Books the Rocket Dollar Team Loves

We asked the Rocket Dollar team what their favorite books are and we got a myriad of answers from startup tales to applying risk assessment principles in everyday life. Check out their recommendations below:

Black Swan: Second Edition: The Impact of the Highly Improbable by Nassim Nicholas Taleb

Reader: Rick Dude, Co-founder and Chief Technology Officer

In his book, Nassim Taleb introduces the concept of "Black Swan" events, which are events highly unlikely, highly impactful, and novel in their nature. These events are intrinsically impossible to predict, and yet must be accounted for as a certainty. The application of this idea in finance is that no investment can be wholly shielded from risk, and that very great opportunities which present themselves must be acted on decisively, as you may have never seen them before and you may never see them again.

The book promotes the idea that the "long tail" (statistical occurrences far from the mean), and not the statistical average, has more influence over the long term as their presentation is rare but violent. Modern examples of Black Swan events that I personally have lived through and seen their impact are 9/11 and the 2008 Financial Crisis. While not specifically a finance book, the Author Taleb spent years working at trading desks, a place where respect for "Black Swan" events on the street can be seen in the fact that even way out-the-money options have a market to opportunists looking to capitalize on the unforeseen at a minimal cost.; I highly recommend this book as it brings to light unique ideas that are important in navigating today's modern financial markets.

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! By Robert T. Kiyosaki

Reader: Thomas Young, Co-founder and VP Marketing

Rich Dad Poor Dad is a story about Robert Kiyosaki and his two dads, his real father (poor dad) and the dad of his best friend (rich dad) and the ways in which their respective views about money and investing shaped Robert’s life.

This book was given to me in high school by my uncle, and it forever changed my view about money. A big takeaway for me personally was the statement that the poor and middle class work for money, while the rich have money work for them. Once that sank in, it wasn’t about how much money you earned, it’s about how much money you keep, that you put to work for you.

One of my favorite quotes from the book is, “Often in the real world, it’s not the smart who get ahead, but the bold.”

An Economist Walks Into A Brothel By Allison Schrager

Reader: Mark Peck, Director Business Development

The true and honest assessment of risk is very difficult for most people to understand and apply to their daily lives.; Allison Schrager explores the characteristics of risk and how measured and proactive risk-taking can lead to better decisions.; Her economic training enabled her to write this book from an academic and found financial basis; but it's her real-world, real-life experiences that lend color and depth to her statements.; The book focuses on the different expressions of risk, and how all walks of life experience and account for it. By better understanding, our own behaviors and how they prepare or disadvantage us against risk is a universally useful lesson.

Whether you're a teacher, a financier or stay at home parent the points made here can help your choices; and how each and every one of them generates risk and results.; By understanding and assessing these risks clearly we can make better decisions to achieve our goals, no matter your aim.