Best books to read to get smarter about your money

There are thousands of online resources for learning about personal finance, and a huge amount of financial information, from free courses offered by colleges and education platforms to TikTok influencers and expert newsletters. This can make it difficult to identify the best sources of budget, savings and investment, but the earlier an individual begins their financial education, the better the chances of wealth and success.

during the CNBC invested in you A hypothetical event, Finding Your Financial Success, In April 2021, a student from Rutgers University asked a panel of personal finance experts to select the best books to improve one’s financial skills. Here is the recommended reading list.

Books about relationships and money

Anthony Chan, managing director and chief economist at JPMorgan Chase, cited two books, both of which focus on personal relationships and finance.

“Broke Millennial” by Erin Lowry is a step-by-step guide that shows how to assess your own understanding and relationship with money. Lowry takes readers through how to “financially undress” with their partners.

Chan also recommended Sharon Epperson’s “Big Bonus” on CNBC.

He said, “I’m going to embarrass Sharon, but the ‘big bonus’ is one of my favorite things.

In her book, Epperson explains how couples of all ages and stages can achieve their financial dreams together.

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Books on the money mindset

Lauren Williams, a member of CNBC’s Board of Advisors, knows that the right mindset is key to good performance. Williams was the first American woman to win a medal at both the Summer and Winter Olympics.

“You know, as a sports enthusiast, we have to control our mind properly to get our bodies to do what we want. In order to organize our finances accordingly, we first have to correct our mentality. So ‘the psychology of money’ is a great book to read,” Morgan Housel said.

In “Psychology of Money,” Hausel shares 19 brief stories that explore the unique ways people think about their money and how they act with it.

Books on Benjamin Graham and Warren Buffett and value investing

Shark Tank investor and bestselling author Diamond John recommends Benjamin Graham’s book The Smart Investor. Graham, who was a mentor to billionaire Warren Buffett, teaches readers strategies on how to successfully use value investing in the markets.

Value investing is a strategy for choosing stocks that investors believe are trading for less than their intrinsic value, and therefore are considered inexpensive. Eventually, the value of these shares will increase, and the investor will profit.

Disciples of Benjamin Graham and two of the most successful investors of all time, Charlie Munger and Warren Buffett’s annual letter to Berkshire Hathaway shareholders has become mandatory reading for many investors.

Since 1977, Berkshire has issued a letter to shareholders in which Buffett candidly discusses investments, his mistakes, and broader views of good and bad about the Wall Street stock market. All these messages can be read online.

If you want to learn more about value investing, author and investor Phil Town recommends Mohnish Pabrai’s “The Dhandho Investor,” a book outlining his framework for value investing.

Babrai’s book tells the story of how the Patel family of India owned more than 40% of motels in the United States, while expanding on value investing principles.

In 2007, Pabrai and Guy Spier offered $650,000 for the opportunity to dine with Buffett. This turned out to be a bargain: Last year’s winner paid more than $4 million for the privilege of dining with Buffett.

After lunch with Buffett, Spire wrote his own book, “Educating the Value Investor.” Speer’s memoir is candid and takes readers from the darkest corners of Wall Street to a practical guide on what it takes to become a successful investor.

Both Pabrai and Spier continue to post musings on personal blogs.

Warren Buffett Archive on CNBC is another great resource for all things Buffett. With 130 hours of searchable video and 2,800 pages of text, readers and viewers can get Buffett’s full education.

Participation: Money 101 is an 8-week educational course on financial freedom, delivered weekly to your inbox. For the Spanish version of Dinero 101, click here.

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