Hi All–
Thought I would start a post about recommended reading for financial development. Please add any books or thoughts that have been helpful.
To start us off, I have the following recommendation:
"The Richest Man in Babylon" by George Samuel Clason. Written in 1926, this book presents parables about money management and it is a 'must read' in my book. It is a quick read (my copy is 99 pages), but you can also find versions of the book that expand on the original text.
Another recommendation from many financially successful people is: "Think & Grow Rich" by Napolean Hill. I have recently gotten my own copy to read, and have it on my stack to start, so I don't have my own take on this, but maybe I can add to this later.
Let's add to this list, and maybe we can have a recommended reading list for us to share and enjoy!
I saw Abigail in the Good Debt vs. Bad Debt forum post recommend "Personal Finance for Teenagers and College Students" by Tamsen Butle. (Although I'm past college, I'm always on the lookout for good advice.
==I've chosen to omit Dave Ramsey's and Gail Vaz-Oxlade's books from this starter post, since they are high enough profile that I think we're probably already aware of those. Let's signal-boost other books if we can. :) ==
Thanks for the recommendations! I will definitely check them out. I recommend The Simple Path of Wealth by JLCollins. It is a very straight forward approach to finance. Very easy read.
Great idea Kathleen S ! An informative synopsis video of the book Hoi W. recommended: https://www.youtube.com/watch?v=V42MyNGHZyQ
I'm a big fan of the late John C. Bogle's The Little Book of Common Sense Investing. I also found Thinking in Bets by Annie Duke helpful in terms of decision-making. I'm looking forward to reading Morgan Housel's The Psychology of Money, which comes out September 8th. In the meantime, read some of Morgan's posts at the Collaborative Fund blog.
Going to read a few of these recommended books on fonance.
Rich Bith by Nicole Lapin
sorry that is - Rich $@!#% by Nicole Lapin (The B-word is being censored here by saverlife but you get the idea)
I just finished reading A Mathematician Plays the Stock Market by John Allen Paulos. It's probably not a book for beginning investors, but for those with some experience, there are plenty of interesting scenarios explained mathematically. I found it to be more of a fun read than anything else.
I'm looking forward to reading How the Other Half Banks by Mehrsa Baradaran. It looks at the history of banking and how banking is most expensive and often unattainable for the poorest.
I have a hard time settling on an appropriate asset allocation for my investments, which affects periodic rebalancing. I'm going to start reading William J. Bernstein's The Intelligent Asset Allocator to see if I can get a better handle on that part of my investment portfolio. Does anyone have any other recommendations for books dealing with asset allocation?
I have a hard time settling on an appropriate asset allocation for my investments. I'm going to start reading William J. Bernstein's The Intelligent Asset Allocator to see if I can get a better handle on that part of my investment portfolio. Does anyone have any other recommendations for books dealing with asset allocation?
I'm going to have to consult Google to even understand the question #noapparenthelp 🤣
In case I'm not the only one:)
Asset allocation
Asset allocation is the implementation of an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investor's risk tolerance, goals and investment time frame. The focus is on the characteristics of the overall portfolio.
Thanks for the suggestions.
For asset allocation, like a lot of things, you can go simple all the way to complex. At a basic level, there are four investment categories to consider: domestic equities, domestic bonds, international equities, and international bonds. There's more complexity as you divide up those basic categories. The reason asset allocation works is rebalancing, which necessarily forces you to buy low and sell high, but the trouble with rebalancing is to know how often to do so.
I have a hard time settling on an appropriate asset allocation for my investments, which affects periodic rebalancing. I'm going to start reading William J. Bernstein's The Intelligent Asset Allocator to see if I can get a better handle on that part of my investment portfolio. Does anyone have any other recommendations for books dealing with asset allocation?
I'm only through the first chapter, but I'm loving the book so far. Realizing the potential complexity of the topic, it's helpful to take the book in small sections at a time, and Bernstein even makes this suggestion.
I recommend The Wealthy Dreamer by Lynn Brishae
I recommend The Wealthy Dreamer by Lynn Brishae
What's it about? Does it focus on any specific topics in personal finance? Thanks!
Yes. it's herehttps://www.thewealthydreamer.com/product-page/digital.
It talks about her personal journey in building personal wealth but she gives resources and tips on how you can apply it to your life.
Tony Robbins- Money Master the Game is an awesome book that will change your life.
I recommend any book by Suze Orman.
Early Retirement Extreme by Jacob Lund Fisker
Not your typical FIRE book, lots of insight on becoming more of a Renaissance man or woman
A favorite of mine is The Total Money Makeover by Dave Ramsey. He discusses
a practical and simple 7 step plan to get out of debt and build wealth. He is also very funny and entertaining 
https://www.daveramsey.com/store/product/the-total-money-makeover-book-by-dave-ramsey
I think Dave Ramsey's Total Money Makeover and The Millionaire Next Door by Thomas J. Stanley, Ph.D and William D. Danko, Ph.D are the two go-to books for getting yourself out of debt, saving and living a life that is fulfilling but yet not so attached to things that you loose focus of what you are working for today and planning for your future. The one take is if we plant in the spring (when we are young), we will reap the harvest in the fall (when we get older). The greatest abundance in life is not trying to play catch up when we turn 50 in preparation for retirement at 65.
Another book I would recommend is You Need a Budget (YNAB) by Jesse Mecham. I had a lot of takeaways from the book regarding budgeting and money management. https://www.youneedabudget.com/ynab-the-book/
I've also just read Get Good With Money by Tiffany Aliche and I really liked it.
