Personal finance books to put on your reading list


1. Excellent for money management

Money Master the Game: 7 Simple Steps to Financial Freedom. By Tony Robbins

Tony Robbins interviewed some of the world’s most successful investors in order to write this book, which ended up being a New York Times bestseller. From these interviews, he gleaned 7 steps towards financial freedom that anyone can apply to their financial situation. Some of the lessons include why you should never underestimate the exponential power of compound interest, achieve financial freedom by choosing one of the five financial goals, and how to diversify your investments using a 3-bay system that covers safe investments, riskier investments and investments with profits from these first two.

“What matters is that you have control over money and that it does not control you. Then you are free to live your life on your own terms.

2. Ideal if you have debt

Dave Ramsey’s Total Money Makeover

The advice in this book has been distilled from 20 years of financial education and counseling, into Seven Easy Steps to Get Yourself Out of Debt. Dave Ramsey also collected the stories of 50 people who used the principles he teaches in the book to straighten their finances. You will learn how to make a plan that will ensure you get out of debt and change your life. The difference between this book and the others is that it doesn’t just focus on paying off your debts, but also helps you break through the behavior that got you into this situation in the first place.

“We buy things we don’t need with money we don’t need to impress people we don’t like. ”

3. Ideal if you want to diversify your sources of income

The $ 100 startup by Chris Guillebeau

One of the best ways to make money is through passive income streams. With just 10,000s, a little planning, action and sacrifice, anyone can start a business. The author studied 1,500 people, who now earn over 5 million shillings a year from a business they started with only 10,000 shillings. In the book, he gives details of how 50 of these people did it. The peculiarity of the book is that these people didn’t really have any special skills, but were able to turn their passions into profit. From the book you will learn how you too can do the same according to your interests.

“The money you have is all you need. The skills you already have can be used to help others and earn a good income for yourself. Don’t take it from me; take it from all the unconventional entrepreneurs in the study.

4. Excellent for managing your salary

Your Money or Your Life by Vicki Robin and Joe Dominguez

You are unlikely to get rich from your working income, but since it is probably what takes up the most of your time, it is worth noting how it affects your financial well-being. In this book, you learn that each shilling you earn represents a portion of the energy you spent. It helps you understand if what you earn in your job is really commensurate with the time, resources and taxes put into it. Otherwise, you learn to reevaluate things and make the most of life and flourish in proportion to the hours of life energy expended. It helps you transform your relationship with money.

“Is that a way of approaching life in such a way that when asked, ‘Your money or your life? You say, “I’ll take both, thank you.”

5. Ideal for creating wealth

The Millionaire Next Door by Thomas J. Stanley and William D. Danko

This book helps you achieve a number of things, the most important of which is that anyone can build wealth, regardless of their financial situation or education. You learn the seven common characteristics of the truly wealthy (not those who appear to be wealthy), which include that they: live below their means, allocate their time, energy and money efficiently, in ways that are conducive to creation people, believe that financial independence is more important than displaying high social status, master targeting market opportunities and choose the right professions. You also learn about the five factors they all seem to share that brought them there, namely integrity, discipline, social skills, a supportive spouse, and hard work.

“If your goal is to achieve financial security, you will probably achieve it…. But if your motivation is to earn money to spend money in the good life,… you will never get there.

6. Ideal for building up your savings

The Year Less by Cait Flanders

This is a very unique account of how the author decided to go without shopping for an entire year. The book is not meant to give advice, but rather to tell its story, from which we learn a lesson: it is possible to live with much less than you imagine. You don’t have to be as drastic as her and not buy anything for a whole year, but it shows that a lot of people who think they can’t save can actually do with a lot of the things they think they need. , and thus succeed in saving more. It will change your mindset about money, materialism, and restraint.

“The ban has revealed the truth, which is that when you decide to want less, you can buy less and, at the end of the day, you need less money.”


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