Which Personal Finance Books Do you think Everyone Should Read?
Regardless of age, gender, country and other barriers, which personal finance advice books do you think are worth reading?
Dave Ramsey is decent, especially if you are a practicing Christian, but most of his stuff is borderline obvious to any rational person. I suggest reading "I Will Teach You To Be Rich" by Ramit Sethi. It covers everything from credit cards to mutual funds and is very easy to read.
Of the Published authors for the average investor I would probably suggest Ric Edelman. His approach is similar to how I work with my clients. As a firm he is not that cost effective to actually hire for clients under 500k in investable assets. But with the exception to his oppostition to the use of Muni's and in some cases paying off a mortgage, I tend to agree with his views more than any other public figure.
Ramsey has some good ideas. But he like most TV personalities speaks in too many generalities and many of his idea's won't work with more complex cases. In reality people like Ramsey and Suze Orman have no serious professional experience working on complex planning issues, whereas a guy like Edelman does. Many of them have never worked in the field or only for a brief time and have really mastered the art of marketing themsevles more than anything else. They tend to throw out very generic advice that can be dangerous if not applied correctly. For ex...Ramsey bashes permanent life insurance as a solution constantly. While I agree in most cases for the little guy, there are countless estate planning techniques that require this product and often make a great deal of sense.
The other issue with Ramsey is he receives compensation for referrals to commissioned based sales people which is the worst type of business model from a client perspective.
Finance and Investing may be branches on the same tree, but personal finance isn't just about investing or making money--it is about how to live within our means and to take care of those assets we do have. Proper budgeting in an art.
Personal Finance for Dummie by Tyson
The Wall Street Journal Guide to Personal Finance
Anything that starts off simple and takes one through the progression of making money, saving money, budgeting and finally safe investing, is a good place to start.
Robert Kiyosaki's Rich Dad, Poor Dad is a good one to add to the list
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