Welcome to the Financial Finesse Book Club

What has been on your reading list so far this summer? Last week, we looked at some recent financial blogs to help add some balance to your summer reading list and hopefully improve your finances along the way. Since I am often asked about recommended personal finance books, I figured why not summarize some books that my colleagues and I have read in the past few years. The good news is that many of these books are located at your local library so you can check them out for free.

1. The Ultimate Financial Plan: Balancing Your Money and Life by Jim Stovall and Tim Maurer

We talk about the importance of having balance in life but it’s often easier said than done. This book focuses on striking a balance between money and our unique life goals and values. Integrating our money and our lives requires a comprehensive analysis and this book is a useful resource. Improving net worth and getting the best return on capital market investments is important but why not focus on more meaningful investments such as career development, education, fulfillment during retirement, philanthropy, and creating a meaningful legacy?

2. The Total Money Makeover by Dave Ramsey

Have you ever talked to someone that had laser-like focus related to eliminating debt from their lives? Fans of Dave Ramsey tend to fall into that category and this popular book creates a framework for eliminating debt and building wealth. There are some financial planners out there who don’t always agree with the Dave Ramsey approach to investing but if you are seeking ways to create an action plan to eliminate debt that works, this is a popular book that provides a basic framework for success.

3. The Magic of Thinking Big by David Schwartz

Looking to get more out of all areas of your life and achieve that wonderful sense of success? If you want to channel your inner optimist or just learn how those glass half full people can use optimism to their advantage, this is a book to read. Personal development books come and go but this one has stood the test of time. The content isn’t 100% personal financial planning but making progress in our lives gets a little harder without a genuine belief that we can improve our finances.

4. Rich Dad, Poor Dad by Robert Kiyosaki

This book has been around for awhile but is worth looking at as the author uses the story of two fathers to illustrate that financial knowledge itself doesn’t lead to success but rather how we put that knowledge into action.

5. The Millionaire Next Door by Thomas Stanley and William Danko

This isn’t a recent book but it is a great summary of how millionaires approach money management just a little bit differently than people who are swimming in a sea of debt while keeping up with the Joneses. Most of us should understand the importance of living below our means. This book explores how millionaires really create wealth and how you can learn from their habits of success.

6. Elements of Investing: Easy Lessons for Every Investor by Burton Malkiel and Charles Ellis

Note to financial planners and investment professionals everywhere: our colleagues are the only people who use and understand unnecessary financial jargon. That’s why it is important to use straightforward terms and keep it simple! These authors have accomplished this introduction to investing. This book is targeted toward investment beginners and people looking for an explanation of financial principles such as diversification and investing for the long-term.

7. Mind Over Money: Overcoming the Money Disorders That Threaten Our Financial Health by Drs. Brad and Ted Klontz

If the financial planning process consists of 20% financial knowledge and 80% behavior then it makes sense to figure out what drives our financial behaviors. In many cases, our past experiences with money help create a money script or set of thoughts and beliefs about money that impact our behaviors (or lack of taking action) related to money matters. Drs. Ted and Brad Klontz are a father and son team who do a great job of exploring common money disorders. If you are looking to improve a nasty past relationship with money, this is a good place to start understanding the root of many money-related problems.

8. Smart Money, Smart Kids: Raising the Next Generation to Win with Money by Dave Ramsey and Rachel Cruze

Dave Ramsey appears again in this book that he wrote with his daughter. In this day and age of instant gratification where many kids have their own smartphone devices and access to technology that didn’t even exist when I was growing up, it’s important to find ways to help the next generation make smart financial decisions. Should kids get an allowance? How can we teach the importance of budgeting when we have our own struggles? This no-nonsense approach is a step in the right direction of teaching kids some common sense money skills that aren’t too common.

9. I Will Teach You to Be Rich by Ramit Sethi

This book is often described as an entertaining and irreverent approach to personal financial management. While geared primarily to Millennials in their 20s and 30s, the words on the back cover sum up why this book is on the list: “you don’t have to be perfect to be rich.” No matter how you define “rich,” this book is designed to help put people on the path to financial independence.

10. The Investment Answer by Gordon Murray and Daniel Goldie

The investment process does not have to be full of smoke and mirrors and I personally prefer a passive, low cost approach to investing such as the one endorsed by the authors. This is an extremely quick read but does a great job of packaging some concise investment planning tips to help you invest with confidence.

This list is just a start and there are many other good examples of interesting financial books that aren’t full of financial jargon. Do you have any personal finance book recommendations to add to this list? Leave us your comments below because we want to hear about the books that have grabbed your attention recently. In the meantime, enjoy the rest of summer.

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