Personal Finance Books as Holiday Gifts

Q. What are the good personal finance books as holiday gifts?

A. Based on this past weekend's Washington Post "The Color of Money" column, the following books are recommended as good holiday gifts.  Here are the excerpts:
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Oldies but goodies: 

• “The Richest Man in Babylon” by George S. Clason; 
• “Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence,” by Vicki Robin and Joe Dominguez with Monique Tilford; 
• “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J. Stanley and William D. Danko.
  

Books to help raise financially savvy kids: 

• “O.M.G. Official Money Guide For Teenagers” By Susan P. Beacham and Michael L. Beacham; 
• “Raising Money Smart Kids: What They Need to Know About Money — And How to Tell Them” By Janet Bodnar; 
• “The Giving Book” by Ellen Sabin.

The book by the Beachams came out this year. It’s a slim, colorful, graphic-filled work that’s a great conversation-starter with teens. It’s written for them. I could see you giving this 48-page book and then talking through some of the topics covered — good budgeting choices, how to handle credit cards, and the importance of charitable giving. Upon receiving the book, your child may roll her eyes — my 14-year-old did — but don’t be daunted. It did result in a discussion about why she needed to know how to handle her money before bad habits could sink in.

Books on retirement/aging parents: 

• “The Couple’s Retirement Puzzle: 10 Must-Have Conversations for Creating an Amazing New Life Together” by Roberta K. Taylor and Dorian Mintzer; 
• “How to Retire Happy: The 12 Most Important Decisions You Must Make Before You Retire” by Stan Hinden; 
• “The Charles Schwab Guide to Finances After Fifty: Answers to Your Most Important Money Questions” by Carrie Schwab-Pomerantz with Joanne Cuthbertson; 
• “They’re Your Parents, Too!: How Siblings Can Survive Their Parents’ Aging Without Driving Each Other Crazy” by Francine Russo.

Be sure to get the newest editions of “The Couple’s Retirement Puzzle” and “How to Retire Happy.” Both books have expanded and updated sections. It’s because of these two books that my husband and I didn’t panic when we got the news that there may be major changes to my pension. Russo’s book was so helpful when my husband’s father came to live with us. My husband sent a copy to all his siblings.

Color of Money Book Club favorites: 

• “Say Goodbye to Survival Mode: 9 Simple Strategies to Stress Less, Sleep More, and Restore Your Passion for Life” by Crystal Paine; 
• “The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life” by Kimberly Palmer; 
• “Confessions of a Credit Junkie: Everything You Need to Know to Avoid the Mistakes I Made” by Beverly Harzog; 
• “Happy Money: The Science of Happier Spending” by Elizabeth Dunn and Michael Norton.

The books that fall into this last category tackle issues such as managing your time, creating multiple streams of income, getting rid of a debtor’s mentality and making your spending really count for something.

Your gift of financial knowledge may not be greeted with glee, but I hope the people who receive the books will realize that the advice and wisdom are priceless.
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