One of my favorite things about the summer is sitting by the pool or relaxing on a beach with a really good read. But, if you’re like me, you also want to take that opportunity to actually learn something new as you’re soaking up the sun.
This year I’ve decided to work on becoming stronger with personal finances. As I run a fintech company I should really know how to best answer all my customers questions, no matter what they are. I’ve settled on the following eleven books to help me achieve that goal.
1. The Richest Man in Babylon by George S. Clason
Millions of investors have read and been inspired by this classic book since its release in 1926. Even though this bestseller shares financial advice through a collection of parables set in in ancient Babylon it also emphasize the importance of being charitable.
Quote to live by: “Wealth, like a tree, grows from a tiny seed. The first copper you save is the seed from which your tree of wealth shall grow. The sooner you plant that seed the sooner shall the tree grow. And the more faithfully you nourish and water that tree with consistent savings, the sooner may you bask in contentment beneath its shade.”
2. The Millionaire Next Door by Thomas J. Stanley and William D. Danko
Published in 1996 The Millionaire Next Door is a compilation of research conducted by Stanley and Danko that profiles the behavior habits of millionaires. It’s a great summer read if you’re just getting introduced to the world of personal finance since it includes easy-to-understand instructions on how to behave more like a millionaire.
Quote to live by: “Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self-discipline.”
3. MONEY Master the Game: 7 Simple Steps to Financial Freedom by Tony Robbins
This was Robbins first book in two decades, and it was definitely worth the wait. Robbins conducted extensive research and interviews with over fifty renowned financial experts like Warren Buffett and Carl Icahn. By doing so, Robbins was able to create 7-step blueprint that will assist you in creating your finances in order and establish a long-term to achieve financial freedom.
Quote to live by: “The secret to wealth is simple: Find a way to do more for others than anyone else does. Become more valuable. Do more. Give more. Be more. Serve more.”
4. The Bogleheads’ Guide to Investing by Taylor Larimore, Mel Lindauer, Michael LeBoeuf, and John C. Bogle
If you want a straightforward and arguably the greatest personal investing book then look no further. The Bogleheads’ Guide to Investing shares an investing philosophy that helps you make day-to-day financial decisions to setting financial goals to spotting individual investment opportunities. It’s perfect for newbies or if you need to freshen up on your investing skills.
Quote to live by: “There is no substitute for frugality. Deciding how much to save is the most important decision you will ever make because you can't invest what you don't save.”
5. When to Rob a Bank ... and 131 More Warped Suggestions and Well-Intended Rants by Steven D. Levitt and Stephen J. Dubner
This is a collection of blog to celebrate the 10th anniversary of the most-excellent Freakonomics in 2015. Because these are the duo's best blog posts the content is more personal, kooky, and outlandish, which makes it a lighter summer read. What does it have to do with investing? Will it asks important financial questions like ‘Why don’t flight attendants get tipped?, ‘Why does KFC always run out of fried chicken,?’ and ‘When to rob a bank?’
Quote to live by: “If you spend all your time catching the little fish, you won't have time -- or develop the technique, or the patience -- to ever catch the big ones.”
6. Think and Grow Rich by Napoleon Hill
Journalist Napoleon Hill interviewed more than 500 successful individuals that included John D. Rockefeller, Henry Ford, Charles Schwab, George Eastman, Thomas Edison, and most notably Andrew Carnegie. After more than two decades of research and their words of advice, Hill developed the thirteen steps to success, which included the belief that "greed is good,” but only if you share the wealth. Originally published in 1937, Think and Grow Rich is considered one of the greatest “success” book that you’ll ever read.
Quote to live by: “The starting point of all achievement is DESIRE. Keep this constantly in mind. Weak desire brings weak results, just as a small fire makes a small amount of heat.”
7. Psych Yourself Rich by Farnoosh Torabi
This is a sound and easy-to-understand for anyone entering the “real world.” Torabi explores the relationship that we have with money, like how our emotions influence how we manage our personal finances, and how you can map out a plan that ensures that you’ll meet your goals.
Quote to live by: “It’s key to have a partner in your financial life who can knock some sense into you when you feel the impulse to spend.”
8. The Total Money Makeover by Dave Ramsey
Dave Ramsey is a radio talk-show host and best-selling author that shares common sense financial advice. For example, avoid using your credit card and pay with cash. He also goes a step further in this book by outlining a comprehensive guide on how to get out of debt and maintain financial health.
Quote to live by: “We buy things we don't need with money we don't have to impress people we don't like.”
Written by money expert and financial journalist Nicole Lapin, who also happens to be the youngest anchor on CNN, this book is an easy-to-follow 12-step plan for getting your finances in place and advice on how to invest in yourself through her personal mistakes and successes. It’s a great selection for newbies, thanks to the glossary, and the irreverent tone makes it perfect for reading while on the beach.
Quote to live by: “The truth is that when it comes to personal finance, any third grader can do the math. What truly matters is knowing how you want to live - and then translating that knowledge into smart, swift, and strategic financial action.”
10. The Number: What Do You Need for the Rest of Your Life and What Will It Cost? by Lee Eisenberg
An easy-to-read and interesting book that explores why we’re so obsessed with retirement and how much money it would take for us to leave our jobs. Ultimately, it’s guide that addresses our hopes and fears about the future and how we can plan for a secure future.
Quote to live by: “Retirement is right around the corner.”
11. Secrets of the Millionaire Mind by T. Harv Eker
Have you ever wondered why some people have no problem getting obtaining wealth while others can never give out of debt? Eker, a multi-millionaire himself, argues that it’s because you either think rich or think poor. In other words, if think like a boss then you’ll be a boss.
Quote to live by: "The vast majority of people simply do not have the internal capacity to create and hold on to large amounts of money and the increased challenges that go with more money and success."