5 MIN READ
It’s great to read personal finance blogs and listen to podcasts (here’s one you might want to try if you haven’t already), but sometimes there is no substitute for the deeper dive that you did well-researched and well-written Books can offer.
The right books for personal finance and Personal development can provide an incredible amount of powerful knowledge that, once you have it, you can use to not only build your wealth, but improve your entire life.
Without further ado, here are some of the best books I’ve read that have helped me develop my perspective on personal finance and personal development.
Global Asset Allocation: A survey of the world’s leading asset allocation strategies from Meb Faber
I recommend this title to all of my clients who would like additional reading material to supplement our investment discussions.
Meb Faber offers an excellent overview of the diversification power of an investment portfolio. Global asset allocation is a must
The Big Leap: Overcome Your Hidden Fears and Take Life to the Next Level by Gay Hendricks
Ever feel like you are stuck at a certain point and just can’t break through no matter what you do? Or as if the universe were conspiring against you again and again – or even you conspire against yourself and fall victim to self-sabotaging tendencies?
Gay Hendricks would call this an upper bound problem, or what happens when we are on the verge of “ascending” in life, but our brain, which prefers the known and comfortable, just does not let us move beyond our current boundaries into the other Page.
The big leap is a great way to change your perspective and see things from new angles – and to help you consider the possibility of that you are the only thing standing in your way.
The Geometry of Wealth: How to Create a Life with Money and Purpose by Brian Portnoy
Too often, the personal finance world as a whole ignores the “why” behind money. It’s all about the “how” – how do we manage it, how do we invest it, how do we get more of it.
Brian Portnoy must have noticed this void and stepped in to fill it The geometry of wealth. The book makes a strong case for not only understanding our personal “why” behind wealth accumulation, but also determining our own understanding of how enough looks.
Portnoy explains this without knowing why we work so hard to make money and fail define how much of it is actually enough We will never be satisfied with our wishes and needs (no matter how much money we end up with).
This book provides a helpful framework for defining these two elements that can help you make the best decisions for your overall financial plan.
The Best Investment Writing Volume 2, edited by Meb Faber
Can you say i like this guy This is a collection of articles by multiple authors, but Meb was the editor who helped bring them all together.
The articles are new and that’s one of the reasons I love this book; other reads like The intelligent investor are wonderful and I would argue you need them too, but nice to have more modern thoughts to review.
The best investment writing, Volume 2 provides a great compilation to dive into if you want to improve your knowledge of financial markets, portfolio building, and even big trends like cryptocurrency.
I will teach you to be rich by Ramit Sethi
Is a list of the best books on personal finance complete without Ramit Sethi’s classics? Very, very few personal finance writers, or so-called gurus, will dive into specific tactics to make more money; in fact, very few of them will admit Earning more is a critical step in getting rich.
Sethi, on the other hand, offers strategies to negotiate your salary, increase your income, and then wisely manage a growing cash flow to turn it into true wealth over time.
I will teach you to be rich truly lives up to its title’s promise to give you the information you need to build a system to help you grow your wealth.
Triumph of the Optimists: 101 Years of Global Investment Returns
Fair warning: this book is not for the faint of heart or anyone who just wants a simple overview of the stock markets.
It’s actually a textbook and can be quite expensive if you want to buy your own copy. So check to see if your local library has it in the lookup area.
Triumph of the optimists provides a long-term perspective that can be very helpful when trying to manage your own investments in the present. It is easy to allow the timeliness bias to stand in the way of clear thinking, not just about what is possible in the future, but what is most likely.
Think and get rich from Napoleon Hill
I feel like this is probably the most eye-catching entry on this list, but I’ve found a lot of value in it Think and get rich because it was a good reminder that our actions tend to follow our thoughts.
I don’t believe in magical thinking or manifesting something out of nowhere just because you wished it so bad, but I find that adjust my mindset is a good first step to adapt my behavior and achieve the desired success.
When I think negatively, I tend to see only the bad. It’s not a good point of view to work and I’ve found that reframing situation can help me find solutions that I may have overlooked before.
Remember, you are free to find what you find useful in titles like these. This can be just a paragraph or two to help you see something from a different angle. You can always throw out what feels out of date, silly, or unhelpful.
Nudge; Predictably irrational; and thinking, fast and slow
All of these titles fall somewhere between personal development and behavioral finance, and all of them will help you better understand how your own brain works.
By actually knowing the how and why of our thinking, we can empower ourselves to make better and more rational decisions – especially about our money.
Any of these books would be great read to add to your collection:
A Random Walk Down Wall Street: Burton Malkiel’s Proven Strategy for Successful Investing
If you’re determined to get by as a successful DIY investor on your own, this is your guide.
A casual stroll down Wall Street is a classic, even though it was recently updated so it’s still very relevant. I just read it again at the beginning of 2020 and wanted to make it a reading sample for all of my customers.
If you take just one recommendation from this list, this could be my pick to help you make the greatest strides toward your biggest long-term financial goals and generate assets to fund your future.
About the author
Eric Roberge, CFP®, is the founder of Beyond Your Hammock, a fee-paying financial planning company based in Boston, Massachusetts that specializes in providing planning services and investment management to professionals in their 30s and 40s.
Did you know that XYPN consultants offer virtual services? You can work with clients in any state! View Eric’s Find a Advisor profile.