Dad’s Investment Reading Club 2018
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If you’ve been following along Spills Spot for awhile, you’ll know that last year my dad issued a challenge for me to read a handful of investment books in return for a $100 reward/bribe.
The thought behind it was to encourage me to start reading difficult investing books, and it gave my dad the peace of mind that his kids are going to prepare wisely for their future. We also have gotten to build our relationship by talking through these various investing topics together.
Last year’s post, “How My Dad Finally Got Me to Read Investing Books,” was a huge hit. Many people commented and shared that they loved the idea and were going to implement it with their own kids. In fact, I submitted the post into the Rockstar Rumble, a huge tournament hosted by Rockstar Finance, to find the best personal finance post of the year. My post made it into the round of the final 32 posts remaining. J$ of Budgets are Sexy also shared the idea on his site.
Needless to say, my dad was proud of the idea and that so many people found it to be a valuable way to encourage their kids to learn more about personal finance.
Since last year was such a resounding success and I completed all 4 books, he decided to build on the idea and create a 2018 version. He has affectionally dubbed it, “Dad’s Investment Reading Club 2018.”
The terms largely remain the same:
- 4 more books, with a $100 reward/bribe per book.
- Books must be read in the order indicated.
- Must provide a 2 page “book report” for each book read.
- The funds must be invested in a Roth IRA for long-term savings
- After finishing all 4 books, we get an additional reward/bribe of $100.
- The new deadline is May 31st, 2019.
There’s a 5th book included as a bonus, for a $500 reward/bribe due to the sheer size and difficulty.
Overall, simple terms and plenty of time to finish up all the reading. Here is the list of the 4 additional books, plus the 5th bonus book.
- The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street
- Value Investing: From Graham to Buffett and Beyond
- The Essays of Warren Buffett: Lessons for Corporate America, Fourth Edition
- Reminiscences of a Stock Operator
- Security Analysis: Sixth Edition
My goal is to complete all 5 of these new books. So far I’ve finished one (recap coming soon) and I’m partway through the second.
Whether you have kids or not, the practical application for all of this is to constantly be looking to learn and build your skillset. This works for personal finance, and numerous other areas of life. Consistent progress over time leads to huge results. Additionally, be sure to take action with the knowledge you’re learning so that it makes an impact on your life. Some people can get caught up in the reading, learning, and preparation phase and delay taking action. You don’t have to be perfect, just make progress.
These books are a fun challenge for me, and they’re helping me make progress in my long-term goals of building wealth and eventually reaching financial independence.
Update, here are the books I have read and recapped so far:
5 Key Takeaways from The Myth of the Rational Market
Value Investing: From Graham to Buffett & Beyond – Key Takeaways
Key Takeaways from The Essays of Warren Buffett
11 Key Takeaways from Reminiscences of a Stock Operator
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