7 Of The Best Investment Books For Smart Millennials

Do you want to be rich? Not just in how much money you have, but also live a rich life? Then you’re in the right place. The best investment books for millennials will make you rich, guaranteed.

That is if you follow their direction and take positive action.

The problem with books is that a lot of people will finally get around to one, learn a lot of valuable information, and consider its impact, but then fail to implement the call to action and easy steps they just received in the book.

The best investment books for millennials are only useful when millennials take the time to actually take what they learned and apply it to their lives.

But the problem is not rooted in millennials, including myself, failing to apply investment principles. It begins with failing to be taught the best course of action from a young age.

After I graduated from college and started earning my first real paycheck with a salary that could allow me to be financially independent of my family, I realized that I had no clue what to do with it.

Thankfully I signed up for my employer’s 401(k) because that seemed like the right thing to do. But I realized beyond that, it was up to me to teach myself what I needed to know about money and investing.

I’m guessing you’re in the same boat if you’re reading this.

You were never taught in school what looks like to manage your money well. No one ever showed you how to set up a budget, the importance of staying out of debt, or what it looks like to save for retirement.

Related Post: How To Manage Your First Real Paycheck After College

And because we were never taught these important skills, we lack the knowledge of simple investing.

In my free time, I began reading books about money because I realized the importance early on of setting up the right habits for success. In fact, that’s the whole motivation behind this blog.

I strive to help other 20-somethings set up the right principles for success because your 20s are such a defining decade. And if you’re curious why your 20s are so defining to your life, you can read more here.

Investing is one of the biggest areas in our lives that makes a huge difference based on the time you start. If you start investing in your twenties, you are bound to make thousands of dollars more than if you start in your thirties.

Thankfully there are products that can help us become better investors as millennials. It begins with the best investment books for millennials.

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What Exactly Is Investing & Why You Need To Start Now

Investing is the act of placing your money inside some sort of portfolio where there is an opportunity for your money to grow – and often grow compounding. Compounding growth is why it is so important to start investing in your twenties.

Whereas saving your money means you are neither losing nor gaining money besides what you save, investing has a risk/rewards ratio where you can have potentially greater gains or losses with money.

Some of the most common places to invest your money could be bonds, stocks, mutual funds, and real estate. Each of these has a different level of risk and reward. Higher risk tends to mean a higher reward (but could also mean higher loss) and a lower risk means a lower reward.

For example, going to your bank and opening a CD (certificate of deposit) for a certain amount of years means you are guaranteed a specific reward at the end, like 5% interest earned on your money. It also means very low risk.

The stock market, on the other hand, is a higher-risk option, but you also have a much higher chance of earning more money. Every person is comfortable with different levels of risk and reward and chooses to invest at different levels.

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The younger you are when you start investing the better because time is on your side. When you invest your money in your twenties you can grow it to larger amounts because there is more time for it to grow and compound.

Compounding interest refers to your money continually growing on itself. Or according to Investopedia, “Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest of previous periods of a deposit or loan.”

Check out this page by Investopedia to see this example of how your money can grow when it compounds. A great way to see compounding interest in action is through the stock market.

But what is the best place for you to invest as a millennial?

Thankfully, the best investment books for millennials will help teach you everything you need to get on the path to success!

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The Best Investment Books For Millennials

After college, I read probably close to 50 books on money and investing. I was so curious about what I could do today, as a young 20-something to set up my life for success and how I could use my money to work for me.

Each of these books gave me the right money mindset and taught me key skills that make established my investing strategy. I am not a financial advisor and everyone needs to find what works best for them.

That is exactly why I encourage you to check out each of these books on Amazon or borrow them from your local library. Become educated in what investing and good habits look like in your 20’s and you will thank yourself for years to come.

I’ve given all the books on this list 5 out of 5 stars and recommend you pick them up asap.

7. Playing With Fire (financial independence retire early): How Far Would You Go For Financial Freedom? By Scott Rieckens

This book was an extremely beneficial read for me. I stumbled across the FIRE movement only two years out of college and quickly became obsessed.

I would pick up any book on the FIRE movement that I could get my hands on, and this was one of the last ones as it was a newer release. I loved this book because it breaks down the concept of the FIRE movement in simple ways.

Scott gives you tangible steps that you can take today to get a hold of your money, especially as a millennial, and tells you how investing can lead to a rich life of financial independence and early retirement.

Interested in how you can invest for early retirement? Then this book is for you. It is certainly one of the best investment books for smart millennials and I highly recommend it.

6. The Simple Path To Wealth by J.L. Collins

This book as well goes along with the FIRE movement but offers you more keys to the investing side of things than other FIRE books tend to do.

While changing your mindset needs to happen first, second, you need the right tools to invest properly. Scott offers extremely useful advice when it comes to what investing looks like when you are considering financial independence and early retirement.

And even if you feel like the FIRE movement isn’t necessarily for you, this book will still be extremely useful in your life. It will provide you with knowledge of different investment options, why investing is better than saving, and why you need to invest today.

No more waiting around for the perfect time to invest. You need to start investing today. The Simple Path To Wealth will get you on the path to building wealth through investments. It is one of the best investment books for millennials on the market today.

See it on Amazon here.

5. Everyday Millionaires: How Ordinary People Built Extraordinary Wealth And How You Can Too by Chris Hogan

This book was a fantastic read for me because it gave me a unique perspective on saving for retirement. Did you know that anyone can become a millionaire?

When we hear the word millionaire we right away think it is something so far from our reach or something only a few people achieve, but in fact, anyone can become a millionaire with extremely simple investing strategies.

Even just investing enough into your employer’s 401(k) consistently from your twenties or thirties until the age of retirement could make you a millionaire. It is really that simple.

Related Post: Will Chris Hogan’s Everyday Millionaires Help You In Your 20’s?

A lot of 20-somethings and millennials don’t realize how simple this strategy really is. Investing leads to wealth and in his book, Everyday Millionaires, Chris Hogan shows us exactly how to do it.

This is one of the best investment books for millennials because it crushes all the myths around what we believe millionaires are and opens our eyes to the possibility of ourselves becoming millionaires one day.

4. I Will Teach You To Be Rich by Ramit Sethi

I labeled this book as my favorite book of 2018 and you can read more about why that is here in another blog post.

This is 100% a book that every single millennial needs to read. Ramit breaks down every money area we need to understand, including investing. From knowing the right credit cards to use, to finding the right bank with the best returns, to investing in the right options, Ramit covers it all.

This book is broken down into six-week sessions and I love that it allows you to work through one area at a time regarding your money so that you can create a plan on how to grow your money the right way.

Each chapter ends with a checklist of steps to take based on the area of your money covered in this chapter. If I didn’t read this book after college my money would have no plan.

I Will Teach You To Be Rich is a book that gives you a game plan for your money and helps you start investing when you get the first areas of money straight in your life, like credit cards and bank accounts. Hands down, one of the best investment books for millennials in the market today.

3. The Little Book That Still Beats The Market by Joel Greenblatt

Now we enter into books that solely focus on investing. It’s important that you read the others first though, as you can’t quite gather the concept of investing or being investing if you still have horrible money habits and fall deeper into debt each day.

So, once your money is in the right place, then you need to jump into learning everything you can about investing.

Consider this book your pocket reference. It originally came out in 2010 and now has a revised version that still reaches thousands of people every year.

This book has impacted so many people in such a positive way because Joel offers a unique perspective when it comes to investing in the stock market. He teaches you how you should view the stock market, how success comes from investing, what the best companies to invest in are, and why you can do it all on your own without a financial advisor.

I think this is one of the best investment books for millennials because it empowers you to feel confident in investing. Instead of just going to a financial advisor that seems to be doing the right thing for your money, Joel will help you as a millennial feel confident and supported in making your own investment decisions with your own money.

See it on Amazon here.

2. 8 Steps To Seven Figures: The Investment Strategies Of Everyday Millionaires And How You Can Become Wealthy Too by Charles B. Carlson

This is such a tangible book, making it one of the best investment books for millennials. I love that this book is all about investing principles.

When you first pick up this book as a 20-something, you will likely feel intimidated at first, especially if you don’t have a lot of knowledge of investing terminology. This book does try to break it down and keep everything very simple for you, but it also dives deep into the investing world.

One of the biggest lessons I learned from this book was the principle of buying and holding when you invest in the stock market.

Instead of worrying about what the market is doing every day and if you should take your money out so that you don’t lose it, you should just hold it. His principle was to buy stock and hold it. Keep holding it for decades. That is how you will see your stock grow.

For more detail and to follow Charles’ eight steps to investing check out the book on Amazon here.

1. The Smartest Investment Book You’ll Ever Read: The Simple, Stress-Free Way To Reach Your Investment Goals by Daniel R. Solin

This book has most of the same principles as the other books I recommend about this, but one thing I love most about it is that it really was a short and simple read and only took me about an hour to come up with my own investing strategy after finishing it.

Dan also includes links to his website in this book of tools you can use to find the right investment strategy for you immediately.

After I finished reading this book, not only did I feel confident in the steps to take next when it came to investing, but I jumped online right away and Dan’s tools did all the math for me.

He also doesn’t limit you to one platform when investing like Vanguard or Fidelity, but he gives you several other options as well. Dan was very trustworthy based on his knowledge and experience when it came to investing, something I really appreciated about his book.

This book is the top investment book of the best investment books for millennials, so if you’re only going to check out one book, then I encourage you to see it on Amazon here and consider purchasing it.

In conclusion, you need to be investing your money. If you are a millennial or a 20-something, then you certainly need to get informed about what the best strategy is for you when it comes to investing your money.

Tell me which of these books you have read before in the comments and if they helped you start investing in a way that was best for you!

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Kelsey at GoodPointGrandma

Hey there, I'm Kelsey! I'm so glad you are here. I'm a 20-something helping you live your most fulfilling life. I hope you'll join me in this old-fashioned & simple lifestyle!

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