Maybe you’re automatically funneling payroll deductions into your 401(k) account. Or you’ve dabbled in crypto or, God forbid, bought a meme stock or two on Robinhood.
But tweets, articles from Google searches and Instagram screenshots of stock charts aren’t enough to make you a good investor; you need to go deeper. And going deeper means reading books.
I’ve picked four every new investor should read about investing and one must-read on personal finance. They’re all easy to read, too.
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Most of the media and Wall Street call Warren Buffett the most influential investor of the past century. But as Buffett’s star and performance fade, the legacy of John Bogle, pioneer of the index fund and founder of Vanguard (which now manages more than $7 trillion), towers above his. Even Buffett conceded Bogle’s creation had surpassed his own: he recommends investing in index funds and is instructing his heirs to put 90% of their money into them, too.
This compact volume distills Bogle’s decades of investment wisdom into barely more than 200 pages. It sounds the main notes of this investing giant’s philosophy: Choosing winning stocks or actively managed mutual funds is folly; instead, buy the most broadly diversified index funds, keep costs to a minimum and let the twin miracles of steady investing and compounding do the rest.
The eighth edition of this investment classic, originally published in 1985, arrived earlier this year, and its author sat down for a Q&A with . Ellis was a Bogle disciple (he served on Vanguard’s board and co-chaired Yale’s investment committee with the late, great David Swensen) and he makes the argument for low-cost index funds from a different angle: Not only can’t individuals win the loser’s game of beating the market; even professionals can’t.
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These two investing classics together recount some of the biggest manias in modern market history from Tulipmania to the South Sea Bubble (which almost ruined one of the great minds in human history, Sir Isaac Newton) to the 1929 stock market crash and beyond.
Mackay’s account is historical while Kindleberger, a former professor at MIT, is more analytical, though the book is quite readable. Kindleberger lays out how crises develop, as lending loosens and speculation soars, and the anecdotes in both books should provide ample warning about the current excesses in everything.
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But since many investors don’t have the imagination to connect the dots, I suspect they won’t. “Popular delusions begin so early, spread so widely, and have lasted so long, ” wrote Mackay, “that…fifty volumes would scarcely suffice to detail their history.”
When I looked for good personal finance books, however, I felt like Diogenes roaming the streets of Athens with a candle trying to find an honest man. (Spoiler alert: He’s still looking.)
What’s out there is often promotional and poorly written. Whether it’s “get debt free” as in Dave Ramsey’s “Total Money Makeover” or drive used Buicks and keep pinching pennies no matter how rich you get, as in “The Millionaire Next Door, ” these books push One Big Idea that will solve your financial problems. They are like articles in the defunct print magazines Money or SmartMoney puffed out to full-length books.
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Writers like Terry Savage and Liz Pulliam Weston, whom I know and respect, as well as Jane Bryant Quinn have written some fine broad-based personal finance books. These women pioneered personal finance journalism and you can’t go wrong with anything they’ve written.
But for that one book to read, I’d recommend “The Psychology of Money” by Morgan Housel. Instead of a chore, this book was a joy to read. Housel, a former columnist for The Motley Fool, throws a lot of conventional wisdom out the window and says the way you think about money is just as important as what you do with it.
He also says dumb luck is a big factor in people’s success, the biggest market-moving events are always unpredictable and the goal of financial planning should be survival. “The ability to stick around for a long time, without wiping out or being forced to give up, is what makes the biggest difference, ” he writes.
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My wife wants me to spend $5, 000 to attend her cousin’s destination wedding. I don’t want to go. I’ve only met him three times. Am I being selfish?
They can be good choices for new investors, busy people who don’t want to do it themselves or those who don’t have much to invest.We humans These 5 Black women made history — and here’s why you should know their stories Feb 25, 2021 / Krishna Mann
In the US, the stories of a select few Black women — Sojourner Truth, Harriet Tubman, Rosa Parks, Ida B. Wells, to name a few — seem to circulate on a regular rotation in school classrooms, inspirational calendars and social media memes. While these women’s contributions to history are incredibly important, there are countless other Black women who are less known but who are equally significant in terms of fully understanding the American experience.
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“Their stories need to be told, ” say Daina Ramey Berry PhD, chair of the history department at the University of Texas at Austin, and Kali Nicole Gross PhD, professor of African American Studies at Emory University. The two women are coauthors of the book A Black Women’s History of the United States. “Black women are true torchbearers of democracy, ” explains Dr. Gross. “Black women have been demanding justice and liberty and have fought for it in ways great and small.”
History in the US (and much of the world) has largely been written by white men, with whiteness at the center, but the profiles here aim to reframe the stories, placing a wide range of Black women firmly at the heart. For this article, Drs. Berry and Gross thoughtfully curated the stories of five women to add to the narratives that we’re already familiar with.
While these women accomplished remarkable things, they were also remarkable for their humanity — for simply surviving despite unrelenting oppression. By learning about their experiences, we can gain new perspectives to understand and celebrate the role of Black women throughout America’s existence. Hopefully they will lead you to wonder: Who else has been left out of the history books? What can we learn from their stories? And how can we make space for the diverse narratives of Black women that are yet to be told?
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Isabel de Olvera was born in Querétaro, Mexico, in the late 1500s to an African father and an Indian mother. As a young, unmarried, free mixed-race woman in 1600, she sought permission and protection from the mayor of Querétaro to join an upcoming expedition to New Spain (or present-day New Mexico, Arizona and Florida). Although historians are not sure of her motives — some records suggest that she may have been hoping to assist recently settled families at her final destination — her deliberate preparations for the journey were documented.
De Olvera petitioned the mayor to provide her with written permission proving she was indeed a free woman. Because she was Black, she knew she could be claimed as property by men she encountered on her journey. Her appeal to the mayor ended with this simple but clear declaration: “I demand justice.”
After an eight-month legal process, which included sworn testimony from witnesses to prove her independence and her worthiness, de Olvera was eventually permitted to go on the expedition. The journey covered nearly 1400 miles, crossing multiple rivers, deserts and mountain ranges. While some records of the hardships exist, the exact details of where and when de Olvera went, as well as what happened next in her life, are left to speculation. “I wish we knew more, and we did a whole year of research on her, ” says Dr. Berry. “We think about how many miles she might have traveled, and we recognize the bravery of what she did at that time”.
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Simply put, Isabel de Olvera’s existence as a free woman in the 1600s challenges the narrative that the Black experience in America began only when Africans were forcibly brought to this country and enslaved. Her journey is also among the earliest recorded instances of Black people fighting for liberty in North America, an act of resistance that is repeated throughout history.
“Freedom is always fraught, and Black women are always demanding justice to be treated like human beings, ” says Dr. Berry. “And Isabel is one of the first women that we can identify who is doing just that.”
Enslaved couple Monemia and Jacob McKoy lived in North Carolina in the mid-19th century. In 1851, Monemia — already the mother of 7 children — gave birth to conjoined twins Millie and Christine.
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While all enslaved parents lived with a constant fear of being separated from their children at the auction block, that threat was more pronounced for the McKoys because Millie and Christine were considered “genealogical wonders”. The girls each had their own limbs but were joined at the pelvis. Throughout their
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