Best Books on Politics and Economics

Best nonfiction book: “Rich Dad, Poor Dad”

Best Nonfiction Book - Rich Dad Poor Dad

Best nonfiction book: Rich Dad, Poor Dad
Best nonfiction author: Robert T. Kiyosaki

Book summary writer: Mollie Player

Best nonfiction book? Why?

Personal finance is kind of a drag—unless it’s being discussed by someone who thinks you’re smart and capable enough to get ahead of all the timeclock-punching suckers.

Best nonfiction book? What’s in it?

Rich Dad, Poor Dad may not make you rich . . . but if you do what it says, you’ll likely at least have a decent retirement fund.

The basic advice:

  • Look where no one else is looking for business opportunities. Don’t follow the crowd.
  • Buy stocks when they crash rather than when they’re doing well.
  • Know the difference between an asset and a liability. An asset puts money into your income column and a liability takes it out. Everything else, including personal property that can’t be easily sold, is neutral.
  • Pay yourself first. Put money into your investments before even paying your bills. You’ll be forced to use your creativity to get the rest taken care of, too.
  • Don’t fear risk. Fear is what keeps most people from investing in anything high-yield and going with mutual funds, other safe investments instead.
  • Money is not real. It’s all just a game. Have fun with it!
  • If you don’t enjoy a certain type of investing, do something else. You won’t be successful if it doesn’t feel right to you.
  • Hire people who are smarter than you.
  • Most rich people lose it all at some point but they always make it back and more because they know what they’re doing.
  • Learn about money.
  • Create a corporation and wrap it around your assets.

And, my final (and favorite) takeaway: The definition of “wealth” is “the ability to live off the interest from one’s investments.”

For more information on this best nonfiction book, see:

This information still to come.

 

 

Best nonfiction book: “Discover Your Inner Economist” by Tyler Cowen

Best Nonfiction Book - Discover Your Inner Economist

Best nonfiction book: Discover Your Inner Economist: Use Incentives to Fall in Love, Survive Your Next Meeting and Motivate Your Dentist
Best nonfiction author: Tyler Cowen
Book summary writer: Mollie Player

Best nonfiction book? Why?

Discover Your Inner Economist is one of those books that’s full of surprising psychological truths and unexpected research results. A good number of them are super practical, too. And, what’s even cooler than that: this book isn’t a copycat–it’s an original idea for a book, at least as far as I can tell.

Best nonfiction book? What’s in it?

Primarily, Discovering Your Inner Economist is about the role of money as a powerful behavioral incentive. Some of the topics include:

Key takeaway: Sometimes, incentivizing with money backfires. Cultural identification and pride in oneself is more important than money. So is enjoying life. When you try to monetize activities that speak to these values, you can muddy the waters. Example: household chores. Children are often more motivated to do their chores by a sense of family belonging, responsibility and maturity. Paying for chores often causes even more feet-dragging.

For more information on this best nonfiction book, see:

This information still to come.