100 books like Enough

Our nation’s most insightful—and readable—sociologist? Boston College’s Juliet Schorr has my vote.

Over the past quarter-century, Schor has probably done more than anyone else in the world to bring grand conceptual constructs like income distribution down to the nitty-gritty of daily life.

Her 1999  best-seller, The Overspent American, strikingly exposes how inequality unleashes a “competitive consumption” dynamic that has us consuming ever more and enjoying life ever less. And that dynamic poses more dangers today than ever before.

As Schor put it in an interview with her I did some years back, we have “no chance” at achieving ecological sustainability “with the kind of extreme income distribution” that we have today. 

Edmonton-based author Ernie Zelinski is probably best known for this self-published international bestseller.

Zelinski semi-retired at 30 after being fired from an engineering job. One of his first books was called The Joy of Not Working, and he later published The Joy of Being Retired: 365 Reasons Why Retirement Rocks—and Work Sucks!. But the one that really struck a nerve for FIRE proponents was How to Retire Happy, Wild and Free, subtitled “Retirement wisdom that you won’t get from your financial advisor”.

Zelinski sugar-coats the content with pull-out quotes and a few cartoons. As the back-cover blurb of my 2014 edition proclaims, “Retirement is the beginning of life, not the end.” It follows that Zelinski believes that the earlier you take Early Retirement, the better, and encourages readers to pluck up the courage to do just that.

To that end, his focus on frugality allows him to… show more.

To me, this book is a classic in the realm of personal finance for a reason. It is the clearest explanation of how money is not actually about money; if you’re actually living by your values and seeking a life that makes you feel truly fulfilled, the point of working is to earn enough money to live on and take care of your future with, while being able to spend the majority of your time doing what you actually enjoy.

I love that this book is centered around finding a purpose without tying that purpose to how you earn a living. It also gives really clear suggestions for long-term investing, and I was happy to see that updated for our current times in the newest edition. 

The British epidemiologists Richard Wilkinson and Kate Pickett have an American doctor friend who has a fascinating exercise for his first-year medical school students.

This doctor asks his students to write a speech detailing why the USA has the world’s best health. The students eagerly set about collecting all the relevant data and quickly find themselves absolutely shocked. Among major developed nations, the USA turns out to have the worst health.

Americans also turn out to be up to ten times more likely than people in other developed nations to get murdered or become drug addicts. What’s going on here? Inequality!

The more wealth concentrates at a society’s summit, Wilkinson and Pickett vividly show in this 2009 classic, the worse that society performs on the yardsticks that define basic health and decency. 

The climate crisis, many of us now understand, may just end up crushing us. What can save us from that crushing?

Greater income equality, the former World Bank economist Herman Daly argued in this concise 1996 volume, has to be central to our solution. Daly, who passed away in 2022, pioneered the discipline of ecological economics.

Our planet, this University of Maryland professor emeritus believed, has “a limit to the total material production that the ecosystem can support.” In other words, we can’t afford to continue grasping for ever more.

We need to center ourselves instead around having enough, and that means, Daly concluded, moving toward adopting a “maximum personal income” since having 99 percent of a limited total product “go to only one person” would be “clearly unjust.”

The urge to limit vast accumulations of individual wealth, the historian James Huston reminds us in this 1998 deep dive into America’s largely forgotten past, turns out to be as American as apple pie.

The new American nation, as John Adams put in in 1776, would only be able to preserve the “balance of power on the side of equal liberty and public virtue” by dividing the nation’s land “into small quantities, so that the multitude may be possessed of landed estates.”

Thomas Jefferson fully agreed. A republic, he insisted, “cannot invent too many devices for subdividing property.” Our founders never lived up to these noble aims. We still can.

Pensionize Your Nest Egg, or PYNE as some readers call it, is a classic Canadian financial book by famed finance professor Moshe Milevsky and certified financial planner Alexandra Macqueen.

Its audience is primarily anxious would-be retirees who do not have the luxury of having an inflation-indexed, guaranteed-for-life Defined Benefit pension plan offered by an employer. In fact, the headline when I first reviewed the book, was “A Cure for Pension Envy.” Instead, its core reader may have lots of money in group RRSPs, Defined Contribution plans or 401(k)s that rise and fall with financial markets. Hence the subtitle of the second edition, published in 2015, is How to Use Product Allocation to Create a Guaranteed Income for Life.

In practice, this involves using a particular product – the life annuity – to make your nest egg more like a true DB pension. The authors go into some… show more.

I’ve always like the phrase “Work Optional” to describe the state of being financially independent enough that you don’t have to work for money anymore, but nevertheless choose to for reasons like having a purpose, or structure.

Work Optional is also the title of another fine American book on Financial Independence, bearing the subtitle Retire Early the Non-Penny-Pinching Way. The author is an American woman, Tanja Hester, who “retired” early at age 38, along with her husband Mark, who was then 41. I put the word “retired” in quotes because, as is usually the case with advocates of the so-called FIRE movement (Financial Independence, Retire Early), Hester didn’t actually retire to do nothing.

Generally, I find that when FIRE proponents say they “retired” at 30 or 40, what they really mean is they quit working as salaried employees for a corporation, to launch what amounts to an encore career built… show more.

Practicing good behavior is the most important ingredient of successful investing.

And understanding the ingrained biases and heuristics that negatively impact our behavior is essential to good investment behavior.

I’ve read dozens of books on behavioral biases, and I think this book is among the best and a perfect introduction to the topic. Written in a light and humorous manner, Montier explains common cognitive biases, how they lead to irrational investment decisions, strategies for overcoming them, and how to practice better investment behavior.

Hersh Shefrin shares research and insights regarding behavioral biases, and how investors respond to emotional stimuli.

Even though the research on behavioral finance has been around for decades, it hasn't been effectively incorporated into advisor practices. Shefrin emphasizes the importance of financial advisors to understand and embrace behavioral finance. He argues to ignore these psychological tendencies would be foolish and unwise.