The average man wants to be rich. What’s the best way to go about it? Reading books by industry leaders and adopting their knowledge to your finances is the assured way of making wins and accumulating wealth. Here are three books on personal finance that will set you on a path to better money management whether tax planning, saving, investing and everything in between.
1. The Intelligent Investor by Benjamin Graham
Graham’s strategy of profit maximization over loss minimization is the basis of this book. Written in 1949, this book talks about the philosophy of “value investing.” As an investor, you’ll learn to avoid pitfalls and how to develop long-term strategies. In the 2006 edition, Buffett wrote the preface and appendix to give an update on today’s market but still based on Graham’s timeless wisdom on matters finances. He has been termed the greatest investment advisor that the twentieth century has ever seen with an ability to teach and inspire people globally. Till today, it is the stock market bible. It is worth noting that the author was one of the first to attribute successful stock investments to financial analysis.
2. The Only Investment Guide You’ll Ever Need by Andrew Tobias
If you’re in your 20’s or 30’s, you should read this book to make smarter decisions. It is the type of book that you should keep with you and reread severally given there are aspects you’re unlikely to pick up when you first read it. The book teaches those starting out how to make smart investments and decisions with their money. Topics include investing, taxes, saving, insurance and other practical topics one can apply in their daily life. The million-copy bestseller book was published in 1978 but has several updates, the most recent one showing readers how, in the wake of the change on Wall Street, how to use the money to your advantage, no matter how much they have. The book is written with the average person in mind; you won’t have to struggle when reading it.
3. The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by William Danko andThomas Stanley
The content in this book will shift the image on which we deem millionaires are. It aims to show that the wealthy are not necessarily those who live flash lives, but instead, those who saved invested and also lived below their means. The authors give an analysis of seven millionaire habits that have repeatedly come up in their research and how you can adopt them as well. Quite simply, as the title implies, you could have a millionaire next door and not know. The book was published in 1998, but the new edition has Dr. Thomas J. Stanley writing a foreword for the 21st century.