As we get close to the holidays we need to start creating our gift wish list. I’m dedicating this month’s 'For your Consideration' to some books you should be asking for in your stocking. Or, if you plan on taking a lot of days off, and want to have a reason to escape family responsibilities, here are some ideas for reading material that will make it hard for someone to argue isn’t worth you ducking table clearing responsibilities.
As is always my opinion on general financial advice, these books provide a good starting point for getting financially educated. The authors are speaking to a broad market (a necessity to make writing a book economically worth the time), and it’s important to factor in your own goals and personal situation before implementing the ideas of the books.
Personal Finance for Dummies by Eric Tyson
A go-to resource for learning the basics about investing, budgeting, debt, and taxes. This book provides a good starting point for most financial questions. Although for reading in public you might want to replace the cover with a copy of the wall street journal.
The Millionaire Next Door by Thomas J. Stanley and William D. Danko
A book dedicated to discussing the common traits among individuals who created independent wealth. The book lays out the seven simple rules to follow to act and think like wealthy people.
The Truth About Money by Rick Edelman
Edelman provides a comprehensive look at everything about personal finance. But it’s not just numbers and calculations. It’s a roadmap to help you understand your money and finances. The book starts with a quiz to show you how much you already know or don’t know about personal finance. This makes is easy to skip the information you already know and focus your attention where you need the most help.
The Richest Man in Babylon by George S. Clason
If you prefer reading stories over ‘how to’ books, this is the title for you. It teaches the wisdom for financial success through parable-like short stories set in ancient Babylon. The stories are so engaging that you’ll forget that you’re learning about personal finance. Written in 1926, its tales of truth have lasted the test of time.
Boomerang: Travels in the New Third World by Michael Lewis
From the author of Money Ball and The Big Short, Lewis takes the reader back to the time leading up to the financial crisis with stories about Icelandic fishermen turned investment bankers, how the Greeks have turned tax-evasion into a national pastime and why Germany thought the rest of the world would behave like them.
Happy Thanksgiving! Here’s to another great month! -Greg