LANSING, Mich. (WLNS) – Fall is right around the corner, so it’s time to put away those beach reads and pick up some financial help books.
Local money expert Stephen Schiestel talked with 6 News, sharing his recommendations.
“The first one (and probably my all-time favorite) is “Simple Wealth, Inevitable Wealth” by Nick Murray,” said Schiestel.
“This book basically just describes the difference between being a loner, which is buying bonds. and being an owner, which is buying stocks. If we can understand and be able to live through market turbulences, having a more stock-heavy portfolio is really the only way to grow long-lasting wealth.”
Schiestel also recommends “Stocks for the Long Run” by professor Jeremy Siegel.
“[The book] basically retraces financial history back couple hundred years and … reaffirms the belief that with a longer-term perspective, owning stocks in our portfolio in order to build wealth is really our key to success, and understanding that when turbulence has happened, how we should think about and deal,” said Schiestel.
An easier read, Schiestel said, would be “Invest in the Investment Answer” by Dan Goldie and Gordon Murray.
“This was a book written by a client and his advisor, and basically provides answers to the six questions that they feel that most people have when sitting down [and] working with an advisor,” Schiestel said.
Schiestel also recommends “Why Smart People Make Big Money Mistakes” by Gary Belsky and Thomas Gilovich, a behavioral economics book that tries to understand the way the human brain works with finance.
A book that Schiestel “highly recommends” is “The Boys in the Boat” by Don Brown. It covers a group of University of Washington rowers who won gold in the 1936 Olympics.
While it’s not an investment book, it does follow a man named Joe Rance, who overcame obstacles while living in the Great Depression.
“I often think about [the book] whenever I’m facing an issue that needs persistence, that needs teamwork, that needs discipline,” Schiestel said.