In the recent past, many professionals have resorted to setting their retirement fund on autopilot, expecting it to deliver the returns they may need after they bow out of their careers. However, it has become quite evident that the "set it and forget it" mentality of investing is not only detrimental to the potential of the investment but can lead to fewer returns than expected.
Investors of today want to have more of a direct influence on their profits, but the level of financial education needed to make an impact seems daunting. The fact is, however, that most individuals don't need the mountain of knowledge that business professionals have. Below, six members of Forbes Finance Council reveal the most priceless educational resources they can recommend to individuals wanting to learn how to manage their own savings and investment portfolios.
1. 'A Random Walk Down Wall Street'
Read "A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing" by Burton Malkiel. It is incredibly well-written and really helps you understand investment and business decision-processing. You don't need a college education to benefit from it, as it's so easy to understand that even a high schooler could understand the inherent lessons. It's the best overall business book that I have ever read. - Chris Tierney, Moore Colson CPAs and Advisors
2. 'Stocks For The Long Run'
"Stocks for the Long Run" by Professor Jeremy Siegel contains all you will ever need to know about investing. Don't have time to read 300-plus pages of one of the greatest works in modern finance? Perhaps it's time you sat down with a professional who can help devise a plan for your future and design a portfolio to support those long-range plans. - Erik Christman, Oxford Financial Partners
3. 'The Millionaire Mind'
I highly recommend "The Millionaire Mind" by Dr. Thomas Stanley. Dr. Stanley studied the habits of modern millionaires and condensed it down to a great, easy-to-read book, giving people an insight into how they should think if they truly want to build a successful financial life. - Justin Goodbread, Heritage Investors
Jean Chatzky offers advice that I find to be topical, thoughtful and well-reasoned. She is an award-winning personal finance journalist, founder and CEO of multimedia company HerMoney, financial editor of NBC's "The Today Show" and AARP's personal finance ambassador. She has a natural ability to simplify complex financial concepts for her listeners through engaging interviews. - James Dowd, North Capital
5. Money Under 30
A blog's quick-read capabilities are a perfect source for getting ongoing and timely financial advice. Money Under 30 is a blog that provides actionable advice for young investors and discusses a wide variety of topics, from car loan tips to investment reviews. Don’t let the name fool you; this blog is for anyone looking to understand how to invest and manage their finances better. - Jared Weitz, United Capital Source Inc.
6. Online Financial Forums
Due diligence and self-education are huge in finance. Online forums, like Reddit, are designed to help educate. Many banks will offer financial education and tips to their customers. If you’re really feeling curious, continuing education at a local community college in economics and accounting would be a wonderful investment. - David Gokhshtein, David Gokhshtein Inc