“The desire of gold is not for gold. It is for the means of freedom and benefit.” Similarly, Finance is not merely receiving or paying your dues. Instead, it contributes as building elements of one’s personality, confidence, and self-empowerment. Understanding of finance is not confined to building multi-million dollar businesses or wall street professionals. It is necessary to build one’s own analytical skills, evaluate if it is the optimum time for a job shift or where to invest your money suitably to support your child’s education. Thus, it is a constituent of your overall sense of peace.
In the dynamic environment that we reside in, we must keep our business and personal finances in check. Especially after experiencing a global pandemic, it is instrumental for our mental health to have savings and secure investments to fall back on. Somehow, many Americans have never been inclined towards savings and operate on a “receive a paycheck and issue paycheck” basis. According to a Mind over Money survey by Capital One and The Decision Lab in 2020, about 77% of Americans are concerned about their financial situation. The 2019 annual report of the Federal Reserve Board reported that in case of an unforeseen expense of $400, twenty-seven percent of the Americans surveyed would resolve to sell an asset or borrowing money to meet the expense, while twelve percent would not be able to cover the expense. It does not come as a shock that America reported $92 billion in credit card debt not too long ago.
Taking a financial planning or analyses course may not be feasible as it is time-consuming and not pocket-friendly for everyone (hey! We are already managing our budget). To begin in a simpler and budget-friendly manner, we recommend you some finance books. Here is a list of the best finance books to exist, ranging from how, to begin with, understanding finance to some of the best memoirs and investment strategies one can learn.
The Intelligent Investor: The Definitive Hook On Value Investing
Bejamin Graham and Jason Zweig
The book was first published in 1949 by Graham, also known as The Father of Value Investing. It focuses on teaching the reader the importance of value investing and focusing on long-term strategies to thrive in the stock market. It has educated people worldwide and helped novices in finding their feet in the investment world.
Even after decades since the book was first published, it continues to be relevant. Thus, a revised edition of the book was published in 2006 by Zweig, a financial journalist at the Wall Street Journal. The cause for its relevance is that the stock market never stopped being dynamic, and holding a margin of safety can never be irrelevant. It is this pertinence that Warren Buffet, who is accredited as the most successful investor in the world, stated that this book is the “best book about investing ever written.” It is also called the Stock Market Bible.
Why Didn’t They Teach Me This In School?: 99 Personal Money Management Principles To Live By
Cary Seigel
This is a question we have all asked ourselves while filing taxes or doing household repairs. Seigel agrees with us on the lack of a practical approach in the education system despite earning an MBA degree from the University of Chicago. The book imparts to its readers 99 principles and 8 important life lessons from the practical life experiences of a man who managed to retire at the age of 45! The book was originally meant for the five children of Cary Seigel. He wanted them to learn about his experiences and how he navigated his financial life. However, Seigel’s unique and practical perspective appealed to a larger number of people, and it became the Go-To Book for people cruising through their financial lives.
Rich Dad Poor Dad
Robert Kiyosaki
This book is arguably one of the best finance memoirs ever written. Kiyosaki is said to have written this book from his personal childhood experiences. He brilliantly captures his learning from his father, who is referred to in the title as “poor dad,” and he’s learning from his friend’s father, who acquires the latter part of the title, which is “rich dad.” Kiyosaki also touches upon personal finance and manages it intelligently and practical skills that one necessarily learns from personal experiences. Despite facing some criticism from reviewers and fellow authors for factual incorrectness and vague advice, the book has stuck around for more than two decades due to its connection with the readers. Since its publication, the book has been translated into fifty-one languages (English being the original language) and sold over four million copies worldwide, so we let the numbers speak for themselves.
The Total Money Makeover: A Proven Plan For Financial Fitness
Dave Ramsey
If you are starting from a position of holding debt or close to bankruptcy, this could be the turn of events for you. Taking it from the man who has seen it all, from rags to riches, back to rags, and then back to riches. Dave Ramsey was a superstar of real estate in Tennessee with a real estate portfolio worth $4 million through Ramsey Investment Inc., at the age of 26. However, the success was not long-lived, and with the Competitive Equality Banking Act of 1987, several banks changed their policies and ownership, due to which Ramsey’s holdings became heavily leveraged. Thus, Dave had to declare bankruptcy in 1998. What makes this book great is not Dave’s success in the 90s but the first-hand experience of falling flat and then beginning again.
Dave started attending workshops and seminars, then he started to give out financial advice to couples at his local church through his personal experience and learning through seminars. He released his first book “Financial Peace” in 1992 after much demand. He co-hosted the financial radio program soon became “The Dave Ramsey Show,” and airs on 550 radio stations with over 8.5 million listeners. Today Dave enjoys a net worth of approximately $200 million.
The Millionaire Next Door: The Surprising Secrets Of America’s Wealthy
Thomas J. Stanley and William Danko
Stanley tries to give the readers the principle advice to spend less than they earn because those who spend more than their earnings fail to increase their net worth. The most important thing that the book gives its readers is perspective, which is why it has managed to stick around for twenty-five years. It lets the common man know that truly wealthy people do not necessarily live in Beverly Hills or The Upper East Side. Instead, they live next door. The idea that millionaires who do not make everyday headlines come from the middle class of society instead of the assumed upper class or white-collar strata definitely came as a surprise to those who believed in the contrary. This research-based book has been authored by writer and business theorist Thomas J. Stanley and co-authored by William D. Danko
One Up On Wall Street: How To Use What You Already Know To Make Money In The Market
Peter Lynch
One of the many great achievements of Peter includes his remarkable performance as Portfolio Manager on Fidelity Magellan Mutual Fund. During his thirteen-year tenure from 1997 to 1990, the company’s asset base grew from approximately $18 million to $14 billion. The man whose work speaks for itself advises not overanalyzing the market. He asks the readers to analyze themselves first in terms of requirements, investments, risks and then analyze the potential of the companies but at the same time make peace with the fact that more often than not, we will have to make decisions based on incomplete information as it is impossible to predict the market and its trends fully. He suggests that a person with an average understanding of the stock market can identify a reasonable value and invest in the company’s potentially better than wall street investors. After all, that is how he paid for his higher education! Peter bought 100 shares of Flying Tiger Airlines as a sophomore in Boston college with his savings, and then the share prices increased from $8 to $80 per share. Thus, he does not believe that stock markets to be rocket science but simply a game of outsmarting money and having detachment with the fact that stock prices are bound to go up and down.
Against The Gods: The Remarkable Story Of Risk
Peter L. Bernstein
The book won the Edwin G. Booz prize in the year 1996 for being the most innovative and insightful management book published. This one-of-a-kind piece of writing is exceptionally captivating for the readers as it sets an ambitious premise and delivers on it. The book rightfully captures the risk involved in the stock market and how it challenges the trends set by itself. The history of humans trying to predict risks through probability, frequencies, and forecasting goes a long way back in history. The author guides us through ancient, medieval, and modern history to explain the same. The timeline from the Hindu- Arabic numbering system to early Greek gamblers and Italian, French mathematicians exploring probability and geometry to applying statistical sampling for problems of financial risk truly captures the essence of the book.
Your Money or Your Life
Vicki Robin, Joseph R. Dominguez and Monique Tilford
While most books on finance draw a line between your life and finances, this breakthrough book asks you to put everything back together. It focuses on your understanding of the basics of money and financial independence. It integrates it with your values and beliefs in life and the relationships that matter in one’s life. Thus, it transforms your relationship with prosperity. It presents the readers with stories, experiences, and encounters of numerous people who have followed this path of financial independence. Joe Dominguez retired from being a financial analyst on wall street at the age of 31, and Vicki Robin quit a blooming career in theatre to become acquainted with Joe’s life principles. Together, they started the New Road Map Foundation to help make sustainable and more informed decisions. This book is not based on philosophy or theories around finance. Instead, it is the outcome of the authors’ combined experience, life approach, and values.
The Wealth Choice: Success Secrets Of Black Millionaires
Dennis Kimbro
In this inspirational work, Kimbro has poured his life lessons and wisdom. The book is deeply researched and informational. Dennis Kimbro narrates the reason behind how some people, even though they may not come from affluent backgrounds, go on to build a fortune for themselves. The book addresses the fact that the African-American community has been relatively hit harder by the housing and credit crisis. After approximately seven years of research, study, and conversation with over a thousand black millionaires in America, Kimbro wrote this book after approximately seven years of research, study, and conversation. He advises the readers to develop their mindsets and commit to lifelong learning by giving examples of business leaders and famous personalities like Terry McMillan, Richard Parsons, and many more.
A Random Walk Down Wall Street: Including A Life-Cycle Guide To Personal Investing
First published in 1973, this book has stood the test of time. Burton’s Random Walk Down Wall Street is a reassuring guide to making investment strategies in the intimidating investment dynamics of today. It is notably considered a go-to book when starting an investment portfolio. The book has 12 editions since 1973, with the latest ones containing fresh information on smart beta funds and the complexity of derivatives. One of the key takeaways from the book can be quoted from it, “Trust in time rather than timing,” meaning that the market’s fundamental depends upon it finding the true value of an investment. Thus, identify the true value and never pay the excess.
Perfect Credit: 7 Steps To A Great Credit Rating
Lynnette Khalfani-Cox
If you suffer from the indignities of a bad credit score, then this is the go-to book for you. A good credit rating is more than just securing a credit card easily or getting the best possible interest rate for loans. It contributes to your overall financial health and prevents the need to go to your friends and family with a tail between your legs and hat in hand to request money. This book guides its readers to build a spectacular credit standing and presents a road map to improve those who wish to improve their credit scores. Lynnette also advises on personal finance through a radio show called Russ Par Morning Show.
Debt-Free Degree: The Step-By-Step Guide To Getting Your Kid Through College Without Student Loans
Anthony ONeal
Anthony is one of the bestselling authors in America. He also hosts a popular podcast, “The Table with Anthony,” on YouTube. Student loan debt has wider repercussions than we often evaluate. It puts constant pressure on young twenty-year-olds and acts as a barrier in changing careers, leading to the need to postpone marriages and starting families. Anthony attends to all these problems in his book. This is a book for parents and children that guides them to debt-free education even with less or no savings by suggesting what courses to take in high school when writing SATs, etc.
Barbarians At The Gate: The Fall of RJR Nabisco
Bryan Burrough and John Helyar
Marked as the “best business book ever” by Jon Friedman at MarketWatch and “favorite business book” of Andrew Ross Sorkin of New York Times, the book is a classic piece of non-fiction. It tells the remarkable story of the separation of RJR Nabisco, an American conglomerate selling tobacco and other food products. Without revealing more, we can say that this is a piece of striking investigative journalism by Bryan Burrough and John Helyar.
The Million-Dollar Financial Advisor: Powerful Lessons And Proven Strategies From Top Producers
David J Mullen, Jr JR
This book is purely wholesome in terms of information and inspiration. Mullen and JR’s great work of guidance for all financial advisors and new professionals in the field is a great work of guidance. It is based on interviews with fifteen advisors, each having a business worth millions of dollars. The authors then culminate the learning of these interviews to form thirteen lessons. Each of these lessons is very finely explained to be interpreted as steps that can be followed to pursue a similar path. The book also features two case studies to allow the readers to find the application of all the above-mentioned principles in a successful investor and understand that one can always reinvent and rise, even when it requires starting from scratch.
Easy Money: Evolution Of Money From Robinson Crusoe To The First World War
Vivek Kaul
This is the first book in the trilogy “Easy Money” by Vivek Kaul. This is a work of non-fiction that takes the readers on a tour of the history of money. Paper currency has stuck around for a couple of decades now, but this was not always the case, for example, tobacco was used as money in the United States, and almonds were used in India. People also traded in cigarettes at prisoner of war camps during the second world war. The book addresses how we should have learned from the financial crisis lessons in history, yet we fail to do so. Kaul attempts to answer many questions about the role of banks over the change in currencies and the reasons behind the destruction of many financial systems.
Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor
John C. Bogle
This is another classic that has been one of the most loved books ever since it came around. In this book, Bogle extends his advice on mutual funds and forming long-term strategies for oneself that can at the least be at par with the strategies of major league wall street investors. The straightforward and easy-to-understand language makes the crux offered in the book extremely accessible to its readers. Even though Bogle targeted American investors, the book has time and again proved to be applicable in all market environments. The British newspaper, “The Independent,” also stated its relevance in some form or the other to the UK mutual fund industry.
Clever Girl Finance: Ditch Debt, Save Money and Build Real Wealth
Bola Sokunbi
In this easy-to-understand and lighthearted book, Sokunbi talks about her financial journey and experiences. The book is meant to allow other women to develop their financial health and issues and learn to resolve them, even with a modest salary. Bola talks about her take on debt and savings and much more and encourages girls and women alike to widen their horizons on savings, investment, credit scores, etc.
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness
Morgan Housel
This book deals with one’s behavior with money instead of one’s knowledge of money or the market. The award-winning author Morgan Housel nineteen short stories powerful enough to give you a new perspective towards investment decisions. This book explores a different view that does not follow the mathematical probability or complex spreadsheets while making investment decisions but follows a rather more practical approach. It dives into the real world, where most people do not make individual decisions in boardrooms but at dinner parties or brunch tables, fueled by factors such as pride, a suggestion of a loved one, trust, intuition, and their unique point of view or understanding of the market.
Liar’s Poker: Rising through the Wreckage on Wall Street
Michael Lewis
The book captures an important period in the history of wall street and is often said to be one of the few books that have defined wall street. This immensely captivating book is a piece of non-fiction. It is the autobiography of Lewis, from a minor bond agent on wall street to handling millions of dollars worth of investments for Saloman Brothers. The author has justly captured the likes of excessive greed and overpowering ambition in his book.
The Alchemy of Finance
George Soros
Regarded as the investment legend that he is and “The Man who Moves Markets,” by BusinessWeek, Soros presents a unique account of theoretical and practical picture of the current financial trends in his book. The book is enriched with valuable business advice and investment strategies through the timeless principles of the legend himself. A careful reading of the detailed account of trading methods and a new paradigm to understand financial markets will definitely pay off, quite literally.
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