5 Best Personal Finance Books You Need To Read To Gain Financial Freedom | by Mofrad Muntasir | Jul 2022

“Money is a terrible master but an excellent servant.” — PT Barnum

Photo by Karolina Grabowska: https://www.pexels.com/photo/set-of-black-opened-envelope-and-cash-dollars-4386370/

Managing personal finances is a state of mind. And this often develops out of necessity.

I never cared about financial managementuntil I had to deal with a mountain of student loans. This mountain took such a toll on my wallet that I needed to find a way out.

It was my life against the student loan.

Few books (and a few financial models) got me out of that loan three years earlier than expected.

These are the same books that are now helping me on my journey to financial freedom.

Here is a list of five books that can help you too!

For a book on finance, this book is surprisingly easy to read.

The rich don’t work for money. They make the money work for them

Robert has described a series of valuable ideas in this book. The quote above is one of them. It’s about making your money work for you, not the other way around.

Some of the other key teachings of the book are –

  • Do not save money – There are better things to do with money
  • Pay yourself first — Taxes and bills can wait
  • Calculate your wealth score – To see how close you are to financial freedom
It’s a must-read if you are interested in managing your money better.

Tony Robbins wrote this book after seeing the devastating effect of the financial crisis.

The book is based on Tony’s interviews with the world’s top billionaires. He distilled the key learnings and created this massive book.

The main lessons of the book are –

  • Never underestimate the power of compound interest
  • Plan investments so as to gradually cover all your expenses. But start with the basic expenses, then move on to the basic and fun activities and finally take the whole expenses
  • Diversify your investments by dividing them into three compartments

This book is 85 years old. The fact that it still appears in such lists shows how timeless the advice was.

The money game often begins in your mind. And believe it or not, many of us think negatively about money. This negative feeling keeps us from reaching our true potential.

The key points of this book include —

  • The desire for money and self-confidence
  • Affirmation to build this belief
  • Gain experiences and keep learning
  • Visualize your success and take action

Save at least 10% of what you earn.

This book covers seven money-making principles that encompass everything you need to create a financially solvent life.

Key points include —

  • Make your purse bigger by saving money
  • Avoid investments that sound too good to be true
  • Secure future income
  • Improve your ability (and knowledge) to earn more

These five books will give you the right mindset and knowledge to manage your finances the way you deserve.

We are not in this world to be slaves to money.

We are here to enjoy life. And being in control of your finances can allow you to do just that.

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