By Richard Eisenberg, next avenue
Whether 2022 is the year you have resolved to manage your money better or you have an adult child or grandchild, you want to learn some personal finance basics, have I got some books for you!
In fact, they’re 13 money book recommendations from my “Friends Talk Money” podcast co-hosts Pam Kruger, Terry Savage, and me and come from our most recent episode (you can listen to it wherever you get the podcast). Huh). They are an eclectic group of books – some newly published and others that are classic. But I promise all helpful.
As Kruger said on the podcast, these are “the kind of books that can really help you understand the goal of making yourself financially sound” and “this is life when it comes to your personal finances.” can change.”
Incidentally, Krueger, Savage and I are all personal finance writers and we are such big readers. So, we know a thing or two about money books that are worth the price.
This leads me to two caveats about personal finance books that I shared on the “Friends Talk Money” podcast.
Number one: If the book contains advice about taxes or retirement planning, check the publication date. You don’t want to buy an outdated financial advice book.
Number two: read the biography of the author. Few personal finance books are little more than cleverly disguised sales for insurance and annuities from the authors selling them.
Savage’s Advice When Choosing a Money Book: Ask Yourself “What profound attitude adjustments can this give me toward money and what new ways of thinking about money and financial topics are worth my time reading this? Worth it?”
There are now 13 books (with some of the longest titles you’ve ever seen), starting with five Krueger said she “really tried to live by” and “read and reread.”
“The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns” by John Bogle. The author is the late founder of Vanguard Mutual Fund, the father of low-cost index funds (usually a mutual fund that buys shares of the entire stock market) and known as a champion of small investors. First published in 2007, Bogle’s seminal, plain-English investing book was updated in 2017. Krueger said: “It slices through the noise of Wall Street, it gets to the heart of how you and I can do the little things as investors to prosper.”
“The Millionaire Next Door” by Thomas Stanley and William Danko. First published in 1996 and re-released in 2010, it’s all about ways to spend frugally to save more—the kind that modest small business owners often use to help them become millionaires. . Krueger said that writers “can change your life by changing your habits.” (I interviewed Stanley when I was a writer at Money magazine, just before the book first came out, and was impressed by his research and advice.)
Get Good With Money: 10 Simple Steps to Becoming Financially Whole“The Budgetist” Alishe by Tiffany. This Could Be the Book of 2021 A great primer for your grown-up child Or your grandson. Its authors are also young; Alishe is a former preschool teacher turned financial educator. Krueger suggested this to his niece who had just turned 30. “It’s a great book to get kids thinking about budgeting and living without debt,” she said.
“The Intelligent Investor: The Definitive Book on Value Investing” by Benjamin Graham. Talk about a classic; Graham, an economist, professor and investor, first published this book about value investing (finding stocks trading for less than their intrinsic value) in 1949. It’s definitely been updated; Most recently by Wall Street Journal “Intelligent Investor” columnist Jason Zweig. Krueger — who has read the book at least three times — said on a podcast that when he interviewed legendary investor Warren Buffett a decade ago, he said it was the one investing book that changed his life.
“The Savage Truth on Money: Third Edition” by Terry Savage. Krueger stressed that she would recommend this 2019 book, even if syndicated personal finance columnist Savage isn’t one of our co-hosts. “What I love most about this book is that these are [personal finance] Strategies that actually work for real people, especially people who are getting ready to retire,” Krueger said.
Savage’s four picks:
“The Warren Buffett Book of Investing Wisdom: 350 Quotes from the World’s Most Successful Investor” by Robert L. Bloch. Savage called Buffett “the current modern-day iteration of Benjamin Graham”.
“The Price You Pay for College: A Brand New Road Map for the Biggest Financial Decision Your Family Will Ever Make” by Ron Lieber. The author is The New York Times
“Money Magic: An Economist’s Secrets to More Money, Less Risk, and a Better Life” Lawrence J. by Kotlikoff. Off the press, this 2022 book by the iconoclastic Boston University professor and social security maven is full of smart and sometimes provocative personal finance tips. Next Avenue recently published a Kerry Hannon interview with him about the advice for his book. One of Savage’s favorite parts: Kotlikoff’s section “Why Your Daughter Might Be Better Off Being a Plumber Than a Doctor.”
“Success Through Positive Mental Attitude”by W. Clement Stone and Napoleon Hill. Savage admits this 1960 self-help book, which she recommends for young adults, has one flaw: it talks only about men Achieving success with a positive mental attitude. But if your child or grandchild can go beyond that, she said, they’ll find the advice inspiring. Savage said she first started reading it in her 20s when her father had the book on his desk. (Savage, a former newspaper reporter, wrote Stone’s obituary just after his 100 birthday.)
And here are my four recommendations:
“This Is the Year I Put My Financial Life in Order” by John Schwartz. This 2018 Book Is Helpful and Fun (Can You Say How Many Personal Finance Books She About this?). Schwartz — now a journalism professor at the University of Texas — remembers his last year in his 50s, finally figuring out how to manage his money; He interviewed financial shrewds to show him where he went wrong and what to do instead. I interviewed him for Next Avenue when the book came out.
“How to Make Your Money Last: The Essential Money Guide” by Jane Bryant Quinn. One of the greatest personal finance writers (Newsweek, AARP) and commentators (CBS), Quinn, published this 2020 book specifically for people looking for smart, practical, and straight-to-the-hip retirement planning advice. I also interviewed him about the book Next Avenue.
“50+ Great Jobs for Everyone: Finding Work That Keeps You Happy and Healthy…and Pays the Bills” by Kerry Hannon. A perfect book for this great resignation era, it’s all about full-time and part-time job opportunities and the skills you’ll need. As you know, Hannon has long been the author of Next Avenue; Here, she actually delivers the goods.
“Right Place Right Time: The Ultimate Guide to Choosing a Home for the Second Half of Life” by Ryan Frederick. Recently published and featured on Next Avenue, Frederick’s book can be extremely helpful if you’re thinking about where to live, what to reduce or how to age.
Happy Reading, Happy Wealth-Building and Happy New Year!