If there’s one thing people enjoy talking about less than politics, it’s money. Personal finance is, well, personal, and it’s easy to understand why some folks are tight-lipped about their own finances and financial strategies. But with money off-limits for discussion at the dinner table, or around the water cooler, it can be difficult to find practical, realistic advice applicable to everyday life. At the same time, many books and articles on economics can be difficult to comprehend and apply, especially for those amid their first foray into personal finance management. The following 10 books make personal finance accessible and applicable. You might even have fun reading them!
- “7 Money Rules for Life”
In “7 Money Rules for Life,” author Mary Hunt provides readers with a simple and easy-to-follow set of rules for improving their financial outlook. The seven rules are primarily for those who’re aiming to dig themselves out of a financial hole. But they can also be applied to a variety of other financial situations.
- “Rich Dad, Poor Dad”
Robert Kiyosaki’s book is an all-time classic in the personal finance genre. Unlike most of the books on this list, “Rich Dad, Poor Dad” is more about mindset than a concrete plan. Kiyosaki contends that working hard and earning more aren’t guarantors of financial success. Rather, a person must think differently about money and learn to spend and save wisely to become wealthier.
- “Debt-Free by 30”
Jason Anthony and Karl Chuck, authors of “Debt-Free by 30” offer a refreshing perspective backed by first-hand experiences, themselves having been inundated with debts upon college graduation. The main premise is to teach readers to squelch debt through effective personal budgeting. It’s an excellent read for any financial beginner, but in particular for those about to graduate college or recent grads.
- “I Will Teach You to Be Rich”
As its title suggests, this book focuses solely on how to achieve maximum wealth potential. Written by Ramit Sethi, it is targeted toward those who are stuck in a financial rut and provides advice regarding how to manage the basics, like credit cards, budgeting, investing and banking.
- “You’re So Money: Live Rich Even When You’re Not”
This book has been a favorite among the millennial generation, though it’s applicable to all ages. The book outlines for readers how to get the most out of life without draining their bank accounts or maxing out credit cards. The book offers equal parts education and inspiration, which can be helpful for those who get a headache just thinking about finance management.
- “The Behavior Gap”
Carl Richards, author of “The Behavior Gap,” wrote the book after working for several years as a professional financial planner. The book is based on his experiences with real-life clients and the numerous mistakes everyday people make when in need of financial help. “The behavior gap” refers to his observation that there is a gap between rightful understanding of what financial decisions need to be made and the actions people take. Much of the book focuses on helping readers to cut down on unwise financial decisions and impulse purchasing.
- “Personal Finance for Dummies”
Eric Tyson’s “Personal Finance for Dummies” helps people set the groundwork for a solid financial future. It’s especially great for anyone who’s at the stage of life in which they’re more established professionally and are looking to start a family and buy a home.
- “The Richest Man in Babylon”
“The Richest Man in Babylon” by George Clayson is another classic with a similar motif to that of “Rich Dad, Poor Dad.” Rather than a set of tips, the book is composed of a set of parables about money. Though the stories are fictional, the lessons therein are applicable to real life.
- “The Truth About Money”
Rick Edelman’s book is essentially a roadmap to help readers navigate the world of personal finance. It begins with a quiz to illustrate how much you do or don’t already know, making it easy to skip over the parts with which you’re already familiar.
- “The Total Money Makeover”
Dave Ramsay has made a name for himself as a personal finance guru. The author and host of “The Dave Ramsay Show” podcast achieved bestseller status once more with his book “The Total Money Makeover.” Ramsay’s premise is simple, as explained by Publisher’s Weekly: “Work hard, pay what you owe and stay out of debt.” Ramsay doesn’t just tell you what to do, however. He offers step-by-step practical advice for applying this and other strategies.
Of course, this list isn’t comprehensive as there are tons of great books available on personal finance and related topics. Do you have a favorite of your own? Share it with us by leaving a comment.