Recommended Books on Personal Finances
The Millionaire Next Door
Thomas J. Stanley and William D. Danko wrote the book The Millionaire Next Door in 1996. Dr. Stanley conducted interviews with millionaires between 1982 and 1996 to understand the wealth building traits these people possess: discipline, sacrifice, and hard work. Here is my post where I discuss the seven traits millionaires possess.
99 Minute Millionaire by Scott Alan Turner
In Scott Alan Turner’s book 99 Minute Millionaire, he introduces investing in a simple, easy-to-understand way. Turner keeps the book concise and interesting as he uses many food analogies linked to investing. One of my favorites is where Turner describes how the money spent ordering pizza once a week could be invested and in 25 years it would turn into $64,000! Check out my full review here.
The thesis of this book argues that tax-deferred retirement plans can provide tax benefits for a person today; however, there can be serious negative implications in retirement with these plans. By delaying tax in these plans, taxes compound and make the tax burden worse in retirement. Patrick Kelly recommends a vehicle to save money that can be pulled out tax-free in retirement: a permanent life insurance policy.