When it comes to money management, many of us are self-taught. In fact, in the United States, only 21 states require…
When it comes to money management, many of us are self-taught.
Indeed, in the United States, only 21 states require high school students to pass a personal finance course to graduate, according to a 2020 survey by the Council for Economic Education. In years past, the personal finance curriculum was even less formalized across the country, so it’s no wonder adults today are turning to online resources and books to learn more about banking. , mortgages, investments, retirement planning and more.
Some personal finance books target a specific audience – whether they’re nearing retirement, millennials, women, or low-income families – so weed out advice that doesn’t apply to your situation is one of the challenges in getting general money management advice from a book rather than a professional. But a personal finance book can offer fundamental knowledge and expert insights with an incredibly high return on investment, and many of these books are available free through local library services.
[SEE:Money Moves You Will Be Thankful For.]
Here are 10 of the best personal finance books available today:
– “Your money or your life” by Vicki Robin and Joe Dominguez.
— “Be Good With Money: Ten Simple Steps to Become Financially Whole” by Tiffany Aliche.
– “The Bogleheads Guide to Investing” by Taylor Larimore, Mel Lindauer and Michael LeBoeuf.
– “The Millionaire Next Door” by Thomas J. Stanley and William D. Danko.
— “Financial Freedom” by Grant Sabatier.
– “The Total Money Makeover” by Dave Ramsey.
— “The Psychology of Money” by Morgan Housel.
— “Raising Financially Healthy Children” by Joline Godfrey.
— “The Intelligent Investor” by Benjamin Graham.
— “Smart Women Love Money” by Alice Finn.
“Your Money or Your Life” by Vicki Robin and Joe Dominguez (2008)
Best for:Everyone.
This book was first published in 1992, but the principles discovered in it are true.
“It helps readers determine what money means to them, how much is enough, and how to achieve financial independence while preserving the earth’s resources,” wrote Carol Gosho, Certified Financial Planner and Director and Founder of Gosho Financial Group in California, in an email. . “The philosophy of the book confirmed my conclusion that it is not our patriotic duty to consume and spend beyond our means, but rather to learn how to generate enough passive income to live the life we choose. .”
“Your Money or Your Life” has since been revised and updated, and is applauded for covering both long-standing and modern approaches to money management. It can also provide some wisdom for a wide range of readers, covering issues such as deleveraging, savings strategies, and basic investment strategies to go the distance.
Get the book here.
[Read: 15 Creative Ways to Save Money.]
“Make Money: Ten Simple Steps to Become Financially Whole” by Tiffany Aliche (2021)
Best for:Anyone who builds a budget from scratch, women.
Known as “Budgetnista,” Tiffany Aliche shares her 10-step process to financial peace, focusing on a philosophy of financial integrity that rejects the unnecessary complexity and unrealistic nature of traditional financial advice.
The book focuses on short-term actions that aim to achieve long-term results – and that’s exactly what it has done for the over one million women around the world struggling to save and pay off their debts. , according to Aliche.
Get the book here.
“The Bogleheads’ Guide to Investing” by Taylor Larimore, Mel Lindauer and Michael LeBoeuf (2007)
Best for:Novice investors.
“The Bogleheads’ Guide to Investing” is an excellent first book on investing.
Created by supporters of John C. Bogle, founder of the Vanguard Group and advocate of index mutual funds, this book describes the investing style of Bogleheads in a clear and easy-to-understand manner.
The book is the product of a move away from attempts to time the market and instead towards a slow and steady investing strategy that relies on a few simple principles, including keeping capital expenditures low. You can find more information from like-minded investors on the Bogleheads community forum.
Get the book here.
“Financial Freedom” by Grant Sabatier (2019)
Best for: Millennials.
Called the “millionaire of the millennium,” Grant Sabatier shares his strategies for going from 24 years old to having a net worth of over $1.25 million in just five years in his book “Financial Freedom.”
Becoming financially free can mean having the freedom to quit a hated job or travel the world, and this book provides a step-by-step guide to achieving those goals, whatever they may be. The process will likely involve some creativity and out-of-the-box thinking, but his advice is also practical and manageable. It covers topics such as hustles, employer negotiations, and investment strategy, with the ultimate goal of creating more time to do what you love.
Get the book here.
“The Total Money Makeover” by Dave Ramsey (2013)
Best for:Borrowers.
Praised for its disciplined approach to money management, “The Total Money Makeover” can truly make a difference in the lives of those struggling with debt and credit cards.
Dave Ramsey says families should start with seven steps, including: save $1,000 in an emergency fund, pay off all debts (except the mortgage) using a “snowball” strategy, and save three to six months of spending in a fully funded emergency fund.
Get the book here.
[Read: What Debt to Pay Off First?]
“The Millionaire Next Door” by Thomas J. Stanley and William D. Danko (2010)
Best for:Everyone.
This book can be incredibly revealing, especially for young people and families just starting out.
Combining data and expert opinion, “The Millionaire Next Door” reveals the truth about what being a millionaire really looks like – and it might not be what you expected.
The ideas covered in this book are simple yet powerful: “Spend less than you earn. Save money every month. If you spend less, your need for income will be less and therefore your taxes will be lower,” Lawrence Pon, a California tax practitioner and certified financial planner, who cites the book as one of his favorites.
“For example, if you buy a cheaper house, it will cost less to maintain and your property taxes will be lower,” Pon wrote in an email.
Get the book here.
“The Psychology of Money” by Morgan Housel (2010)
Best for:Overspending.
A financial plan is worthless without proper execution. But sticking to a budget and making smart financial decisions can usually be a challenge.
“The Psychology of Money” reveals the real ways people make decisions about money and helps readers make sense of their own financial behaviors.
Get the book here.
[Read: How to Make a Budget — and Stick to It.]
“Raising Financially Healthy Children” by Joline Godfrey (2013)
Best for:Parents.
Parents can play a role in helping children establish positive financial habits early and understand the complexities of money management as they grow. “Raising Financially Fit Kids” covers the ways financial education can help kids achieve their dreams and become more confident, as well as concepts such as financial sustainability and charitable giving.
This book aligns the five developmental stages—kids, tweens, middle schoolers, high schoolers, and 20s—with financial education benchmarks, so its principles can be helpful to parents of children at different ages.
Get the book here.
“The Intelligent Investor” by Benjamin Graham and Jason Zweig (2006)
Best for:Intermediate to advanced investors.
Ready to improve your portfolio management? Benjamin Graham’s “The Intelligent Investor” details his philosophy of value investing, in which investors choose stocks that appear to be trading at a discount to their intrinsic value.
Considered the bible of the stock market since it was first published in 1949, the book has since been revised with insights for modern investors.
Get the book here.
“Smart Women Love Money” by Alice Finn (2020)
Best for:Novice investors.
Women don’t tend to invest as often as men, and Alice Finn’s “Smart Women Love Money” isolates and tackles the obstacles that stand in their way.
Finn’s book provides insight into the unique financial challenges and circumstances that women face before turning to five steps to successful investing for women. These include investing in stocks for the long term, allocating assets and regularly rebalancing a portfolio.
Get the book here.
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10 best personal finance books originally appeared on usnews.com
Update 05/17/22: This story was published at an earlier date and has been updated with new information.