sharing money tips with Oprah viewers this Thursday. I tried to ask her about…

  • You Are Not Your Money (40 comments)

    Joe S. sent me a recent New York Times editorial from Ben Stein, who describes being approached by representatives from Bernard Madoff. Madoff ran a Wall Street hedge fund which reportedly “never lost money”. Stein thought it sounded fishy, and he didn’t take the bait. “I have never heard of an entity that could make money in all kinds of markets consistently, year in and year out,” Stein writes. “I have never heard of a…

  • The Kiplinger’s Personal Finance 2008 “Best List” (23 comments)

    Fast on the draw, Kiplinger’s Personal Finance published their “2008 Best List” earlier this month. While this is a quick and easy read in magazine form, the Kiplinger web site makes it almost impossible to peruse on the web. I’ve mucked through the lousy popup slideshows to find direct links to the individual parts of this report: Best financial services. I was surprised to see the Kiplinger’s pick for “best online savings account”. Though FNBO…

  • Warren Buffett’s Ten Secrets to Wealth and Life (46 comments)

    Warren Buffett is the richest man in the world, yet his reputation for frugality, folksy wisdom, and straight talk make him seem like just a regular guy, like he might be the billionaire next door. He’s one of my heroes. Several Buffett biographies have seen print over the years — The Making of an America Capitalist, The Good Guy of Wall Street, etc. — but at the end of September, author Alice Schroeder will publish…

  • Leverage, Luck, and Living Well: A Conversation with Financial Columnist Scott Burns (16 comments)

    During the first week of July, I had the privilege to chat with financial author Scott Burns. What was intended to be a brief interview about his new book, Spend ’til the End [my review] lasted for nearly two hours. Burns was fascinating. It has taken weeks to edit this conversation into something digestible for the web. It’s still quite long, but I hope it’s as interesting to you as it is to me. You…

  • Tim Ferriss on the Power of Personal Entrepreneurship (16 comments)

    I write a lot about saving money. Like many of you, I’ve found frugality an excellent way to widen the gap between what I earn and what I spend. Frugality helped me get out of debt, increase my monthly cash flow, and ultimately begin to build savings. Thrift is a key component to personal finance. But to be successful, to build wealth, you must also increase your income. You might do this by changing careers,…

  • How to Take a Mini-Retirement: Tips and Tricks from Timothy Ferriss (56 comments)

    In his book, The 4-Hour Workweek, Tim Ferriss proposes that we shift our focus from end-of-life “macro” retirements to more frequent mini-retirements, which might be spaced throughout a working career. Though similar to a vacation or a sabbatical, mini-retirements differ in some key ways: A sabbatical is a one-time event. Mini-retirements are meant to recur throughout a lifetime. A vacation is short, and often involves a tourist lifestyle with little immersion in a new way…

  • Using Mini-Retirements to Get More Out of Life: An Interview with Timothy Ferriss (45 comments)

    On a cool Thursday morning last July, I woke early to walk into the hills outside Wells in Somerset County, England. After three-quarters of an hour, I reached a point with a broad vista of the surrounding countryside. I leaned against a fence post and took in the view — I could have sworn I was looking at Hobbiton. After a few minutes of silent contemplation, I walked back to town. I took a brief…

  • Twelve Top Personal Finance Podcasts (38 comments)

    Update: I really have started my own podcast! I’ve joined Jim from Bargaineering to launch The Personal Finance Hour. Please stop by and give it a listen… Occasionally I toy with the idea of creating a Get Rich Slowly podcast. (A podcast is like a short internet-based radio program. Think of it as an “audio blog”.) I think it would be a great way to explore topics in greater depth, and in ways that print…

  • Robert Kiyosaki: Increase Your Financial IQ (69 comments)

    The problem with the standard financial advice is that it’s bad advice. You’ve been told to work hard, save money, get out of debt, live below your means, and invest in a well-diversified portfolio of mutual funds. But this advice is obsolete — so argues Robert Kiyosaki in his new book, Rich Dad’s Increase Your Financial IQ. Increase Your Financial IQ is the latest installment in Kiyosaki’s tremendously popular “Rich Dad” series of books. These…

  • Warren Buffett on Market Fluctuations: Investors Gain When the Market Falls (20 comments)

    Berkshire Hathaway held its annual shareholders meeting over the weekend. The company, run by Charlie Munger and Warren Buffett (the world’s richest man, and one of my personal heroes), continues to do well, though Buffett warned shareholders not to expect continued stellar returns as in years gone by. “Anyone that expects us to come close to replicating the past should sell their stock,” Buffett said. “It isn’t going to happen. I think we’re going to…

  • What Would Warren Buffett Do? (28 comments)

    You folks have been sending me a lot of Warren Buffett stuff lately. I appreciate it. Buffett is one of my financial heroes, and I love to soak up his advice. Because I don’t have room to highlight all the Buffettology that comes my way, I’d like to briefly point out two of the stories. First, Vincent sent me an article from Fortune magazine about what Warren Buffett thinks. A lot of people like to…

  • Uncommon Lifestyles and the Truth About the 4-Hour Workweek: An Interview with Tim Ferriss (41 comments)

    One of the fundamental premises of the Get Rich Slowly philosophy is that by making sacrifices and smart moves now, you can create a better life in the future. It’s a philosophy of deferred gratification. But what if you don’t want to wait to enjoy life’s rewards? What if you want to take advantage of opportunities while you’re still young? Is there a way to do this while still maintaining a smart approach to money?…

  • Book Review: Dave Ramsey’s The Total Money Makeover (149 comments)

    Dave Ramsey changed my life. In the fall of 2004, I had over $35,000 in consumer debt. I was making a solid middle-class salary, but I lived paycheck-to-paycheck. My money habits were terrible. When I looked into the future, all I saw were years of toil to pay for the things I’d already purchased. Then a friend loaned me a copy of The Total Money Makeover, a book by some guy I’d never heard of…

  • Does the Financial Industry Subtract Value from the Economy? (23 comments)

    Vintek pointed me to a Bill Moyers interview with John Bogle, founder of The Vanguard Group and patron saint of index funds. (He’s also one of my financial heroes.) Mostly, the conversation revolves around the problems with the modern U.S. economy: BILL MOYERS: What is the job of capitalism? JOHN BOGLE: Well, ultimately, the job of capitalism is to serve the consumer. Serve the citizenry. You’re allowed to make a profit for that. But, you’ve…

  • Five Secrets of Self-Made Millionaires (42 comments)

    Several people forwarded a recent Reader’s Digest article about the secrets of self-made millionaires. It’s a quick and inspiring read. “Many modern millionaires live in middle-class neighborhoods, work full-time and shop in discount stores like the rest of us,” writes author Kristyn Kusek Lewis. “What motivates them isn’t material possessions but the choices that money can bring.” She goes on to describe five millionaires and the lessons that can be learned from them: Set your…

  • One Man Who Beats the Market (and His Suggestions for Individual Investors) (47 comments)

    I’ve edited this post to clarify a few things, and to add information researched by GRS readers. Thanks! The average investor cannot beat the market on a regular basis. For her, index funds are the best investment. Even a majority of professional money managers fail to beat the market most of the time. However, there are those — like Warren Buffett — who seem to have a sort of financial genius, who are able to…

  • Questions and Answers with Warren Buffett (16 comments)

    How often can you hear advice from the world’s greatest investor? In 1998, at the beginning of the tech bubble, Warren Buffett spoke to a group of MBA students at the University of Florida. He spent ninety minutes answering questions about his investment philosophy. Though this presentation was made almost nine years ago, his advice is just as valid today. For example, at the 1:15 mark of the following clip Buffett explains why he believes…

  • 20 Great Nuggets of Personal Finance Advice (12 comments)

    Yesterday I mentioned a Money magazine article called “The Best Advice of All Time”. The web version has been posted, though it’s in the annoying “gallery” format. (It does contain links to supplemental information, though, which is cool.) Here’s a list of the “rules”, along with the quotes that author Carla Fried chose to pair with them. For detailed information on each point, follow the links. Be humble. “When you do not know a thing,…

  • Confessions of a Personal Finance Guru (37 comments)

    This is a guest-post from Liz Weston, one of my favorite professional personal finance writers. You guys send me more articles from her than from any other expert. (Except maybe Ben Stein — you like him, too.) Suze Orman set off quite a stir a few months ago in a New York Times interview. Although some folks were all atwitter to find out she was gay, what really had people in the personal finance world…

  • Get Rich Quack: David Schirmer of The Secret (37 comments)

    In my review of The Secret, I complained about the get rich quick mentality the book espouses. I was particularly cranky at the financial “advice” to visualize checks coming in the mail. That tip came from David Schirmer, an Australian financial “expert”. Here’s the complete passage from The Secret: When I first understood The Secret, every day I would get a bunch of bills in the mail. I thought, “How do I turn this around?”…

  • Personal Finance Chat Today at 1pm Pacific (0 comment)

    This just in! The Los Angeles Times web site has a blurb on many of its pages this morning announcing that personal finance columnist Kathy Kristof will be answering questions in an online chat today (Thursday, May 17th) at 1:00 pm. Pacific. (Which is 4:00pm Eastern.) You can find her in the LA Times personal finance chat area. If you have a burning personal finance question, drop by and ask an expert. (If you get…

  • Finding a Mentor: It Never Hurts to Ask (14 comments)

    Your career is one of your most important assets. After your health, it plays the largest role in determining your ability to acquire wealth. Penelope Trunk’s Brazen Careerist is a weblog filled with practical workplace advice that that can help separate you from your peers. Some of her past articles include: How much money do you need to be happy? (Hint: your sex life matters more.) What to do in college to be successful in…