I am frequently asked about books that people should read to learn about personal finance and the broader subject of financial literacy. Frankly, simply reading a book or two is not going to “cut it.” Will it help? Absolutely. Learning from your own mistakes, talking to other people who have been successful, and receiving consistent counsel and guidance should also become part of the process. That said: there are three books I consistently recommend because of their overall message.
- The Millionaire Next Door, by Dr. William D. Danko and Dr. Thomas J. Stanley (1996). This is NOT about wealthy athletes who wear bling, have six houses and more cars than fingers. It is about your neighbors who decided early on that work and saving were a passion. Many subjects are covered, including dealing with children and money. It is a MUST read.
- The Number, by Lee Eisenberg (2006). The actual title from the author includes “A completely different way to think about the rest of your life.” Gets you to think. Practical information along with some “Zen” like moments. It is good because it is different.
- The Last Lecture, by Randy Pausch with Jeffrey Zaslow (2008). Absolutely nothing to do with money. Dr. Pausch, whose story is chronicled everywhere, was the late professor at Carnegie Mellon. His lecture, following his diagnosis of pancreatic cancer, is legendary. His book, equally so. Gets you to think, laugh, and cry. Every day is a good day when you experience all of these emotions. This is a MUST READ for anyone who can recite the alphabet.
Opinions express in the books listed above are not intended to provide specific advice and should not be construed as recommendations for any individual. To determine which investments may be appropriate for you, consult with our financial, tax or legal professional. Please remember that investment decisions should be based on an individual’s goals, time horizon, and tolerance for risk. Furthermore, any listing of a vendor or product does not constitute an endorsement or warranty of the vendor or product by National Planning Corporation (NPC). NPC is not to be held responsible for and may not be held liable for the adequacy of the information available