So you’ve paid off your law school student debt and maybe paid off a mortgage and you’ve got some money left. Should we invest?
The question is not whether or not to invest, but how to invest. If you want to retire at the same standard of living that you currently enjoy, it is essential to set something aside for retirement as soon as you start working as a lawyer.
Putting money aside does not mean putting it in a bank. The fact is interest rates do not keep up with inflation. Even with the current volatility, stocks remain strong. The advantage of investing in the stock market is that even when the economy is slow, there is always a sector that is going to do well.
However, you don’t have to limit your choices to stocks. Consider investing in precious metals, real estate, cryptocurrencies, art, or anything that can go up in value.
To get started with investing, here are the best investing books for lawyers. Do your research and decide which vehicle and investment style is right for you.
- A Random Walk to Wall StreetâBurton G. Malkiel
- Ordinary shares, unusual profits–Philip A. Fisher
- The psychology of moneyâMorgan Housel
- The little book of value investing-Christophe H. Browne
- Stay the course: the story of Vanguard and the index revolutionâJohn C. Bogle
- Warren Buffett’s Ground Rules: Words of Wisdom from Partnership Letters from the World’s Biggest Investor– Jeremy C. Miller
- The millionaires’ fast laneâMJ DeMarco
A Random Walk to Wall StreetâBurton G. Malkiel
This classic is in its 12th edition and was the first introduction for many successful investors. This book describes the basics of stocks, bonds, and physical assets, such as gold and coins. Malkiel is Chairman of the Chemical Bank and Emeritus Professor of Economics at Princeton University.
Ordinary shares, unusual profits–Philip A. Fisher
Take a page from Warren Buffett’s favorite book on investing. Common Stocks, Uncommon Profits was first published in 1958 and his advice continues to be valuable today. Legendary investor Warren Buffett endorsed this book which describes the principles of growth investing and is a manual on how to find the assets that will yield the most value.
The psychology of moneyâMorgan Housel
Let’s be honest, our approach to investing isn’t always perfectly rational. This book shows examples of how emotions and intuition come into play when investing and how investors can use their hunches to their advantage.
The little book of value investing-Christophe H. Browne
Have you ever seen a business that seemed underrated, a business that you felt had great potential? This is the logic of value investing, which involves investing in undervalued assets and riding the wave when they rise in value. This book will help you spot the best assets for value investing and the strategies to make this investment philosophy work for you.
Stay the course: the story of Vanguard and the index revolutionâJohn C. Bogle
For those interested in index funds, this book is ideal. This is a first-hand account of how Bogle increased the value of his business from $ 1.4 billion to $ 5,000 billion in assets. This book is both a biography and an introduction to investing in index funds.
Warren Buffett’s Ground Rules: Words of Wisdom from Partnership Letters from the World’s Largest Investor--Jeremy C. Miller
Perhaps you have read the book by Philip Fisher mentioned above as Warren Buffett’s favorite investing book. Why not read the advice of Buffett himself gleaned from letters to his partners directly? This is candid information from the world’s largest investor with advice anyone can follow and apply to investing.
The millionaires’ fast laneâMJ DeMarco
We are often told that building wealth must be done gradually. While this is true, there are ways to put those funds in the fast lane and earn your first million faster. Don’t wait until you retire, but use these strategies to build wealth now.
This is just a short list of the wealth of investment books available. The list can serve as a springboard for further research and reading. Your investing style depends on your current income, your financial obligations and your goals. Researching an investment method and finding the strategies that work for you can yield rich rewards.
Legal Scoops editor-in-chief Jacob Maslow founded several online newspapers, including Daily Forex Report and Conservative Free Press.