7 Finance Professionals List the Best Books on Money and Investing

We asked finance professionals to list the books that changed the way they viewed the financial world, offered valuable investment tips, or even encouraged them to pursue a career in finance in the first place. According to our sources, these are 7 of the best books on money and investing.

best books on money and investing

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Snowball: Warren Buffett and the Business of Life by Alice Schroeder

The snowball just happens if you’re in the right kind of snow, and that’s what happened with me. I don’t just mean compounding money either. It’s in terms of understanding the world and what kind of friends you accumulate. You get to select over time, and you’ve got to be the kind of person that the snow wants to attach itself to. You’ve got to be your own wet snow, in effect. You’d better be picking up snow as you go along, because you’re not going to be getting back up to the top of the hill again.”

The Snowball: Warren Buffet and the Business of Life

John Hansbrough, Owner of Hansbrough Financial & Insurance Services notes, “I love great biographies that really put you in the head of the subject. As one of the wealthiest people in the world and one of the most successful investors of all time, Warren Buffett is a great subject to study. Schroeder’s biography of him did two things for me. First, I learned how he developed a skill like a muscle that he used to find investment opportunities in the world around him. Second, I saw how he exponentially impacted his “snowball” later in life by becoming a prodigious saver as a child and throughout his adult life. What can you take away from Warren? Save money like it’s your job and always keep your eyes open for ways you can bring value to people and put your money to work. As an added bonus while reading this book, you get a primer on Benjamin Graham and value investing, which has practical applications not only to your finances but also to many other aspects of your life.”

 

best books on money and investing

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The Richest Man in Babylon by George S. Clason 

“Advice is one thing that is freely given away, but watch that you only take what is worth having.”

The Richest Man in Babylon

Galen Herbst de Cortina, Owner and Lead Planner of Buff Your Finances notes, “I love The Richest Man in Babylon because it’s extremely simple but effective advice. Additionally, it’s told in an easy to understand manner. You won’t have to Google obscure terms or feel uncertain on whether the advice applies to you; it applies to everyone. If you were to only read this book and follow the basics you would be doing better than most Americans, financially. Finally, it’s something that you’d find in any library so it’s extremely accessible.”

 

best books on money and investing

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The Wealth of Nations by Adam Smith

“By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good.”

The Wealth of Nations

William Worsley, the author of Investing in Vain, says, “Adam Smith’s The Wealth of Nations is my favorite book on money.  It is full of good sense, even for today’s investors.  In one of its best-known passages [quoted above], he explains why people are unintentionally acting in society’s best interest when they think they are acting in their own best interest. Today, this is great advice for those who attempt to do socially responsible investing instead of simply acting in their own best interest.”

 

best books on money and investing

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Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb

“If one puts an infinite number of monkeys in front of typewriters, and lets them clap away, there is a certainty that once of this would come out with an exact version of the Iliad. Upon examination, this may be less interesting a concept than it appears at first: Such probability is ridiculously low. But let us carry the reasoning one step beyond. Now that we have found that hero among monkeys, would any reader invest his life’s savings on a bet that the monkey would write the Odyssey next?”

Fooled by Randomness

Matthew Hinson, Principal of Live Oak Advisors, says, “The book that has changed the way I view the financial world is Fooled by Randomness by Nassim Nicholas Taleb. The book discusses the role of probability and chance in our lives and in capital markets outcomes. Often times, humans attribute our successes and failures to non-random variables such as intelligence or skill. In reality, most outcomes are completely random. We have a tendency to ignore survivorship biases and asymmetric distributions which then allows us to misinterpret outcomes.”

 

best books on money and investing

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The Millionaire Next Door by Thomas J. Stanley and William D. Danko

“His view of millionaires is shared by most people who are not wealthy. They think millionaires own expensive clothes, watches, and other status artifacts. We have found this is not the case.”

The Millionaire Next Door

Alexis Busetti, Owner and Financial Coach at Cistern and Grove, says,“Years and years ago, when my husband and I were trying to figure out this whole money thing, a book was recommended to us that changed our paradigm.  That book was The Millionaire Next Door by Thomas J. Stanley.  The book is heavily driven by research, which suited my scientist husband, and also full of anecdotes which suited my interior social worker.  In it, the author reveals that the “typical” American millionaire does not look at all like the one most Americans picture.  We envision rock stars, pro-athletes, actors, and even doctors and attorneys.  Their millionaire status seems unattainable to most.  But Stanley revealed that most of the millionaires in our midst blend in so well, we would never guess their net worth to be so high.  In fact, they probably spend less money trying to look rich than most people who are drowning in debt around them.”

 

best books on money and investing

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The 4-Hour Work Week by Timothy Ferriss

“For all of the most important things, the timing always sucks. Waiting for a good time to quit your job? The stars will never align and the traffic lights of life will never all be green at the same time. The universe doesn’t conspire against you, but it doesn’t go out of its way to line up the pins either. Conditions are never perfect. “Someday” is a disease that will take your dreams to the grave with you. Pro and con lists are just as bad. If it’s important to you and you want to do it “eventually,” just do it and correct course along the way.”

The 4-Hour Work Week

Jeff White, a writer at Fit Small Business, specializing in Small Business Finance, says, “The best book that’s changed my thought process about the way the financial world works wasn’t a finance book. Mine was The 4 Hour Work Week by Tim Ferris. It challenges you to change your thought process about “stuff” and how to make your finances work for you instead of you slaving to keep up with your finances. It gets you out of your head and makes you realize that proper management of your finances gives you so much more freedom to live your life.”

 

best books on money and investing

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Rich Dad Poor Dad by Robert T. Kiyosaki

“In school we learn that mistakes are bad, and we are punished for making them. Yet, if you look at the way humans are designed to learn, we learn by making mistakes. We learn to walk by falling down. If we never fell down, we would never walk.”

Rich Dad Poor Dad

Ben Groves, Managing Director of Property Moose, says, “I was attracted to this book when I first became a Dad, (hence the title), my rationale being that money would become increasingly more important and perhaps not as readily available as before – with my wife going on maternity leave etc. The book is written in an easy to digest format and packed with achievable financial methods. This is a step by step guide to achieving both financial freedom and understanding. It clearly outlines financial concepts and the basics of investing. I would recommend this to anyone who has historically relied on their salary as a single source of income. It’s not a miracle cure but it is certainly an educational tool that will give you the foundations required to understand how to create financial security.”

*Opinions were attained via Help a Reporter Out

By Jenna Kamal

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