Books | Investing & Saving
Wall Street Journal – A daily newspaper publication on finance and investing. If you’re looking to follow the markets a little more closely if you have a portion of your investments in single stocks, real estate, or other non-passive investments, this is the publication for you. I always like to read it in the morning with my coffee, and the Sunday extras like art and luxury shopping are intriguing to me.
The Economist – A weekly magazine about economics, business, and finance. Denser than your average blog article, but it teaches you all sorts of things you never realized. For those looking to loosely follow the market, but not be up to date on a day-to-day basis, this is the perfect choice for you.
Buffet writes an annual letter to shareholders, and it’s very enlightening every year. If you’re a shareholder, you can always go to the Berkshire Hathaway annual meeting for fun. If you’re in college or graduate school, there might be a business or investing group that visits Buffet.
My favorite 15 (out of 52) books read in 2017 are in this post :).
John Bogle, who is the founder and former CEO of Vanguard, writes a book advocating for passive investing in a well diversified portfolio. He wants you to maximize your tax advantaged accounts, and stop listening to the advisors on Wall Street who get paid for investing advice you could pick up on the internet (or this blog).
This book exhibits a similar tone towards investing as John Bogle does. It posits that the prices of stocks exhibit patterns of a random walk and that no one can continue to outperform the market. The book advocates that everything eventually regresses toward the mean of returns. While I’m all for passive investing, I do believe there are those that can outperform — it’s just rare, and your odds of finding that one manager are small, so it’s up to you to decide if you want to try.
I’m a big fan of Tim Ferris, and how he loves to optimize his life. Here he asks famous people of his day for advice, tips, and tricks, and bundles it all into on giant book. I’ve gone through this once and bookmarked my favorite people and pieces of advice. I suggest you do the same. It helps you get into the entrepreneur mindset and think of which side-hustles are really important to you so you can reach financial independence earlier. Keep in mind that most of the material from Tools of Titans is free from his podcasts, and just transcribed here. For me, it’s easier to reference this than listening to the podcast again.
Another Tim Ferris Book, with basically the same concept as Tools of Titans, but just new content not released on any of his podcasts. It’s always better to learn from someone else’s mistakes and experience.
Peter Thiel is one of the most innovative entrepreneurs out there and brings across some good ideas with regards to how to create something from “zero to one” — something that is reinventing a piece of technology. If you’ve decided against a side hustle but want to create a startup reinventing something, this book is for you.
There are psychological studies out there that show that being positive and grateful for things leads to a better happiness level and greater productivity in life. This gratitude journal is my favorite, as it feels a little bit luxurious (yes, I know I’m frugal, but I can still have luxuries!). I sit with coffee every morning and fill it in for a great start to my day. Here’s a free version of another journal (same concept) if you’d rather print it out instead of buying it, and you can always get a $1 notebook and write it all down every day.
This is one of my favorite books and can help you start saving and investing better. The idea is to automate the good habits so that you don’t need to actively use your brain when you do them, and you can save your “self-control muscle” for out of the ordinary activities. He has 3 main helpful actions so that you can create better habits. The first is the pattern to good habits: cue, routine, and reward. The second is replacing your bad habits good ones and the third is having a keystone habit. For example: deciding to save money, and having that spill over into eating healthy because it costs less to eat healthy versus just eating fast food and paying for increased health insurance when you get sick. Here’s a post about how I use the habit routine to save money and the book’s advice can be applied to any situation that concerns a habit.
This is made up of 4 books (Fooled by Randomness, The Black Swan, Antifragile, The Bed of Procrustes). I love Taleb for his focus on statistics and probability — the data for the stock market has only been around for a little longer than a century, so when you say the 2008 crash was a 10 standard deviation event, it assumes a lot. The books also focus on behavioral finance and how human psychology is a big factor in what happens in the market. Overall a thrilling read for those who rail against the status quo.
Olivia worked in finance and wants you to learn the secrets of financial independence. She believes there are so many ways to monetize your life and make money doing the things you're already doing because so many companies offer free money.
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