This past semester I gave my honors students a choice between writing a book report or a research paper; 75 out of 78 chose the book report. The response and the results were overwhelming! Students captured the ideas presented in the books extremely well and wrote some outstanding papers!
So this made me think that I should probably update my recommended reading list based on the intriguing and informative books my students reported on. In the spirit of full disclosure, the book report idea was originally that of my good friend and colleague, Prof. Steve Schiestel, who I stole it from (shhh, don’t tell him!) Here is the updated list:
The Intelligent Investor, by Benjamin Graham
The “Bible” of investing, written by the second greatest investor that ever lived (of course the greatest investor ever is…me!, no, I mean Warren Buffett. I’m a few spots lower on the list. Ok, a few hundred/thousand spots lower, but who’s counting?). The students who reported on this book felt it was extremely relevant today even though it was written some 70 years ago, and I completely agree. An absolute must read for all potential investors.
The rest in no particular order:
One Up on Wall Street, by Peter Lynch
Written by one of the greatest mutual fund managers in history, this book provides practical advice to ordinary investors on how to identify winning stocks just as well as the professionals. I’m certainly not saying that everyone who reads it will be able to do that, but I think Mr. Lynch gives some great personal finance and investing advice throughout this easy-to-read and enjoyable book.
Who Works for Who? Let your money work for you!, by Thomas Rimer
Yes, I know this is my book, and I’m not just trying to self-promote; I really believe this book will help college students/recent grads and people of all ages improve their finances and gain some practical investment knowledge. I wrote it to be a very easy read in a conversational and occasionally humorous manner. It’s still available on my website for $3.95; by buying the book you’ll be automatically subscribed to this blog, though you can unsubscribe at any time.
A Random Walk Down Wall Street, by Burton Malkiel
Burton Malkiel does exactly what the title says: he takes readers on a walk down Wall Street. Ok, not literally, but he covers everything from the history of investing to buying one first stocks to behavioral finance. I believe this is one of the first books aspiring investors should read, though it will provide great insights to seasoned investors as well.
The Essays of Warren Buffett, by Warren Buffett
Who better to read about investing from than the greatest investor of all time?! One of the things I like best about Warren Buffett is that although he is highly intelligent, he speaks to people in an ordinary way that everyone can understand. It amazing that one of the richest people to ever live is in a lot of ways just an ordinary person, speaking to people on their level rather than above everyone. When Warren Buffett speaks, listen; when he writes, read!
The Little Book of Common Sense Investing, by Jack Bogle
The founder of the best mutual fund company on the planet (and second largest behind Blackrock) and creator of the Index Fund, Jack Bogle, has written a number of great books on investing, and I recommend all of them. The Little Book of Common Sense Investing is the one I would start with, and delivers exactly what the title says.
Your Money and Your Brain, by Jason Zweig
One of the leading works on behavioral finance and how our brains are wired to fall into some common pitfalls in our personal finances and as investors. Understanding why we make the mistakes we do (even professionals make them) will help us to avoid and overcome these common errors. I recommend this for anyone who wants to become a serious investor.
Five Mistakes Every Investor Makes, by Peter Mallouk
Successful investing is often a matter of avoiding common mistakes; author Peter Mallouk identifies 5 key pitfalls to avoid as an investor. Mallouk does a great job of explaining each mistaken practice, why it’s harmful, and how to overcome it. A great read for those not only looking to build their own portfolio, but also for those seeking the help of an advisor.
Why Didn’t They Teach Me This In School?, by Cary Siegel
This was originally going to be the title of my book, until I found out it was already taken. Author Cary Siegel presents a series of 99 lessons organized into eight groups that provide practical financial advice that isn’t completely taught in standard personal finance classes. A great roadmap for establishing sound habits that will improve your financial life.
On My Own Two Feet: A Modern Girl’s Guide to Personal Finance, by Manisha Thakor and Sharon Kedar
Written from a woman’s perspective, this book describes the basic tools of personal finance and investing, and provides everyone with practical advice on how to succeed at both.
Broke Millennial: Stop Scraping By and Get Your Financial Life Together, by Erin Lowry
Outstanding advice aimed at people in their 20s and 30s for avoiding/getting out of financial difficulties and establishing a good relationship with money.
Rich Dad Poor Dad, by Robery Kiyosaki
A look at the habits/practices of the wealthy and not-so-wealthy in America, which leads to practical advice on how to improve your financial habits as well as your financial life. It’s an easy read and is well worth the time spent reading it!
The Millionaire Next Door, by William Danko and Thomas Stanley
The book looks at some of the common practices of wealthy people, which provides great insights into how they became and stayed wealthy. People of all income/asset levels can gain some valuable tips from this book for improving their finances and financial habits.
Secrets of Six-Figure Women, by Barbara Stanny
This book explains some of the differences in mindset of high and not-as-high earners, and shows how everyone can improve their income and financial life through adopting a better way of thinking.
Get a Financial Life, by Beth Kobliner
Though written in the mid-90s, this book is still relevant with practical messages about how to improve your personal finances and establish sound habits for staying out of financial trouble. Focuses more on personal finance than investments.
Of course there are many other great books about personal finance and investing, and some of my students this past semester did great reports on books not listed here. But I think the books above are an outstanding start on improving your financial life.
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