You’ve probably heard the saying “there’s no time like the present.” Well, this is especially true when it comes to figuring out your finances. As you look toward a life of managing time and money, the sooner you get a handle on some of the basics, the better. Other than Money Monday, where should one look to start understanding the made-to-seem-complex world of finances? If you are looking for some guidance, other than the books we have mentioned in the past, here are some good reads:
- “The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money,” by Carl Richards. This is an easy read filled with a lot of simple drawings that focus on making life plans versus financial plans. He also explains why one’s behavior and personality play a big role in the financial mistakes he or she makes and offers solutions to avoid making these mistakes in the future.
- “The Smartest Money Book You’ll Ever Read,” by Daniel R. Solin. I had the pleasure of meeting Dan Solin recently to hear him speak on some of the topics he covers in this book. His advice is simple to follow for even the least financially savvy readers. The theme of the book is to “stop working for your money- and put your money to work for you.” Solin offers advice on everything from investing to debt management to estate planning. Each chapter ends with a “What’s the Point?” summary which drives home the core message of the chapter.
- “The Automatic Millionaire,” by David Bach. We have referred to the “latte factor” a few times on this blog and this is where it comes from. Bach focuses on the extremely powerful concept of compound returns. Essentially, spending $5.00 today is not just $5.00 lost; it is $5.00 that could have been invested and making money for you over the next 30+ years.
What other books have you read that you found useful in managing your finances?
~Megan Mathers, JD, Pesavento & Pesavento