Financial literacy is one sure way to help you achieve your personal financial success. Literacy factors in the business knowledge that guides you on your path to your goals.
Among the several ways to improve your financial know-how is by investing in personal finance books.
How Do We Use Finance In Our Personal Lives?
It’s natural for every adult to desire to make money and become successful. An excellent monetary position has you comfortable to cover your needs and wants effortlessly. Having finances also helps one gain more respect from society as well. Finance books equip us with knowledge on how to make money, use it, retain, and make some more.
What Is The Best Personal Finance Books?
There are different books, each touching on a particular aspect of personal finance in a different light. Different authors have different ways to relay their message and will appeal to different audiences. Therefore, what is best to one person might not have the same impact on another. To help you boost your monetary know-how and have a great mastery on matters personal finance, below are some of the best personal finance books of all time.
1. Rich Dad Poor Dad By Robert Kiyosaki
Ask any entrepreneur what their best 5 financial books are, and be sure their list will contain Rich Dad Poor Dad by Richard Kiyosaki. It is a book that focuses on financial independence – a significant aspect of the achievement of personal financial success.
The book is like a memoir, where Kiyosaki draws inspiration from two key figures from his childhood. The poor dad is his biological father, while the rich dad was his best friend’s father. Looking at how they conducted their lives, more so in the financial aspect, he was able to come up with critical lessons in the way to handle finances.
It is an excellent book to check out, especially when trying to learn ways you can handle your money.
2. The Monk Who Sold His Ferrari By Robin Sharma
Though the main topic of this book might seem closer to spirituality than finance, it is one of the best personal finance books for college students. It talks about balance and getting out of your comfort zone to achieve your goals. In a school setting such as in college, it guides how to bring out harmony in all that you do.
The book speaks about several lessons, a key one being the value for time. Focusing on time; it is never too late to stand up for your goals. Take time as the most valuable asset in your financial life due to its scarcity. Also, follow your goals, no matter how outrageous they may seem to others. Finally, self-discipline is a value to behold. It should be your companion when hitting the path to financial success.
3. You Are A Badass At Making Money: Master The Mindset Of Wealth By Jen Sincero
This piece by Jen Sincero is the second in the ‘You Are A Badass’ series and uses humor as a stylistic device to drive its point home. When aiming for financial success, there are several obstacles in everyone’s path. Among the challenges are your habits, focusing on spending, and your overall discipline on matters related to money.
With this book, you are in a position to identify your flaws when it comes to handling money and how to deal with them. Jen also introduces some concepts to apply to ensure a triumphant ending.
Among the lessons shared include shaking off your doubts mostly concerning risk-taking. The finance literature piece also encourages you to change your perspective of money and relate to it in a whole new and constructive way.
4. The Richest Man In Babylon By George Samuel Clason
The Richest Man in Babylon is a classic work in the finance books genre. It is one of the best personal finance books for beginners focusing on vital financial aspects in a captivating narrative. The advice comes in the form of parables having an impressive age of eight millennia.
The parables are from a fictional Babylonian character, Arkad, who was poor but clawed up to be the wealthiest person in his hometown, Babylon. Arkad starts with the ‘seven cures, ‘ which are the various ways to generate wealth. He then introduces us to ‘The Five Laws of Gold, ‘ which are ways to invest and secure the acquired wealth.
Key lessons include savings, where you need to set aside almost 10% of your annual income to commence wealth creation. There is also expenditure control, which acts as a foundation for your savings plan. Start multiplication of your fortune and guide them from losses. These are part of the ‘seven cures’
5. Broke Millennial: Stop Scrapping and Get Your Financial Life Together By Erin Lowry
The Broke Millennial by Erin Lowry is another of the best personal finance book for college students. It focuses on the millennial generation, most of whom are in the age group of 20-30. This age group is either in college or freshly graduated. As such, most are not well off financially, and this may freak them out.
The book comes to your rescue if financial obligations are hitting you, and you feel you may never hit your monetary control goals. The book is a step by step guide avoiding the clichés of other finance literature. Points of focus include your relationship with your funds, student loan management, and settlement, among other pressing issues for you, the millennial.
6. The Latte Factor: Why You Don’t Have To Be Rich To Live Rich By David Bach and John David Mann
One of the best personal finance books for beginners is The Latte Factor co-authored by David Bach and John David Mann. If you are beginning your journey towards monetary independence, this is the right book for you. It imparts a lesson on comfort at what you are doing to generate income while at the same time encouraging you to make some lifestyle changes to improve your chances of success.
It is an inspirational book that encourages you that it is never too late to start. It also shows how minor adjustments in your economic life can act as building blocks to create a firm foundation for your monetary independence dreams.
7. The Total Money Makeover By Dave Ramsey
Debt is a significant obstacle on your path when seeking economic independence. Getting a loan is one way of getting you out of dire cash flow problems. However, when you lack the discipline, it acts against you, especially when you default on payments. The Total Money Makeover is a book to look for when you are in a loan crisis or want to know how to manage debts. Among the lessons you get from the book are sure ways to settle your debts. Here, you need to come up with a suitable plan to break you off the debt bubble.
The book also debunks dangerous myths in a bid to boost your financial intelligence.
8. How To Retire Happy By Stan Hinden
Here is one of the best personal finance books of all time and is suitable for the working class staring at retirement. Retirement is an essential transition in life where you may either enjoy the fruits of your productive days or feel the wrath of poor decisions. ‘How To Retire Happy’ looks at the decisions to make while at work to guarantee you bliss once you put your working tools down.
The work by Stan Hinden also touches on the emotional and psychological aspects of retiring and how to deal with it.
9. The Index Card: Why Personal Finance Doesn’t Have To Be Complicated By Helaine Olen And Harold Pollack
The idea of personal finance may scare many due to its perceived complex nature. The Index Card is a book that throws away the complex perception as it ushers you into the basic rules of this financial goal. It provides easy-to-follow plans that give you a basic idea of personal monetary control and the right knowledge tools to help you pull through.
10. Why Didn’t They Teach Me This In School: 99 Personal Money Management Lessons To Live By, By Cary Siegel
Another a suitable book to gift your young adult kid as they transition into adulthood. It looks at money management skills, which are rarely taught in school. Initially, it was for the author’s kids crafted to help them know their way through money when they came of age. However, seeing that there was a lack of skills and school was not helping, he crafted it for the public.
It is one of the best finance books that weigh both the qualitative and quantitative aspects of finances.
Now Enjoy Reading Your Personal Finance Books
When you decide to replenish your monetary intelligence, above are some of the personal finance books to buy. The books are available both in bookshops and online stores or even in your school library.
Getting a book is a worthy investment as it provides priceless knowledge on tackling life’s various aspects. To save money on books, you can opt for e-books or online copies, which may be relatively affordable. You may also work on a borrow and exchange routine where you exchange books with people you know to expose you to various literature.