Chicago, IL · Member since 2018 · 2 posts · 0 votes
Hey everyone, I'm looking for any advice or direction for myself, I am currently studying Finance and will be a junior this upcoming fall. I want to create a plan that I can follow to prepare myself for investing. Any books, seminars, jobs, and or advice is welcome.
I'd listen to every BP Podcast and I'd start with the usual books;
- Richest man in Babylon and Rich Dad Poor Dad.
I'd also read Long distance real estate investing and not real estate related but the intelligent investor by Benjamin Graham.
Those would be a good start. Also start looking at properties for sale in the market you want to invest in every day. Go to open houses and drive around the areas you want to be in if you’re local.
I'd listen to every BP Podcast and I'd start with the usual books;
- Richest man in Babylon and Rich Dad Poor Dad.
I'd also read Long distance real estate investing and not real estate related but the intelligent investor by Benjamin Graham.
Those would be a good start. Also start looking at properties for sale in the market you want to invest in every day. Go to open houses and drive around the areas you want to be in if you’re local.
Rental Property Investor · Lafayette, IN · Member since 2018 · 31 posts · 66 votes
8y
Welcome @Griffin Campbell! I'm proud to see you are starting off on the right track, I've recently developed an investing mindset myself (at age 21) so I'll just share with you what I've learned and recommend to do getting started.
Like Michael said, I'd read books. No question the first one I'd read is Rich Dad Poor Dad, because that was by far the biggest mindset shift I've ever experienced from a book! It should be mandatory in all schools (as well as business/finance classes...but that's another topic for another thread). But after that I'd read Set For Life by Scott Trench to get an understanding of how to propel yourself to early financial freedom during your first few years as a working guy.
Scott lays out different avenues you can go with investing your money, since you're on BP I'd suspect that you want to go into Real Estate Investing. So depending on what kind of investing you'd want to do, I'd recommend The Book on Rental Property Investing, The Book on Managing Rental Properties, and The Book on Investing In Real Estate With No (And Low) Money Down (all by Brandon and Heather Turner) if you're looking to get into buy and hold investing. In addition, I also loved Long Distance Real Estate Investing by David Greene. He really explains how investing in other areas is no different than investing in your hometown so long as you build up your network in the area. There is a whole list of 20 of Brandon Turner's favorite books on the link: biggerpockets.com/books as well! Check it out for other suggestions.
Lastly, just be hungry for knowledge and look to gain in every which way you can, whether it be through webinars, podcasts, or REIA meetups. I'd recommend using the Meetup app or the Events page here on BP to find local meetups in your area.
I hope all this helps. The more committed you are, the more people will be willing to help, especially at your age. Take full advantage of that and good luck!
Chicago, IL · Member since 2018 · 2 posts · 0 votes
8y
Thank you for the feedback @Marlon Walls @Michael Kistner I just read Rich Dad Poor Dad last week and that book has really driven me to continue to learn and plan for my future financially. Look forward to getting into some of the books mentioned!
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
Griffin Campbell what type of finance do you want to work in? Depending on that answer, my personal recommendation would be to go work as a quant and get your CFA eventually.
For real estate, go slow, learn a lot before doing anything, save your own money, don’t borrow down payments. Avoid gurus and paid mentors you don’t need them.
My advice is to live frugally. I didn't spend like crazy in college (who can afford to), but I look back now and think that I could have saved a lot of money if I had slightly better habits in college.
Until you graduate from college, I would try to figure out how you can live for free. That could mean taking a college job that pays for housing (RA, etc.), living with your parents, or (if you have the savings for it) house hacking (i.e. buying a house and taking on enough roommates to pay for the mortgage, property taxes, etc.).
Next, I would figure out how you can make some money while still in school. Your classes are obviously your priority, but if you can get even a part-time minimum wage job to help build up your savings that will help you a ton.
Podcasts I would recommend are the BiggerPockets Podcast and the BiggerPockets Money Podcast.
There are a number of books I would recommend, but I would start with: 1) How To Win Friends and Influence People; 2) The E-Myth; 3) Give and Take; and 4) Start With Why. There are plenty of investing and real estate specific books, but I would recommend starting with these books because they are more about the approach you take to things.