Table of Contents
In this guide, we are going to discuss the best personal finance books to read. Personal finance is the financial management performed in order to budget, save, and spend monetary resources. It is an important factor in improving the lifestyle of an individual or a family.
There are 5 aspects of personal financing:
- Saving
- Investing
- Financial protection
- Tax Saving
- Retirement planning
Suggested Read: Can You Return a Financed Car Back to the Dealer?
Top 10 Best Personal Finance Books You Must Read
Numerous economists, millionaires and businessmen have written about personal finance from time to time. There are countless books in this genre, but we have compiled a list of 10 books on the basis of various factors including, audience and critic ratings, number of books sold, relevance and originality. These are our picks:
10. Introducing Personal Finance: A Practical Guide by Michael Taillard
Michael Taillard, who has a Ph.D. in Financial Economics, provides readers with practical advice on how to get the best out of your money as well as earning and saving the money. Published in 2015, this book aims to teach its readers to productively manage their financial life. The author also thoroughly discussed several tools for effective financial management.
9. The 1% by Jacob Nayman
The complete title of this book is “THE 1%: What The Richest 1% Do with Their Money to Achieve Their Financial Goals and Dreams That the Remaining 99% Don’t!”. The author, Jacob Nayman, focuses on teaching the readers that their financial dreams are pretty achievable and how they can accomplish them.
The book manages to deliver its promises, too, by revealing the financial practices used by the wealthiest in the world. Jacob Nayman himself served as the investment advisor for rich people for more than 15 years. This gives him extensive experience on the topic and his book, which is actually a bag full of tools to maximize your profits in a world where financial stability is a myth.
8. The Science of Getting Rich by Wallace Wattles
Wallace D. Wattles wrote The Science of Getting Rich, which was published in 1910. The author of this book presents the process of getting rich as a science. The American New Thought Writer, Wallace D. Wattles, provides the readers with laws that, if acted upon, can help in acquiring riches. This is just like Science and Mathematics, which help in getting the desired result by applying a process or equation.
The book is still as relevant as it was a century ago and is considered one of the best books written on the topic.
7. Rich Dad’s Cashflow Quadrant by Robert Kiyosaki
Rich Dad’s Cashflow Quadrant is the sequel to Robert Kiyosaki’s Rich Dad, Poor Dad (will talk about this in detail later) and the second book in American author’s “Rich Dad Series.” The core focus of this book is on desire; Robert brutally conveys the message of involvement of desire in achieving financial freedom. It also emphasizes dealing with disappointments and learning from them, as the road to mastering your finances is a bumpy one.
Rich Dad’s Cashflow Quadrant was published in 1998, and even after two decades, it doesn’t fail to change the mentality of its readers about earning money. Another thing worth mentioning about this book is its conciseness and clearness that make it as beneficial for beginners as it is for the people hustling in the financial market.
6. Broke Millennial: Stop Scraping by and Get Your Financial Life Together by Erin Lowry
“Broke Millennial: Stop Scraping by and Get Your Financial Life Together” is a book written by Erin Lowry in 2017. Erin has been a financial advisor and blogger on the same topic since 2013. “Broke Millennial Series” (consisting of three books) focuses on giving money lessons and financial advice with a touch of humor, fun and empathy and is considered one of the best personal finance books.
5. The Richest Man in Babylon by George S. Clason
Loved by millions, “The Richest Man in Babylon” is a book written by George S. Clason that provides financial advice through a collection of Babylonian parables set 4,000 years ago in ancient Babylon. This book contains all the success secrets of the ancients’ accomplishment of personal wealth. The Richest Man in Babylon is a timeless classic that pushes you to not overstress to save money; instead, enjoy life as much as you can. This book also emphasizes ensuring income for the future because everyone gets old and ultimately becomes less efficient for earning.
George S. Clason’s book remains a classic even to date in explaining the basics of money. It is one of the best personal finance books and a must-read for everyone who is confused by the financial world and economy.
4. Secrets of the Millionaire Mind by T. Harv Eker
T. Harv Eker is a renowned businessman, motivational speaker and author. The author claims that if you think like rich people and do what they do, there is a great possibility that you will get rich too. T. Harv Eker was born in Canada but moved to the USA in his early adult years to start his business; after struggling few years, he finally managed to achieve success with his fitness store, but that was for a few years only, resulting in almost making him bankrupt.
Harv has never looked back since then and has established himself as a millionaire again mostly because of his writing and speaking skills. We tried a lot but couldn’t keep this quote by T. Harv Eker out:
“If you want to change the fruits, you will first have to change the roots. If you want to change the visible, you must first change the invisible.”
3. Financial Peace Revisited by Dave Ramsey
The infamous layman’s guide to financial freedom by finance expert and New York Times bestselling author Dave Ramsey is one of the genre’s classics. The eye-opening book “Financial Peace Revisited” was published in 1992 and contained multiple religious references as well as human opinions. Dave Ramsey is a nearly perfect humorist and delivers his message in an easy-to-understand language.
Financial Peace Revisited discusses both the reasons for people’s financial distress and also the way out of them, as the author himself built a 4 million dollar empire at the age of 26 only to have it all gone by 30. Dave since then has helped hundreds of thousands of people by coaching them about the financial havoc through his books and workshops.
2. Rich Dad, Poor Dad by Robert Kiyosaki
Rich Dad Poor Dad was Robert Kiyosaki and Sharon Lechter. The 1997 book aims to increase the financial intelligence of its readers by backing the significance of acquiring and investing in businesses. This life-changing book has since then been translated into dozens of languages and has changed the lives of many people.
This book revolves around the two dads of Robert Kiyosaki, the first is his real father (Poor Dad), and the second is his best friend’s father (Rich Dad). The author quite beautifully conveys the wealth-creating principles just like a wealthy father conveys to his children and the book is considered to be one of the best personal finance books.
1. Think and Grow Rich by Napoleon Hill
Published in 1937, Think and Grow Rich is among the ten bestselling self-help books ever. It is mainly a psychology and self-improvement book but provides us with the wealth of stress-related solutions which are always under our nose, and we fail to see them due to financial strain. This is a must-read book for entrepreneurs and investors who aspire to grow rich.
The book also very beautifully explains the psychological power of the brain to acquire monetary benefits and riches.
In a nutshell, “Think and Grow Rich” helps you in unleashing the power of your mind to attract wealth and abundance and is the best personal finance book.
Some Best Personal Finance Books (Honorable Mentions)
Well, unfortunately, we could only include ten books (in the top ten list, obviously!), but there were 8 more books I wanted to include anyway. These are worth your time and money if you are in the personal finance genre and want to read some of the best personal finance books.
- The Millionaire Next Door by Thomas J. Stanley and William D. Danko
- The 4-Hour Workweek by Tim Ferriss
- Financially Fearless by Alexa von Tobel
- I Will Teach You to Be Rich by Ramit Sethi
- The Total Money Makeover by Dave Ramsey
- The Millionaire Fastlane by M. J. DeMarco
- Why Didn’t They Teach Me This in School? by Cary Siegel
- The Psychology of Money by Morgan Housel
Credit card companies have begun to assist users with low credit limits. If you’re having trouble, get the Milestone Gold Card here.