Want to impress others on the beach with your summer reading and get smarter about personal finance at the same time? The Wall Street Journal asked several personal finance experts to recommend their favorite books on personal finance. And our own Theresa Trimble recommended a 6th book about the meme stock craze from 2021 that should be required reading for anyone who thinks they’re going to get rich quick in the stock market. Interested? Read on. The books below are widely available and you can check your library first before buying.
- Smart Women Finish Rich by David Bach: This book is aimed at helping women take control of their finances. It also emphasizes important points about how to raise money-smart kids.
- The Millionaire Next Door by Thomas J. Stanley & William D. Danko: The authors of this book focus on habits that will make you rich over time, compared to flashy consumption that just makes you look rich. It’s also David Bach’s favorite book on personal finance (probably after his own, of course).
- The Thin Green Line by Paul J. Sullivan: Paul Sullivan is a NYT Wealth columnist who describes how the wealthy think about money and draws a distinction between “wealthy” and “rich.” Hint: you want to be wealthy.
- The Bogleheads’ Guide to Investing by Taylor Larimore, Mel Lindauer & Michael LeBoeuf: The wisdom of the late Jack Bogle and the many “Bogleheads” who follow his advice live on in this book. Jack Bogle founded the Vanguard Group and pretty much single handedly created index fund investing that is done today. Important tip: focus on low fees when investing.
- Get Good with Money by Tiffany Aliche: The author was in a bad place financially, and worked hard to pull herself out of it. And she knows that you can, too! The term “Budgetnista” says it all.
- The Revolution That Wasn’t by Spencer Jakab: The author writes for the Wall Street Journal and had a front row seat to the madness of the meme stock craze from Reddit, Diamond Hands, etc. The next “get rich quick” scheme is coming, and you want to be sure you’re not fooled. Don’t get fleeced!