Learning the basics of finances can be beneficial for your bank account and this book list is comprised of reading sources for beginners seeking to learn the basics of personal finance.
Wondering about the best personal finance books that you can read? The education system does not train students to be financially literate. Hence, many people graduate without understanding the rudimentary rules of finance. It is no wonder then that credit card debt is at an all-time high.
Many Americans barely save enough money to afford an emergency expenditure worth just a few hundred dollars. According to the Federal Reserve, the median value of a savings account was just a meager $5,300 with an average balance of $41,700 in transaction bank accounts in 2019.
This should not happen to you. By reading the best personal finance books mentioned below, you can improve your financial state.
“Your Money or Your Life” by Vicki Robin and Joe Dominguez
This personal finance book was published way back in 1992. However, it has stood the test of time, and its teachings are as relevant as ever.
The book helps you establish your financial goals and start asking yourself serious questions about money, like how much money you really want in life?
Once you get serious about making money, it is easier to grow your personal wealth. This book helps you do that. With this book, you can generate enough passive income for a comfortable future you have always wanted.
“The Bogleheads’ Guide toInvesting” by Taylor Larimore, Mel Lindauer, and Michael LeBoeuf
This book is a good start for first-time investors. This book is different from most other books that tell you to time the market, which cannot be done consistently.
Instead, this book teaches a slow and steady strategy of investment that works on just basic principles that are easy even for novices to understand. You don’t need to have the intellectual capacity of Warren Buffet to strike it rich. Instead, you can read this book to find a time-tested and reliable way of steadily increasing your personal wealth.
“Financial Freedom” by GrantSabatier
Few can boast the bragging rights that Grant Sabatier has. For he went from broke at 24 to a millionaire in just five years. He outlines his journey in his book “Financial Freedom”.
The book teaches you financial freedom so that you can quit the job you hate and travel the world. Whatever your financial goals, attaining them will be easier if you put this book into practice.
The book covers the basics of money management and investment. It teaches you how to create more time fordoing what you are good at.
“The Total Money Makeover” by Dave Ramsey
The book teaches you to pay off your debt and realize your financial destiny. If you are struggling with debts and credit cards, then this book is a must-read. It gives you a simple roadmap to pay off your debts in the shortest time possible.
These are only some of the highly recommended personal finance books that are good to start with and will prepare you for reading more complex finance books in the future. You can read the best personal finance books listed above to become financially well off.