Beach reading season is among us! In the midst of fold-out chairs, barbeques, and sand-covered toes, I like to find time to do some summer reading.
Recreational reading is a great way to keep your mind active (and also inactive - that is, get to sleep!). Educational reading, though seldom as pleasurable, is one of the to stay up to date, especially in the world of personal finance. There are so many interesting books, articles, and blogs that can teach you something new.
In addition to your thorough reading of our blog here at ProWealth Invest (keep it up!), I wanted to put together a list of my favorite reads in the personal finance realm. The bookshelves are packed tight with get-rich-quick books but there are so many others that represent different aspects of personal finance and methods of helping you grow as a person.
My team and I are passionate about learning and want to help you find the resources you need to succeed, so that you will always make informed decisions when it comes to managing your financial life. To do this we have created a “news and self-study” section to our website. It will always have our latest news and recommended readings. Here is a sample:
#1 Rich Dad Poor Dad, by Robert T. Kiyosaki
This book falls into the subgenre of real estate investing—one of the most fast-paced and lucrative investment strategies in personal finance. Kiyosaki does an excellent job of blending his personal story with his father and brothers to the financial lessons he wishes to teach the reader.
The text is approachable and speaks to both investing itself and ways to teach your kids those same principles. Money is not often something talked about enough in our society, and Kiyosaki seeks to change that narrative. He wishes to expel the myth that only the wealthy can get ahead and explains the difference between working for your money and having your money work for you. With lessons ranging from the importance of general financial literacy to ways of optimizing your financial situation, all readers will learn something new.
#2 The Millionaire Next Door, by William D. Danko with new preface by Thomas J. Stanley
Do all the wealthy people live in mansions in L.A? Are there traits and habits that can help you accumulate more wealth?
This new edition of the famous 1998 book delves into the world of wealth management and growth. This edition brings the book into the 21st century with practical applications for modern readers.
The book seeks to illustrate traits that foster wealth growth throughout the years. With intensity and rigor, the book defines these 7 traits and works to lay the groundwork for readers to start growing their wealth as time passes.
#3 Your Life Well Spent, by Russ CrossonDo you ever invest in yourself? What are the benefits of taking time, money, and resources to dedicate to your family’s financial legacy? How can your material wealth transcend yourself? These questions and more are covered by author Russ Crosson in his wonderful book about the power of money, your mindset toward it, and investing it in your future.
With money, it is so important that we clearly illustrate and define our goals. Crosson shows readers how he did just that and his connection to money from a spiritual framework. He takes an interesting approach and merges two seemingly divergent topics: money and eternity. This viewpoint encourages readers to think about their money in a long-term way and how to use it as a legacy for your family.
#4 The Total Money Makeover, by David Ramsay
Financial powerhouse David Ramsay details his insights on all things debt. Debt is a scary word, one that we don’t like to talk about. It infiltrates many aspects of our lives from the house we live in, the cars we drive, and most big ticket items that we buy.. But Ramsay has created a book that condenses his lessons on debt to help families eliminate it and reach their financial goals.
He covers everything from the myths about debt and money management, to creating financial goals and building your wealth. It is an inspirational text that will help you get your finances in check!
#5 The Richest Man In Babylon, by George S. ClasonAcclaimed by many as a modern-day classic, this text uses stories that help inspire the reader along their personal finance journey. This set of Babylonian parables have helped many find inspiration, motivation, and practical tips for cleaning up their financial lives.
If you love motivational texts that you can keep coming back to time and time again, this book is for you!
#6 Asset Dedication: How To Grow Wealthy With The Next Generation of Asset Allocation by Stephen Huxley and Brent Burns
This book is near and dear to our hearts at ProWealth Invest! Although modern portfolio theory, first discussed in the early 1950’s, is one of the best known financial strategies, it has been criticised because it was designed for institutions rather than people. Its recommendations as to the best way to allocate assets in a portfolio fail to take into account the goals, visions, desires, and situations needed to address personal financial issues.Asset Dedication is based on an alternate theory, dedicated portfolio theory. The book is fairly intensive from a technical standpoint, but it gives the process of asset allocation a facelift, through a seven-step process encouraging a unique plan for real investors.
There are some wonderful books on this list ranging from debt mitigation to motivational to spiritual to practical investing tips. Each of us is interested in different topics, and surely there will be a book here that will speak to you.
We love to talk about finance from any perspective, so once you pick a book and read it, let us know what you think!