One of the best ways to improve your financial situation is to increase your financial literacy and the best way to do that is to read a personal finance book. Reading books about money management and investing will help you improve your financial future and set yourself down the path to financial freedom. Although these skills are criminally undertaught in schools, there are a plethora of excellent books out there to help you brush up on your skills. Check out six of them below!
The Richest Man in Babylon by George S. Clason
Instead of taking a purely instructional approach as many books do, The Richest Man in Babylon uses parables to demonstrate financial concepts like frugality, financial planning, and building your net worth.
If you’ve ever heard the phrase “pay yourself first” but not really had a clear grasp of what exactly it means, read this book.
Also, the simplicity of this book makes it a great starting point to teach your kids about money.
The Psychology of Money by Morgan Housel
Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people.
A financial plan is worthless without proper execution. But sticking to a budget and making smart financial decisions habitually can be a challenge.
“The Psychology of Money” uncovers the real ways people make decisions about money and helps readers make sense of their own behaviors when it comes to finances.
Why Didnt They Teach Me This in School? by Cary Siegel
Ask anyone what they wish they’d learned more about in school and the answer is likely money. More specifically, how to properly handle one’s finances — enter Cary Siegel’s title, “Why Didn’t They Teach Me This in School?” Siegel, a retired business executive, divides the book into 99 principles and eight money lessons that you should have learned by high school or college but didn’t. This book was initially intended for his five children when he realized they didn’t learn important personal finance principles before entering the real world, but it grew into a well-reviewed read full of money lessons, as well as firsthand experience and advice from Siegel. This easy-to-read book is ideal for new grads or anyone looking to start off their personal finance journey on the right foot.
The Winning Playbook by Rob Welsh and Jonathan Scott
How is it that professional athletes were signing contracts in the millions and then finding they’d have to work at a second job in the offseason to make ends meet? The answer can be traced to a lack of awareness about how the monetary system works and a lack of understanding about how to effectively manage their finances.
With more than 17 years in the financial sector, Rob Welsh teamed up with former National Football League player Jonathan Scott to share their knowledge and experiences and impart that wisdom to others in their book, The Winning Playbook.
The Millionaire Next Door by Thomas J. Stanley and William D. Danko
This book is incredibly eye-opening, particularly for younger individuals and families just starting out.
Combining data and expert insights, “The Millionaire Next Door” uncovers the truth of what a millionaire really looks like – and it may not be what you’d expect.
The ideas covered in this book are simple but powerful: “Spend less than what you make. Save money every month. If you spend less, your income need will be less and therefore your taxes will be lower,” says Lawrence Pon, a tax specialist and certified financial planner in California, who lists the book as one of his favorites.
I Will Teach You to Be Rich by Ramit Sethi
Being rich isn’t about not spending money at all. In “I Will Teach You to Be Rich,” a New York Times and Wall Street Journal bestseller, financial expert Ramit Sethi explains that you can spend your money, guilt-free, as long as you have it invested and allocated properly. This title talks about how to deal with all the common money pitfalls, from paying off student loans to how to save every month, and even how to talk your way out of late fees. This 10th-anniversary edition includes updated views on technology, money, and psychology, as well as some success stories of readers who have actually gotten rich from reading — you guessed it — Sethi’s book.
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