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Monday, September 13, 2010

Rule #1 - Book Review

Cover of "Rule #1: The Simple Strategy fo...
Now that I'm a work at home mom making a little extra money; I was very excited to figure out how to invest my money. I mentioned to one of my husband's friends my frustration with my mutual fund. My mutual fund was still losing so fast you couldn't even tell I was still contributing. He recommend the book by Phil Town; Rule #1 Investing. I immediately started to read it.

I absolutely loved this book and highly recommend it. He broke things down so clearly and explained things so well. I had never picked out my own stocks to invest in. It was so nice to have a step by step explanation of how to go about how to pick out stocks. He even went so far as to tell you what info to find out about your potential investment and where to find the info. I like the fact that he shows pages from MSNmoney and showed you exactly what to click. This was all brand new information to me and it was nice to have someone point blank point me in the right direction. I will admit I have had to read some of the sections over and over until I "got" it.

 Phil Town has a website/blog where you can get an idea of what he is about or get additional resources. He also has a members site where you can get access to his calculators. I tried to run formulas with out these for a while and just couldn't. I found the calculators extremely helpful.
I wish I could say I have made obscene amounts of money investing, but I am still trying to figure it all out. Phil in his book encourages you to learn it before you do it. I am still in the learning phase, but I am watching about 30 stocks now and slowly figuring out what is a good or bad company. I have only made one investment using his method (BRK.B in a college account for my kids) and I am eagerly putting aside money waiting for the right company at the right price and then I will invest again.
Start reading this book and next week I will tell you about a great investment tool for my kids college account that I stumbled upon while trying to learn Rule #1.

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