There are thousands of resources online to learn about personal finance, a staggering amount of financial information, from free courses offered by universities and educational platforms to TikTok influencers and expert newsletters. This can make it difficult to identify the best sources for budgeting, saving, and investing, but the earlier in life a person begins their financial education, the greater the chance for wealth and success.
During the CNBC invests in you At the Finding Your Financial Success virtual event in April 2021, a Rutgers University student asked a panel of personal finance experts to choose the best books to improve financial skills. Here is your recommended reading list.
Books about relationships and money.
Anthony Chan, managing director and chief economist at JPMorgan Chase, cited two books, both focused on personal relationships and finance.
“Broke Millennial” by Erin Lowry is a step-by-step guide that illustrates how to assess your own understanding and relationship with money. Lowry tells readers how to “get financially naked” with her partners.
Chan also recommended CNBC’s Sharon Epperson’s “The Big Payoff.”
“I’m going to embarrass Sharon, but ‘The Big Payoff’ is one of my favorites,” he said.
In his book, Epperson explains how couples of all ages and stages can realize their financial dreams together.
More from Invest in You:
Experts advise teens to take a practical and careful approach when learning about cryptocurrency investments
How to Make Sure You’re Taking Advantage of All Employer Benefits to Increase Your Wealth
Here’s how to choose a health insurance plan that fits your budget and your life
Books on the money mindset
A member of the CNBC Advisory Board, Lauryn Williams knows that the right mindset is critical to performing well. Williams was the first American woman to win a medal at the Summer and Winter Olympics.
“You know, as a sports enthusiast, we have to have the right mindset for our body to do what we want. To organize our finances accordingly, we first have to have the right mindset. So Morgan Housel’s ‘The Psychology of Money’ It’s a great book to read,” he said.
In “The Psychology of Money,” Housel shares 19 short stories that explore the unique ways people think about and behave with their money.
Books on Benjamin Graham, Warren Buffett, and Value Investing
Shark Tank investor and best-selling author Daymond John recommends “The Intelligent Investor” by Benjamin Graham. Graham, who mentored 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 below their intrinsic value and are therefore considered cheap. Eventually, these shares will increase in value and the investor will benefit.
Disciples of Benjamin Graham and two of the most successful investors in history, Charlie Munger and Warren Buffett’s annual letter to Berkshire Hathaway shareholders has become required reading for many investors.
Since 1977, Berkshire has published a letter to shareholders in which Buffett candidly discusses investments, the mistakes he has made and broader views on the good and bad of the stock market and Wall Street. All of these letters can be read online.
If you’d like to learn more about value investing, author and investor Phil Town recommends Mohnish Pabrai’s “The Dhandho Investor,” a book that lays out his value investing framework.
Pabrai’s book tells the story of how the Patel family of India came to own more than 40% of the motels in the US, furthering the principles of value investing.
In 2007, Pabrai and Guy Spier offered $650,000 for the chance to dine with Buffett. This turned out to be a bargain: Last year’s winner paid more than $4 million for the honor of dining with Buffett.
After lunch with Buffett, Spier wrote his own book, “The Education of a Value Investor.” Spier’s memoir is candid, taking 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 reflections on personal blogs.
CNBC’s Warren Buffett Archive is another great resource for all things Buffett. With 130 hours of searchable video and 2,800 pages of transcripts, readers and viewers can get a complete Buffett education.
REGISTER: Money 101 is an 8-week learning course for financial freedom, delivered weekly to your inbox. For the Spanish version Dinero 101, click here.
CHECK: 78% of workers ignore ‘biggest money-making asset’ for retirement, says CPA. This is what it could be costing you with Acorns + CNBC
Disclosure: NBCUniversal and Comcast Ventures are investors in acorns.
