facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause
What are 5 Financial Books That Have Stood the Test of Time? Thumbnail

What are 5 Financial Books That Have Stood the Test of Time?

There are countless financial books out there that promise to make you a more intelligent investor, an expert budgeter, or a money guru. But which ones contain solid advice, and which ones should you pass over? There are so many options that it's hard to tell.

Here, we highlight five financial books that have stood the test of time. These books were written 20+ years ago, but the information gleaned from them is still relevant today. Sound financial habits and strategies never go out of style.

Your Money or Your Life

Joe Dominguez's Your Money or Your Life was originally published in 1992, but it remains one of the most popular financial books today and was revamped in 2018. The book invites you to ask yourself these 9 questions:1

  • Do you have enough money?
  • Are you spending enough time with family and friends?
  • Do you come home from your job full of life?
  • Do you have time to participate in things you believe are worthwhile?
  • If you were laid off from your job, would you see it as an opportunity?
  • Are you satisfied with the contribution you have made to the world?
  • Are you at peace with money?
  • Does your job reflect your values?
  • Do you have enough savings to see you through six months of normal living expenses?
  • Is your life whole? Do all the pieces — your job, your expenditures, your relationships, your values — fit together?

Think and Grow Rich

Think and Grow Rich by Napoleon Hill was originally published in 1937 and was republished in 2016. Its original publication followed the Great Depression and was well received because it provided specific steps to achieve wealth. It also endorses a philosophy of positive thinking, which so many Americans needed at the time (and still need today). Its life-changing tips are timeless and can be applied to modern-day investors just as well as they were applied decades ago.2

The Intelligent Investor

Originally published in 1949, The Intelligent Investor by Benjamin Graham focuses on the philosophy of “value investing,” the practice of buying an investment that appears to be underpriced relative to its value. For example, a value investor might buy a stock that has a lower price-to-earnings (PE) ratio, which can help illustrate how expensive a company is in relation to its earnings.3

Throughout the many years since the book's publication, market developments have continued to prove the wisdom of Graham's strategies, making this a financial book that has truly stood the test of time.

The Millionaire Next Door: The Surprising Secrets of America's Wealthy

The Millionaire Next Door by Thomas Stanley was published in 1995, and while it includes some dated references (no one has a Sears credit card nowadays), the principles in the book are still worth examining. The premise of this one is that wealthy people spend less on frivolous expenses—like cars and watches and huge mansions—and spend more of their time investing in appreciating assets to grow richer.4

Some of the findings are surprising because you wouldn't expect a millionaire or multi-millionaire to drive the least expensive car on the block, but these small choices are how the rich grow richer and why the middle classes often live paycheck-to-paycheck. This is another book that will help you examine your financial literacy and habits.4

The Richest Man in Babylon

Who knew that there were so many sound financial lessons we could learn from the ancients? George Clason did when he wrote The Richest Man in Babylon in 1926! Many readers consider this book “the greatest of all inspirational works on the subject of thrift, financial planning, and personal wealth.” In it, readers will learn about the famous Babylonian parables, which help outline these concepts in an easy-to-understand way.5

Are you going to pick up any of these timeless classics? Whether you choose to read about finance from a Great Depression author or a contemporary, learning more about healthy financial habits can help set you on the path to financial success and well-being.

Julie McDaniel® is co-founder of IMPACTfolio®,  a wealth management firm that specializes in IMPACT investing and holistic financial planning for one flat-fee.

  1. https://yourmoneyoryourlife.com/book-summary/
  2. https://www.richdad.com/
  3. https://www.goodreads.com/book/show/30186948-think-and-grow-rich
  4. https://www.goodreads.com/book/show/106835.The_Intelligent_Investor
  5. https://www.goodreads.com/book/show/998.The_Millionaire_Next_Door
  6. https://www.goodreads.com/book/show/1052.The_Richest_Man_in_Babylon

This content is developed from sources believed to be providing accurate information. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.