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Started By
Message
Looking to Expand Finance Knowledge
Posted on 8/30/22 at 1:55 pm
Posted on 8/30/22 at 1:55 pm
What is the best way to study finance and economics without going back to school? This would be for the purpose of personal knowledge gain to understand and pursue the stock market as a hobby.
I’m willing to put in the time to educate myself and don’t really want to pursue another degree.
I’ve gone as far as looking at the required classes for a finance degree and trying to find textbooks or materials to study. But with the vast sea of materials, it’s hard to know what is a tried and true resource without having a syllabus and/or be in the program. I’m also not sure someone at a college would just hand over a list of materials (if that even existed)….or maybe they will?
I have seen a lot of advice on how to enter the stock market or instructions on how to read financials….but I’m looking to expand my knowledge on the fundamentals related to these things. I took intro econ, accounting, finance, etc… in college. But again, wanting to go further with that. But I am not interested in putting in the money or time to go back to school for another degree.
Any advice is welcome!
I’m willing to put in the time to educate myself and don’t really want to pursue another degree.
I’ve gone as far as looking at the required classes for a finance degree and trying to find textbooks or materials to study. But with the vast sea of materials, it’s hard to know what is a tried and true resource without having a syllabus and/or be in the program. I’m also not sure someone at a college would just hand over a list of materials (if that even existed)….or maybe they will?
I have seen a lot of advice on how to enter the stock market or instructions on how to read financials….but I’m looking to expand my knowledge on the fundamentals related to these things. I took intro econ, accounting, finance, etc… in college. But again, wanting to go further with that. But I am not interested in putting in the money or time to go back to school for another degree.
Any advice is welcome!
8
Posted on 8/30/22 at 2:11 pm to bmela12
Don't come here, that's for sure.
I would recommend finding a fee-only financial advisor and/or CFP(R) professional and straight up asking them if you could have lunch with them once a week or every other week to start picking their brain about how the world of finance operates. I know if someone asked me that, I would love to do that.
Once you get a good basic understanding, you might find out exactly what interests you and what doesn't interest you. Then you can whittle down the plethora of material out there and find a more specific field or subject with substantial resources to dive into.
I would recommend finding a fee-only financial advisor and/or CFP(R) professional and straight up asking them if you could have lunch with them once a week or every other week to start picking their brain about how the world of finance operates. I know if someone asked me that, I would love to do that.
Once you get a good basic understanding, you might find out exactly what interests you and what doesn't interest you. Then you can whittle down the plethora of material out there and find a more specific field or subject with substantial resources to dive into.
Posted on 8/30/22 at 3:05 pm to Niner
Great advice, thank you.
Posted on 8/30/22 at 6:16 pm to bmela12
quote:
pursue the stock market as a hobby.
A hobby?
Posted on 8/30/22 at 6:29 pm to bmela12
If you are interested in finance to trade stocks here was my first three books. There are probably newer ones that are better. These are dated.
Security Analysis by Ben Graham
One Up on Wall Street by Peter Lynch
Then years later
Options as a Strategic Investment by McMillian
You probably don't have to read anymore. Watch lots of Bloomberg. Lots of CNBC. Lots of Youtube.
Security Analysis by Ben Graham
One Up on Wall Street by Peter Lynch
Then years later
Options as a Strategic Investment by McMillian
You probably don't have to read anymore. Watch lots of Bloomberg. Lots of CNBC. Lots of Youtube.
This post was edited on 8/30/22 at 6:52 pm
Posted on 8/30/22 at 7:12 pm to frogtown
For the love of all things holy, don’t watch CNBC. They will soap box for the highest bidder regardless of your education or critical thinking level.
A good, basic, book to start is Total Money Makeover by Dave Ramsey. You’ll move by it very quickly if you’re as serious as you sound, but this will give you foundational knowledge.
How to Make Money in Stocks - William O’Neil
…if that isn’t your thing…
Common Sense Investing - Jack Bogle
…if that isn’t your thing…
Find an advisor to do it for you.
Boom. Saved you 20 years. You’re welcome.
A good, basic, book to start is Total Money Makeover by Dave Ramsey. You’ll move by it very quickly if you’re as serious as you sound, but this will give you foundational knowledge.
How to Make Money in Stocks - William O’Neil
…if that isn’t your thing…
Common Sense Investing - Jack Bogle
…if that isn’t your thing…
Find an advisor to do it for you.
Boom. Saved you 20 years. You’re welcome.
Posted on 8/31/22 at 6:47 am to bmela12
I'll suggest two other books to consider:
The Millionaire Next Door by Thomas Stanley and William Danko
The Psychology of Money by Morgan Housel
The Psychology of Money might be helpful in your case as it has a postscript section at the back describing a lot of the major economic and market events since the end of WWII and how they impacted consumer sentiment and...psychology.
Neither of these books will teach you how to trade stocks, but based on your OP I am not sure that's even what you want. They give a fantastic perspective on how to think about markets and the economy.
The Millionaire Next Door by Thomas Stanley and William Danko
The Psychology of Money by Morgan Housel
The Psychology of Money might be helpful in your case as it has a postscript section at the back describing a lot of the major economic and market events since the end of WWII and how they impacted consumer sentiment and...psychology.
Neither of these books will teach you how to trade stocks, but based on your OP I am not sure that's even what you want. They give a fantastic perspective on how to think about markets and the economy.
Posted on 8/31/22 at 8:14 am to Niner
Keep in mind as a rule of thumb the daily stock news release/recommendations are penned by folks in big money's pocket.
Posted on 8/31/22 at 8:28 am to bmela12
The White Coat investor
Paulmerriman.com
Those two sites have tons of information. It is a good place to start.
Paulmerriman.com
Those two sites have tons of information. It is a good place to start.
Posted on 8/31/22 at 9:42 am to bmela12
https://www.investopedia.com/
This is pretty good site to go down for brief explanations on things. You can always buy a used series 7 book from a few years ago on the cheap. That is the entry licensing exam to be a broker. It would provide a foundation of the securities industry and how it functions.
This is pretty good site to go down for brief explanations on things. You can always buy a used series 7 book from a few years ago on the cheap. That is the entry licensing exam to be a broker. It would provide a foundation of the securities industry and how it functions.
Posted on 8/31/22 at 12:33 pm to bmela12
You’ve gotten some truly excellent recommendations here. Also know that most major brokerage firms have information and even free online courses that focus on various investment topics.
It seems that you’re most interested in fundamental analysis for long term investing. Correct? So from what’s been recommended here:
***Security Analysis by Ben Graham (must read)
One Up on Wall Street by Peter Lynch
How to Make Money in Stocks - William O’Neil
Common Sense Investing - Jack Bogle
The Psychology of Money by Morgan Housel
And of course, the Investopedia site for quick reference questions. The folks here have done you well.
It seems that you’re most interested in fundamental analysis for long term investing. Correct? So from what’s been recommended here:
***Security Analysis by Ben Graham (must read)
One Up on Wall Street by Peter Lynch
How to Make Money in Stocks - William O’Neil
Common Sense Investing - Jack Bogle
The Psychology of Money by Morgan Housel
And of course, the Investopedia site for quick reference questions. The folks here have done you well.
Posted on 8/31/22 at 3:16 pm to Jag_Warrior
Thanks everyone. These are some great suggestions. These all seem like way better reads than a textbook to be honest. My kindle is both loaded down and fired up.
I appreciate it!
I appreciate it!
Posted on 8/31/22 at 3:25 pm to bmela12
quote:
pursue the stock market as a hobby.
Why don’t you get a hobby that won’t make you miserable
I wish I had just taken up cutting or iv drugs instead. Those are safer hobbies
This post was edited on 8/31/22 at 3:26 pm
Posted on 9/3/22 at 8:30 am to bmela12
I don’t think you need to study text books. There’s entirely too much information out there with countless things piled on top daily.
I enjoyed the Peter Lynch book. One thing constantly sticks in my mind from that book how Lynch was this super star on Wall Street, spending countless due diligence hours traveling to and talking with companies he wanted more insight on, yet he details how some of his biggest winners came from simply watching which stores his teenage kids flocked to first when he took them to the mall and buying the stock.
If you truly enjoy learning about the market you’ll quickly get somewhat of a reading/research routine but just allow yourself to go down the rabbit hole. I can start out looking at an email from seekingalpha on Microsoft and 2 hours later be watching obscure YouTube videos about copper mines in Brazil.
I enjoyed the Peter Lynch book. One thing constantly sticks in my mind from that book how Lynch was this super star on Wall Street, spending countless due diligence hours traveling to and talking with companies he wanted more insight on, yet he details how some of his biggest winners came from simply watching which stores his teenage kids flocked to first when he took them to the mall and buying the stock.
If you truly enjoy learning about the market you’ll quickly get somewhat of a reading/research routine but just allow yourself to go down the rabbit hole. I can start out looking at an email from seekingalpha on Microsoft and 2 hours later be watching obscure YouTube videos about copper mines in Brazil.
This post was edited on 9/3/22 at 8:47 am
Posted on 9/5/22 at 8:05 am to deathvalleytiger10
The white cost investor has totally sold out to the highest bidder. 2 of its main principles from founding were “Fire your financial advisor” and “whole life insurance is bad.” Since then they have some articles supporting hiring non-fee only financial advisors. And even some of their recommended ones are non-fee only. And they have some articles tacitly supporting whole life insurance. Jim Dahle will now take money from anyone.
Not that anyone cares about this one, but as an actual physician I was annoyed when he highlighted a naturopath
So you’re right, it’s a great resource; but new stuff he puts out is just as contaminated and biased as others on the internet. He sold out for a lot of money, so more power to him. But it should be made known tho he sold out.
So just know, what he says about whole life insurance and financial advisors has evolved as he has gotten paid by those industries
Not that anyone cares about this one, but as an actual physician I was annoyed when he highlighted a naturopath
So you’re right, it’s a great resource; but new stuff he puts out is just as contaminated and biased as others on the internet. He sold out for a lot of money, so more power to him. But it should be made known tho he sold out.
So just know, what he says about whole life insurance and financial advisors has evolved as he has gotten paid by those industries
This post was edited on 9/5/22 at 8:14 am
Posted on 9/5/22 at 10:08 am to bmela12
Study and listen to Warren Buffett and his sidekick Charlie Munger. I hear his Annual report is great even though I never read one.
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