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  • Book Suggestions

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    Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

  • #2
    Phil DeMuth is an excellent read, and there were passages of this book that had me literally chuckling aloud. He has a GREAT sense of humor.

    https://www.amazon.com/Affluent-Investor-Financial-Advice-Protect/dp/076416564X

    I think that the Bill Bernstein books are also outstanding, some dry humor, and foundational. The Four Pillars is the classic...

    https://www.amazon.com/Four-Pillars-Investing-Building-Portfolio/dp/0071747052/ref=sr_1_2?s=books&ie=UTF8&qid=1516157807&sr=1-2&keywords=william+bernstein+books

    but If You Can... was specifically written for millennials, your target audience.

    https://www.amazon.com/If-You-Can-Millennials-Slowly/dp/098878033X/ref=sr_1_1?s=books&ie=UTF8&qid=1516157807&sr=1-1&keywords=william+bernstein+books

     

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    • #3
      Richest Man in Babylon might be a good choice.  I haven't read it, but I have the audiobook on hold from the library.

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      • #4
        I will check these out. Thanks.
        Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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        • #5




          Richest Man in Babylon might be a good choice.  I haven’t read it, but I have the audiobook on hold from the library.
          Click to expand...


          It's very good, but might be a bit old fashioned for the younger set. The key point is that the principles for achieving wealth are timeless.

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          • #6
            The Only Investment Guide You'll Ever Need by Andrew Tobias.  A simple read, practical and humorous.

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            • #7
              To piggyback on Vagabond: What I like about Bernstein is that he has written the same basic information on multiple levels.  "If You Can" is a one hour read (you can find the free pdf version with a quick Google search) that a financially disinterested teenager could probably get through.  Just the basics.  "Four Pillars" gets into fairly dense investing theory.  I'm almost certain it would be more than you're looking for.  His middle level offering is "The Investor's Manifesto."  I actually read "Manifesto" at about the same  time as "Millionaire Next Door" and found them to dovetail nicely.  "Millionaire" is understandable/enjoyable mostly because it is primarily descriptive.  "Manifesto" is prescriptive and, while a harder read than "Millionaire", is still at a level that all in your target age range could probably digest.

              To be clear, I haven't read most of the other suggestions in this thread, so I can't make a fair comparison to those.

              You have 11 months to screen your options!  Happy reading!

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              • #8
                I second Vagabonds selection of Phil DeMuth.  I think the Bernstein books are geared more for people who are really interested in personal finance.  The Millionaire books and DeMuth are easier to read.  (There are more books in the Millionaire series as well.)

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                • #9
                  1. "My Vast Fortune" by Andrew Tobias is entertaining and a short read that helps whet the investing appetite.

                  2. "The Coffeehouse Investor" by Bill Schultheis is a great brief introduction/primer to simple asset allocation and index investing that really sent me down the road to "Boglehead" investing.

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                  • #10
                    did you put the $100 bill in the front cover or the back cover?

                     

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                    • #11
                      I think it's great that you are trying to inspire your nieces and nephews!

                      My suggestion is to send them a pdf of the Bernstein "If you can" this summer.  (This long essay is written for millenials, and has been recommended in previous posts.  It's a great brief piece.)  I sent this to a nephew when he got a real job, and it seemed to make a big impact. Since it's free and a pdf, it doesn't seem like much of a gift, though.  The pdf contains some reading 'assignments' so you could look at Dr Bernstein's suggestions.

                      I think the logical next actual gift would be the Boglehead's basic book.  "Boglehead's Guide to Investing", 2nd edition.  It covers most of what you need to know for basic personal finance.  A lot of actionable items, and very easy and entertaining to read.

                      If you prefer an investing oriented book, please consider going to the Bogle source: John Bogle's "Little Book of Common Sense Investing".  This is a great book - I have given away a number of copies at work.  It changed at least one of the giftees - he dumped his high cost and exploitative financial advisor and switched to Vanguard index funds.  My child read it avidly as a teenager.    (There is now an updated 2nd edition - I have only read the 1st edition).  It is about investing in index funds.  A short and easy read, but does not really cover basic personal finance outside of investing in stocks and bonds.

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                      • #12
                        Not an investment book, but more about the philosophy of success. “Outliers” by Malcolm Gladwell. It touches on the 10000 hours of practice required for expertise and also having a little luck.

                        I can’t wait for my niece and nephew to be old enough for this. Great idea.

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                        • #13




                          Not an investment book, but more about the philosophy of success. “Outliers” by Malcolm Gladwell. It touches on the 10000 hours of practice required for expertise and also having a little luck.

                          I can’t wait for my niece and nephew to be old enough for this. Great idea.
                          Click to expand...


                          Thats a pretty good one, but I read something called 'its not talent' (was a long time ago) and the premise was similar though more broad. While 'talent' does exist its vague and easily overcome by simply working harder/trying/improving.

                          The 10000 hours idea really tries to shoehorn a bunch of stuff, and isnt really true for lots of stuff they tried to apply it to like sports, certain activities, etc...some things take far less than 10000h, and some people start at hour 5k, and some will never pass hour 7.5k ever, etc...

                          In general one of the worst parts about celebrity, athletes, etc...is when one of these people make it into a national spot light, to us, and the younger generation its like they showed up out of nowhere and were just awesome. What you dont see is the years of work, practice and rejection. That part is really important for kids as they can give up if they think theyre just supposed to try a couple time and be amazing. I always try to impress upon my kids that while something may start out simple, or you're outpacing your peers for a while, at some point everything gets hard. The smartest people in history eventually came up against issues that they worked on for their lifetimes.

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                          • #14
                            Thank you for the ideas. I'm sure one of these will do the trick.
                            Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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                            • #15




                              While ‘talent’ does exist its vague and easily overcome by simply working harder/trying/improving.
                              Click to expand...


                              .
                              Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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