Where Do I Start? 5 BOOKS TO READ
Financial Education Series
This is a very common question I get from new investors in my DMs on my @rebelmarkets Twitter account. With so much information, strategies, technicalities, and ideas in the finance world one can feel lost. Well, if you are reading this you are hopefully at least off to a good start. One of the biggest shifts in my financial learning was reading. I will admit, in school, I was a spark notes fiend. I just couldn’t sit down and read a book for the life of me unless it truly caught my attention. So naturally, I found my start in pursuing finance education on Youtube. I got into finance video wormholes on a daily basis. I can’t even count how many finance videos I have watched on Youtube that have been very beneficial to my development as an investor. However, a real shift occurred when I picked up my first finance book and since then reading has changed forever for me. Here is a list of books that I recommend reading with small summaries in order from reading first (beginner level investment knowledge) to more advanced topics.
1) The Richest Man in Babylon - George E. Clason (1926)
This a very relatively quick read and should only take only a couple of days to finish with some commitment. Many refer to it as the “finance bible” which depicts financial advice and lessons in parables. Still to this day one of my favorite books and gets the reader into the mindset of really wanting to build lasting wealth. I often say this is the first book someone should read who is completely new to saving money/investing.
Highlight Quote: “It costs nothing to ask wise advice from a good friend.”
― George Clason, The Richest Man in Babylon
2) Unshakeable: Your Financial Freedom Playbook - Tony Robbins (2017)
Now that you are ready to invest, pumped to be in the market, and build wealth, I advise reading Unshakeable by Tony Robbins. I get it, Tony Robbins really? Yes, the guy who charges hundreds of dollars just to hear him speak in a conference room while people lose their minds to Born in the USA pumping in the background. He is known as a world-class salesman and motivational speaker not necessarily an ironclad investor. Which should always be an alarm to everyone who wants to take financial advice. However, one thing that Tony Robbins does have is incredible connections. His book is primarily many interviews with the industries best such as John Bogle, Warren Buffett, Paul Tudor Jones, Ray Dalio, Carl Icahn, and many others. On top of this, he gives actual direction and strategy to retail investors for market crashes which if were recently followed would have been extremely beneficial to your account. He was right on the money.
Highlight Quote: “As Warren Buffett says, “Risk comes from not knowing what you’re doing.”
― Tony Robbins, Unshakeable: Your Financial Freedom Playbook
3) The Millionaire Next Door: The Surprising Secrets of America's Wealthy - Thomas J. Stanley and William D. Danko (1996)
Now that you have investment motivation and some strategies on how to invest under your belt, it’s now time to save money. One of the smartest pieces of investment advice I could ever give is: save money. I could honestly say this is maybe the most important book on this list since you can’t invest without any money saved. This book highlights the behavior, spending, habits, and many other factors of America’s multi-millionaires. The findings are beyond shocking. One would think on average a multi-millionaire (in the late 90s) would spend on average $1,000 to $2,000 on a suite right? Not the case. All in all, this book shows in many ways why some upper-middle-class individuals live paycheck to paycheck and it all boils down to spending habits.
Highlight Quote: “I am not impressed with what people own. But I’m impressed with what they achieve. I’m proud to be a physician. Always strive to be the best in your field…. Don’t chase money. If you are the best in your field, money will find you.”
― Thomas J. Stanley, The Millionaire Next Door: The Surprising Secrets of America's Wealthy
4) The Intelligent Investor - Benjamin Graham (Updated w/ new commentary by Jason Zweig (orig. 1949) (rev. 2013)
No doubt about it Benjamin Graham is one of the greatest investment advisors of the 20th century. I refer to The Intelligent Investor as the ‘holy grail’ of investment advice. This book has sharpened my skills and investing outlook more than any book I can think of and it’s not even close. There is no rock unturned in this book. Graham covers almost every aspect of investing, speculating, and downright gambling. Warren Buffett happened to get his hands on it when he was just 19 years old and is quoted saying how it changed his life forever. Benjamin Graham is the father of value investing, buying good but undervalued assets and reaping the rewards for doing so in the long run. Although a bit wordy and a longer read, Zweig’s chapter remarks are greatly beneficial in understanding Graham’s mindset.
Highlight Quote (hard to chose from): “The intelligent investor is a realist who sells to optimists and buys from pessimists.”
― Benjamin Graham, The Intelligent Investor
FlashBoys - Michael Lewis (2014)
One of the best books I have ever read is Flash Boys by Michael Lewis. This is the same author as The Big Short and Moneyball, both books that became Hollywood movie hits. Does Christian Bale drumming and Brad Pitt managing the Oakland A’s ring a bell? I would venture to say this book is for more seasoned investors/traders because it talks about the inner workings of the stock market exchanges, high-frequency trading, dark pools, and overall market manipulation. Still, these complex topics are easily digested and the book is an absolute rollercoaster of emotions and drama.
Highlight Quote: “The U.S. financial markets had always been either corrupt or about to be corrupted.”
― Michael Lewis, Flash Boys
I hope you enjoyed this list of books that will surely help your investment, business, and finance career.
-REBEL
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