by Abby Hendricks ’18
Students oftentimes ask what books would be beneficial to read to advance their understanding of personal finance and financial planning. The books listed below are not a comprehensive list, but give students an awesome exposure to topics such as the basics of human behavior all the way to advanced financial planning. Let us know if there are books you would add to the list!
Personal Finance Basics
The following books are a great introduction to the basics of personal finance, human behavior, and investing.
Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
by Robert T. Kiyosaki
Robert Kiyosaki articulates his story of the two dads in his life: his “rich dad” and his “poor dad.” This book explores the myth that “you need to earn a high income to be rich.” Understand the difference between working for money and your money working for you through the exploration of two different parenting styles.
Rule #1: The Simple Strategy for Successful Investing in Only 15 Minutes a Week!
by Phil Town
Phil Town was not always a man of wealth, but discovered that a wealth of knowledge can lead to financial wealth. In his book, he discusses the rules and methods he used to equip you with the knowledge you need to invest your money.
The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money
by Carl Richards
Are you someone who allows emotion to cloud your vision of smart financial decisions? Do you want to understand the “behavior gap” between what we should do and what we actually do? Read Carl Richards book to rethink situations where your emotions are getting in the way of your spending.
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns
by John C. Bogle
Bogle will change the way you think about investing. It is all about “common sense.” Read all about index investing and how simple successful investing truly is with Bogle by your side.
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy
by Thomas Stanley and William Danko
Ever wonder how millionaires generate so much wealth? Stanley and Danko give incredible insights into the millionaire mindset. A little teaser, they don’t live in luxury homes or drive expensive cars! This book discusses being economical, goal-oriented, planning your financial future, and even how to negotiate a car deal.
The New Master Your Money: A Step-by-Step Plan for Gaining and Enjoying Financial Freedom
by Jeremy White, Ron Blue and Charles Swindoll
This book provides you with insight on how to avoid the most common financial mistakes, apply biblical principles, save, invest, and give money more wisely, plan for taxes and get out of debt. Help yourself create a plan that works for you. You’re the “Master” of your money.
The Richest Man in Babylon—Six Laws of Wealth
by Charles Conrad
Take yourself back in time to learn the essentials of finance through the “ancient Babylonians’ timeless secrets.” Don’t worry about complicated messages; Charles Conrad demonstrates a clear concept on how to get out of debt, choose investments wisely, how to increase earning power and much more.
Your Money or Your Life
by Vicki Robin and Joe Dominquez
This book is perfect for millennials looking for a framework on how to get out of debt, how to reorder your material priorities, how to live well for less, how to resolve conflicts between your values and your lifestyle, and how to save the planet while saving money.
Advanced financial planning, investing, and practice management
We suggest these books for a deeper understanding of advanced financial planning, investing, and practice management:
Gen-Savvy Financial Advisor
by Cam Marston
Ever wonder about how the different generations handle finances differently? This book explains the different guidelines, techniques, and sayings to use with your changing financial industry clientele.
Getting Naked: A Business Fable About Shedding The Three Fears That Sabotage Client Loyalty
by Patrick Lencioni
This volume offers knowledge on how to gain competitive advantage in tough times, shows why vulnerability is so important and gives ideas on how to inspire client loyalty. Learn how to gain a lasting competitive gain with this addition to the Lencioni series.
Practice Made (More) Perfect: Transforming a Financial Advisory Practice Into a Business
by Mark C. Tibergien and Rebecca Pomering
This book is perfect for individuals needing advice on how to prosper in the financial advisory business and how to handle the latest meltdowns in the office. Do you need advice? Read this book and gain new ways to handle anything that might bombard you in the workplace.
The Intelligent Investor: A Book of Practical Counsel
by Benjamin Graham, Jason Zweig, Warren E. Buffett
If you are an investor, learn how to develop long-term strategies to become comfortable later on. This is important to indulge in if you want to make your investments a success. Author, John Train, states, “The Intelligent Investor is the best book ever written for the stockholder.”
The Trusted Advisor
by David H. Maister, Charles H. Green and Robert M. Galford
The importance of gaining the trust and confidence of clients is discussed continuously through experiences and examples of success and defeat. See if you can relate and what you can do better with your clienteles.
Thinking, Fast and Slow
by Daniel Kahneman
Explore the two methods that inspire the way we think. Learn how we think and how to avoid the “mental glitches” that often guide us to make the wrong decisions.
Wealth Management: The Financial Advisor’s Guide to Investing and Managing Client Assets
by Harold Evensky, Stephen M. Horan, Thomas R. Robinson, Roger Ibbotson
This book discusses Harold Evensky’s policy, which is designed to account for each client’s individual goals and constraints. Don’t think all of your clients are the same; learn to keep them separate through recommendation given in Evensky’s policy.
What books are you reading this summer? Let us know in the comments below.