Recommended Reads
Three Modern Finance Classics
Beginning your education about money should start with these three classics. George Clason's The Richest Man in Babylon has been teaching people timeless principles of personal finance for decades, including the concepts of paying yourself first and the importance of giving to charity as a means of getting ahead. Thomas Stanley's and William Danko's The Millionaire Next Door is the definitive study of how first-generation millionaires were able to become so through the habits and disciplines they cultivated. Finally, Robert Kiyosaki's Rich Dad, Poor Dad reveals the differences in the mindsets of those who go on to see opportunities and achieve financial success versus those that don't--and how those attitudes are learned and applied. He also introduces readers to the concept of the Cashflow Quadrant--so that readers understand what is truly an asset (as opposed to what Generally Accepted Accounting Principles (aka GAAP) might tell you is an asset).
an introduction to banking & taxes
life insurance:
When I read the first three books above (Modern Finance Classics), I realized I was never taught anything about money or how to achieve financial success by my parents or in school. These next three books opened my eyes to the fact that the little I had learned was absolutely wrong. One of the most influential books I ever read, The Power of Zero motivated me to share with audiences all over the country the things I learned from it. We always hear that the wealthy play by different rules. David McKnight's book helped me to understand that anyone can play by the same rules that the wealthy utilize.
Nelson Nash, the pioneer of the Infinite Banking Concept, breaks down fundamental business principles, as well as the magic and benefits of controlling your own finances in his groundbreaking book Becoming Your Own Banker. And Garrett Gunderson takes Nash's principles and makes them eminently understandable in What Would the Rockefellers Do?
Darren Mitchell's Be the Bank! is a great read that provides an intriguing perspective on the banking business and the four great wealth destroyers including how difficult it is to recover from interrupting compounding. You will never look at your purchases the same way again!
building upon a rock: investing 101
(... through your master's degree)
Many would-be investors, fanciful dreamers, and even average Americans would be willing to pay large sums to be able to play the stock market well. The problem is they're not willing to put in the time and the effort to obtain the education. Perhaps today's wealthiest investor, Warren Buffett learned from, and then worked for, Benjamin Graham, arguably the most successful investor of yesteryear. Graham taught at the business schools of both Columbia (where Buffett was a student) and UCLA. His treatise, The Intelligent Investor, is the blueprint that has guided Buffett's investing career. "Ben's ideas set me down the right path," Buffett once said in an interview. Graham's patient investing is the underlying principle that has created the lasting wealth of thousands of investors.
Vanguard founder John Bogle starts The Little Book of Common Sense Investing with the parable of the Gotrocks family. (You can just Google "parable of the Gotrocks family" to read it.) The parable explains the virtue of the idea that we all succeed together, "together" being the metaphor of the stock market. Stop trying to beat the market, and simply do your best to do well by utilizing the advice in this book, and you will find that you are indeed getting ahead in life.
My copy of The Intelligent Investor is 536 pages (not including the appendices). Tony Robbins' Money: Master the Game is 80 pages longer than that. He interviews some of the wealthiest people alive (including Warren Buffett and John Bogle) and breaks down the lessons he learned through their mentorship. Of special note, three chapters in "Section 5: Upside without the Downside: Create a Lifetime Income Plan" are all about annuities and life insurance, the latter which he calls the "rich man's Roth"--something he says is a "secret of the ultrawealthy (that you can use too!)".
Finally, The Family Legacy: The Generational Solution by Leonard Renier discusses one of the greatest--and easiest--investment strategies that the average American can employ: getting a life insurance policy on their parents and/or grandparents. For those that question "capitalizing" on a loved one's passing, I urge you to read this short, 44-page book. It may change the way you think about wealth creation and help you to leave a lasting legacy for those you love and for those who love you.
ADVISORY: I am NOT paid to represent the books showcased above, their publishers, or their authors. However, as an Amazon Associate, I earn from qualifying purchases. I could put an Amazon link to any book or product that is sold through Amazon and would earn a few pennies on the dollar. These books are featured here NOT because I am paid to sell them, but because I recommend them. It is because I recommend them, I make their direct links available here. There is no difference in price for you.