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Starting with accounting and investing to have financial freedom

 
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Dear all,
I've a dream & burning desire to achieve & amass good wealth & do great things.
As a part of which i feel there is a need to start with the financial education. As you know, schools in India don't teach much about the finance or its terminologies.
So if some of you may tell me some good books or links to start with accounting and investing i would be much more happy.
Regards.
 
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Rich Dad, Poor Dad - Robert Kiyosaki
[ October 06, 2008: Message edited by: Onkar Joshi ]
 
Oscar Johansson
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Also, try to catch the Suze Orman show on TV. Although this show deals with US laws and viewers, it should still help in instilling some financial discipline.

There is an Indian show in similar lines too. I think it airs on NDTV Profit or maybe CNBC...not sure. That show talks about insurance, investing etc. in layman terms and should be quite helpful.
[ October 06, 2008: Message edited by: Onkar Joshi ]
 
ramya narayanan
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Dear Joshi,
Which show is it ?
If the reply is more specific it will be great.
Anyway thanks for sharing your knowledge.
Regards.
 
Oscar Johansson
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Ramya, I will post the name/channel to this thread when I remember. Maybe I'll just look at the TV schedule in the newspapers for help.
 
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when attending a meeting, always sit in the seat nearest the door
always get the last word
if you don't understand something, make it sound unimportant
 
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Don't get fooled by randomness.Work hard-enough and long-enough, you will have everything that you want to have.
 
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Spend less than you make. Never borrow. Invest extra money in long term stocks. Work harder than the next guy.

A major cause of the US Credit crisis is that the individual people, and the government at large, both spent more than they had using credit. When the credit stopped, it was very bad.
 
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Originally posted by Onkar Joshi:
Rich Dad, Poor Dad - Robert Kiyosaki

[ October 06, 2008: Message edited by: Onkar Joshi ]


There never was a "rich dad" it was just made up. I almost cried a little when I found out. . If you can get past the notion that it is a work of fiction (though marketed as a true story), I guess its fine.
 
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Originally posted by Arvind Mahendra:

There never was a "rich dad" it was just made up. I almost cried a little when I found out. . If you can get past the notion that it is a work of fiction (though marketed as a true story), I guess its fine.



Didn't really buy into that when I read the book. Yes, the wiki page also talks about the Rich Dad in the criticisms section.
 
Arvind Mahendra
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Scrolling through the google ads at the bottom, you will see one for Baharat Matrimony. I guess you can always marry financial freedom if nothing else works out.
 
Arvind Mahendra
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One of the finance books I remember reading that held my interest all the way through was called 'One up on Wall Street' by peter Lynch. Highly recommended.
 
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Originally posted by Pat Farrell:
Spend less than you make. Never borrow. Invest extra money in long term stocks. Work harder than the next guy.

A major cause of the US Credit crisis is that the individual people, and the government at large, both spent more than they had using credit. When the credit stopped, it was very bad.



Pat summed it up nicely, but job hopping is often the quickest way to get pay raises.
 
Pat Farrell
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Originally posted by herb slocomb:
job hopping is often the quickest way to get pay raises.



Sometimes it is. Depends on the economy. But a lot of companies use tricks that burn job hopping. Things like not giving as much vacation until you have had X years in the firm. A lot of retirement plans, 401(k) etc only kick in after you have been there a while.

One clever approach is to "give" you money for a 401(k) from day one, but only let it vest to you after three years. If you leave before it vests, the money goes back into the pool for the old timers.

What this means is that a company with high turnover never gives any 401(k) money to rookies, and gives all of their money to the bosses. All legal by the tax code.

Over the years, I've made a lot of money from stock options, all of which require some time at the same job.
 
Pat Farrell
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Originally posted by Arvind Mahendra:
I guess you can always marry financial freedom if nothing else works out.



The best way is to pick rich parents. Failing that, marry only rich women.
 
Arvind Mahendra
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Originally posted by Pat Farrell:


The best way is to pick rich parents. Failing that, marry only rich women.



Not Always
[ October 10, 2008: Message edited by: Arvind Mahendra ]
 
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Not Always



Hey, 2 million is the same as 12 million in dog dollars. That was a proper ruling.
 
ramya narayanan
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Hi,
Someone said that "Rich dad " is a fiction.
That's allright.
But he professes wisdom, which is eternal .
I do hope you will accept it.
Also Robert kiyosaki has told his own personal story on how he made riches following the fictional "Rich dad's " advice.
That's inspiration for others.
The main thing i want to know is what books to start with to get sound knowledge on investing & finance.
Regards.
 
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Originally posted by ramya narayanan:
The main thing i want to know is what books to start with to get sound knowledge on investing & finance.[/QB]



Try this one
Also, if you can come up with hard cash, I can make it grow 10 times in a few weeks time. That should be a good practical lesson instead of just theory.
 
Arvind Mahendra
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Originally posted by ramya narayanan:
Hi,
Someone said that "Rich dad " is a fiction.
That's allright.

But he professes wisdom, which is eternal .
I do hope you will accept it.
Also Robert kiyosaki has told his own personal story on how he made riches following the fictional "Rich dad's " advice.
That's inspiration for others.
The main thing i want to know is what books to start with to get sound knowledge on investing & finance.
Regards.



Look for books written by people who are actually wealthy because of investing and not because of writing books or selling seminars. Peter Lynch, Warren Buffet, Benjamin Graham,George Soros, John Boggle, Jim Rogers(for commodities)Richard Branson etc. come to mind. You can be sure when these people write books they aren't exactly doing for the money but their main motivation is to teach. Also read biographies of these people and learn to think the way they think. I'm preaching you all this because I can't for the life of me find time for doing any of the above.
[ October 15, 2008: Message edited by: Arvind Mahendra ]
 
Pat Farrell
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Originally posted by Arvind Mahendra:
Peter Lynch, Warren Buffet, Benjamin Graham, George Soros, John Boggle, Jim Rogers, Richard Branson etc. come to mind.



I'm not sure about Branson, he has a lot of Hollywood and Donald Trump's self promotion, but the rest, yes. Read them.

They are all value investors for the long term. Not much trading, buy companies that make good products and are well managed. Keep for 10+ years.

Lynch was famous for how simple his rules were. Buy low, keep. Pick companies whose products you and your wife buy.
 
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