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Hi Solvers! Below you'll find my top three personal finance books. They're a great place to start on your investment journey. The Millionaire Next Door focuses on the "why" of personal finance - why it's important to get your personal finances in order. It's a non-technical book that analyzes lifestyle and investment choices and their impacts over a long period of time. The Simple Path to Wealth addresses the "how" of personal finance - how to set yourself up for an early and successful retirement. And finally, the Intelligent Investor reviews the "what" and "when" of investing - what you should invest in and when you should be doing it.
The Millionaire Next Door
The book is based on a study, started several decades ago, with the objective of understanding how certain Americans manage to achieve a net worth of over $1 million. The study found that the vast majority of American millionaires do not drive fancy cars, or live in upscale neighborhoods. The key to their success was underpinned by frugality and careful investments. This book provides a grounded (in evidence) background on how to achieve wealth without the Ivy league education.
The Simple Path to Wealth
J L Collins wrote this book for his teenage daughter, to provide her with a framework for how to invest. If you feel intimidated by the world of personal finance, then this is a great place to start. The book is accessible and surprisingly interesting given the topic. It provides a simple framework for your investment strategies. Note that the book refers to American index funds and American retirement vehicles. Your country will likely have similar index fund providers and comparable retirement setups.
The Intelligent Investor
This is a tough, but excellent read - one of Warren Buffet's favorite books. The book offers a deep dive into the basic fundamentals of investing and explains what constitutes a good and bad investment strategy. The author explains, in technical terms, what to look for in an investment, how markets work, and what investments to avoid. The commentary by Zweig does a great job of translating the older research findings into today's modern world. Surprisingly, not much has changed.
Rich Dad Poor Dad
Wealthy people think about money very differently than the poor or middle class. Regardless of where you're starting from, you need to learn how the rich think about money if you want to be wealthy. This is a very eye opening book for anyone who hasn't been raised by a wealthy family.
As a followup to Rich Dad Poor Dad, this book talks about the importance of the type of income you earn and where you want your income to be coming from to build wealth. Consider how may evolve through the 4 cashflow quadrants as your career and net worth grow.
A must-read for anyone who's interested in understanding the world of business today. Bernstein expertly narrates the evolution of trade through a span of thousands of years, beginning with Sumer, about 3000 BCE, up to the modern day. It is a fascinating journey through human history from the economic, political, military, social and cultural perspective.
Manias, Panics and Crashes
Lessons from the past on financial mismanagement of
The book deconstructs the instability of our international system, and reviews what has historically lead to manias, panics and financial crashes throughout history. A good book to help put financial history into perspective.
This book tells the story of how one of the most crucial US institutions, the Federal Reserve, was created. Lowenstein's riveting account of the complex personalities, political conflicts and financial issues involved sheds the light on how the stage was set for America to become a global financial power.
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