Financial literacy is an important skills that all people need to masters since it concerns various aspects of their lives. This plays a huge role in helping people learn how to properly manage money, as well as learning how to have an income even as they retire.
No matter how vital financial management may be, not everyone is privileged enough to learn about this. This is where the best finance books come in as they provide in-depth knowledge to individuals about taking charge of their finances. Learn more about these books as they cover topics from overcoming debt to learning to invest.
The Total Money Makeover by Dave Ramsey
Living in a cycle of debt certainly isn’t the way to go and Ramsey teaches readers of his book just how they can turn their lives around and take control of their finances. Through his step-by-step directions, individuals can finally start paying off their debt and generally improve their finances.
Ramsey coined the “snowball method,” otherwise known as “debt snowball,” and this approach helps people not only manage their debt but eventually get out of it and reach success. This book gives tips on some of the common debt traps that individuals should avoid as much as they can.
Considered a New York Times bestseller, this book offers stringent advice on how people in debt can remove themselves from that cycle and eventually save not only for emergencies but also for their eventual retirement.
The Millionaire Fastlane by MJ DeMarco
Although the title of the book can be quite misleading, as this doesn’t advocate for a quick trip to becoming a millionaire, this finance book by DeMarco is definitely worth it. It shows a different side to wealth—achieving this while you are still young and while you can enjoy the life you want to have.
Retiring early and being able to relish in your wealth is a dream that many people have and DeMarco teaches exactly that. This teaches individuals how to build an empire and get wealthy in a few years rather than accumulating wealth only when they’re old.
By redefining wealth in a new way, this book puts into perspective that amassing wealth should be more than just slaving away and working hard—you should be able to revel in it as well.
The One-Page Financial Plan by Carl Richards
Beginners know all too well the struggle of dealing with financial challenges that come their way. Richards lets readers know through a simple approach just how they can manage their finances using just a single piece of paper.
The book outlines how individuals should determine what their financial goals are relative to their situation and what they want to achieve, and how they can attain all of these with a one-page plan in hand.
Taking your values into focus, Richards resets everything you thought you knew about managing finances and makes it uncomplicated. From making budgeting a breeze by gamifying it to constantly reevaluating goals, this book shows that financial planning can be customized for your needs.
Your Money or Your Life by Vicki Robin and Joe Dominguez
Initially released in 1992, the latest version of the Your Money or Your Life was released in 2018. The book still reinforces the notion that money is not the end-all or be all to one’s happiness. It does, however, play an essential role that lets people see and reevaluate their relationship with consumerism.
It urges people to have a more mindful approach when it comes to spending money as well as seeing what constitutes “enough” for them. This book takes on a more practical approach to helping individuals reach financial independence through a series of steps, nine in particular.
These steps aim to change the individual's view and relate with money, and by extension, to help effect transformation in their lives. This new edition takes into account more modern topics, including finding different streams of revenue, the gig or hustle economy, freelancing, index funds, and tracking your finances.
Rich Dad Poor Dad by Robert T. Kiyosaki
Perhaps one of the most popular finance books of all time, Kiyosaki tells the tale of two fathers and how each managed their finances. Based on the author’s life, this illustrates how Kiyosaki learned different ways of managing finances from these two key individuals and how these influenced his approach to saving and investing.
Some of the financial lessons that Kiyosaki touches on through this book include mainly how the rich and the poor see wealth. With its different take on money, this read manages to give a unique perspective on money.
This is a great read for individuals who want to take the first step in learning about finance, especially as it challenges traditional notions of needing a lot of money just to achieve success.
Think and Grow Rich by Napoleon Hill
Published in 1937, Hill’s book, Think and Grow Rich attempts to give readers a deeper insight into achieving holistic success and not just in terms of wealth. It also tackles being fulfilled in life and running after the dreams that you have always wanted to pursue.
Having studied and interviewed highly successful people for around 20 years, Hill brings forward the most common habits that these affluent people have, including the likes of Henry Ford, Charles M. Schwab, and John D. Rockefeller.
Hill’s learnings and interviews are shared with a wider audience through this book. It touches on having the confidence and belief in one’s self and having the vision and motivation to push through amidst the challenges in life.
I Will Teach You to Be Rich by Ramit Sethi
Get your financial life started and sorted with Sethi’s strategies in this personal finance book for the ages. As the title of this book reads, Sethi intends to impart his knowledge on how to become fully rich in every sense of the word.
Instead of the usual tenets that individuals must live below their means and be frugal, Sethi, instead, emphasizes spending money without guilt on things and items that play an important role in your life and instead, doing away from things that do not.
Through a six-week plan, Sethi paves the way for you to achieve your best, rich self through more practical approaches. From automating accounts to saving money, maximizing credit card rewards, getting out of debt, and even investing, the author outlines how you can allocate your finances efficiently and properly.
The Automatic Millionaire by David Bach
Speaking of automating finances, Bach’s book is all about this. The author advocates and even teaches readers the benefits of automating their finances and how this one simple method could help boost their wealth over the years.
By outlining a plan and a step-by-step guide, this book manages to instill the importance of not only having a reliable financial strategy in hand, but also one that highlight’s putting yourself first and letting the system work for you instead.
Those who are looking for an almost effortless way to build wealth will want to give this a read, especially as this takes away the use of complicated tracking and budgeting systems. This even gives a look into the lives of Bach and his wife as a testament to automating their finances.
The Intelligent Investor by Benjamin Graham
This particular finance book is highly regarded by Warren Buffet, especially recognized for its wisdom on investing. Here, Graham details the importance of value investing and how to smartly join and invest in these markets.
The book essentially outlines not only the advantage that comes from value investing but also how prospective investors could choose the right companies with high intrinsic values, all the while taking the current market trends out of the equation.
By taking a counter-approach to more common investment practices, Graham offers an insightful perception of the world of investing and how individuals could prevent risks and losses from taking place.
The Millionaire Next Door by Thomas J. Stanley and William D. Danko
This book presents profiles and data on some of the wealthiest citizens in America. Here, both Stanley and Danko bring forward a book that highlights the common practices and beliefs that these individuals share, including saving more than what you can and living below your means.
By analyzing the ways the wealthy, particularly millionaires, save, invest, and spend their money, Stanley and Danko can give readers a peek into the seven characteristics that one should have to successfully amass wealth.
In addition to the aforementioned topics, the book also attempts to redefine how individuals should see their relationship with consumerism, and by extension, how small practices could affect how they could build their wealth over time.
Many individuals know that the financial decisions and actions they make affect their success and wealth in the future. With the help of these best finance books, you too can work your way to a better tomorrow.
Who knows, you might just shift your perspective not just in managing your finances, but in life in general.