Financial Literacy Book Recommendations
Benjamin Franklin said that “an investment in knowledge pays the best interest.” One of the best things we can do is pursue wisdom and knowledge. The Book of Proverbs has much to say about this topic. Proverbs 18:15 says, “An intelligent heart acquires knowledge, and the ear of the wise seeks knowledge.”
Managing our money and investing are areas we can all continue to improve on and there are many excellent books and other resources that can help you continue to invest in yourself by learning more about these areas. Many of our clients have read Cassandra Laymon’s book I Found Jesus in the Stock Market: How Biblically Responsible Investing Can Change Your Heart, Too. This is a great read about Cassie’s journey of faith and investing and captures much of our heart as a company.
We asked our staff and advisors for some other recommendations and below are a few books and one website that you may be new to you that we think will help you on your stewardship journey. Happy reading!
Personal Finance and Investing
Chances are if you’re reading this blog you are interested in investing. Many people wrestle with the same questions when it comes to saving and investing:
- Am I saving enough?
- How can I save more?
- Will I run out of money in retirement?
- What should I invest in?
Here are three books related to personal finance and investing you may not have read that are helpful and easy to understand. (Suggested by Jake Preston)
Just Keep Buying: Proven ways to save money and build your wealth
A great read about saving and investing by Nick Maggiulli. Half the book analyzes the discipline of saving and the other half investing, and the chapters are organized around common questions or concerns about these topics. Maggiulli provides accessible and data-driven advice for anyone looking to better understand how to invest for the future and how to optimize their money.
Simple Money: A No-Nonsense Guide to Personal Finance
Many personal finance books tend to advocate one-size-fits-all approaches to managing money and building wealth. The problem is that few of us are the “same size” when it comes to financial goals, values, and resources. While some principles are certainly universal regardless of the situation, this book by Tim Maurer attempts to keep the “personal” in personal finance. Maurer also goes beyond financial goals to discuss financial planning that is geared towards purpose and fulfillment.
The One-Page Financial Plan: A Simple Way to Be Smart About Your Money
This book by Carl Richards is one of the best books on values-driven financial planning. Richards simplifies the idea of a financial plan down to a page with the end goal being the freedom to do what a person values most. As Richards says, “a great financial plan has nothing to do with what the markets are doing, what your real estate agent is pitching, or the hot stock your brother-in-law told you about. It has everything to do with what’s most important to you.” We’ve implemented some of Richards’ ideas at the company level so if the idea of a one-page financial plan is appealing, we can help you with that!
Many people desire to leave an inheritance for their children and grandchildren and actively plan for this through good estate planning. Parents intend the money and possessions they pass on to their heirs to be a blessing to them and their families. Yet, passing on an inheritance without prayer and wisdom can sometimes cause more harm than good for your heirs.
If you’re considering leaving an inheritance for your children, this is a great resource to help you think through this important decision. (Suggested by Hillary Sunderland and Mike Sunderland)
Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives
This great estate planning book by Ron Blue is one we often recommend to our clients. It is a very good book for those considering how to structure their will and estate plan. Being a Christian, Ron Blue addresses the spiritual implications of how we leave assets to our heirs. When it comes to leaving assets to heirs it teaches to “love your children equally, and as such, to treat them uniquely”.
Good money management isn’t just one big math equation, how we think about money and the way we behave has a profound effect. Saving and investing isn’t just a numbers game, your head and heart play a big role and the book below is a great read to help you understand the psychology behind your financial decisions. (Suggested by Jake Preston)
The Psychology of Money: Timeless lessons on wealth, greed, and happiness
This great book by Morgan Housel is one of our go-to recommendations for books on money and personal finance. Through engaging real-life stories, Housel looks at the different ways people think about money, consciously or unconsciously. He invites the reader to consider his or her values and craft a vision for financial independence with those values in mind.
Biblical Teaching about Money
As Believers, we strive to live lives in which God’ truth, revealed in the Bible, guides our lives. The Bible has a lot to say about money – over 2,000 verses! – and if we’re not careful we can let money, or our pursuit of wealth become an idol in our lives. Below are two resources, a book and a blog, that will help you prayerfully consider how to honor God with your saving, giving, and investing.
Money, Possessions, and Eternity: A Comprehensive Guide to What the Bible Says about Financial Stewardship, Generosity, Materialism, Retirement, Financial Planning, Gambling, Debt, and More
The title is a mouthful, but this book by Randy Alcorn is one of the most comprehensive looks at how a Bible worldview can impact all areas of our finances. Alcorn’s deep biblical exposition helps the reader understand what the Bible teaches about money and how we can have an eternal perspective on how we manage the resources God has given us. Don’t let the comprehensiveness of the book scare you off, this is a highly impactful book with many practical applications and suggestions. (Suggested by David Black)
Eventide Center for Faith & Investing – https://www.faithandinvesting.com/
There are many helpful blogs and websites about finance and investing but this website from our friends at Eventide is one of our favorites. ECFI explores the intersection of faith and investing, looking at what the Bible has to say and how Christian can think and act biblically with their investing. At Beacon Wealth we think the alignment of our investments with our faith is one of the wisest things we can do so we heartily recommend the thoughtful resources on this site. (Suggested by Kirk Hobart)
If you’d like help identifying your goals and values and creating a financial plan and process to reach them, give us a call!
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