Mark Twain said this once, “It is from experiences such as mine that we get our education of life. We string them into jewels or into tinware, as we may choose.
In other words, we all have experiences that we can learn from or ignore. But what about learning from the experiences of others, particularly when it comes to money? I think Twain’s quote applies here too, because we can learn and apply financial wisdom shared by others or we can dismiss their experience and find out the hard way.
I love reading about finance and economics because it helps me to think critically. I also enjoy reading about the experiences of others, and the best books often share the experience of the author and give the reader something actionable to do. After reading a handful of financial books these last few years, I’ve really taken notice of seven people in particular who are experts when it comes to money.
6 Money Masters You Should Know
While you may not agree with each author on every point they make about economics or finance, they certainly do challenge your thoughts at times. I think this is one of the best ways to learn because it forces you to really think about why you believe something is true instead of simply taking someone’s word for it.
1. Benjamin Graham
One of the most brilliant thinkers in the field of investments is Benjamin Graham. If you haven’t heard of Graham, you might be surprised to know that he was the person that influenced Warren Buffett. His book The Intelligent Investor is an excellent guide for someone who wants to get serious about investing money.
2. Warren Buffett
You’re probably familiar with the name. He’s one of the greatest (if not THE Greatest) investors of all time. While his bank account has more zeros than mine will probably ever have, he’s a very philanthropic and humble person. I’d suggest that you read about Warren Buffett’s investment strategies in these books: The Warren Buffett Way
3. Peter LynchI think Peter Lynch stands out from the crowd as an expert in the investment field. His approach is slightly different than Graham and Buffet, but he was still very successful as he managed Fidelity’s Magellan fund – one of the greatest performing mutual funds of all time. (I wrote a little about Peter Lynch and his investing here.)
4. Milton Friedman
Considered to be one of the most prominent voices in economics in the 20th century, Milton Friedman is someone I respect greatly when it comes to economics and financial matters. I even highlighted some of his books here on this site: Free to Choose, Money Mischief.
5. Thomas Sowell
Author of dozens of books including Basic Economics, Sowell is one of the greatest economic minds alive today. His books will challenge you to think independently and help demystify economics.
6. John Bogle
Founder of the Vanguard Group, this money master authored a book called the Common Sense Investing The creator and chief evangelist of index funds, Bogle’s slow and steady approach to investing is something we could all learn from.
It’s amazing to think that for less than $100 total, we can own (and I actually do..) these books that share the wisdom of some of the world’s greatest financial minds!
Who else would you consider to be a money master? Do you have a favorite finance or economics author that has really influenced your thinking?