Best Financial Books of All Time!

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29days
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Best Financial Books of All Time!

Postby 29days » Tue Jan 04, 2011 7:51 pm

I love this site's choice for best books of all time because it certainly encompasses the classics and the timeless wisdom of the ages. From The Richest Man in Babylon, to The Wealthy Barber this is a tried and true compendium of cannot-go-wrong wisdom.

However, with that being said, if I may humbly suggest one more book to add to this list of all time classics it would be "The Master Key System" by Charles F. Haanel.

Although this is almost more of a study course (the author and publisher strongly suggest reading and digesting one chapter per week for twenty-four weeks) than a book, it is a masterpiece that has, and will, withstand the test of time.

I should say that this book is what The Secret was almost entirely based upon so if the concept of the "Law of Attraction" turns you off then steer clear, but if not, there is an absolute wealth of wisdom to be considered and reflected upon.

This is one of my all-time favorite books, and to give you a taste of what to expect, here is a quote from the introduction.

Accumulation is the power to reserve and preserve a part of the supply which we are constantly receiving, so as to be in position to take advantage of the larger opportunities which will come as soon as we are ready for them. Has it not been said, “To him that hath shall be given.” All successful business men have this quality well developed. James J. Hill, who recently died leaving an estate of over fifty-two million dollars, said: “If you want to know whether you are destined to be a success or a failure in life, you can easily find out. The test is simple and it is infallible: Are you able to save money? If not, drop out. You will lose. You may think not, but you will lose as sure as you live. The seed of success is not in you.” This is very good so far as it goes, but any one who knows the biography of James J. Hill, knows that he acquired his fifty million dollars by following the exact methods we have given. In the first place, he started with nothing; he had to use his imagination to idealize the vast railroad which he projected across the western prairies. He then had to come into a recognition of the law of abundance in order to provide the ways and means for materializing it; unless he had followed out this programme he would never have had anything to save.

This book is now in the public domain, and if anyone would like to download a free PDF copy you can find it at this web address.

http://29daysto.com/en/free/

I would love to hear anyone's thoughts on this comparatively little known yet powerful work.

Richard Fast is the author of 29 DAYS ... to a habit you want!

onlinefreak
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Re: Best Financial Books of All Time!

Postby onlinefreak » Mon Jan 31, 2011 4:45 am

Although reading books is a great habit, you can read all the books in the world and still stand where you are. I think it is good to accept one master and really practice what he/she says. That's the only way one can be successful.

suzwantstobefree
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Re: Best Financial Books of All Time!

Postby suzwantstobefree » Mon Jan 31, 2011 8:22 am

In that case, the Bible is the book that is the one that should be read and followed, in my opinion. Although written 2000 years ago it still has practical money advice. However, I also like Dave Ramsey and FPU and Total Money Makeover. Rich Dad, Poor Dad was also really eye opening although I feel you can still get rich the old fashion way - working hard in one (basic) career choice and saving more than you spend.

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Re: Best Financial Books of All Time!

Postby 29days » Mon Jan 31, 2011 11:07 am

I certainly could not refute your idea that reading endless books is NOT the answer. In fact, it's often a built-in excuse to delay taking positive action.

It's funny, just last week I received an email from a self-help website that was promoting some type of course and the kicker was that if I purchased this "self-help" product I would receive; the largest selection of FREE Personal Growth Gifts & Internet Marketing Products & Services that I will find anywhere! In fact, they go on to say that I would receive 400+ books and manuals of self-help material.

I had to laugh at the utter lunacy of it all. For many years I was caught up in this endless loop of material and seminars upon seminars ... always it seemed ... in exchange for ever taking action.

So back to the purpose of my reply, I agree that the world needs another self-help book about as much as it needs another break-out of typhoid. What we need is a way to put some of this knowledge into practical application.

The book I recommended (The Master Key System) is such a book. It's not meant to be picked up and read, but it's laid out in 24 lessons that encourages the reader to consider each lesson for a full week before moving on to the next. At the end of each lesson are some mental exercises for one to contemplate and consider.

So that's it. That's the ONLY reason I suggested this book, because I agree, we are all drowning in a sea of information ... what most of the world is lacking is a practical way to put that information into action.

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Re: Best Financial Books of All Time!

Postby MrPolarZero » Wed Feb 09, 2011 7:52 pm

I also love to read books. It is one of my ways to spend my spare time worthy :)

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Re: Best Financial Books of All Time!

Postby DoingHomework » Fri Feb 11, 2011 1:19 pm

suzwantstobefree wrote:In that case, the Bible is the book that is the one that should be read and followed, in my opinion. Although written 2000 years ago it still has practical money advice.

Such as? I am not religious but I do have an open mind about most things. People often say the bible has good advice on a lot of topics but they seldom give specifics. What specific money advice are you referring to?

suzwantstobefree wrote:However, I also like Dave Ramsey and FPU and Total Money Makeover. Rich Dad, Poor Dad was also really eye opening although I feel you can still get rich the old fashion way - working hard in one (basic) career choice and saving more than you spend.


In my opinion Dave Ramsey and the RDPD guy are both con artists that are good at selling people ideas but not much more. The consensus from previous discussions on here seems to be that DR has something useful to say about his debt snowball thing but beyond that his investing advice is horrible. Personally I think his debt snowball idea is dumb as well. And FPU is just another way to take more money from people.

The RDPD guy (Koyalski?) rips people off with his seminars and is under investigation in many places!

I think the best advice is contained in the last clause of your message: "working hard in one (basic) career choice and saving more than you spend."

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Re: Best Financial Books of All Time!

Postby DoingHomework » Fri Feb 11, 2011 1:29 pm

29days wrote:What we need is a way to put some of this knowledge into practical application.


There are plenty of ways to do that that do not involve signing up for some other seminar/program/club/group/service.

0. Make a budget and live within it. Spend less than you earn.
1. Open an account a Vanguard or other low fee mutual fund company forall your investing activity.
2. Do your own research, learn about what you don't understand from books that aren't written by people selling things. These are usually in university libraries. Myron Scholes is more likely to be right about stock options than Dave Ramsey!
3. Be suspicious of anyone who tries to make you feel like you should do something without providing substantial quantitative information to support their case. Have someone you trust review all information they provide before making any decisions!

Never, ever believe someone just because they are an authority. Everyone is wrong and makes mistakes sometimes. If an expert tells you something, ask "Why?" -- If he/she can't/won't explain, move on.

Check your emotions at the door. They have no positive role to play in financial decisions.

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Re: Best Financial Books of All Time!

Postby bwookie » Mon Oct 17, 2011 2:33 pm

I think the best financial books teach us how to be freeeeeeeee......eeeeeee....

Some of my faves are:

The Richest Man in Babylon
by George S. Clason

The Millionaire Next Door
by Thomas J. Stanley

Think And Grow Rich:
by Napoleon Hill

The Total Money Makeover: A Proven Plan for Financial Fitness
by Dave Ramsey


Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence
by Vicki Robin

The Four Hour Work Week
by Timothy Ferris
One fanastic journey into and out of $170,000 of student loan debt.
http://170thou.blogspot.com/

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Re: Best Financial Books of All Time!

Postby The Success Creed » Fri Oct 21, 2011 6:26 am

Good day,
I just wanted to share with you that some of these invaluable books are available online for free on Google Books.
For instance you can find Think and Grow Rich by Napoleon Hill at the following link:
link
Best Regards.

Giuseppe
Last edited by kombat on Fri Oct 21, 2011 6:41 am, edited 1 time in total.
Reason: Fixed link - mod
www.thesuccesscreed.co.uk

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Re: Best Financial Books of All Time!

Postby ultimajohn » Thu Dec 01, 2011 7:23 am

Wow! I love this topic, for I am a financial book junkie. There are literally dozens of books I've read that helped improve my financial life forever. Here are just a few for starters...

-The Alchemist: Although fictitious, this book excellent portrays the benefit of following your dreams to achieve financial success. It's one of the highest selling books of all time. Here's a quote from this divine book: "No heart has truly suffered in the pursuit of their dreams." The alchemist.

-Think and Grow Rich, by Napoleon Hill: Wow! Probably one of the best ones. It pretty much teaches you to gain financial success from the inside out. I like to call it the "inner game of money." You could get all the best money making ideas in the world, but if you don't see yourself in possession of it, you'll never attain what you actually desire.

-The 4-Hour Workweek: Another gem in the financial book world. This book teaches people how to truly live the American dream. And it teaches you to live it by only working a few hours a week. That is the dream to work less, or have your money working for you and still be able to travel and enjoy the world.

Those are just 3 of my favorites. Keen to see who else has some gems I have yet to read. This topic post is awesomeness!

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Re: Best Financial Books of All Time!

Postby POC@55 » Fri Dec 09, 2011 8:29 pm

bwookie wrote:I think the best financial books teach us how to be freeeeeeeee......eeeeeee....

Some of my faves are:

The Millionaire Next Door
by Thomas J. Stanley



What a wonderful book. This is a GREAT place to start for anyone. It is so important to catch on to the idea of being behaviorally intelligent when it comes to one's financial life. Start here and go forward!

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Re: Best Financial Books of All Time!

Postby JMC » Wed Jan 04, 2012 2:19 pm

With regard to the Bible and finances, I have not done a specific study on this topic, but a couple of examples do come to mind. Rather than asset allocation or earnings maximization, for the most part there are reminders that money is not everything in life. I keep this quote in my office:

"Whoever loves money never has enough; whoever loves wealth is never satisfied with his income. This too is meaningless. As goods increase, so do those who consume them. And what benefit are they to the owner except to feast his eyes on them? The sleep of a laborer is sweet, whether he eats little or much, but the abundance of a rich man permits him no sleep. I have seen a grievous evil under the sun: wealth hoarded to the harm of its owner, or wealth lost through some misfortune... Naked a man comes from his mother's womb, and as he comes, so he departs. He takes nothing from his labor that he can carry in his hand."

This is from the Old Testament, but Christ and early church leaders also had a lot to say about money. I won't add any more long quotes for brevity's sake. The overall emphasis is usually on the need to focus on living for the glory of God, through actions that benefit those in need. "Tell those who are rich... to be rich in kindly actions, to be ready to give to others and to sympathize with those in distress."

There are also some laws in the Bible that prohibit favoritism against the poor. Interestingly, there are also laws that prohibit favoritism against the rich. Very timely political wisdom if you ask me.

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Re: Best Financial Books of All Time!

Postby Sonja » Thu Jan 05, 2012 4:59 am

Regardless of what I think of religion or the bible, I would not recommend it to anyone as a financial guide. Eventhough there might be guidance on how to deal with your money almost all is, as far as I know, to generic to be of any help. As with the quote JMC gives, what real help will this be with determining how to spend your money. As book with good adive about budgets is a lot more useful in the practicalities of money than value based advice on what to do with that money.

If you think the bible is a good book in general for live advice than it makes sense to include the money advice into your life as well. Otherwise, find another book which answers your questions.

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Re: Best Financial Books of All Time!

Postby DoingHomework » Thu Jan 05, 2012 6:01 am

Sonja wrote:Regardless of what I think of religion or the bible, I would not recommend it to anyone as a financial guide. Eventhough there might be guidance on how to deal with your money almost all is, as far as I know, to generic to be of any help. As with the quote JMC gives, what real help will this be with determining how to spend your money. As book with good adive about budgets is a lot more useful in the practicalities of money than value based advice on what to do with that money.

If you think the bible is a good book in general for live advice than it makes sense to include the money advice into your life as well. Otherwise, find another book which answers your questions.


Yeah. It's a book that promotes believing unrealistic stories without supporting evidence. I can't imagine anything more anathema to finance.

It also prohibits lending of money for interest, which would preclude any kind of investing or even putting money in a modern savings account. The funny thing is that people who think they want to follow the bible always seem to pick and choose which parts they follow. They ignore the barbaric, immoral, and horrific parts. Application to finance is no different.

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Re: Best Financial Books of All Time!

Postby Tightwad » Thu Jan 05, 2012 7:17 am

DoingHomework wrote:It also prohibits lending of money for interest, which would preclude any kind of investing or even putting money in a modern savings account.

I disagree. Read the Parable of the Talents in Matthew 25:14-29.


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