Scouring the finance section at the bookstore can be an overwhelming task. Each book claims to provide the magic formula for accumulating wealth. On top of that, many books are filled with jargon and require previous financial experience to fully understand.
To help you pick books that are worthwhile, we asked a group of MidWestOne bankers to recommend the books they’ve found most valuable:
Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence by Vicki Robin, Joe Dominguez and Monique Tilford - Recommended by Jim Cantrell, Senior Vice President, Chief Risk Officer
Your Money or Your Life is based on the author’s combined experiences in finance and business and provides readers with nine steps to become financially independent and comfortable with money.
Cantrell recommends people of all ages read this personal finance book because it provides tips on how to save more and spend less. For him, reading the book led him to start “saving aggressively.”
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Little Books. Big Profits) by John G. Bogle - Recommended by Kevin Mote, Investment Services Officer
Mote initially read this book because it was recommended by Warren Buffet, a pioneer of value-stock investing.
The goal of The Little Book of Common Sense Investing is to provide tips so readers can build substantial wealth by using a common-sense approach to investing. Author John G. Bogle stresses the importance of a diversified stock portfolio and says the only guarantee to truly win in investing is to buy and hold stocks in public businesses at a low cost. Bogle is the founder of the Vanguard Group, which created the world’s first index mutual fund.
Nine Steps to Financial Freedom by Suze Orman - Recommended by Mary Schmidt, Second Vice President, Retail Manager
Schmidt recommends Orman’s book because it was written in a non-complicated way that made it easy to understand the often times complicated world of money management.
The book includes plenty of analogies and examples that help explain how to do your finances the right way versus wrong way and what it costs. While many cannot invest at the level outlined in the book, there is still much to gain in general information and knowledge.
Rich Dad, Poor Dad by Robert Kiyosaki and Sharon Lechter - Recommended by Kevin Crall, Assistant Retail Manager
Rich Dad, Poor Dad is a parable based on Kiyosaki’s childhood and education in Hawaii, where he observed two very different financial strategies from his poor dad and a friend’s rich dad. Specifically he looks at how these money management, work and life differences shaped and influenced major financial decisions in his life.
The book advocates financial independence through a number of different ways, including investing, entrepreneurship, real estate, and owning businesses. It also gives the “Six Secrets of Rich.”
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J. Stanley and William D. Danko - Recommended by Barb Finney, Senior Vice President, Regional President
The Millionaire Next Door debunks how millionaires became millionaires, and outlines seven simple rules to becoming wealthy.
Finney read this book early in her career, and said it had a profound impact on the way she viewed her personal finances. Even though the book has now been around for a long time (since 1996), the basic principles remain the same. The number one rule to follow is self-made millionaires live below their means. They budget, and they teach their children to do the same.
60 Second Investor by Charles B. Carlson - Recommended by Charles Funk, President/CEO
Established finance author and financial analyst Charles B. Carlson shares 201 tips, tools and tactics for the time-strapped investor in this best seller. MidWestOne President and CEO Charles Funk said Carlson’s books are easy to understand and very practical to read.
The premise is that readers can quickly become smart investors who understand the mysteries of Wall Street, stock market movements and professional trading tactics. Carlson gives sound financial advice in easily digestible, bite-sized pieces of information.
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