If you had 1 [investing] book to recommend...

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Woody999
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If you had 1 [investing] book to recommend...

Post by Woody999 » Fri Mar 27, 2015 7:23 pm

My wife and I aren't new to investing/retirement savings but we aren't experts either.

I'm 40, she is 33 and we have a 1 year old. We owe $100k on a $450 house and have about $70k in other debt. We have about ~70k in emergency funds and about $400k in retirement savings. We have a combined salary of ~$250k/yr.

I'm not much of a book reader so if you could only recommend 1 book, which one would it be?

Thanks in advance! :D
Last edited by Woody999 on Fri Mar 27, 2015 7:32 pm, edited 1 time in total.

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LiveSimple
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Re: If you had 1 book to recommend...

Post by LiveSimple » Fri Mar 27, 2015 7:27 pm

The Only Guide to a Winning Investment Strategy You'll Ever Need: The Way Smart Money Invests Today

Larry E. Swedroe

http://www.amazon.com/s/?ie=UTF8&keywor ... be23jw5e_e

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Taylor Larimore
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Collection of Investment Gems

Post by Taylor Larimore » Fri Mar 27, 2015 7:34 pm

Woody999 wrote:My wife and I aren't new to investing/retirement savings but we aren't experts either.

I'm 40, she is 33 and we have a 1 year old. We owe $100k on a $450 house and have about $70k in other debt. We have about ~70k in emergency funds and about $500k in retirement savings. We have a combined salary of ~$250k/yr.

I'm not much of a book reader so if you could only recommend 1 book, which one would it be?

Thanks in advance! :D
Woody:

You will find valuable quotes from many of the best investment book in my Collection of Investment Gems. Select the book that most appeals to you and learn at the same time.

Best wishes
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

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Re: If you had 1 book to recommend...

Post by spth » Fri Mar 27, 2015 7:35 pm

Crossing to Safety by Wallace Stegner

ShiftF5
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Re: If you had 1 book to recommend...

Post by ShiftF5 » Fri Mar 27, 2015 7:56 pm

"The Millionaire in You" by Michael LeBoeuf, Ph.D.

My #1 All Time Favorite.

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FreeAtLast
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Re: If you had 1 book to recommend...

Post by FreeAtLast » Fri Mar 27, 2015 8:01 pm

A book from the Master that I still take out and peruse once in a while: Bogle On Mutual Funds (1994).......but I believe that the latest edition (2009?) is now titled Common Sense On Mutual Funds.....it will put you on the right track.
Illegitimi non carborundum.

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Re: If you had 1 book to recommend...

Post by tc101 » Fri Mar 27, 2015 8:28 pm

Four Pillars of Investing by Bernstein

Just read these 3 chapters to start -

The market is smarter than you are
Your broker is not your buddy
Neither is your mutual fund
. | The most important thing you should know about me is that I am not an expert.

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Re: If you had 1 book to recommend...

Post by Grt2bOutdoors » Fri Mar 27, 2015 9:07 pm

Ruby wrote:The Only Guide to a Winning Investment Strategy You'll Ever Need: The Way Smart Money Invests Today

Larry E. Swedroe

http://www.amazon.com/s/?ie=UTF8&keywor ... be23jw5e_e
+1 I agree, I read this first, then I picked up The Four Pillars of Investing by William Bernstein. They are both excellent books for a "1 book" only reader.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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Re: If you had 1 book to recommend...

Post by DougA » Fri Mar 27, 2015 9:08 pm

I've now read about ten books over the past couple of months. The best is Bernstein's Intelligent Asset Allocator. Number 2 is Malkiel's Random Walk. Next is Chancellor's Devil Take the Hindmost. This third one really helps to understand why "this time its not actually different"! I need to reread Swedroe's Winning Bond Strategy. Like I say, I've read another half dozen more. They are the usual suspects, many of which get mentioned here in Bogleheads.

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Re: If you had 1 book to recommend...

Post by Grt2bOutdoors » Fri Mar 27, 2015 9:12 pm

DougA wrote:I've now read about ten books over the past couple of months. The best is Bernstein's Intelligent Asset Allocator. Number 2 is Malkiel's Random Walk. Next is Chancellor's Devil Take the Hindmost. This third one really helps to understand why "this time its not actually different"! I need to reread Swedroe's Winning Bond Strategy. Like I say, I've read another half dozen more. They are the usual suspects, many of which get mentioned here in Bogleheads.
If one is not mathematically inclined, the Intelligent Asset Allocator will leave you gasping for breath after reading a couple of pages. The Four Pillars of Investing is his second attempt at a more user-friendly layman's book, much more easier to read and comprehend in a short period of time without having to dig out your math book to understand certain terminology. :wink:
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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Re: If you had 1 book to recommend...

Post by itstoomuch » Fri Mar 27, 2015 9:28 pm

The 7 Laws of Money. Michael Phillips.
:annoyed
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Re: If you had 1 book to recommend...

Post by Leeraar » Sat Mar 28, 2015 2:33 am

Jane Bryant Quinn: "Making the most of your money now".

L.
You can get what you want, or you can just get old. (Billy Joel, "Vienna")

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Re: If you had 1 book to recommend...

Post by dumbbunny » Sat Mar 28, 2015 4:28 am

FreeAtLast wrote:A book from the Master that I still take out and peruse once in a while: Bogle On Mutual Funds (1994).......but I believe that the latest edition (2009?) is now titled Common Sense On Mutual Funds.....it will put you on the right track.
This one.
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Re: If you had 1 book to recommend...

Post by Howard Donnelly » Sat Mar 28, 2015 4:59 am

ShiftF5 wrote:"The Millionaire in You" by Michael LeBoeuf, Ph.D.

My #1 All Time Favorite.
+1

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Re: If you had 1 book to recommend...

Post by flybynite » Sat Mar 28, 2015 6:54 am

Leeraar wrote:Jane Bryant Quinn: "Making the most of your money now".

L.
+1 for this or "Common Sense on Mutual Funds". Some of the other suggestions maybe great follow up books in my opinion, but I would say "Common Sense" for something short, sweet and focused or the Quinn book to buy for keeps and refer to occasionally for various topics after reading the savings/investing focused chapters. For more specific investment advice after you read the first book to get your mind wrapped around some of the basics, I would come back to Bogleheads/Wiki personally anyway.

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Re: If you had 1 book to recommend...

Post by Utahdogowner » Sat Mar 28, 2015 8:15 am

When I have patients in for a premarital exam and counseling, besides stuff like birth control and a Pap smear (if old enough) I usually talk about a couple of things. Sex, as most of my patients who come in for this kind of visit are virginal at that point; communication, as they're typically really young and Mormons not uncommonly marry after <6 months of courtship; and money. I usually recommend "the five lessons a millionaire taught me" by Richard Paul Evans. Simple and quick and hopefully drives home the important messages of live below your means and the power of investing early.

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Re: If you had 1 book to recommend...

Post by magneto » Sat Mar 28, 2015 12:00 pm

One book stumbled across recently 'Millionaire Teacher' by Andrew Hallam.
Subtitle 'The Nine Rules of Wealth You Should Have Learned in School'.
Don't remember seeing it mentioned here before, could be wrong about that.
Don't let the title put anyone off.
This is BH mainstream 3 fund passive portfolio stuff, very BH, with other good sense on lifestyle choices, etc.
'There is a tide in the affairs of men ...', Brutus (Market Timer)

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Re: If you had 1 book to recommend...

Post by Fallible » Sat Mar 28, 2015 12:22 pm

flybynite wrote:
Leeraar wrote:Jane Bryant Quinn: "Making the most of your money now".

L.
+1 for this or "Common Sense on Mutual Funds". Some of the other suggestions maybe great follow up books in my opinion, but I would say "Common Sense" for something short, sweet and focused or the Quinn book to buy for keeps and refer to occasionally for various topics after reading the savings/investing focused chapters. For more specific investment advice after you read the first book to get your mind wrapped around some of the basics, I would come back to Bogleheads/Wiki personally anyway.
Also +1 on the Quinn book to be purchased for reference over the long haul as it has the all-important basics. But then I would suggest a second book that the OP and his wife can choose from the "gems" list Taylor has mentioned here. Reading the "gems" will let them identify on their own the area they most need help in at this time.
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Re: If you had 1 book to recommend...

Post by oldzey » Sat Mar 28, 2015 12:28 pm

"The broker said the stock was 'poised to move.' Silly me, I thought he meant up." ― Randy Thurman

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Re: If you had 1 book to recommend...

Post by sai » Sat Mar 28, 2015 12:31 pm

That is a great book, but my recommendation is "bogleheads guide to investing"

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Re: If you had 1 book to recommend...

Post by 4nursebee » Sat Mar 28, 2015 12:47 pm

Salary of 250K without reading? You teach us!
Jane Bryant Quinn money book is my idea
4nursebee

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Re: If you had 1 book to recommend...

Post by 6miths » Sat Mar 28, 2015 12:53 pm

Andrew Hallam's 'Millionaire Teacher' is the book I recommend to the naive.

William Bernstein's 'Four Pillars' would be the one if I could only suggest one.
'It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so!' Mark Twain

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Re: If you had 1 book to recommend...

Post by CABob » Sat Mar 28, 2015 12:59 pm

As you can see there does not exist a consensus on one book to read. A couple of reasons including most here are more interested in reading and have probably read a number of books. Another might be trouble remembering what was the first book read.
I think I agree with Taylors recommendation:
You will find valuable quotes from many of the best investment book in my Collection of Investment Gems. Select the book that most appeals to you and learn at the same time.
You may find the answer to some of your questions from the "Gems" and you may find one or more that peak your interest indicating you want to follow up by reading the book.
But, I will throw in my suggestion which is "Personal Finance for Dummies" by Eric Tyson.
Bob

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Re: If you had 1 book to recommend...

Post by pennstater2005 » Sat Mar 28, 2015 1:07 pm

Grt2bOutdoors wrote:
DougA wrote:I've now read about ten books over the past couple of months. The best is Bernstein's Intelligent Asset Allocator. Number 2 is Malkiel's Random Walk. Next is Chancellor's Devil Take the Hindmost. This third one really helps to understand why "this time its not actually different"! I need to reread Swedroe's Winning Bond Strategy. Like I say, I've read another half dozen more. They are the usual suspects, many of which get mentioned here in Bogleheads.
If one is not mathematically inclined, the Intelligent Asset Allocator will leave you gasping for breath after reading a couple of pages. The Four Pillars of Investing is his second attempt at a more user-friendly layman's book, much more easier to read and comprehend in a short period of time without having to dig out your math book to understand certain terminology. :wink:
I am not mathematically inclined. I didn't even make it through the first chapter. Now, his book "The Investor's Manifesto" was an easy read.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

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Re: If you had 1 book to recommend...

Post by hoovertigershark » Sat Mar 28, 2015 1:16 pm

One book: "The Four Pillars of Investing" by William J. Bernstein. [However, I do not recommend you put all of your eggs in one basket.]

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Re: If you had 1 book to recommend...

Post by juliewongferra » Sat Mar 28, 2015 1:18 pm

Honestly, if you're not a reader, then don't read a book. If reading a book is not the most comfortable way for you to consume info, then dont consume info in this way. We learn in different ways, and if books aren't for you, don't force the issue. That said, I would recommend visiting this posting board often and the wiki also. Consume info in small, manageable chunks. Honestly you'll retain it better and get so much more out of it.

(sort of a cop out answer, but its genuine)

cheers,
jwf

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Re: If you had 1 book to recommend...

Post by Leeraar » Sat Mar 28, 2015 2:08 pm

juliewongferra wrote:Honestly, if you're not a reader, then don't read a book. If reading a book is not the most comfortable way for you to consume info, then dont consume info in this way. We learn in different ways, and if books aren't for you, don't force the issue. That said, I would recommend visiting this posting board often and the wiki also. Consume info in small, manageable chunks. Honestly you'll retain it better and get so much more out of it.

(sort of a cop out answer, but its genuine)

cheers,
jwf
I think the point about the JB Quinn book is it's a reference, not an indoctrination. It should be on your shelf for you to browse or refer to as you see fit.

L.
You can get what you want, or you can just get old. (Billy Joel, "Vienna")

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Re: If you had 1 book to recommend...

Post by dad2000 » Sat Mar 28, 2015 2:19 pm

I often recommend Mike Piper's books (obliviousinvestor.com) to those who want answers but don't want to spend a lot of time reading. Most if not all of his books can be read in under an hour.

As a general purpose reference, Jonathan Clements' "Money Guide 2015" is excellent. It's not expert level material, but it covers all aspects of personal finance well.

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Re: If you had 1 book to recommend...

Post by ShiftF5 » Sat Mar 28, 2015 7:15 pm

In my Top 5 is "Winning the Losers Game".

Brilliant.

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Re: If you had 1 book to recommend...

Post by N52570 » Sat Mar 28, 2015 8:47 pm

Since no one else has mentioned it, If reading is not your thing or you just can't seem to find the time, try Audible Books. Well, if you have a device that supports it. I keep a couple of dozen titles on my IPhone and IPad. I'll warn you it's addictive, I haven't listened to the radio in the car now in I don't know how long. Most of the titles mentioned are in audible form and I've listended to many of them multiple time now. I think your more inclinded to listen to them more than once, rather than reread them again and again. And I almost always pick up on something I missed the first time and the pieces of the puzzle fall more easily into place the second or third time around. IMO :D

If forced to pick one I'd say Bernstein's "The Four Pillars" has it all.
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Re: If you had 1 book to recommend...

Post by arcticpineapplecorp. » Sat Mar 28, 2015 10:10 pm

Based on your income and the amount you have saved thus far for your ages, it sounds like you must be doing something right already. However, sometimes reading/hearing from others can still be helpful, if only to realize you're on track and doing just fine.

I remember reading Jack Bogle's "The little book of common sense investing". Jack has a way of writing and speaking that cuts right to the chase and says things in a way that makes total sense and is easy to understand. I got a copy from the library. Though a small book, I found it packed with sage advice. Highly recommend it to anyone who wants to learn about investing, whether to dip that first toe in the water or even for a more seasoned investor to be reminded of timeless principles of investing.
"Invest we must." -- Jack Bogle | “The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.” -- William Bernstein

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Re: If you had 1 [investing] book to recommend...

Post by chessmannextmove » Sat Mar 28, 2015 11:48 pm

Just one book... I think it's important to know the structure of companies that you will invest in (either through stocks or bonds). I'd recommend any introduction to corporate finance textbook. It will contain all the economics and finance foundation you'll need to understand what you're doing when you invest. And why indexing is better on average for an individual. There should be a section on personal investing vs corporate. The strategies are different. It will have behavioral finance. Which is good to understand the pitfalls. It will present (without bias hopefully) the competing theories on what an optimal portfolio is. With this you can make up your mind on about what you believe, pick a strategy, and stick with it through thick and thin (because investing becomes a rational exercise void of emotion).

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Re: If you had 1 book to recommend...

Post by Woodshark » Sun Mar 29, 2015 7:07 am

Leeraar wrote:Jane Bryant Quinn: "Making the most of your money now".

L.
A second recommendation for this book. Besides just investing it covers a wide variety of topics such as insurance, wills etc. Written in an easy to understand matter, it is my go to book for gifting.

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Re: If you had 1 book to recommend...

Post by midareff » Sun Mar 29, 2015 7:32 am

tc101 wrote:Four Pillars of Investing by Bernstein

Just read these 3 chapters to start -

The market is smarter than you are
Your broker is not your buddy
Neither is your mutual fund

+1 .. First book that really make sense. That led to other books by Dr. Bernstein, Larry Swedroe, Richard Ferri, John Bogle and more.

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Re: If you had 1 [investing] book to recommend...

Post by anil686 » Sun Mar 29, 2015 7:35 am

+1 for the Little Book of Common Sense Investing by Bogle - short and very well written and tells you all you need to know to start off...

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Re: If you had 1 [investing] book to recommend...

Post by digit8 » Sun Mar 29, 2015 9:59 am

Pound Foolish by Helaine Olen.
It may sound counter intuitive since this is really a refutation of some of the limitations and foibles of the personal finance movement. But for me it was a much needed palate cleanser during some stutter steps, a reminder that not perfectly following the plan of some other person is not the same thing as failing.
"You can't latte yourself to bankruptcy. The bladder won't allow it." | -Katherine Porter

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goingup
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Re: If you had 1 [investing] book to recommend...

Post by goingup » Sun Mar 29, 2015 10:17 am

Pulled 4 of my favorites off the shelf:

The Bogleheads' Guide to Investing by Taylor Larimore, Mel Lindauer and Michael LeBoeuf
Common Sense on Mutual Funds by John C. Bogle
The Coffeehouse Investor by Bill Schultheis
The Millionaire Next Door by Thomas J. Stanley and William D. Danko (not really an investing book but such a classic about living below one's means)

Woody999
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Re: If you had 1 [investing] book to recommend...

Post by Woody999 » Mon Mar 30, 2015 8:56 am

Thanks a lot guys! I'm going to research all the books in this thread and pick one from the list. :beer

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Re: If you had 1 book to recommend...

Post by KlangFool » Mon Mar 30, 2015 10:05 am

Woodshark wrote:
Leeraar wrote:Jane Bryant Quinn: "Making the most of your money now".

L.
A second recommendation for this book. Besides just investing it covers a wide variety of topics such as insurance, wills etc. Written in an easy to understand matter, it is my go to book for gifting.
+1. A very comprehensive personal finance book.

KlangFool

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Re: If you had 1 [investing] book to recommend...

Post by parsi1 » Mon Mar 30, 2015 10:31 am

anil686 wrote:+1 for the Little Book of Common Sense Investing by Bogle - short and very well written and tells you all you need to know to start off...
+1 and after reading this book look for the "the three fund portfolio" on this forum by Mr. Taylor Larimore and read the post.

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Re: If you had 1 [investing] book to recommend...

Post by pointyhead » Mon Mar 30, 2015 10:50 am

One book stumbled across recently 'Millionaire Teacher' by Andrew Hallam.
Subtitle 'The Nine Rules of Wealth You Should Have Learned in School'.
Don't remember seeing it mentioned here before, could be wrong about that.
Don't let the title put anyone off.
This is BH mainstream 3 fund passive portfolio stuff, very BH, with other good sense on lifestyle choices, etc.
+1

I've read all the books mentioned thus far. I frequently recommend Andrew Hallam's "Millionaire Teacher", like mentioned above don't let the title put you off, I remember picking it up because I thought to myself, "oh, this must be really stupid...." I couldn't have been more wrong. Like Bogle's "Little Book on Common Sense Investing," Millionaire Teacher is succinct, to the point, and covers a lot of material in a short amount of time.

PH

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Re: If you had 1 [investing] book to recommend...

Post by kazper » Mon Mar 30, 2015 11:26 am

Mine would be Elements of Investing. Small, short, and to the point. I've read a majority of the titles here. They each have something to offer through graphs, diagrams, and complicated arguments. Elements and little book of common sense investing are by far the easiest to blow through and walk away understanding the basic principles...

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Link to The Three Fund Portfolio

Post by Taylor Larimore » Mon Mar 30, 2015 1:59 pm

parsi1 wrote:
anil686 wrote:+1 for the Little Book of Common Sense Investing by Bogle - short and very well written and tells you all you need to know to start off...
+1 and after reading this book look for the "the three fund portfolio" on this forum by Mr. Taylor Larimore and read the post.
This is a link to the three fund portfolio.

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

Woody999
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Re: If you had 1 [investing] book to recommend...

Post by Woody999 » Tue Mar 31, 2015 5:44 am

Sounds like the first thing I need to buy isn't a book but a bookshelf ! All of these sound great!

I've done a good bit of research on the books listed in this thread. I think I'll start with "The Little Book of Common Sense Investing" and go from there.

No way I can stop at 1 book. :mrgreen: I'll keep this thread handy since I'll be ordering more of these books.

Thanks again guys! :sharebeer

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Re: If you had 1 [investing] book to recommend...

Post by jsmiller » Tue Mar 31, 2015 12:48 pm

Here is my list:
  • The Little Book of Common Sense Investing
    The Only Guide to a Winning Investment Strategy You'll Ever Need: The Way Smart Money Invests Today
    Financially Stupid People Are Everywhere: Don't Be One Of Them - Good personal finance book that covers many topics
    The Bogleheads' Guide to Investing
    Winning with Index Mutual Funds: How to Beat Wall Street at Its Own Game

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Re: If you had 1 [investing] book to recommend...

Post by pennstater2005 » Tue Mar 31, 2015 1:40 pm

I found out that after reading one investment book all the others seemed somewhat redundant. Not to say they weren't good, informative books, just very similar in the principals espoused. I've got a few unread books lying around I'll probably never get to :D
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

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Re: If you had 1 [investing] book to recommend...

Post by abuss368 » Wed Apr 01, 2015 9:42 am

Hi Woody999,

I am going to recommend "The Little Book of Common Sense Investing" by John C. Bogle.

I am also going to recommend one additional book "Straight Talk on Investing" by John Brennan (Jack Bogle's successor at Vanguard).

Both are excellent choices and belong in every investor's library.

Remember: Keep Investing Simple!
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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Re: If you had 1 [investing] book to recommend...

Post by wilson08 » Wed Apr 01, 2015 9:58 am

Ruby wrote:The Only Guide to a Winning Investment Strategy You'll Ever Need: The Way Smart Money Invests Today

Larry E. Swedroe

http://www.amazon.com/s/?ie=UTF8&keywor ... be23jw5e_e
Many great books out there but if it came down to a single book
I would also recommend this one.

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Re: If you had 1 [investing] book to recommend...

Post by jsmiller » Sun Apr 05, 2015 4:54 pm

Anyone have a copy of "millionaire in you" that they want to part with? I've looked all over and Amazon wants $65!

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Re: If you had 1 [investing] book to recommend...

Post by Dandy » Mon Apr 06, 2015 7:04 am

I would suggest that you become more of a book reader when it comes to how to handle your money. We usually don't learn much about financial matters in high school or college. Yet, as far as a impact on your life, it is a major factor. A few changes made early on can make a huge difference and a few mistakes can be a disaster. Some people just don't have the aptitude for financial matters - if that is you then finding a fee only advisor to guide you might be the best choice - still learning some basics is really important. Understanding why your are investing a certain way is a necessary compliment to getting a good investment recommendation. It will help you not flip flop or panic when the markets are choppy.

The two books that made a difference for me were the Boglehead's Guide to Investing and The 4 Pillars of Investing. The latter was a bit of a tough read but soldier through it and the "light" might go on.

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