Recommendations

Books

Investing, Saving and Attacking Debt

  1. The Millionaire Next Door: The Surprising Secrets of America’s Wealthy makes FI tangible, even when it seems so far away. Drs Stanley and Danko introduce UAW (under accumulator of wealth) and PAW (prodigious accumulator of wealth) in this easy-to-read book. This book is a great place to start, especially for those who have an interest achieving financial independence, but don’t consider themselves fluent.
  2. The White Coat Investor: A Doctor’s Guide To Personal Finance And Investing was one of the books that started our journey here and led us into the Boglehead forum. His advice to “live like a resident” to pay off debt and aggressively start retirement savings early in a physician’s career is echoed by most other respected givers-of-advice in personal finance for young people. He’s truly one of the “good people” and his website, The White Coat Investor, is a highly-concentrated trove of knowledge for physicians and other professionals as well.
  3. Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition is one of the cornerstones of the Boglehead philosophy, by the legendary founder of Vanguard, Jack Bogle. This book introduces several now-famous principles of investing: Invest you must, Time is your friend, Impulse is your enemy, Basic arithmetic works, Stick to simplicityand Stay the course. The updated version was published after the financial crisis and shows how true his core principles remain, even after being stress-tested.
  4. The Total Money Makeover: A Proven Plan for Financial Fitness reads a bit like a late night infomercial. With that said, if you are in deep debt this book is the cheerleader you need. Full of encouragement and success stories, this book will give you the enthusiasm to take on the baby steps. Dave Ramsey’s target audience is for people with little to no financial literacy.
  5. Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich exposes the neurological basis behind your investing behavior, and shows that much of the time, the decisions you make in investing (and life in general) are deeply rooted in primitive biases hardwired into your brain.

Life

  1. Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence: Fully Revised and Updated for 2018 first popped up on our radar from listening to podcasts, everyone raves about it. Having read it, I agree.
  2. Money Can Buy Happiness: How to Spend to Get the Life You Want isn’t for people who don’t have control of their debt, but for those who want to improve what they get out of life. There are chapters about investing and paying off debt, but the majority of this book includes worksheets to help the reader understand their values. By investing (time or money) in the important things in life, your happiness portfolio will grow and life will be more fulfilling.
  3. Outliers: The Story of Success links the achievements of exceptional people to the circumstances that created those people. It’s a thought-provoking read filled with interesting real-life examples that makes you reconsider your own circumstances and how they relate to your success in life.

Teaching Kids About Money

  1. The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money answers many questions kids ask adults about. It’s appropriate for adults of younger kids (6 years old through middle school). This isn’t just for parents; these skills can be taught by any adult in a child’s life.
  2. Raising Financially Fit Kids, Revised is an engaging workbook to help adults outline their approach to teaching kids about money.

 

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