Big Mistakes by Michael Batnick

Michael Batnick is the author of one of my favourite finance blogs, the Irrelevant Investor. His latest book profiles some of the most successful investors of all time, and highlights the biggest investment mistakes these people made. The idea is to show that even the smartest amongst us make painful, costly mistakes and that we should be able to accept that as part of investing.

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The Millionaire Next Door by Thomas J. Stanley & William D. Danko

Now this book has its fair share of criticism, but there are few books that are more effective at pointing out the devastating effect of consumerism on wealth accumulation. Millionaire Next Door is based on a study by Stanley & Danko which reveals that the majority of millionaires in the USA are people who live in middle-class and sometimes working class neighbourhoods with surprisingly frugal lifestyles. The book contrasts the lifestyles of low income earning but high net worth households (which the book calls PAWs) with high income earning but low net worth households (UAWs) and shows how a lifetime of living below your means can make a huge difference in net worth by retirement age.

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If You Can by William J. Bernstein

This pleasantly short read provides everybody (not just millennials) with pragmatic advice on retiring comfortably. William advocates saving 15% of ones earnings and investing in index funds, avoiding unnecessary purchases and not falling prey to financial industry people who benefit from you constantly turning over your portfolio.

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