With the economy in free fall and coronavirus persistent quarantines in the summer months, it’s a good time to catch up on your reading while building your personal finance skills. Of course, there are an endless number of websites, influencers, and apps to help you manage your money, but few of them are worth a good book.
Here are some of the best personal finance books including some of my personal favorites and some of Amazon’s bestseller list. Some are new and others have stood the test of time for decades. A few of them are not even on money in itself. But all of them are good reads packed with interesting financial lessons.
Stephen R. Covey’s 7 Habits of Highly Effective People have been around for 30 years, and for good reason. It has been named one of the most influential business books of the 20th century. Although it is considered more of a self-help book than a finance-specific book, it contains many lessons about money.
The basic principle is that if we can change our view of the world, we can change our view of life. A few tips: challenge yourself to be proactive, think about the end before you start, and consider how you prioritize the different parts of your life.
Originally published in 1949, this book may appear to be too distant past to be relevant today. But this revised edition, with commentary from leading modern investors including Warren Buffet, explains why you should be looking to minimize losses rather than maximize profits. It’s a real investment manual – with lessons for long-term investors and day traders. It emphasizes the need for discipline, to have a plan and stick to it, whether you are investing in stocks, bonds or other securities.
You don’t need a high-level job to get rich. Making smart decisions about your money is vital, regardless of your salary or income bracket. This is the premise of Rich Daddy Poor Father. Aimed at parents, this book will help you better understand money so that you can teach it to your children. Since most schools don’t teach personal finance, it’s more important than ever for parents to teach their children how to make smart money choices.
A true Renaissance man, 50 Cent is more than just a rapper who sells platinum. A huge contract for the executive producer of crime drama Power has made him one of the highest paid executives in the media. And his first investment in Vitamin Water brought him millions.
The book contains an autobiography, self-help lessons, and plenty of personal finance tips. Curtis Jackson explains how the risks he took laid the foundation for his success.
Sometimes the best finance books don’t have much to do with money, but more with how you approach different aspects of your life. The Maxwell Daily Reader encourages growth and change in yourself and then passes the benefits on to others.
This book is more about leadership than about money and finance, but you can use the tools you learned from this book in your financial journey. Leadership shines through constant practice – the more you do through thoughtful action, the better you will be the leader. You can train within your budget.
Success in personal finance can start from other areas. Gladwell asks: what sets successful people apart?
Instead of focusing on what they’re doing, pay attention to how they got there. Look at what makes someone the best at something or how they’ve built one of the most successful businesses in the world. Learn some secrets from the most successful people in the world and use that knowledge to organize your money. Use the tools of these people to develop and maintain strong personal finance skills.
Action is not limited to action: no action, normal action and no action – there is also the fourth degree: massive action. This book delves into the myth of time management and details how some people fail while others succeed. If you’re ready to take the “next” level, it’s time to use the 10x rule.
While this book is intended for managerial and leadership roles, it is also ideal for managing your finances. There are people who fail at managing money – you can learn how it happens and what steps you need to take to crush your financial goals.
Personal finances have little to do with money and a lot to do with organization. Time management references like this book help you save more in less time, outsource when you can, and tailor the right kind of shortcuts to success. Author Timothy Ferriss says you don’t have to be born into wealth to achieve it. You just have to use the right resources.
Sometimes you have to spend money to make money. Think about things like outsourcing taxes and automatically paying your utilities to free up time to work on real projects. The case studies include real-life examples of successful people who have reduced their work to free up time for more important things. You can use these templates to set up personal finance tips for daily earnings.
Almost 60% of Americans live from paycheck to paycheck. Breyer has put together a step-by-step guide in this book for getting out of debt, building an emergency fund, and avoiding major budget pitfalls.
If you’ve never had a budget or want to give your own a makeover, you’ll find what one looks like here, as well as how to maintain one. Budgeting sounds daunting, but it’s one of the most essential tools you need to get out of debt and save money. The book is under 130 pages – a quick read so you can dive right into reshaping your finances.
Dave Ramsey has built a career teaching people how to solve their money problems. His book, The Total Money Makeover, is still one of the most bought money books on the market. It has seven steps to financial freedom, including how to save $ 1,000 fast in an emergency, using the debt snowball method, and racking up three to six months of savings. There are also sections on saving for retirement, investing, and paying off your mortgage.
It also uses a monetary envelope system: every dollar has to have a purpose, so put it in something. It can range from paying down debt to saving for a major purpose. Create a plan, set goals and you are on the road to financial freedom.
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