Personal finance books - anyone read 'em?

[cornfieldj]

A lot of these cross my desk as a personal finance reporter, and I find them hard to get through. Someone left a copy of David Bach's "Start Late, Finish Rich" in our building's laundry room/library.

Just can't read it. It seems so word-y and long and repetitious. Don't get me wrong. I love to read. Just not personal finance stuff.

On the other hand, I do like Helaine Olen, who wrote Pound Foolish. She has another book - The Index Card: Why Personal Finance Doesn't Have to Be Complicated. I think that's more my speed.

Someone sent me a copy of Beautiful Money by Leanne Jacobs. (The 4-week total wealth makeover.) It seems kind of silly, though I'm sure it makes some good points.

Anyone have personal likes or dislikes? I'm interested in what people are reading.

[97guns]

I hate to read and hated school even more, I've only read 2 books in the past 25 years. Millionare real estate investor and Mike Caros Book of Poker Tells, I've implemented teachings from both books with great results

[puck36]

I like Dave Ramsey.

[disneysteve]

I did years ago - David Bach, David Chilton, Suze Orman, Thomas Stanley.

At this point in my life, I think I have a solid grasp on all of the basic stuff and don't really feel I have much to gain from reading more of those types of books. They essentially all cover the same basic information.

[cornfieldj]

They essentially all cover the same basic information.

Does any basic info stand out, in your opinion? Did you like any of them better than others? The only one I plan to read is The Warren Buffett Way (or something like that).

But I'm interested in your thoughts on the big ones. Also - do you ever recommend them?

[cornfieldj]

I like Dave Ramsey.

Did you learn anything new from Ramsey? Do you recommend him, and why? Thanks!

[Jluke]

short and simple; and I've mentioned it here before on another thread

if you can by william Bernstein

[frugal saver]

I read A LOT, and pretty much everything.

But personal finance books--they tend to all be the same. Buying a house, buying insurance, buying this or that.

I do love any book put out by Morningstar. I'm currently reading Why Moats Matter, and I frequently read books from Wiley--Value Investing, The Bogleheads' Guide to Investing, The Only Three Questions that Still Count (by Ken Fisher, The Financial Numbers Game, The Manual of Ideas.

Ok, I read a lot of financial books. And go to a look of book sales. Not always a good combination.

[msomnipotent]

I read A LOT, and pretty much everything.

But personal finance books--they tend to all be the same. Buying a house, buying insurance, buying this or that.

I do love any book put out by Morningstar. I'm currently reading Why Moats Matter, and I frequently read books from Wiley--Value Investing, The Bogleheads' Guide to Investing, The Only Three Questions that Still Count (by Ken Fisher, The Financial Numbers Game, The Manual of Ideas.

Ok, I read a lot of financial books. And go to a look of book sales. Not always a good combination.

I put the Ken Fisher book on my wishlist to check out later. His recent commercial about annuities cracks me up. "I would rather die and go to hell rather than sell an annuity!"

[disneysteve]

Does any basic info stand out, in your opinion? Did you like any of them better than others? The only one I plan to read is The Warren Buffett Way (or something like that).

But I'm interested in your thoughts on the big ones. Also - do you ever recommend them?

I frequently recommend them. For a good "mindset" sort of book, The Millionaire Next Door and The Wealthy Barber are both good. For someone struggling with debt, Dave Ramsey's Total Money Makeover. For someone just starting out, maybe a recent grad in their first job, Suze Orman's Young, Fabulous, and Broke.

I think they all do a good job and all present relatively similar information in different ways that might get through to different sorts of people.

[thestrongprofessional]

Best personal finance books

Hey cornfieldj,

I think the personal finance book that someone should read depends on what stage they are in their life. As someone who has recently graduated from college, I think the book "I Will Teach You To Be Rich" by Ramit Sathei is extremely valuable. He explains basic financial principles in an amusing way and I agree with his strategy on how he approaches money. You don't have to skimp and save on everything in your life. He believes that you can spend money on the things you care about while aggressively cutting spending on things you don't. I've used much of his advice and would highly recommend the book.

Raphael

[feh]

Hey cornfieldj,

I think the personal finance book that someone should read depends on what stage they are in their life.

+1

When it comes to personal finance/investing, I've done virtually all of my learning online (bogleheads.org). I have not read the titles often recommended (Millionaire Next Door), because it is directed at folks in the accumulation phase, which I am at the end of.

I have read 2-3 books regarding making your money last in retirement (ie withdrawal strategies). They tend to be more technical, such as Jim Otar's Unveiling the Retirement Myth.

[cornfieldj]

Thanks, everyone, for these suggestions. I'll add a few to my list. I'm thinking of trying to test-drive some of the books for a story. (If my editor's OK w/ it.)

I am going to start with the "Beautiful Money" one. She's got a 4-week plan to turn your financial life around. I'll try some of the ideas. My finances are in pretty good shape, but I'll see if anything changes.

[Smallsteps]

Most personal finance books as well as articles for that matter seem empty of any real substance.
I find it hilarious so many books/ articles etc advertise as you can get rich with simplistic steps but then when you start reading any of them it is the same old start with (insert a ridiculous amount here) then do this or that.
The same old tips that quite frankly insult most to read again and again.

brown bag your lunch / limit your lattes / shop around. yeah I could not figure that out on my own hahaha.
I find that most seeking advice want practical advice not "do it only my way " ideas and suggestions.
we all are not making the same amounts or have the same expenses / time frames or goals.
It is probably a lucrative gig as shown by all those getting rich selling their advice/ books like Dave Ramsey etc.

[disneysteve]

brown bag your lunch / limit your lattes / shop around. yeah I could not figure that out on my own

The reality is that most people clearly can't figure it out on their own. Just look around. 60-70% of Americans are living paycheck to paycheck. The majority of people have less than $1,000 in savings. I totally agree that much of what these books teach is stuff that should be common sense: don't spend more than you earn. However, very few people seem to actually follow that advice.

It's really no different than the zillion different diet books out there. Weight loss is pretty simple. Despite that, 70% of the country is obese, so clearly the message isn't getting through.