Personal finance is all about managing an individualized finances, wherein, an individual with sound personal finance knowledge can efficiently manage their finances across varied fronts which includes investments, insurance, savings, expenses etc., and establish stable growth. Furthermore, it is really worth noting that a good personal finance management can greatly aid individuals to meet their short and long-term investment goals.
“A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life” – Suze Orman, American Financial advisor & Author.
Understanding this, Finance Outlook India delves into the 10 best personal finance books that can help readers achieve one’s financial goals to empower your wealth:
Rich Dad Poor Dad by Robert Kiyosaki
If we want to address the intricacies of personal finance, one must read ;Rich Dad Poor Dad' which has illustrated the contrasting stories of two fathers. One is highly educated with numerous certifications, leaving his son burdened with debt upon his passing. Conversely, the other, a school dropout, bequeathed a thriving business empire to his offspring. As one of the most influential books out there, it really imparts invaluable insights on wealth accumulation which encourages readers to adopt the mindset of the successful dropout father to achieve financial prosperity.
The Total Money Makeover by Dave Ramsey
An awe-inspiring self-help book, 'Total Money Makeover', showcases numerous real-life instances of people who followed Dave’s baby steps and experienced positive results. Containing a lot of motivating aid, suggestions and guidance, The book has earned its place as one of the best finance books. Furthermore, one of the most significant hurdles an individual comes across when it comes to taking complete control of one’s money is an absence of desire and support to make the required lifestyle adjustments. This is where ‘The Total Money Makeover’ comes into the picture as one of the finest personal finance books which offers a refreshing outlook on individual goals and the rewards one can acquire by achieving those goals.
“Risk comes from not knowing what you’re doing.” – Warren Buffett
You’re So Money: Live Rich, Even When You’re Not by Farnoosh Torabi
As one of Farnoosh Torabi’s most significant works till date, this book has indeed simplified the complexities of finance so as to make budgeting easy for individuals. In this book, the author focuses on keeping an acute focus on one’s spending habits based on their desires.
This noteworthy book which is full of humor greatly encourages the readers to live life to its optimal. Furthermore, to educate a severely neglected generation about personal finance, this book is the ideal combination of new ideas and a daring approach. Also to note, Farnoosh’s writing style is really engaging, direct to the point, and robust. So to understand how much fun it can be to live and die in prosperity, one must read this book to discover the nuances behind one’s financial preparedness.
I Will Teach You to Be Rich by Ramit Sethi
If you’re aged between 20 to 35, ‘I WIll Teach You to Be Rich’ is indeed one of the best personal finance books which is a must-read book for people. Here, the author has focused on credible wealth-creation strategies for personal entrepreneurship. The book surfs on the 4 critical foundations of personal finance, i.e., banking, saving, investing & budgeting. This book is a meticulously crafted step-by-step, practical guide to financial success. So, if you are a millennial, we definitely suggest you bring it home to your shelf.
The Millionaire Next Door by Thomas Stanley and William Danko
‘The Millionaire Next Door’ shed light on the intelligent investors and their investing styles. It talks about how these millionaires live frugally in their daily lives and how thoughtful they are when it comes to generating wealth. The authors analyze the habits of many American millionaires who grew their money without even making it to the headlines. The authors believe that most of the wealthy individuals prefer to live far below their means and avoid displaying their riches; thereby facilitating them to sum-up money over time.
Your Money or Your Life by Vicki Robin
In this book, the author has gone an extra mile from making it from just a personal finance book to a masterpiece which showcases life and how one can organize it to reflect your ideals. This book targets materialism, which can ruin not only your money but also the planet’s finite resources. So to summarize, the book focuses on imparting the concept that inexpensiveness is superior and that living a simple life will make individuals much happier. So, it would be a great learning process for the readers to understand the nine-step approach that book brings and which can be your way to achieving the needed financial freedom.
The Little Book of Common Sense Investing by John C. Bogle
‘The Little Book of Common Sense Investing,’ authored by John C. Bogle, who is the founder of the Vanguard Group (the world’s largest ETF business). In this book, he has greatly emphasized on how an individual can take necessary action to achieve financial stability through index investing, stock selecting strategies, and indulging oneself with core fundamentals of investing. Furthermore, this book offers practical advice on how one can integrate tested investing strategies into one’s portfolio. Speaking of John
The One-Page Financial Plan by Carl Richards
Another compelling book is ‘The One-Page Financial Plan’ authored by Carl Richards. This book can really aid individuals to determine one’s financial values and objectives. The author’s easy methodologies showcase how one can prioritize their life goals so as to find out how to achieve them. The straightforwardness of this book and the language used are really simple to navigate complicated financial jargon. Hence it is suitable for all kinds of audiences.
You Need a Budget by Jesse Meacham
Last book of our recommendation is ‘You Need a Budget,’ which is authored by Jesse Meacham. The robust techniques outlined in this book can evidently aid individuals to live a little more freely and alleviate the anxieties that come due to lack of funds. Jesse’s tried-and-tested methodologies which comprises four basic rules is focused towards turning money management from a burden to a robust weapon which can significantly aid individuals in taking the complete charge of their daily lives. The book garners the knowledge which can aid you in becoming debt free so as to unlatch oneself from a life of living paycheck to paycheck.
“Do the one thing you think you cannot do. Fail at it. Try again. Do better the second time. The only people who never tumble are those who never mount the high wire. This is your moment. Own it.” – Oprah Winfrey
