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With social distancing measures in place and the stock market riding a roller coaster, a book might just be the place to turn. Five investing and personal finance classics should help to ease your mind a bit during these volatile times.
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1. 'Warren Buffett's Ground Rules,' by Jeremy C. Miller
"Warren Buffett's Ground Rules" wasn't written by the famous investor and entrepreneur himself. But, this compilation of letters he wrote to his partners in the early days of Berkshire Hathaway still has lots of prudent advice from Buffett.
The letters outline his investing strategies, most notably his affinity for conservative investing. Buffett focuses on strategies for staying disciplined and growing returns by playing it safe, something everyone could use a reminder of in a market like this.
"I Will Teach You To Be Rich" talks about prioritizing spending to fit your life's priorities, crush your debt, and automate your finances to save more.
It also dives into why investing is so important for growing your net worth and creating a solid financial future. Sethi is a big proponent of long-term buying and holding, and his book explains why it's so much better to invest than to strictly play it safe.
He explains that even in the "down" years, you're better off investing than just saving — something everyone biting their nails over the market should remember right now.
Markets move in cycles, and it's never more important to remember that than now.
When markets are down, it's hard to not get discouraged, but "Mastering The Market Cycle" by billionaire investor Howard Marks should quell that. This book focuses on the cyclical nature of investing and markets. It's a solid reminder that what goes up must come down — and vice versa.
4. 'Unshakeable: Your Financial Freedom Playbook,' by Tony Robbins
Tony Robbins lays out a step-by-step guide to setting up your investments to weather any storms and your money to stay solid in "Unshakeable." He works with top financial adviser Peter Mallouk to outline the best ways to keep money solid through the ups and downs of financial markets.
5. 'The Little Book of Common Sense Investing,' by John C. Bogle
This short investor favorite focuses on the value of mutual funds. Written by the late founder of Vanguard who created index funds, the book shows the importance of staying the course and letting investments weather the ups and downs of the market.
Bogle's book also emphasises his strategies on buying and holding these mutual or index funds, which track stock market indices. After publishing in 2007, Bogle's advice withstood the Great Recession and has helped investors navigate markets both up and down.
6. 'Broke Millennial Takes On Investing,' by Erin Lowry
For anyone who started investing a few years ago when markets were up, this sudden drop can be confusing. "Broke Millennial Takes On Investing" is a great primer for anyone who's dealing with a drop for the first time.
This book looks not only at very basic questions, but also delves into tougher topics, like how to ride out a down market. To make it out of a market for the better, Lowry offers practical and easy-to-digest advice.
