Favorite books as gifts to 20 somethings?

[bamsphd]

My wife and I are considering giving our nieces and nephews gifts as they graduate from college or turn 21 to help them open their own IRAs. We know it can be difficult to come up with the initial minimum deposit when just starting out, and that it is so easy to postpone opening an IRA. We hope that once they actually open an account, they are more likely to make additional contributions.

We thought we would also include a book or two with each check. The question is which book(s)?

I'm the investor in the family, not my wife. She claims that not everyone loves reading long detailed mathematical discussions of portfolio theory. :confused: Though I don't understand why she would think that.

She wants me to pick out one or two simple books. It has been awhile since I read many "simple" books on investing and general money management. So I thought I would ask the forum for ideas.

What books would you recommend we give out?

[Goonie]

Quote:

Originally Posted by bamsphd What books would you recommend we give out?

Check out this thread.

My personal recommendation would be The Only Investment Guide You'll Ever Need by Andrew Tobias. It's a fairly short book and an easy read. A very simple, yet complete, book on investing.

[FIREd]

I think that a book like "the millionaire's mind" would be a good choice. It's not overly technical, the title is appealing to many young people and I think it is an eye opener. Once your nieces and nephews make the choice to save, then they can start reading more technical books about AA and SWR... I also like "work less live more", it's a bit more advanced but very inspirational.

[TickTock]

From the thread that Goonie linked to:

Quote:

Originally Posted by TickTock 1. The Automatic Millionare by Daid Bach. Now, I have criticisms of this book. I think it's overly simplistic. I question some of his examples. I think it's overly optimistic in some areas. I think it has too much rah-rah and hype. BUT! It's the best practical book I've read so far that can get folks off top dead center and moving in the right direction. I heartily recommend it as a first primer on personal finance and wish I'd been given a copy when graduating from college. 2. Your Money Or Your Life by Joe Dominguez and Vicki Robin. I have criticisms of this book as well; particularly the the SAVE THE PLANET!!! emphasis. I also don't agree with their assertion that personal inflation is non-existent. I REALLY don't recommend their investing advice. But it's the best book I've read so far that gets you thinking about integrating money with the rest of your life and values. It has good, practical steps to follow. I recommend these two books to all Young Dreamers.

[Blue Skies]

I have given all of my nephews "Jonathon Livingston Seagull" for their high school graduation, and all of my nieces "Gifts From the Sea" by Anne Morrow Lindbergh.

For financial books, I learned a great deal in how I thought about money, especially how I spent it, from "Your Money or Your Life". I also like The Millionaire Next Door, Generous Living, and (don't flame me!) Suze Ormans Nine Steps to Financial Freedom.

[Goonie]

Quote:

Originally Posted by Blue Skies I also like The Millionaire Next Door, Generous Living, and (don't flame me!) Suze Ormans Nine Steps to Financial Freedom.

When I read those two, I found them helpful also.

[Helena]

Dave Ramsey is the no debt/get out of debt guru.

I don't agree with him 100%, but I do agree with
his no debt/get out of debt philosophy.

Here is a link to his website:

Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan.


Here is a link about his TV and radio programs...
or to listen via the internet:

Talk to other Dave Ramsey Fans about life and money!

[Helena]

An olde but goode is...

The Richest Man in Babylon

[Sarah in SC]

I'm always going for the Millionaire Next Door, then if they come back with questions, give them the other ones. I just love the premise of that book--it really will make them think about that guy with the leased beemer versus the old guy in the pickup truck!
The IRA is a great idea--I try to do the same for new babies, but with a Coverdell ESA. If you get it open before the baptism, then you can encourage them to put the gifts they receive to good use for college!

[In-control]

I second the Millionaire Next Door recommendation. I also like "Rich Dad, Poor Dad" for a good education/read.