3 books to read during the COVID19 period to improve your wealth management

Last week, I was taking the subway and am guilty of surfing Facebook brainlessly.  One post caught my attention and I laughed at it. What started as a laughter resulted in a choke and I started coughing. *Yikes* Oh my god. I wish I could tell you more on the stares that I got. Anyway, here is the post that got me laughing.

Dad Joke Captain America
Dad Joke Captain America

Moving on, if you watch TV or surf Facebook, COVID-19 is everywhere. Most likely, you will be no where but home. Some of my Malaysian Friends are saying how bored they are at home. In a few weeks time, it could happen to my country or yours. Instead of being bored or regret, why not improve our lives by reading? Here are the top 3 books that I like regarding personal wealth management and I hope you like them too.


Dollars and Sense: How We Misthink Money and How to Spend Smarter

Dollars and Sense Dan Ariely
Dollars and Sense: Dan Ariely

I’m obsessed with Behavior Economics and Dan Ariely is one of my favourite author in the world (no kidding). Dan Ariely is an Professor in Duke University who specializes in Psychology and Behavioral Economics.

The books tells us (or gives us a slap in the face) on how our misplaced confidence in our spending habits frequently leads us astray, costing us more than we realize. Emotions play a powerful role in shaping our financial behavior, often making us our own worst enemies as we try to save, access value, and spend responsibly. For people that are starting out in their financial journey, this book is a great start.

Some of my friends were hesitant to read this book, as they thought it would be another one of those How to Make a Budget type (still important!) of books. But after they started the first chapter, they were hooked.

My favorite concept: Anchoring. For example, if you first see a TV that costs $1,200 – then see a second one that costs $500 – you’re prone to see the second TV as cheap. (Although, it still cost $500)


The Richest Man In Babylon

The Richest Man In Babylon
The Richest Man In Babylon

This book is my all time favorite. Someone passed me this book when I was 18 years old. At that time, it felt like a story book and I didn’t really understood any of the concepts there. I could only remember the stories was amusing and interesting. It was after I started working that I felt I understood the meaning of the book.

Each chapter gives like a level in your financial journey. If you try to reach level 10 without having a proper foundation (chapter 1), you will always be at level 1. This books takes you step by step in your financial journey towards financial freedom in a series of easy to read stories. That’s what Wealthdojo hopes to achieve as well.

My favorite concept: Pay yourself first. Before you pay your bills, before you buy groceries, before you do anything else, set aside a portion of your income to save. Saving a sum of money as emergency funds is a short of life hedge. (Read more: Life Hedge: How to prevent your life from being a roller-coaster (Part 2))


The Five Rules for Successful Stock Investing

The Five Rules for Successful Stock Investing Pat Dorsey
The Five Rules for Successful Stock Investing Pat Dorsey

Finally, a book about investing. There are many people who ask me why don’t I focus on investing. I mean I could. However, I feel that money management or wealth management isn’t just about investing. Investing is the most sexy section in money management but it is NOT the only section. In fact, if you do the other parts of wealth management correctly, investment will fall in nicely like the final piece of jigsaw puzzle.

Back to the book. I like Pat Dorsey because he is good at making complicated things simple and that’s very important for investing. His 5 rules for successful stock investing is universal and serves as a good reminder what kind of companies we would want to invest in this business climate. I feel that this book is suitable for both beginners and also people who have some knowledge in the stock market. I also like sharing when it comes to investing Mistakes I wished I knew earlier.

My favourite concept: Find economic moat. An economic moat is like a competitive/unfair advantage that a company have over other companies. Usually, that kind of advantage will enable a company to profit their profits in the long run.


Wishing you the best in this period of time. We hope that everyone can remain calm and healthy during this season. It is a season of crisis but it is also a season of opportunity. Invest with what you have and don’t borrow money to invest in this period of time. If you are new to investing and need help, do talk to me using the contact form or any methods listed below.

God Bless.

If you read until here, thank you again for your patience and your support over in 2019. I hope that in 2020, Wealthdojo can continue to value add you. Let us know what you think in the comments below. This is a working article. The above doesn’t represent my stock recommendation in anyway. Please read our disclaimer for more information.

I hope to nurture genuine relationships with all of my readers. Please feel free to contact me on my Instagram (@chengkokoh) or Facebook Page or my Telegram Channel! Or subscribe to our newsletter now!



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