7 best personal finance books

The need for finance books is insatiable. According to market research company the NPD Group, sales of print books on business and economics achieved a 10-year high, making up a fifth of total nonfiction unit volume and seeing an increase of 10% from 2021. After books about religion, business is the second-highest category in print publishing. There are 200 subcategories and 100 categories in this substantial, intricate print category.

 

We’ve compiled a list of the best books to help you sort through these options, including biographies, guides to managing money and investments, an entertaining guide to cryptocurrency, laws that affect economics, exposés of scandals and notable figures, the reasoning behind stock market and other decision-making, and the all-time best book on negotiating. In order to provide you a broad view on the economy in these challenging and high-risk times, these books, authored by authors with a variety of experiences, present the most complete picture and the most recent insights. They will also assist you in making smarter financial decisions.

 

1.Rich Dad Poor Dad

As every investor is aware, the key to financial success is not how much money you make but rather how much you maintain. Rich Dad Poor Dad is now available in a 20th anniversary edition. The lessons from a “rich dad,” a friend’s father who rises from modest beginnings to create a lucrative business and a capitalist, and a “poor dad,” Robert T. Kiyosaki’s own father, who was a highly educated government employee his entire working life and a socialist, are cited in this conversational book, which believes that being financially literate is crucial to acquiring wealth.

 

Kiyosaki, who co-wrote what is now regarded as a top personal finance book after 25 years, clearly took the teachings from “Rich Dad” to heart. By laying out Kiyosaki’s controversial claim that owning a home is a financial liability, not an asset, because paying for and maintaining one is a drain on finances, Chapter 2 questions the “American dream” of home ownership, and Chapter 4 explores the history of taxes and the power of corporations. According to him, being financially literate entails having a thorough understanding of accounting, investment, and the markets as well as the law.

 

A “Study Session” that recaps the chapter’s content and provides questions concludes each chapter. One of the first self-published novels to reach the New York Times bestseller list, Rich Dad spent almost seven years there. Eric Estevez, an independent insurance broker and a member of Investopedia’s Financial Review Board, argues that it “provides useful information for a generation on the verge of making crucial financial decisions.” “Robert has a track record of simplifying complex financial ideas for audiences to understand,”

 

2.A Random Walk Down Wall Street

Although Burton G. Malkiel is a professor of economics, a former director of Vanguard, and a former dean of the Yale School of Management, his 1973 book Random Walk, which is currently in its twelfth edition, is his most well-known contribution to finance. If you wait until January 3, 2023, you can obtain the 50th anniversary edition with the cover seen above, which is green rather than yellow.

The definition of a random walk, according to Malkiel, is “one in which future steps or directions cannot be predicted on the basis of past history.” When used in reference to the stock market, the phrase denotes the unpredictability of short-term movements in stock values. Sounds recognisable?

 

“I re-read this recently and found that it was a really comprehensive summary regarding finance and investing,” said Amy Drury, a member of Investopedia’s Financial Review Board and the CEO and creator of the financial-training firm OnPoint Learning. It is pretty dense, so perhaps you shouldn’t bring it to the beach, but it’s fantastic as a reference book to skim over on particular subjects.

3.What to Do With Your Money When Crisis Hits

Both approaches to reading Michelle Singletary’s personal finance book are valid: either read it cover to cover or start with the most important themes and work your way through the remainder. In her Survival Guide, which is an extension of her widely read personal finance column, “The Color of Money,” for The Washington Post, Singletary provides authoritative, frank, and practical advice on managing money and handling emergencies.

 

When finances are tight, Singletary suggests triaging: determining what has to be paid for—like putting food on the table—and then dealing with the other creditors directly by arranging payment schedules. Her book is particularly excellent because it caters to a wide spectrum of readers, including those who have high incomes and live beyond their means as well as rank beginners to financial self-care and everyone in between.

 

Its “Resources” chapter provides a list of businesses, nonprofits, and governmental bodies that can provide consumers with information and, if necessary, potential aid. CEO of Blue Ocean Global Wealth Marguerita M. Cheng calls the book “very topical, relevant, practical, and beneficial.”

4.Why Didn’t They Teach Me This in School?

Money is likely to come up when people are asked what they wish they had studied more about in school. More specifically, why wasn’t this taught to me in school? is the title of Cary Siegel’s book on financial management. The book is divided into eight financial lessons that you should have learned by high school or college and instead skipped, according to Siegel, a retired corporate leader. When he discovered his five children hadn’t learned crucial personal finance skills before entering the workforce, he wrote this book with them in mind. However, it quickly gained popularity as a well-reviewed book chock-full of money lessons, as well as Siegel’s personal experience and counsel. For recent graduates or anyone eager to begin their personal finance journey, this book is perfect on the right foot.

5.The Total Money Makeover

Your personal financial situation is greatly influenced by how you manage your debt. Need some assistance there? Check out “The Total Money Makeover” by Dave Ramsey. Without sugarcoating it, this New York Times best-seller teaches how to get out of debt and improve your financial situation by avoiding traps like rent-to-own, cash advances, and credit card usage. Additionally, it provides sound guidance on creating an emergency fund, setting aside money for retirement and college, and using Dave Ramsey’s renowned “Snowball Method” to successfully pay off debt.

 

6.The One-Page Financial Plan

Confused about your finances, including how to make wise investments or handle unforeseen financial difficulties? The “One-Page Financial Plan” by Carl Richards removes the mystery surrounding efficient money management. This guide teaches you how to create a straightforward one-page plan that will show you how to reach your financial goals. Richards writes a weekly column for The New York Times and is a Certified Financial Planner.

7.Clever Girl Finance

According to the U.S. Department of Labor, women still only make $0.82 for every dollar that a man makes, while moms only make $0.71 for every dollar that a father makes. 1 Forth other words, women still have to put in more effort to earn money. A new generation of women is intended to be empowered and educated by Bola Sokunbi’s “Clever Girl Finance,” which discusses topics including how to monitor spending, make and adhere to a budget, handle credit, accumulate savings, and assume responsibility for one’s own financial well-being. Sokunbi is the founder and CEO of the website Clever Girl Finance as well as a Certified Financial Education Instructor (CFEI).

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