As a CERTIFIED FINANCIAL PLANNER™, it’s my responsibility to educate our clients and help filter the vast amount of financial information (good and bad) at their fingertips. To help do that, we’ve compiled 6 of our favorite finance books for you to pick up and page through. Take a look at our book reviews and grab the page-turner that captures your attention.
Best for Learning The Basics: One Page Financial Plan by Carl Richards
This book is designed to teach the basics of financial planning. Written by Carl Richards, I can say this relatively quick read has greatly influenced Lake Road Advisors and our approach to working with clients. The book is simple and actionable and boils down complex financial ideas into easy-to-understand terms and advice.
Overall, the book has very positive reviews (4.3 out of 5 on Amazon), probably because it makes financial success accessible and approachable by anyone. In addition, it teaches readers to identify their financial goals and their emotions toward money and spending. Once readers truly understand these key concepts, they can begin creating a thoughtful financial plan.
If you’re looking for more complex financial information, however, you may want to skip this read. One Page Financial Plan ultimately is geared toward beginners who are learning the ropes of financial
planning.
Best for Business Owners Struggling with Cash Flow: Profit First by Mike Michalowicz
As a CFP®, I understood personal cash flow inside and out, but when it came to managing my own business, I struggled to make it work. Fortunately, this book was a lifesaver and helped me grow my own firm. At its core, Profit First recommends reversing a Sales – Expenses = Profit model to a Sales – Profit = Expenses model. Michalowicz says that when you take profits first, your business is more likely to thrive.
Even though it’s a unique concept, Michalowicz’s ideas are worth considering. Plus, he maps out the process involved, including allocating a percentage of your revenue for profit, expenses, and taxes. The book also offers tips to avoid common financial pitfalls and addresses misguided but common financial ideas.
Keep in mind that this book is best suited for small business owners and entrepreneurs. It’s not geared toward large corporations that face larger financial complexities and processes.
Best for Understanding Professional Investors: How I Invest My Money by Brian Portnoy
As a financial advisor, I see all types of financial situations — both good and bad — and I’m able to learn from them in real-time. How I Invest My Money gives readers a look under the covers, showing them how investment professionals invest their own money. Often the world of finance can be so closed up and private. Most clients just want to know how they stack up against others and if they’re taking the right investment approach.
This book suggests that personal finance is as unique as the individual. It shares stories from various financial experts, investment advisors, as well as regular consumers. Each of the stories showcases different investment philosophies and perspectives, as well as goals. In fact, I enjoyed this approach so much that I was inspired to share my own investing experience. Check it out here.
When you pick up this book, know it’s important to understand and accept its format. It’s a collection of stories, rather than straightforward financial advice. That said, one of the best ways to learn is from others’ experiences.
Best for Those Seeking Financial Freedom and Fulfillment: Die With Zero by Bill Perkins
In Die With Zero, Perkins recommends integrating financial planning and personal fulfillment. He invites readers to evaluate their priorities and make intentional choices that lead to a more meaningful life. For example, he introduces the concept of net fulfillment, emphasizing the importance of aligning your financial resources with your life’s passions and experiences. The idea of planning life in 5-year sections is introduced, serving as a framework to maximize fulfillment and facilitate intentional decision-making.
Through the idea of memory dividends, Perkins highlights the enduring happiness and personal growth that come from investing in experiences that create lasting memories. Overall, Die With Zero offers a refreshing take on planning for the future and encourages readers to optimize their resources for maximum fulfillment rather than focusing solely on net worth.
Best for Learning About Building Wealth: Rich Dad Poor Dad by Robert Kiyosaki
Even though I don’t agree with some of the ideas Robert Kiyosaki recommends, the fundamental teachings in this book have been pivotal in shaping my own personal mindset around building assets, particularly those that can distribute income and grow in wealth.
The book compares two father figures, a “poor dad” (Kiyosaki’s biological father) and a “rich dad,” (his friend’s father). The comparison of the scholarly, well-respected father who struggled financially especially hit home for me. Through storytelling, the book recommends that readers develop a mindset that prioritizes financial freedom. Kiyosaki offers clear lessons on how readers can continually improve their financial situation and knowledge, and invest in their financial wellbeing.
The book doesn’t offer as many clear step-by-step practical options as other books we’ve recommended, but it’s still worth a read. Its timeless lessons and perspectives are well worth your time.
Enjoyed These Reviews? We Have More On The Way!
At Lake Road Advisors, we write to supply you with practical tips and recommendations to grow your financial knowledge. Books are one way to do just that. Check back soon as we build our library and offer more suggestions for financial reads.
Lake Road Advisors, a Fee-Only, independent financial planning firm with offices in Corning, NY, Ithaca, NY and Portland, OR works with clients virtually all across the country. Paul Sydlansky, the founder of Lake Road Advisors LLC, has worked in the financial services industry for 20+ years. Prior to founding Lake Road Advisors, Paul worked at Morgan Stanley in Manhattan for 13 years. While at Morgan Stanley, Paul was a senior-level manager within the Institutional Equities Department. In 2018 he was named to Investopedia’s Top 100 Financial Advisors list. Paul received a Bachelor’s degree in Economics from Marist College and holds an MBA from New York University Leonard N. Stern School of Business. Paul is a CERTIFIED FINANCIAL PLANNER™ and a member of the National Association of Personal Financial Advisors (NAPFA) and the XY Planning Network. They can be reached by phone at the Corning, NY office at (607) 463-8400, Ithaca, NY office at (607) 438-2914, or Portland, OR office at (607) 292-2172 or at the firm’s website at https://www.lakeroadadvisors.com/
The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.
