November 16, 2020
By Rahul Iyer
Everyone should brush up on their personal finance knowledge every now and then. Even if you think ‘you’re fine’ there’s always something to learn or ways to improve your financial situation. Personal finance is complicated, ever-changing, and filled with opinions. You never know when you may learn something new, even a small tip that changes the trajectory of your personal finances and helps you become financially free.
Here are our favorite personal finance books you should consider.
1. The Total Money Makeover by Dave Ramsey
Everyone has heard about him, now it’s time to learn from him. He covers the whole gamut of personal finances, from getting out of debt to building an emergency fund, and living a financially free life.
Even if you aren’t in over your head in debt, it’s a great read to learn how to pay off even your mortgage or other ‘common debts’ and prepare for retirement.
2. The Millionaire Next Door by Thomas J. Stanley and D. Danko
If you’ve ever wished you could get inside the mind of a millionaire, here’s your chance. The book details how millionaires live (spoiler alert: it may surprise you), and what you can do to follow in their footsteps.
The book reads easily and will leave you with ideas and thoughts to get yourself on track to be the millionaire next door too.
3. Spend Well, Live Rich by Michelle Singletary
Michelle breaks down spending in a way that doesn’t make you feel like you’re sacrificing, but rather enriching your life. It’s the guide to spending and saving we all wish we had back in our 20s. But, it’s never too late to get yourself on track. Read Michelle’s helpful guide and chances are that you’ll change your spending habits too.
4. The Simple Path to Wealth by J.L. Collins
J.L. Collins wrote letters to his daughter before she was old enough to understand finances and he shares them in this easy-to-read book. In it, he helps anyone (even beginners) learn how to invest, where to start, and the right mindset to be in to get through the complicated decisions.
5. Smart Money, Smart Kids by Dave Ramsey and Rachel Cruze
If you worry about how to teach your kids about money, let Dave Ramsey and his daughter help with this great book. It’s not a book you’ll read with your kids, but it will guide you in conversations and lessons for your children. You’ll feel better equipped to teach age-appropriate finances, have difficult money conversations, and give your child the knowledge needed to have a financially peaceful adulthood.
Reading personal finance books is one of the best ways to stay on top of the latest and greatest advice. Whether you’re investing for the first time, trying to get out of debt, or just want to keep your steady wealth growing, there are books out there that are informative, entertaining, and useful in your quest for successful personal finances.