Saturday, December 17, 2005

A must read book:

Today my girlfriend and I were very bored and needed something to do. Rather than waste investable money on going to the movies we decided to go to the bookstore and read the books for free. I decided to find a good personal finance book.

I had read an article last night by David Bach on Yahoo Finance. He is the author of several personal finance books including Automatic Millionaire. He has a column that goes by the same title on Yahoo and I read the 4 articles he posted on there. After enjoy those columns I decided to pick that book out and start reading it. I must say this is an excellent read and it should be required for any college student looking to become rich. The book will not make you rich during your college years or even 15 years after you are out of college, but it will teach you ways to stay debt free and have well over $1 million when you retire. Many articles will tell you $1 million is the minimum anyone needs today to retire comfortably at the age of 65.

Bach's concepts are very simple, so simple in fact that many people will not believe they work, but if you do the math you will find they most definitely do. The main idea is to pay yourself before you pay anyone else including credit card companies, cell phone companies, tuition, ect. Most college students do not yet have the option of getting involved in a 401(k) or 403(b) at work so the one of the most important things to do would be to open a Roth IRA. You can get a lot of information about Roth IRAs at www.rothira.com along with www.fool.com.

I read about half the book at the bookstore and felt it was so good that I would in fact buy it. This is quite the feet for me seeing as I very seldomly read books unless required by a class. I read 127 pages in this book in under two hours and it felt like I had only been reading for 20 minutes. I would recommend buying the book or any other book for that matter at www.half.com or www.amazon.com for half the price you would pay at the bookstore.

If you think starting to save for retirement while you are in college is too early, you are horribly mistaken, and you will probably end up not having enough money to live comfortably when you retire.

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