1. “The Wealthy Barber,” by David Chilton (1997). The second part of the title explains the premise: “Everyone’s Commonsense Guide to Becoming Financially Independent.” It makes the point that slow and steady wins the race.
2. “From Monk to Money Manager,” by Doug Lynam (2019). The author grows up in a prosperous family and becomes a hippie, and then a U.S. Marine. This leads up to living in a monastery, helping monks file for bankruptcy protection and managing their money afterward.
3. “The Bogleheads’ Guide to the Three-Fund Portfolio,” by Taylor Larimore (2018).
Who knew there was a
? It’s based on the premise that you can do well by combining three index funds.
4. “The Intelligent Investor,” by Benjamin Graham (2006, first published in 1949!). It talks about value investing and loss minimization. Warren Buffett’s accolade “By far, the best book on investing ever written” is the best recommendation possible.
5. “Simple Wealth, Inevitable Wealth,” by Nick Murray (1999). Nick Murray is famous in the industry. It makes the case that the client and the advisor work together as a team.
6. “The Psychology of Money,” by Morgan Housel (2020). The use of the word “psychology” gives a clue to the approach. Many people think of investing as number-crunching. Many decisions we make about finance and investing involve emotion.
7. “Rich Dad, Poor Dad,” by Robert Kiyosaki (2017). This is another classic, first published about 25 years ago. A major point it makes is contrasting the approach of needing to have a job paying a lot versus investing wisely and having your money do the work.
8. “Extraordinary Popular Delusions and the Madness of Crowds,” by Charles Mackay (2016). You will note that the original was published in 1841! There have been many investment bubbles over the centuries. Some examples, like the bubble in Dutch tulips, will be familiar.
9. “Why Wall Street Matters,” by William Chan (2017). The author’s background includes both working as an investment banker and a journalist. It makes the point that most Americans are directly or indirectly connected to Wall Street. Another point he makes is that capital is an important part of capitalism.
10. “The New Financial Advisor,” by Nick Murray (2001). Nick Murray is a proponent of investors working alongside advisors. The person who recommended it felt it “validated her belief in the stock market” and after 20 years still deserves a place in her book collection.
11. “Dear Kate: Reflections on Risk and Rewards After the Storm,” by Brad Fortier (2012). The book looks at the author’s view on life and what is important after Hurricane Katrina. It addresses financial issues and other life lessons. The format is a father writing to his daughter.
12. “Reminiscences of a Stock Operator,” by Edwin Lefevre (2006). This is another “golden oldie,” since the original was first published more than 90 years ago. It’s been described as a fictionalized biography and teaches lessons that are still relevant today. One example is the logic of sitting tight.