Forbes: 16 Nonspecialist Resources For Learning The Basics Of Wealth Management

Originally Posted on Forbes.com

Many people would like to get more involved in managing their own wealth, assets or investments but lack the necessary knowledge to make key financial decisions. Hiring experts to help is a smart solution, but you still probably want to play an active role in such an important part of your life.

Fortunately for those who want to take on a more hands-on approach to managing their wealth, there are many educational resources to tap into, from dedicated websites and publications to podcasts and books. Below, 16 experts from Forbes Finance Council share helpful resources for learning the basics of money management.

1. A Beginner’s Guide To The Stock Market

I’d recommend A Beginner’s Guide to the Stock Market by Matthew Kratter. This book helps teach the basics of stock markets. It talks about pitfalls and costly mistakes to be avoided. It also covers brokers and how passive income can be generated by investing in the market. - Ankit Garg, JP Morgan Chase

2. The Intelligent Investor

The Intelligent Investor, by Benjamin Graham, has been heralded by industry-leading luminaries like Warren Buffett, but it focuses on concepts that anyone can understand. The book provides insights to help investors focus on long-term returns and strategies and reduce risk by incorporating the principles of value-based investing. - Carlo Cisco, SELECT

3. The Warren Buffett Way

The Warren Buffett Way, by Robert G. Hagstrom, is a concise and easy-to-read book on Buffett’s value-investing philosophy. The author combed through Buffett’s trades and annual shareholder letters to extrapolate the common themes that reoccur in his stock-picking: investing in businesses with strong competitive advantages and investing when multiples are lower than average. It’s a great book to learn about the basics. - Frans Wiwanto, Flywire

4. Investing 101 Via Instagram

In 2020, you do not need to sign up for expensive online classes or buy books to learn about investing. You can get started with fun, realistic tips on social media—they are free and not intimidating. Millions of young adults are already doing that on Instagram. Here are a couple of popular accounts that will help you get over the fear: @mrsdowjones and @litquidity. Getting over mental hurdles is the key! - Kristy Kim, TomoCredit

5. The Swedish Investor

I would recommend the video series created by The Swedish Investor on YouTube. These short videos provide a simple, animated and at times funny summary of complex financial books. In under 10 minutes, anyone can cover the key concepts of a 500-page book addressing advanced investment-related topics. - Julien Machot, VERSO Capital

6. Money Under 30

The website Money Under 30 is a timely and informative resource for any adult looking to gain quick information about wealth management. Not all consumers want to sit down to read an entire book about finances, but this site has quick articles packed with insight from industry experts on how to handle financial decisions based on the current economy. - Jared Weitz, United Capital Source Inc.

7. Investopedia, The Motley Fool

For those who find picking up a book a bit daunting, online resources are always a great option. Investopedia and The Motley Fool were two of my go-to resources when I started on my investment journey. Both websites are packed with “layperson-friendly” articles for consumers looking to learn the basics of wealth management. - Robert Reeder, GlassView

8. Freakonomics Radio

Equal parts entertainment- and research-driven, Freakonomics Radio really digs into behavioral psychology and how it influences financial decisions. The podcast is not only accessible for those new to personal finance but also lends a new perspective for those who are more seasoned. - Jim Poolman, Indexed Annuity Leadership Council

9. The Investment Answer

I would recommend The Investment Answer by Daniel Goldie and Gordan S. Murray. This book offers clear guidance on how to take control of your finances and develop a new, useful perspective on investing. - James Dowd, North Capital

10. Mastering The Market Cycle

Perhaps one of the best ways to start taking a more active role in managing your investments is to begin understanding market cycles. Mastering the Market Cycle, by Howard Marks, is one of the most insightful books in this regard. We invest in commercial real estate, and understanding market cycles has been critical to our investing so that we understand the environment in which we’re investing. - Ryan Swehla, Graceada Partners

11. The Power Of Zero

Investing can be challenging for even the most seasoned individual. I have found the entire world of investments overwhelming and sometimes misleading. The Power of Zero, by David McKnight, is an excellent tool to educate the layperson on the impact of taxes and volatility on investing. I have handed this book to dozens of clients across the country. - Joshua Sherrard, Strategic Navigators Inc.

12. Understanding Stocks And Understanding Options

I love all courses, books and seminars—anything providing financial education is a good idea. My favorite books that are easy to understand are Understanding Stocks, for investors, and Understanding Options, for traders. The author, Michael Sincere, makes it easy and fun to learn about the investment world by including real-life examples and metaphors. It’s a must-read during quarantine! - Gabriela Berrospi, Latino Wall Street

13. MONEY Master The Game

I love Tony Robbins’ stuff for a multitude of reasons, but when he released his MONEY Master the Game book I knew I had to have it. It really puts market performance and long-term rewards and gains into perspective! Also, his audiobooks are extremely soothing, so I recommend the audio version if you have some “university on wheels” driving time. - Justin Brock, Bobby Brock Insurance

14. Becoming Your Own Banker

I recommend Becoming Your Own Banker by R. Nelson Nash. This book explains the philosophy of profitable living—not just building up a nest egg. Every transaction in life carries either an interest or an opportunity cost. Reading this book provides a powerful paradigm shift to help investors begin a strategy to avoid losing money to both the cost of interest and opportunity—and to do it tax-free. - Jerry Fetta, Wealth DynamX

15. The Truth About Money

I recommend The Truth About Money by Ric Edelman. Edelman offers practical insight into investing and all things financial in both his book and his podcast (aptly titled the same as his book). - Justin Goodbread, Heritage Investors

16. Simple Wealth, Inevitable Wealth

I would recommend Nick Murray’s Simple Wealth, Inevitable Wealth. Murray has been in the industry for more than 50 years and has been a mentor to me for over 25 years. It’s a great book for individual investors and is highly recommended by many financial advisors across the country. - Bill Keen, Keen Wealth Advisors