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This article provides 10 different book recommendations for improving your personal finances and general well-being in 2021 and beyond.
I don’t know about you, but I love getting recommendations for new books (although I certainly don’t have time to read them all). Despite the proliferation of videos, podcasts, and articles, sometimes it’s good to go back to a solid reading to help you really understand a topic.
So without further ado, here’s Owen and my favorite books right now, all aimed at helping you improve your money and your life in 2021.
Future Fit – Andrea Clarke
Andrea’s book was exactly what I needed this year to give me some hope and perspective on the future of work. The future can be scary, but we are in a position right now to build a truly remarkable career that we are proud of, if only we would take the time to build it with intention.
At various times, maybe even at many times, in your professional life, you will have to reinvent yourself or at the very least change the basis on which you make a living. It is unrealistic to rail against the forces of change. You need to feel comfortable with the change. You need to see how others have handled this process and learn from it.
How to decide – Annie Duke
Annie’s Book provides fantastic ground for improving your decision-making skills, which are essential when managing your own finances.
One of my favorite ideas from his book was on the question of the outcome. The result occurs when we evaluate the quality of our decisions based on the result. It is a widespread phenomenon, however, the problem is that we often learn the wrong lessons by using this method to evaluate our decisions.
Some of the financial decisions we make will be some of the most important decisions we will make in our lifetime, so it is essential to focus on how to make those decisions as effectively as possible.
Even if you outsource your finances to financial advisers, accountants, and lawyers, you will still need to choose your professionals, answer policy questions, and ultimately authorize whatever is on offer.
So whichever way you look at it, you are not immune from making decisions about your finances.
Banking Bad – Adele Ferguson
I listened to the audiobook version during the lockdown last year, which covered the Royal Banking Commission. Adele also provided extensive experience of our Australian banking system and the role regulators have played to date.
Maybe not the sexiest choice ever, but it provides a solid context for some of the major issues in our financial ecosystem.
How I invest my money – Joshua Brown & Brian Portnoy
Money is personal and it helps to understand the reasons people make the financial decisions they make. No one is going to manage their finances in exactly the same way… the complexity of life and our emotions take care of it.
This is one of the reasons why I enjoyed this book so much. It gives you a behind-the-scenes look at how 25 different financial experts manage their own money and deal with a myriad of different financial situations.
Shareplicity – Danielle Ecuyer
Shareplicity is one of the few books dedicated to learning the basics of investing in stocks (no ETFs, debt repayment, savings advice, etc.) in Australia. The book delves into macro and microeconomic trends that may affect the future of the equity market, and some key red flags to watch out for as a new investor.
Danielle also has a new book on investing in US stocks coming out very soon.
A popular phrase in the industry is “stock prices go up the stairs and down the elevatorâ€. This means that stock prices gradually rise, but can collapse quickly if the value falls.
The stock markets are not perfect. Like companies and the people who run them, nothing is certain, so we use fundamental analysis and financial ratios to improve our decision-making.
Red flags for equity investors are as important as good money making ideas. Profit downgrades, falling earnings, and rising debt can all erode the stock price. It’s always about cash flow, and when there isn’t enough to cover all the costs, then you, the shareholder, will suffer.
The Psychology of Money – Morgan Housel
Most likely, one of Owen and my all-time favorite book and author, and we were excited to have the opportunity to speak to him earlier this year on The Australian Finance Podcast.
Money Psychology is a perfect addition to something like The Barefoot Investor, as it talks about the stories and ideas behind money and investing, giving you new ways to think about your relationship and your history with it. money.
Psychology for Busy People – Joel Levy
Psychology For Busy People sums up all of the key principles of psychology in terms of how our brains make decisions, how we’re wired, and why we’re only apes at the end of the day. The book even talks about some of the great psychological institutions, their formation, and their history in history.
One of the things I’m going to stress is the importance of focusing and being in control of your surroundings. You should control your iPhone and use it as a tool, not let it control you and dictate your day.
Factfulness – Hans Rosling
Do you view the world with optimism? Factfulness is a wonderful book, and if there’s a book you’ve read in your life, Owen thinks it should be this one. The reason is that it allows you to live your life with optimism. No matter what, you will see the world in a better state of mind if you read this book.
It’s one of those books that goes so deep you come back to it over and over again. It’s easy to read and tests your hypotheses about the world as you go.
Budgets Don’t Work – Mel Browne
Another recent guest from Podcast, Mel offers a book that stands out from its peers. This book is less about numbers and more about who you are and how that impacts your current relationship with money.
I highly recommend taking the Money type quiz that she includes in her book to better understand your own strengths, weaknesses and stress points related to money.
The Barefoot Investor – Scott Pape
What a book to finish! We can’t get past the book that changed everything for so many Australian families. It’s a perfect starting point on your personal financial journey, and it’s a great jumping off point for conversation with friends and family.
Bonus: Rask’s Guide to Money and Budgeting
And of course, if you want something that a) isn’t a book and b) is free, take our money and budgeting course. It covers everything in how we budget and manage money, and our students really appreciate it.
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