When you think about successful money management, what comes to mind? Where do you receive good information? How do you know what books to read to help guide you down the right path? Most people don’t just obtain wealth out of the blue sky. If you were to ask most successful people how they obtained their money, they would tell you they worked hard, had some luck/blessing, and they read voraciously. When I first entered the financial planning business, my mentors assigned me a list of books to read to help me understand more about money and how it works. Since that time 15 years ago, I’ve come across many great financial books and I’d like to share ten books to help you make smart choices with your money. I’m sure 15 years from now, I’ll have a different list of books that every successful investor should read, but for now, please enjoy.
Disclosure: While I find these books helpful, I don’t agree with every concept illustrated in every book. On your quest for knowledge, you need to determine what works for you and your family. These book recommendations are not considered to be a solicitation of advice.
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10) Rich Dad Poor Dad By Robert Kiyosaki:
This was the first book I read when I entered the financial planning industry. Robert Kiyosaki describes how he had two dads. He takes the time to describe each father’s financial and life philosophies and how each dad is deemed with the names Rich Dad and Poor Dad. The book does a great job of detailing financial ideas and concepts that allow Rich Dad to be rich and Poor Dad to be poor. The book would be great for the person who is paying their bills first and feels like there is nothing left to save at the end of the paycheck.
9) The 7 habits of highly effective people By Stephen Covey:
While this book isn’t necessarily about money, I believe this book gives a great blueprint of how to achieve success in your life. The 7 habits help you to obtain structure to achieve the goals you are looking to achieve in life. I have found that while the 7 habits aren’t necessarily financial principles, they can be used in almost any financial situation.
8) The Millionaire Next Door By Thomas Payne
The Millionaire Next Door is one of the best books I’ve read that smacks American Consumerism right in the face. This book details for you what a normal Millionaire looks like, what she might drive, and how he might live. With today’s images of what it looks like to be a millionaire, this book is a breath of fresh air describing how most millionaires are made and live.
7) The Investment Answer By Daniel Goldie & Gordon Murray
The Investment Answer helps give every investor an idea of what they should be looking for when they invest money. The book addresses concerns such as how to understand the markets, how to pick a financial advisor, & how to make great financial choices. We love to give this book to potential clients. Even if a client doesn’t choose to work with us, this book will help them make the best decision possible about whom they should hire.
6) How to Think Like Benjamin Graham and Invest Like Warren Buffet By Lawrence Cunningham
This again is one of my personal favorites. This book showcases some of the great ideas of Benjamin Graham and Warren Buffet. If you don’t have time to sit down and read the 725 page book Security Analysis by Benjamin Graham, then this book is for you. This book challenges some of the stereotypical types of investing methods and dives into value investing. We again like this book because it compliments some of our own investment management philosophies.
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5) Values-Based Financial Planning By Bill Bachrach
This book describes the need for financial planning according to your unique values. Investing according to your unique values allows you to determine what is really most important to you when planning for your future. We all have values that are important to us. Why would you not consider those values when you are planning for your most important goals in life?
4) Total Money Makeover By Dave Ramsey
Dave’s advice focuses on living a life free of debt and investing money for the long-term. Many people focus on utilizing debt to achieve the things they want in life. Dave’s radical concepts of approaching all situations without debt can help the individual who has become too reliant on credit cards and bank loans.
3) The Financial Wisdom of Ebenezer Scrooge By Ted Klontz, Rick Kahler, & Brad Klontz
“The Five principles to transform your relationship with money” will help you understand the love affair you’ve had with money and how to change it. Some people tend to focus on attaining more of this and more of that. This book suggests that if we are constantly seeking for more when it comes to money, we may need to start doing some things differently.
2) The Treasure Principle By Randy Alcorn
Where is your treasure? What kind of riches are you seeking? We’ve all heard it is better to give than to receive. The Treasure Principle seeks to show you how to experience joy through the giving of your money. Maybe many of us haven’t thought about giving as being a gift, but some people have an inborn desire to give of their resources. How much better could your life be if you decided to “Discover The Secret of Joyful Giving”.
1) Master Your Money By Ron Blue
Ron’s book shows individuals how to manage their money with a Biblical perspective in mind. Many of us who believe in the teachings of Christ already know the Bible has a great blueprint for money management. Master Your Money looks to describe those concepts in detail while giving real world applications and scenarios to help you understand how you can Master Your Money.
I hope you make time to read some of these great books about money.
“My people are dying because of lack of knowledge”.
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