When learning about a specific topic, nothing beats an antique book. These ten personal finance books can help you start your journey into personal finance.
You can find a lot of information about personal finance on the internet. You can find articles on how index funds work, which debt repayment method is effective, etc. There is nothing better than books if you want to delve deeper into a money mindset or financial philosophy.
These are some of the best personal finance books that will lead to success.
1. The Richest Man In Babylon
Investors have been inspired by George S. Clason’s fictional stories about acquiring wealth since the 1920s. As with most personal finance books that followed, The Richest Man In Babylon emphasizes saving overspending. In the book, however, the author also stresses the importance of charitable giving, provided you do not allow those two recipients to become dependent on your generosity.
Quote from this book: “Budget thy expenses so that you may have coins to pay for thy necessities, to pay for thy enjoyments, and to gratify thy worthwhile desires without spending more than nine-tenths of thy earnings.”
2. Rich Dad, Poor Dad
Robert Kiyosaki argues that a college professor who can’t make ends meet is smarter than an eighth-grader who spends less than he earns. Furthermore, while working for a steady paycheck can get you started, buying a property or business is the best use of your time and money. Write your own best-selling book like Kiyosaki did.
In this book, the best quote is: “The key to financial freedom and great wealth is the ability to convert earned income into passive income and/or portfolio income.”
3. The Millionaire Fast Lane
If you work hard and save 10 percent, and retire at 65, it is a chump’s sport because 1) financial markets are just too resilient, and 2) you’ll “be in a wheelchair” when you have enough to retire, according to the author MJ DeMarco. It is better to take advantage of the volatility of the financial markets to get rich fast and enjoy it now.
The best quote in this book: “Show me a 22-year-old who got rich investing in mutual funds.”. Show me the man who earned millions in three years by maximizing his 401k. Show me the young twenty-something who got rich clipping coupons. Where are these people? They don’t exist.”
4. Your Money or Your Life
It is true that living frugal increases your quality of life (rather than detracting from it). The author cites many examples, such as working at a job that pays less than what a family spends on childcare and “time saving” trips to McDonald’s.
Quote of the book: “Conditions have changed, but we are still operating financially according to the rules established during the Industrial Revolution-rules based on creating more and more material possessions.”. “However, our high standard of living has not translated into a high quality of life-for us or the planet.”
5. The Science of Getting Rich
Even though this 1910 book contains nothing even vaguely resembling “science,” it provided the intellectual framework for thousands of wealth-building seminars. Wallace Wattle believed that how you think about wealth directly affects your ability to accumulate it. Thus, if you believe all evils are caused by money, you’ll never be wealthy.
The book’s best quote is, “No man can achieve his greatest potential in the development of his soul unless he has plenty of money.”
6. The Millionaire Next Door
The authors of a study of one million-plus-dollar-net-worth U.S. households determined that most Americans are Under Accumulators of Wealth (UAW) who have a low net worth compared to their income. Then they offer advice (like skimpy vacations) to help people achieve a higher net worth than their income.
The best quote in this book is: People whom we define as wealthy get much more enjoyment from owning a significant amount of appreciating assets than from living a high-consumption lifestyle.
7. Total Money Makeover
Those who have listened to Dave Ramsey’s radio show know that he preaches common sense: don’t buy on credit, pay cash for everything, get out of debt, and build an emergency fund. He instead offers sound advice that every man and woman can relate to, rather than airy-fairy promises.
One of the best quotes from this book: “I have packaged the time-honored information into a process that is doable and has inspired millions to act on it.”
8. The Money Book for the Young, Fabulous & Broke
The majority of personal finance books seem to be written for people about to retire. Suze Orman, TV’s most sprightly star, helps millennials cope with the basics of the financial world, like student loans and a job market that is nearly as dismal for young people as the Great Depression.
The best quote in this book: “You picked up this book because you are broke.”. Keep reading and you will discover what you need to know–and do–so you will not be broke forever.”
9. Secrets of the Millionaire Mind
You are poor because you think like a poor person. According to the author (and multi-millionaire) T, if you’re rich, you think rich. Harv Eker. Making matters worse, poor people basically program their children to be poor. They accomplish this by providing them with a worldview that makes wealth accumulation impossible. But don’t worry. You can also become a mogul if you think like one.
Quote of the book: “The vast majority of people simply are not equipped to create and maintain large amounts of money and the increased challenges that go along with it.”.
10. Think and Grow Rich
Napoleon Hill interviewed a series of millionaires and philanthropists in the 1930s. Let’s begin with steel magnate Andrew Carnegie. Thus, he created a perennially best-selling work of self-development that promotes the notion that “greed is good”, as long as you’re willing to share your wealth.
This book’s best quote is: “If you truly desire money so keenly that your desire becomes an obsession, you will have no problem convincing yourself that you will acquire it.”.To want money and to be so determined to have it that you convince yourself that you will get it is the goal.