Personal finance books help you manage your money better. You can learn the basics, such as how to manage and pay off debt, or why paying yourself first pays off, so you’ll become smarter and more confident with handling your finances. You can also learn how to invest, manage a mortgage, save for retirement, and more. Immersing yourself in financial literacy will provide you with the tools and information you need depending on your financial situation and goals. Below are 5 great personal finance books to help you foster a healthy relationship with money.
- The Millionaire Fastlane by MJ DeMarco
The Millionaire Fastlane is a self-help business book that proposes a path to wealth that lets you follow your dreams and retire young. DeMarco says that the best years of life are when you’re young and vibrant, and if you want to retire young and rich, you must ignore society’s default “get rich slow” roadmap; you must take the expressway to extraordinary wealth that can burn a trail to financial independence faster than any road out there.
According to DeMarco, there are 3 models of life:
- Sidewalk to poverty: spending your money without thinking. This instant gratification leads to the destruction of freedom, health and choice.
- Slowlane to mediocrity: budgeting and saving and investing but essentially keeping the day job. Wealth is only possible when you are too old to enjoy it.
- Fastlane to wealth: disconnecting your earnings potential from time and using the ability to scale. May take time to create the moneytree, but it is get rich quick (not get rich easy)
DeMarco teaches you to take control of all areas of your finances.
- Think and Grow Rich by Napoleon Hill
First published during The Great Depression, Think and Grow Rich took more than 20 years of research to compile. It examines the psychological power of positive thought, and how important our thought patterns are in determining our success. He proposes a “Philosophy of Achievement” in 13 principles based on success stories of Andrew Carnegie, Henry Ford, Thomas Edison, and other billionaires of his time.
Hill discusses the secrets to a prosperous life, which may be achieved by ignoring negative ideas and focusing on the long term. By following his 13 principles, you could be on your way to financial prosperity.
- Smart Women Love Money by Alice Finn
Smart Women Love Money details the challenges and unique financial circumstances women experience. Drawing on more than 20 years of experience as a successful wealth management adviser, Finn shares 5 simple, life-changing rules of investing for women: invest in long-term stocks, rebalance your portfolio regularly, allocate your assets, keep your fees low, and implement index funds.
Finn also provides the tools you need to achieve long-term success, no matter what is going on in the current market or what the headlines say. She will help you protect yourself and all of your assets for your future.
- Get Good With Money: Ten Simple Steps to Becoming Financially Whole by Tiffany Aliche
Tiffany Aliche, also known as “The Budgetnista” shares a ten step plan for finding peace, safety, and harmony with your money, no matter what your goals are or how volatile the market might be.
Aliche was a preschool teacher before a recession caused her to lose her job, and put her in a bad financial position. As she began to search for financial stability, the outline of her ten-step formula on how to reach financial security began to crystallize.
Get Good With Money introduces Aliche’s powerful concept of building wealth through financial wholeness. It’s an alternative to the “get rich quick” mentality, with realistic, achievable, and energizing checklists, worksheets, tool kit resources, and advanced advice from experts. Aliche focuses on the short-term actions that lead to long-term goals and results, to help you build a solid foundation for your life.
- The Psychology of Money by Morgan Housel
The Psychology of Money uncovers the ways people make decisions about money and helps readers make sense of their own behaviours when it comes to finances. Housel shares 10 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important topics.
Housel teaches you how to have a better relationship with money and to make smarter financial decisions. He provides advice on the fundamentals of money management: spend less than you make, start saving early, set investments. When it comes to earning money and building wealth, it doesn’t matter how smart you are, but instead how you behave.