Latest posts by FIRECracker (see all)
- Fear Will Hold You Prisoner; a Diversified Portfolio Will Set You Free - October 24, 2016
- Buy Your Freedom; Rent the Rest - October 21, 2016
- Mission Impossible: Retiring Early and Travelling the World…with Kids? - October 17, 2016
With the weekend (what’s a weekend again?) coming up, there will be lots of drinking, debauchery, and Pokeman Go (I haven’t been sucked into the madness yet and I’m still holding on. Be strong, FIRECracker, be strong). But that’s for regular people. Here at Millennial Revolution, we are hustlers. And hustlers know that a single second not learning about financial independence and investing, is a second that someone else—instead of you—is getting rich.
And thus I present to you…
“Books That Will Teach You To Be Rich”!
These books helped us get to where we are today, so we know they will help you too.
Full disclosure: The links below are affiliate links so if you buy them, I will get a small portion of the book price. However, if you prefer to get them from the library, I won’t judge.
- The Bogleheads’ Guide to Investing, by Taylor Larimore, Michael LeBoeuf, Mel Lindauer
- Practical advice on investing and retirement planning, based on the principles of Jack Bogle, the founder of Vanguard.
- Talks about Allocation, Indexing, Rebalancing, as well as minimizing taxes.
- If you don’t have time to read all the books, this one is the one to read.
- The Simple Path to Wealth, by J.L Collins.
- Written by the Godfather of the FIRE (Financial Independency Retire Early) movement, Jim Collins, who blogs at http://jlcollinsnh.com/, this book is the perfect, practical guide to teach you how to invest.
- Check out my book review here.
- What’s Good, Bad and Downright Awful in Canadian Investments Today, by Rob Carrick
- Not the most riveting read but a good reference book.
- Carrick is one of the first authors who taught us why investment fees suck.
- The Warren Buffett Way, by Robert G. Hagstrom
- Helped us understand why “buy and hold” works.
- Warren Buffet thinks of investing in terms of years, not days or months. And now we do too.
- “Random Walk down Wallstreet”, by Burton G Malkiel
- “The Stock Market is rigged,” and this book proves it. That’s why we use AIR (Allocation, Indexing, Rebalancing), and don’t bother timing the market.
- “The Intelligent Investor”, by Benjamin Graham
- “In the short run, the market is a voting machine, but in the long run, it is a weighing machine.”
- This books taught us that in the short term, the market swings wildly due to human emotion. But in the long term, the fundamentals kick in and forces it to act rationally.
- Risk-Return Analysis: The Theory and Practice of Rational Investing, by Harry Makovwitz
- Extremely boring (can you tell by the title?). Basically a textbook and I almost chewed my own arm off to stave off the boredom, but introduces the vital concept of “Modern Portfolio Theory”.
- “In Your Best Interest”, by H. (Hank) Cunningham
- If you want to understand how bond yields and the bond market works, this is your bible. Except the bible is a roller-coast ride compared to this. Perfect for insomniacs. But if you can get through it, you will learn A LOT.
- Your Money Or Your life, by Joe Domingue and Vicki Robin
- One of our favourite books of all time and our inspiration for becoming Financially Independent.
- Millionaire Next Door, by Thomas J. Stanley Ph.D
- Another favourite. Basically the premise is: real millionaires are not flashy and don’t have sexy jobs/businesses. So the next time you think of sucking up to the guy with the Maserati, don’t bother. Your 5-year-old nephew probably has more money in his piggy bank.
- Findependence Day, by Jonathan Chevreau
- This is a strange little book (with a HIDEOUSLY hacked together cover) that uses fiction to teach financial independence. Not the most well-written book, but unique and interesting.
- Millionaire Maker, by Loral Langemeier
- I found this book randomly while browsing the library. The title caught my eye, even though it had a “get rich quick scheme” vibe to it. But I gave it chance and, shockingly, as soon as I read the first chapter I was hooked! (And as an author, I don’t say this often.)
- There were some parts of the book that were wishy washy, and had a lot of made up terms like “the Wealth Creation Process” that I didn’t care for, but I still liked it because it offered practical wealth-building advice and is fun to read.
- My favorite quotes:
- “You can’t eat your houses or take off a shingle to buy a car. Most of us need cash flow. For some of us, it might be better to rent in the place we want to live and put the money into assets that can create cash flow.”
- “I actually do not believe that if you do what you love, the money will follow. Ask any poet how that’s going for him or her, and I’m sure you’ll be hit up for a loan. I think it’s important to hold on to your day job until you can establish a formidable flow of cash.”
- “You get to do what you like only after you make money and gain business skills doing what you already know. ”
- Cash Flow Quadrant, by Robert T. Kiyosaki
- Not a big fan of Kiyosaki, but was a HUGE fan of this book. It helped me realize why I needed to become an investor instead of an employee. Now that I’m on the other side, things are SO much sweeter. I pay WAY less tax (2.8% instead of 22%) and my money pays me even when I’m sleeping.
We will continue to add this list over time. What are some of your favourite finance books?
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