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Where to start with investment education

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  • Where to start with investment education

    Thanks so much for the website and forum. I am a PGY4 in an ortho residency. I plan on doing a fellowship afterwards so have about two more years in training prior to making an attendings salary.  I have no idea why I have given little thought to investing and retirement planning but I am way behind and need to catch up. I just watched an investment which opened my eyes and finished the WCI book yesterday.  I am a newbie in this realm but want to immerse myself so that I can prepare for the future and manage my own retirement and assets, as well as prepare my own taxes.  I am looking for the next step. Is there a go to book for beginners that explains all the differences btw 401k, roth, backdoor roth, HSA, college savings accounts, etc?? As well as general tax code info? As well as general investment planning.  I am also looking for a phone app or computer program that assists with planning. Such as laying out timelines for investments (when to start 401, roth, CSA, HSA and how much money can be allocated to each.) I know this website has additional forums and topics but the information is overwhelming and I am looking for a roadmap as I navigate the beginning steps.

     

    Thank you!

  • #2
    I'm on my phone right now so difficult to post links, but google boglehead wiki getting started. Videos and articles on just about everything.
    Of course WCI book, plus the bogkeheads guide to investing.

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    • #3
      WCI has an excellent post on DIY investing. I wrote a 20 step DIY investing post as well, and may expand that into 20 more detailed posts.

      Bogleheads is an excellent resource, as @RetireERdoc mentioned. There are many other books you may want to check out. I started with The Only Investment Guide You'll Ever Need by Andrew Tobias, which was recently updated.

      Congrats on seeing the light at the end of the tunnel and for preparing yourself for the cashflow to come!

      Best,

      -PoF

       

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      • #4
        You should start with The One Page Financial Plan before you start investing.
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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        • #5
          Two excellent classic books on wealth creation and relationship between happiness and money:

          The Millionaire Next Door

          Your Money or Your Life

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          • #6
            Mike Piper has written several easy and briefs books on investing and taxes.  His blog is called oblivious investor.  I second the millionaire next door rec.  Jonathan Clements also has some pretty good books and a blog called the humble dollar.  Phil Demuth has a great book called the affluent investor and a new one on tax avoidance.

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            • #7
              Thank you! I looked at some of the recommended websites which were great and settled on "Boglehead's Guide to retirement" as the TOC seemed to be exactly what I was looking for info wise.  I'll definitely pick up the Millionaire next door as well!

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              • #8




                Thank you! I looked at some of the recommended websites which were great and settled on “Boglehead’s Guide to retirement” as the TOC seemed to be exactly what I was looking for info wise.  I’ll definitely pick up the Millionaire next door as well!
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                I would recommend the Bogleheads Guide to Investing over the Retirement one.  Also recommend Bernstein's 4 Pillars of Investing and Malkiel's Random Walk.  All previously mentioned books/websites are great and would recommend them all.  Living below your means (Millionaire Next Door) is huge.  I'd get in the habit of budgeting and tracking expenses.  Live like a resident and enjoy life.  Having more money to invest is more important than the investment choices you make.  This is why salary is poorly correlated with net worth.

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                • #9
                  A great place to start is the beginning. Before investing, you need to have the money to invest. Use residency and fellowship to really hone in on a budget and what matters most to you.  My daughter prefers making her own in Excel over any apps.  She doesn't like the idea of 3rd parties accessing her accounts. When your income jumps when you enter practice you will have already created and internalized a framework for where it goes. Best wishes.

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