Investing is maybe the sexiest topic that we cover on Stacking Benjamins. When people think of financial independence, part of that dream often includes a little bit of the lottery, doesn’t it? You throw a little money into a tiny something-something company and BAM! Overnight you’ve struck it rich.
Yeah, that doesn’t happen.
Our favorite resources, as you can see below, are about what’s really sexy to seasoned guys like OG and I who’ve worked in finance. Cover your downside. Take fewer risks. Improve your odds. Of course, we also love investing toys and reminders, so we’ve included those as well.
Perhaps my favorite book to make you drool about individual stock investing is Stock Market Wizards. Reading this book, you realize just how disciplined the great investors have to be to win. You also see how they don’t jump from strategy to strategy like somebody skipping from one fad diet to the next. This book actually talked me out of most of my individual stock investing ideas because it correctly showed just how much energy it’ll take to be good. It also made the few individual position plays I’ve made since far better.
Speaking of grounded investing ideas, nobody is better at teaching complex topics in a way beginners can understand than my friend J. David Stein. His podcast, Money For The Rest of Us, is a must-listen for people hoping to dive deeper into the world of investing.
Want a fun game about investing? Probably the only thing this game teaches is that stocks that stink….usually continue to stink BUT if the fun of the activity leads to more investing talk in your house? Mission accomplished. Try Speculation by Queen Games.
To remind us that the key to investing for most of us is to stick to it long term, I love this history of the stock market poster. This shows different events that scared people into leaving the market….and it just keeps chugging along. OG has a similar giant one on his wall and it really makes a great first impression…and second impression. It doesn’t fit in the basement, though, because the floor-to-ceiling Siouxsie and the Banshees posters cover a good part of the wall that aren’t covered by mom’s canned goods shelves.
Phil Town’s Rule #1 takes the Stock Market Wizards book to the next level. Now you can follow ONE strategy and learn from A to Z how it works. Not only is it common sense, but it’s easy to implement. Our interview with Phil is here and our more relaxed Green Room discussion is today!
I love old fashioned reminders of how easy markets are now. A cool gift I’ve given a few times is a replica ticker tape machine, and it always seems to stay front-and-center on the receiver’s guest. This baby won’t be regifted.
Another book on discipline I love is Trading Rules. It’s older but like every wise book, doesn’t show it’s age. While this might be one of the most dry books I’ve read on investing, the ideas are invaluable. The stock market is a risky place. Protect your downside. Create rules for investing. Know how you’re going to get in and out. Good stuff.
Everyone asks my favorite call in show for investors. Chuck Jaffe runs the great show MoneyLife in Boston, but I think I’ll go with Jill Schlesinger’s Jill on Money, which you can also get as a podcast. Jill makes the discussions fun and light, while still sticking to ideas we can all learn from.
Teaching kids to invest is a great tool and nothing is more fun than a small certificate and a fractional share of stock. Our interview with Peggy Mangot about SparkGift was a fantastic look into how buying stocks (or ETFs) can turn children or friends into investors for life. Check out SparkGift here.
If you’re going to buy stocks that pay dividends why not have them all in one place AND pay minimal fees? We’re big fans of Loyal3.
Looking to see how your portfolio compares RIGHT NOW before you do all this work? Our friends Brad and Jason at DRAFT are working right now on an app that will show you how your risk and fees compare to everyone else. Then you’ll have an idea how much work you need to do to right the ship. Get announcements on the beta here, coming soon. Also, listen to them on many of our Friday podcasts!
And finally (even though we have a bajillion more), if you’re thinking about ANY of this, why not figure out for yourself which guru you should use? Our white paper on Launching Your Financial Rocket is a great place to begin….so says the author, anyway.
Excellent!