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Summer reading tends to bring to mind high-school lit assignments or easy beach reads. But with many Americans feeling financial anxiety, we asked financial planners for their money-minded summer reading recommendations.
There is a title here for everyone from children to beginning savers to retirees, with books dispensing advice not only about money management and wealth building but also about money psychology and how money plays a role in real life.
Looking for inspiration? A number of advisers are fans of “The Millionaire Next Door” by Thomas J. Stanley and William D. Danko, a tome originally published in 1996 that found the average American millionaire wasn’t driving fancy cars or displaying material wealth but rather living below their means and methodically accumulating savings and a retirement nest egg.
Abe Ringer, a financial planner with Breakwater Financial in Needham, Mass., says that the “central message is that those who are rich are not the ones who appear rich with flashy displays of wealth, but rather they are the hardworking, frugal and humble ones who you’d never expect to be rich in the first place.”
Advisers also recommend “The Psychology of Money” and “Same As Ever,” both by Morgan Housel. In the former, Housel shows how human emotions and motivation color otherwise-objective financial decisions, and in the latter, Housel helps make concepts of risk and uncertainty less daunting.
“The biggest impediment for most people building wealth is their emotional decisions that get in the way of doing what should provide the greatest outcomes,” says Mitchell Kraus, a financial planner with Capital Intelligence in Santa Monica, Calif. “The Psychology of Money,” however, “talks in plain language about the irrational decisions people make and how to spot them as they happen so they make better choices.”
Jeff Golden, a planner with Circle Advisers in New York likes “Same as Ever” because its low-jargon writing is “geared just as much to the layperson as it is to professionals in the financial-advising community.” The book, he says, suggests that readers study factors “from the past that stayed the same, rather than trying to forecast the future and focusing so much on data and precision.”
Another classic option is “The Intelligent Investor” by Benjamin Graham, which Marcel Miu, a financial planner with Simplify Wealth Planning in Austin, Texas, recommends for its focus on a “disciplined approach to investing”—and because the author was a mentor to an investor considered by many to be one of the best ever: Warren Buffett.
David Tenerelli, a financial planner in Frisco, Texas, with Strategic Financial Planning, recommends “The Social Justice Investor” by Andrea Longton. The book, published this year, is a handbook for those interested in building wealth while also aligning their finance decisions with their personal values.
“She reminds readers that every investment, no matter how small, makes some impact on humanity and on the planet, and she provides a guide to help investors recognize the financial and nonfinancial returns and risks of investing conventionally, contrasted with investing using a justice lens,” Tenerelli says.
“In This Economy? How Money and Markets Really Work” by Kyla Scanlon is a just-released title anticipated by advisers because of the author’s strong presence on Instagram and TikTok “where she explains macroeconomic concepts such as interest rates in short clips in creative ways that anyone can understand,” says Anthony Syracuse, owner of Dynamic Financial Planning in Scottsdale, Ariz.
Cristina Guglielmetti, a financial planner in New York with Future Perfect Planning, says she will recommend Scanlon to clients. She considers the author “particularly well-received by younger folks” in part because she can clarify concepts into concise snippets ideal for social media, even coining the term “vibecession” to describe ways a recession could become a self-fulfilling prophecy if negative economic headlines lead consumers to pull back.
“Finance for the People” by Paco de Leon, which addresses personal money management in a world of inequality, and “Your Money or Your Life” by Joe Dominguez and Vickie Robin, are smart reads for younger adults, says Tenerelli, who calls both books “down to earth” and effective at instilling in readers “a sense of agency around money behaviors.”
The latter book, written in part so individuals could succeed in capitalism without falling prey to needless materialism and while understanding that we’re all part of a collective, has remained popular in part due to its fans in the young and frugal early-retirement community.
Crystal McKeon, a financial planner with TSA Wealth Management in Houston, recommends “Stop Acting Rich…and Start Living like a Real Millionaire” by “Millionaire Next Door” co-author Stanley, for its cautionary stance on overpaying for a primary home or overspending on other major purchases. “He really presses home that even though other people may have a fancier house and car it doesn’t mean they are richer than you,” McKeon says.
“Financially Stupid People are Everywhere—Don’t be One of Them” by Jason Kelly is the pick for adults in their early 20s of James Bryan, a financial planner with Cahill Financial Advisors in Edina, Minn. “It hammers away at all the financial pitfalls to avoid that parents often don’t discuss because they themselves have fallen into them,” such as consumer debt and huge mortgage loans, he says. “It outlines how not to be a sucker.”
“Debt Free U—How I Paid for an Outstanding College Education Without Loans, Scholarships, or Mooching Off My Parents” by Zac Bissonnette does a good job living up to its title, according to Bryan, and may be a good read for college-bound high-schoolers so they learn to be resourceful. “It’s motivating, engaging and a bit funny—which goes a long way for a personal-finance book,” Bryan says.
“Rich Dad Poor Dad” by Robert Kiyosaki is Miu’s pick for younger audiences. “It contrasts two different financial mindsets through the story of Kiyosaki’s two ‘dads’: his real father and his best friend’s father. This book underscores the importance of financial education, investing and entrepreneurship from a young age,” says Miu.
Sara Young, a financial planner with Live & Give Financial in Cincinnati, recommends the book “Lily Learns About Wants and Needs” by Lisa Bullard, and reads it weekly to her young children. “It has led to countless real-life spending conversations and a focus on gratitude—without creating a negative connotation around the word ‘budget.’ They even indulge in ice cream at the end, so it’s perfect for reading in the summer,” she says.
Jane Hodges is a writer in Seattle. She can be reached at [email protected].
The Wall Street Journal
Dow Jones & Company, Inc.
Personal-Finance Books to Put on Your Summer Reading List
There is a title here for everyone from children to beginning savers to retirees, with books dispensing advice not only about money management and wealth building but also about money psychology and how money plays a role in real life.
Classics
Looking for inspiration? A number of advisers are fans of “The Millionaire Next Door” by Thomas J. Stanley and William D. Danko, a tome originally published in 1996 that found the average American millionaire wasn’t driving fancy cars or displaying material wealth but rather living below their means and methodically accumulating savings and a retirement nest egg.
Abe Ringer, a financial planner with Breakwater Financial in Needham, Mass., says that the “central message is that those who are rich are not the ones who appear rich with flashy displays of wealth, but rather they are the hardworking, frugal and humble ones who you’d never expect to be rich in the first place.”
Advisers also recommend “The Psychology of Money” and “Same As Ever,” both by Morgan Housel. In the former, Housel shows how human emotions and motivation color otherwise-objective financial decisions, and in the latter, Housel helps make concepts of risk and uncertainty less daunting.
“The biggest impediment for most people building wealth is their emotional decisions that get in the way of doing what should provide the greatest outcomes,” says Mitchell Kraus, a financial planner with Capital Intelligence in Santa Monica, Calif. “The Psychology of Money,” however, “talks in plain language about the irrational decisions people make and how to spot them as they happen so they make better choices.”
Jeff Golden, a planner with Circle Advisers in New York likes “Same as Ever” because its low-jargon writing is “geared just as much to the layperson as it is to professionals in the financial-advising community.” The book, he says, suggests that readers study factors “from the past that stayed the same, rather than trying to forecast the future and focusing so much on data and precision.”
Another classic option is “The Intelligent Investor” by Benjamin Graham, which Marcel Miu, a financial planner with Simplify Wealth Planning in Austin, Texas, recommends for its focus on a “disciplined approach to investing”—and because the author was a mentor to an investor considered by many to be one of the best ever: Warren Buffett.
New options
David Tenerelli, a financial planner in Frisco, Texas, with Strategic Financial Planning, recommends “The Social Justice Investor” by Andrea Longton. The book, published this year, is a handbook for those interested in building wealth while also aligning their finance decisions with their personal values.
“She reminds readers that every investment, no matter how small, makes some impact on humanity and on the planet, and she provides a guide to help investors recognize the financial and nonfinancial returns and risks of investing conventionally, contrasted with investing using a justice lens,” Tenerelli says.
“In This Economy? How Money and Markets Really Work” by Kyla Scanlon is a just-released title anticipated by advisers because of the author’s strong presence on Instagram and TikTok “where she explains macroeconomic concepts such as interest rates in short clips in creative ways that anyone can understand,” says Anthony Syracuse, owner of Dynamic Financial Planning in Scottsdale, Ariz.
Cristina Guglielmetti, a financial planner in New York with Future Perfect Planning, says she will recommend Scanlon to clients. She considers the author “particularly well-received by younger folks” in part because she can clarify concepts into concise snippets ideal for social media, even coining the term “vibecession” to describe ways a recession could become a self-fulfilling prophecy if negative economic headlines lead consumers to pull back.
For young adults
“Finance for the People” by Paco de Leon, which addresses personal money management in a world of inequality, and “Your Money or Your Life” by Joe Dominguez and Vickie Robin, are smart reads for younger adults, says Tenerelli, who calls both books “down to earth” and effective at instilling in readers “a sense of agency around money behaviors.”
The latter book, written in part so individuals could succeed in capitalism without falling prey to needless materialism and while understanding that we’re all part of a collective, has remained popular in part due to its fans in the young and frugal early-retirement community.
Crystal McKeon, a financial planner with TSA Wealth Management in Houston, recommends “Stop Acting Rich…and Start Living like a Real Millionaire” by “Millionaire Next Door” co-author Stanley, for its cautionary stance on overpaying for a primary home or overspending on other major purchases. “He really presses home that even though other people may have a fancier house and car it doesn’t mean they are richer than you,” McKeon says.
“Financially Stupid People are Everywhere—Don’t be One of Them” by Jason Kelly is the pick for adults in their early 20s of James Bryan, a financial planner with Cahill Financial Advisors in Edina, Minn. “It hammers away at all the financial pitfalls to avoid that parents often don’t discuss because they themselves have fallen into them,” such as consumer debt and huge mortgage loans, he says. “It outlines how not to be a sucker.”
For students and youngsters
“Debt Free U—How I Paid for an Outstanding College Education Without Loans, Scholarships, or Mooching Off My Parents” by Zac Bissonnette does a good job living up to its title, according to Bryan, and may be a good read for college-bound high-schoolers so they learn to be resourceful. “It’s motivating, engaging and a bit funny—which goes a long way for a personal-finance book,” Bryan says.
“Rich Dad Poor Dad” by Robert Kiyosaki is Miu’s pick for younger audiences. “It contrasts two different financial mindsets through the story of Kiyosaki’s two ‘dads’: his real father and his best friend’s father. This book underscores the importance of financial education, investing and entrepreneurship from a young age,” says Miu.
Sara Young, a financial planner with Live & Give Financial in Cincinnati, recommends the book “Lily Learns About Wants and Needs” by Lisa Bullard, and reads it weekly to her young children. “It has led to countless real-life spending conversations and a focus on gratitude—without creating a negative connotation around the word ‘budget.’ They even indulge in ice cream at the end, so it’s perfect for reading in the summer,” she says.
Jane Hodges is a writer in Seattle. She can be reached at [email protected].
The Wall Street Journal
Dow Jones & Company, Inc.
