Book #9: White Coat Investor: A Doctor’s Guide to Personal Finance and Investing, James M Dahle
I have spent in total 25 years of my life in school and in training for the job that I now do. From kindergarten through high school, college through fellowship, I have spent countless hours learning and training. Doctors when they graduate from residency or fellowship are well versed in human anatomy, physiology and the latest evidence based strategies for patient evaluation and treatment. But in these 25 years of training, the one area that received the least amount of training was personal finance. Excluding an hour long seminar in Medical School and courses in Macro and Microeconomics, all of my training in personal finance was handed down from my Dad or self sought. Doctors (and most people in general) receive little formal training on the one aspect that will have the biggest impact on their personal lives, career and standard of living in retirement: money management. Choices made over a career can be the difference between retiring in comfort or with very little. While there are general principles of money management and investing that are universally applicable, there are aspects of financial planning for physicians that are unique to this cohort. This book, written by an Emergency Physician, is a primer on investing geared specifically for doctors. It is a must read for physicians especially those early in their career.
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Book #5: Increase Your Financial IQ: Get Smarter with Your Money, Robert Kiyosaki
What is the key to generating wealth? Your financial IQ. Knowing how money works and how to make money work for you is important in the process of growing your financial household. In this book, Robert Kiyosaki discusses the 5 principles of financial IQ: 1. Making money, 2. Protecting money, 3. Budgeting money, 4. Leveraging money, 5. Improving your financial information. It is a good resource in your financial education.
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Book #1: Rich Dad, Poor Dad: What the Rich Teach their Kids about Money that the Poor and Middle Class do not! Robert Kiyosaki
Do you want to be rich? Do you know how to be rich? Unless you have a mentor, there is really no formal track for financial education today. As a result, many people are financially illiterate. In this book, Robert Kiyosaki shares the wisdom that he learned from his financial mentor, “Rich Dad.” He explains that wealth is not just a net worth but a mindset about managing money. He explains from personal experience the differences between income, expenses, assets and liabilities and how to direct funds between these categories for wealth creation. While reading this book will not automatically make everyone Warren Buffet, this book does a great job in helping people understand a personal expense sheet and increasing financial IQ.