Money basics for dummies

horton_2

hello everyone. i've hit 40 and frankly haven't got a clue about money, but want to learn as much as i can. Can anyone recommend a "money for idiots" style book that will cover all the basics about all the differnt kinds of money / finance, explain how it works, all the different terminologies etc?

thanks

hj x

Ark_Welder

You could use these two sites as a starting point.

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/index.htm
http://www.moneyadviceservice.org.uk/yourmoney/

horton_2

...i'm trying to get away from my computer!

MoneySavingUser

Depends what type of stuff you are interested in - for current accounts, savings etc. I found out a lot by just reading this forum!

If you mean pensions, investments etc. then you can learn some from here but maybe not everything

alanq

Which? Publications (formerly the Consumers' Association) has some books. I don't know the current ones but the one I bought several years ago was very good with very basic to quite advanced topics.
http://www.which.co.uk/publications/books/finance/

Rollinghome

horton wrote: »

hello everyone. i've hit 40 and frankly haven't got a clue about money, but want to learn as much as i can. Can anyone recommend a "money for idiots" style book that will cover all the basics about all the differnt kinds of money / finance, explain how it works, all the different terminologies etc?

thanks

hj x

To be honest, I'd avoid the "money for idiots" style books - most of them are written by idiots. Avoid too all the "investing is easy - beat the markets" type which tend to be written by people who were so lousy at investing that they had to write books instead.

If you stick to those published by the FT you'll usually get good reliable advice and all are written specifically for UK readers.

'Investing' published by FT and written by Prof Glen Arnold is one of the most comprehensive. There are more advanced sections for when you get the hang but most of it can be read by anyone. If you could only buy one book that would be a good choice.

'Be Your Own Financial Adviser' (FT pubication) by Jonquil Lowe covers not just investing but all aspects of money management and planning though not in as much depth.

'Save and Invest', Which? publication, also by Jonquil Lowe is more of the 'for idiots' guides but one of the better ones.

'Smarter Investing' FT publication by Tim Hale is about financial planning but concentrates on using low cost index trackers.

Once you've read all those and getting ambitious 'The Long and the Short of It' by Prof John Kay is a good read if you intend to directly hold shares and explains about risk, how to construct a portfolio, and why the small investor can, with luck, do better than the pros.

All from Amazon.

horton_2

....written for an ABSOLUTE beginner? One that needs theior hand holding? i don't know what compound interest is, or an ISA, or ANYTHING ;o)

psychic_teabag

Just grab some books from the personal finance section of your local library. Many will cover the basics, and you should find one that covers things at the level you need.

qpop

I can recommend "The Money Tree" by Martin Bamford http://www.amazon.co.uk/Money-Tree-make-save-grow/dp/0273708341

I think it's a really sensible book, that gives a thorough explanation on most basic money issues.

He has some funny ideas about cars though!