Spend a few hours a week reviewing your personal finances this summer, and come fall you’ll be managing your money like an expert.
WASHINGTON — Summer is the perfect time to catch up on reading while you catch some rays at the beach or relax by the pool. It’s also a great time to learn something new, like tai chi or, just a suggestion, more about your personal finances.
There are plenty of books out there that teach everything from the basics of budgeting to how to invest like a pro. I’ve listed a few of my favorites, suitable for every stage of life. If you invest a few hours in these books each week this summer, in the fall, you will manage your money like an expert.
Teens:
“The Complete Guide to Personal Finance: For Teens”, by Tamsen Butler
If you’ve been trying, unsuccessfully, to make your teen more responsible with their money, then this book is for both of you.
This winner of the 2010 Next Generation Indie Book Awards has done the impossible: provide good personal financial information that is entertaining enough for even a teenager to want to read. Part of the book’s success is that Butler doesn’t preach; rather, it educates teens about their options in a user-friendly and relevant format.
The twenteeth :
“You Are So Much Money: Live Rich Even When You’re Not”, by Farnoosh Torabi
Learning to live on an entry-level income can be a big shock for those just entering their first real job after college. And running up debt on new credit cards can be a temptation that’s too hard to resist.
Torabi, a savvy financial journalist in her twenties herself, gives her peers sound advice to help them successfully adjust to their new level of disposable income, while enjoying the best things in life. life.
“Why Didn’t They Teach Me This In School?: 99 Personal Money Management Principles To Follow”, by Cary Siegal
The author originally wrote this book to impart good money management skills to his five children. Since most high schools and colleges don’t even teach students the basics of money management, this book offers eight important lessons centered around 99 principles that will quickly and memorably improve money acumen. money management of any individual. I like this book because it is easy to understand and the principles are ready to use.
30 and 40 years old:
“Personal Finance For Dummies” by Eric Tyson
It’s still one of my favorite books to recommend, especially as people settle into their careers, buy their first homes, and start having families. I consider it a go-to resource for learning about investing, budgeting, debt, taxes – everything you need to know about personal finance and managing your money successfully.
If you’re embarrassed reading this by the pool because of its title, then my advice is to rip the cover and replace it with “War and Peace”. No one will ever know.
“The Millionaire Next Door”, by Thomas J. Stanley and William D. Danko
It’s a great guide to habits that create wealth. Assuming that rich people didn’t get rich doing this, Stanley and Danko lay out seven simple rules to follow to get rich.
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50 and over:
“The Charles Schwab Guide to Finance After Fifty: Your Most Important Money Questions Answered,” by Carrie Schwab Pomerantz
You’d think Charles Schwab’s daughter would know a thing or two about money and investing, being raised by the man known for breaking Wall Street barriers and giving individual investors affordable access to the markets.
It’s a must-read for anyone approaching or in their 50s. Schwab does a great job of solving the financial issues that many people face at this time in life – whether it’s putting the kids through college or realistic ways to save for retirement if you don’t. haven’t really started yet. She tackles these and other difficult topics with simple tips and helpful resources. You know a lot more about what you can and should do at this stage of life, and why.
Learn more: The 5 Biggest Retirement Planning Mistakes
Recommended for all ages:
“The Truth About Money” by Rick Edelman
Edelman gives a comprehensive overview of all things personal finance. But it’s not just numbers and calculations: it’s a roadmap to help you understand your money and your finances. The book begins with a quiz to show you what you already know or don’t know about personal finance. This makes it easy to ignore information you already know and focus your attention where you need the most help.
“The Richest Man in Babylon”, by George S. Clason
If you like to read stories, this book is for you. It teaches the wisdom of financial success through short parabolic stories set in ancient Babylon. The stories are so engaging you’ll forget you’re learning about personal finance. No wonder it’s been an enduring favorite since the 1020s.
“Boomerang: Journeys in the New Third World” by Michael Lewis
This is a fun and informative read from the author of “Money Ball and The Big Short”. Lewis takes the reader back to the days before the financial crisis with stories of Icelandic fishermen turned investment bankers, how the Greeks turned tax evasion into a national pastime and why Germany thought the rest of the world would behave like them.