The best books to read to be smarter about your money

The best books to read to be smarter about your money

There are thousands of online resources to learn about personal finance, a staggering amount of financial information, from free courses offered by colleagues and educational platforms to influential TikTok and expert newsletters. This can make it difficult to identify the best sources of budgeting, savings and investment, but the earlier a person starts their financial education, the greater their chances of wealth and success.

During CNBC is investing in you virtual event, Finding Your Financial Success, since April 2021, a student at Rutgers University asked a group of personal finance experts to choose the best books to improve their money skills. Here is their recommended reading list.

Books about relationships and money

Anthony Chan, general manager and chief economist at JPMorgan Chase, cited two books, both focusing on personal relationships and finance.

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

Chan also recommended “The Big Payoff” by Sharon Epperson from CNBC.

“I’m going to embarrass Sharon, but ‘The Big Payoff’ is one of my favorites,” he said.

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

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Books about the money mentality

A member of the CNBC Advisory Board, Lauryn Williams knows that the right mindset is key to performing well. Williams was the first American to win a medal at both the Summer and Winter Olympics.

“You know, as sports enthusiasts, we have to put our minds on it to make our bodies do what we want them to do. In order to organize our finances accordingly, we must first correct our mentality. So “Money Psychology” by Morgan Housel is a great book to read, “she said.

In “Money Psychology,” Housel shares 19 short stories that explore the unique ways in which people think about their money and how they treat it.

Books about Benjamin Graham, Warren Buffett and valuable investments

Shark Tank investor and bestselling author Daymond John recommends Benjamin Graham’s “The Intelligent Investor.” Graham, who has been a mentor to billionaire Warren Buffett, teaches readers strategies on how to successfully use value investments in the marketplace.

Investing in value is a strategy of choosing the shares that investors consider to be trading below their intrinsic value and therefore considered cheap. Eventually, these shares will increase in value and the investor will profit.

Disciples of Benjamin Graham and two of the most successful investors to date, Charlie Munger’s and Warren Buffett’s annual letter to Berkshire Hathaway shareholders has become a must-read for many investors.

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

If you want to learn more about investing in value, author and investor Phil Town recommends “The Dhandho Investor” by Mohnish Pabrai, a book that presents its value investment framework.

Pabrai’s book tells the story of how the Patel family in India came to own more than 40% of the motels in the United States, expanding on the principles of value investment.

In 2007, Pabrai and Guy Spier bid $ 650,000 for Buffett’s lunch. It turned out to be a bargain: last year’s winner paid over $ 4 million for the honor of having lunch with Buffett.

After lunch with Buffett, Spier wrote his own book, “Educating a Valuable Investor.” Spier’s memoirs are sincere and take readers from the darkest corners of Wall Street to a practical guide to what it takes to become a successful investor.

Both Pabrai and Spier continue to post thoughts on their personal blogs.

CNBC’s Warren Buffett Archive it’s another great resource for all things Buffett. With 130 hours of searched videos and 2,800 pages of transcripts, readers and viewers can get a complete Buffett education.

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Disclosure: NBCUniversal and Comcast Ventures are investors in acorns.

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