The best books to read to better manage your money

There are thousands of resources online to learn more about personal finance, a staggering amount of financial information, from free courses offered by colleges and educational platforms to TikTok influencers and expert newsletters. It can therefore be difficult to identify the best sources for budgeting, saving and investing, but the earlier in life a person begins their financial education, the better their chances of wealth and success.

During the CNBC Invest in You virtual event, Finding Your Financial Success, in April 2021, a Rutgers University student asked a panel of personal finance experts to choose the best books to improve his financial skills. Here is their recommended reading list.

Books about relationships and money

Anthony Chan, managing director and chief economist at JPMorgan Chase, cited two books, both of which focused on personal relationships and finance.

“Broke Millennial” by Erin Lowry is a step-by-step guide that illustrates how to assess your own understanding and relationship with money. Lowry tells readers how to get “financially naked” with their partners.

Chan also recommended Sharon Epperson’s “The Big Payoff” from CNBC.

“I’m going to embarrass Sharon, but ‘The Big Payoff’ is one of my favorites,” he said.

In her book, Epperson explains how couples of all ages and stages can achieve their financial dreams together.

Learn more about Investing in You:
Experts advise teens to take a careful hands-on approach when learning about crypto investing
How to make sure you get all the benefits to grow your wealth
Here’s how to choose a health insurance plan that fits your budget and your life

Money Mindset Books

CNBC Advisory Board Member Lauryn Williams knows that the right mindset is fundamental to performing well. Williams was the first American woman to medal at the Summer and Winter Olympics.

“You know, as sports enthusiasts, we need to have the right mindset in order for our body to do what we want. In order to organize our finances accordingly, we first need to have the correct mindset. So ‘The Psychology of Money’ by Morgan Housel is a great book to read,” she said.

In “The Psychology of Money,” Housel shares 19 short stories exploring the unique ways people think about their money and how they behave with it.

Books on Benjamin Graham, Warren Buffett and Value Investing

Shark Tank investor and best-selling author Daymond John recommends Benjamin Graham’s “The Intelligent Investor.” Graham, who mentored billionaire Warren Buffett, teaches readers strategies on how to successfully use value investing in the markets.

Value investing is a strategy of picking stocks that investors believe are trading below their intrinsic value and are therefore considered inexpensive. Eventually, these stocks will rise in value and the investor will profit.

Disciples of Benjamin Graham and two of the most successful investors of all time, Charlie Munger and Warren Buffett’s annual letter to Berkshire Hathaway shareholders has become required reading for many investors.

Since 1977, Berkshire has published a letter to shareholders in which Buffett candidly discusses investments, the mistakes he’s made, and broader opinions about the good and bad of the stock market and Wall Street. These letters can all be read online.

If you want to learn more about value investing, author and investor Phil Town recommends “The Dhandho Investor“, a book that lays out his value investing framework.

Pabrai’s book recounts how the Indian Patel family became owners of more than 40% of motels in the United States, using the principles of value investing.

In 2007, Pabrai and Guy Spier offered $650,000 to be able to dine with Buffett. It turned out to be a bargain: Last year’s winner paid more than $4 million for the honor of dining with Buffett.

After lunch with Buffett, Spier wrote his own book, “The formation of a value investorSpier’s memoir is candid and brings readers from the darker corners of Wall Street to a practical guide to what it takes to become a successful investor.

Both Pabrai and Arrow continue to post thoughts on personal blogs.

CNBC’s Warren Buffett Archive is another great resource for all things Buffett. With 130 hours of searchable video and 2,800 pages of transcripts, readers and viewers can get a complete Buffett education.

REGISTER: Money 101 is an 8-week financial freedom learning course, delivered weekly to your inbox. For the Spanish Dinero 101 version, click here.

TO VERIFY: 78% of workers are unaware of the “most profitable asset” for retirement, according to the CPA. Here’s what it could cost them with Tassels + CNBC

Disclosure: NBCUniversal and Comcast Ventures are investors in Tassels.

Previous Analysts expect Alerus Financial Co. (NASDAQ:ALRS) to post earnings of $0.54 per share
Next Don't put all your retirement savings in a 401(k), says CFP