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The stock market can be a very difficult place to navigate for beginners. Before you start investing your money, You should have a pretty good understanding of how the stock market works.
Investing can be a way for your money to make money for you. That being said, you work hard for the money you earn and investing in the stock market without the proper knowledge can cost you dearly.
There are many resources that will give you the knowledge you need to be confident in the investments you make. Books are one of the many resources to explore.
The stock market can be a confusing place when you don't have the necessary knowledge. (iStock/iStock)
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Over the years, numerous books have been written about ins and outs of the stock market, and they all take different approaches. Some take a very data-driven approach, while others rely more on psychology and behavior. Some books cover short-term investments, while others focus more on growing your money over the long term.
If you've never invested a penny before, or you've just started investing and want to know more, here are three books that will help you better understand how the stock market works.
- "A Beginner's Guide to the Stock Market: Everything You Need to Start Making Money Today"
- "The intelligent investor"
- "The psychology of money"
1. "A Beginner's Guide to the Stock Market: Everything You Need to Start Making Money Today"
If you have no idea how the stock market works or what the first steps you should take, this book is for you.
Think of Matthew R. Kratter's "A Beginner's Guide to the Stock Market" as a practical guide to investing. This book will answer all the questions you have and give you clear instructions on how to get started in the stock market.
Throughout this book, you will learn how open a brokerage account, how to buy your first stocks, how to earn passive income in the stock market, how to pick stocks and more.
2. "The intelligent investor"
"The Intelligent Investor" was written by Benjamin Graham in 1949, but remains one of the most popular stock market books to date.
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This book covers value investing, which is an approach that targets undervalued stocks that could do well over the long term. This is not a short-term strategy, but rather teaches investors how their money can grow over a long period of time.
Before you start investing, read some books that will teach you the basics of the stock market. (iStock/iStock)
Although this book was written in 1949, many of the concepts presented by Graham can still be applied today. That said, a revision was published in 2006, so the book better reflects a modern market.
The revised edition of the classic business book features commentary from financial journalist Jason Zweig.
3. "The psychology of money"
"The Psychology of Money" is slightly different from the others on this list. This book was published in 2020 by Morgan Housel.
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This book is a lighter read than many others. Books based on money. It focuses more on the behaviors and financial decisions of individuals than on mathematics and data.
Knowing the basics of investing can help you accumulate wealth over time. (iStock/iStock)
As a newbie to the stock market, it's easy to get bogged down in the math and data. The style of this book is easy to digest while also teaching about investing and money management in general.
Through the 19 different stories presented in the 19 chapters of this book, Housel is able to teach readers how to have a better relationship with money and finances.
