Ever wondered what personal finance books a personal finance blogger would like? One thing for sure we read far too many books on personal finance. I don’t have to buy them. We get review copies all the time. Some of them don’t keep us busy for more than first few pages. Some make us skip meals. In this article I’d mention top 10 books on personal finance that I’d recommend to anybody.
Self-help books can be very helpful when the writer is really set out to help people when he or she writes it. The readers, in turn, will find what they feel are most relevant to their own life’s experiences and apply what they learn from the book into their daily lives.
One of the most famous topics under self-help books is personal finance. People love to learn how to be debt-free or ways to accumulate wealth from business gurus and self-made millionaires. These stories will fill the layman with hope and the dream of a possible debt-free and wealthy life. While there are many books written on personal finance, one can never be too sure on which book will constitute as a good book.
Here’s a short list of the 10 best books on personal finance and why they made it into the list, not in the order they’re mentioned as it’s very difficult to rank these great books.
1. Generation Debt: Take Control of Your Money by Carmen Wong Ulrich
Ulrich, a former projects editor for Money, provides a comprehensive guide on how to draw out your monthly budget, using your credit cards wisely and avoiding the high interest rates on credit cards usage. Other chapters include advice on whether you should buy or rent a house and things you need to make sure are in place before getting a car.
Rich Dad, Poor Dad by Robert T. Kiyosaki
It’s my first book on personal finance, I read it when I was in college. It’s hard to talk about personal finance book without this being on the list. Rich Dad, Poor Dad is famous not so much because of the author, who is a self-made man who used to live in his car for several months before starting his own business, but for the content of the book that has helped many people take control of their personal finance. Kiyosaki uses his experience to tell his story on how a person can manage his or her economy in order to take charge of his or her own personal finance.
The Millionaire Next Door by Thomas J. Stanley and William D. Danko
Stanley and Danko, both doctors, spent over 20 years interviewing America’s most elite to understand what they do differently in order to be millionaires (the term here means those whose net worth is over one million dollars). This book teaches you that glamorous lifestyle is not the objective of the wealthy. Instead it talks about how managing personal finance and being debt free involves sacrifice, discipline and hard work.
Total Money Makeover by Dave Ramsey
Dave Ramsey is famous for his deadpan common sense. In this book, he offers solid advice on managing personal finances through simple but often taken for granted ways such as paying things with cash instead of using credit cards, how to build an emergency fund and live by this dogma – work hard, pay what you owe and stay out of debt.
Perhaps the most helpful book for people in debt. Lots of praises bestowed on this book and so are criticisms. But, to me every personal finance blogger should at least read this book once, even if your philosophy does’t match with that of Ramsey.
Think and Grow Rich by Napoleon Hill
This book was first published in 1937, this book is the end product of 20 years of research by the author. Hill started out as a journalist and after having interviewed many successful people such as Henry Ford, John D. Rockefeller and Charles M. Schwab, he was able to design a program for people to think and grow rich. His book includes the 13 steps to success as well as the 17 principles of success.
Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth by T. Harv Eker
It’s a known fact that anyone who is good with money thinks differently from the layman who can’t hold on to anything he or she has. This book unravels the mystery behind how the millionaire minds work, so you can learn the trade secrets on how to be successful and manage your personal finance better.
I Will Teach You To Be Rich by Ramit Sethi
This is a great personal finance book for those who are around the age of 20-35. This materialistically ambitious generation will find Sethi’s 6-week program to a financial freedom easy to follow and effective. Told in a breezy, casual manner, this book is packed with serious advice on how to manage credit card usages, negotiate for a pay raise and practice conscious spending, among other things.
Ramit is one of the blogging inspiration that attracted me towards writing. I must say in order to grow your wealth this book is must read. Probably not for you while you’re struggling to get out of debt situation. This would be perfect gift for your college going son/daughter.
The Money Book for The Young, Fabulous & Broke by Suze Orman
When many personal finance books are written with retire early objective, this book is helpful for the younger generation who is hungry for a career and still want to be debt-free. Orman talks about practical investing and techniques on money management that will help anyone looking to manage their personal finance, especially younger generations who have to deal with money issues for the first time.
The Ultimate Financial Plan: Balancing Your Money and Life by Jim Stovall
This is a comprehensive financial planning book that talks about not only the components of personal finance but also the mathematics that goes into it – actions, thoughts and feelings. Stovall offers ways to get the most out of your wealth by managing your personal finance wisely.
The Compound Effect by Darren Hardy
This is a straightforward, no-nonsense book on personal financing that talks about how the decisions you make in your life will either make you or break you. These decisions are especially important when it comes to managing personal finance. Hardy provides easy step-by-step system that allows you to maximize your wealth and success.
There are electronic versions of these books available online, they cost a lot less than physical copies. Spending money on these books can be considered as an investment. I encourage you to go through a few of these books.
Readers, feel free to recommend an awesome book which is not listed here. I’d love to read and write about good personal finance books.