Books are probably my favorite medium for learning financial information. I read blogs and forums. I listen to podcasts. I read many financial websites. And I enjoy all of them. But reading a book is how I learn the best. Below are some of my favorite financial books I have read. I recommend you pick up as many as you can and start getting your financial educations as soon as possible.
The White Coat Investor: A Doctor’s Guide to personal Finance: The first book I recommend any dentist or physician (actually good for any high income professional) read if you haven’t already is “The White Coat Investor: A Doctor’s Guide to personal Finance.” This book means a lot to me as it helped start me on the path to becoming debt free and financially literate. I even posted a review about it. Read the review in this post. Buy the book here.
How to think about money: by Jonathan Clements is a classic in my view. I have listened to a few lectures and podcasts with Jonathan Clements and he really knows his stuff. This book has a message that will change your view about money for the better. This should be on everyone’s read list. The sooner you read it, the better. Buy it here.
The Bogleheads’ guide to Investing: I think a lot of us in the FIRE community (or even just the financially literate community) are Bogleheads. That’s why reading “The Boglehead’s Guide to Investing” is a must. Most of us get our investing style from Jack Bogle, the Bogleheads, or their disciples. Simple, low cost investing is the best path to financial independence. Reading this book will help you get on this path. You can buy it here.
The Simple Path to Wealth: by JL Collins is a fantastic read. I put this book in the same category as “How to think about Money”. An absolute classic. If you think that in order to become wealthy you need a bunch of fancy or complicated investments, you’re wrong. This book discusses why a simple portfolio of a few stock and bond index funds is all you need to reach your financial goals. It should be a part of anyone’s financial education. Buy it here.
Financial Boot Camp: This is the second book by Jim Dahle MD, a.k.a. The White Coat Investor. It doesn’t disappoint. This book takes you through a twelve step financial boot camp that will help you get your finances where you want them to be. Like his first book, it is a classic and a must read. There is a lot more to finances than just investing. This book hits on investing and all of those other important topics. Buy it here and add it to your library.
The Four Pillars of Investing: William J. Bernstein is a physician turned financial advisor who has written several financial books. You won’t be able to use him to manage your investments because he is not taking on any more clients. The good news is you can read his books that will help you become so financially literate that you can probably manage them yourself, or at least know enough to hire a good financial advisor. “The Four Pillars of Investing” is my favorite of his. Buy it here.
The Little Book of Common Sense investing: John C. Bogle is the Godfather of investing in my eyes. He has inspired many who have in turn inspired me on the best way to invest. That is, through low cost index mutual funds. Even though “Common Sense” is in the title, I don’t know if this way of investing is actually common sense. Although thanks to him it is becoming more so. This book is essential in any initial or continuing financial education regimen. Buy it here.
The Millionaire Next Door: Every dentist, physician, high income professional, or anyone really should read “The Millionaire Next Door”. It made me realize that most people really can become millionaires and become financially independent through hard work, frugality, and being smart with your money. We as high income professionals even have it easier to do this because of our income. Sadly, there are far too many dentists and other professionals that make a lot of money but also spend a lot. They build a collection of stuff, but not wealth. This book also helped give me ideas on how to teach my kids about money. It is a great read that will help you have a good mind set about what to do with your money. I highly recommend it. Buy it here.
How a Second Grader Beats Wall Street: An absolute classic right here. This isn’t just a catchy headline. Having a portfolio that will beat a Wall Street stock picker’s portfolio is very simple to do (especially after expenses and over the long term). in this book Allan Roth talks about conversations he had with his second grader son. These financial and investing concepts seemed so simple to his young son, yet we adults sometimes don’t get it. Read this book and learn how simple it is to get a portfolio that beats Wall Street. Buy it here.
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