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Last Updated on November 14, 2017

20 Best Personal Finance Books You Should Read Now

20 Best Personal Finance Books You Should Read Now

When we talk about understanding how to manage money, personal finance is one of the most essential skills you can learn. But without any guidance, it is difficult for us to understand the value of handling our money and using it to make even more. However, if you walk into any book store or library, you’ll find there a plenty of guides out there, in the form of personal finance books offering advice on financial planning. But all advices are not equal. To begin, you need some easy-to-read books that will explain you the basics of financing, the best way to save money, and how to pay off your loans.

Here’s a list of books that will help you in getting out of the sneak and rat race of debt and achieve the treasure that you truly deserve.

    The Millionaire Next Door

    by Thomas J. Stanley and William D. Danko

    The Millionaire Next Door is great for all those people who have just come into the game of personal financing, because this book talks about the fundamentals of personal finance with simple, consistent instructions .This book will help you in developing good practices from the very beginning.

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      The Investment Answer

      by Daniel Goldie and Gordon Murray
      In this book, Goldie and Murray pointed out a general guide to capitalizing by concentrating on five basic decisions every investor has to make. This brief, easy-to-read book is the most approachable investing book I’ve read.

      Print | eBook | Audiobook


        Psych Yourself Rich

        by Farnoosh Torabi
        In this book, you’ll learn about the relationship between you and the money. Farnoosh has beautifully explained how our “emotions influence when managing personal finances.” Precisely, this book will bring back you to the concept of behavioral finance and how you can discover your weaknesses and get the most out of your strengths to make structure and maintaining money as stress free and as organized as possible!

        Print | eBook | Audiobook

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          The Millionaire Mind

          by Thomas J. Stanley
          The Millionaire Mind aims a millions of people who have stored considerable wealth and live in ways that flexibly exhibit their prosperity. The writer reveals the surprising answers to some difficult personal finance questions, presenting them to readers through solid examples.

          Print | eBook


            I Will Teach You To Be Rich

            by Ramit Sethi

            In a friendly, naughty style, Sethi put down a serious six-week personal finance program for those who want to master their finance management with minimum effort. This book is so comprehensive that you feel like you’ve been to a long seminar with an outstanding expert after reading it.

            Print | eBook | Audiobook


              The Automatic Millionaire

              by David Bach

              This book highlights the influence of money by introducing the well-known Latte Factor. The author would make you understand the amount of your money goes to waste, realizing how better you can manage it by making the right selections in spending your money. This book will also help you in identifying where you unconsciously use your money and how those little expenses can be used to make you financially strong.

              Print | eBook


                Women & Money

                by Suze Orman
                Every woman in the world should read this book which is designed specially to empower women. Suze wrote this to help women, face their financial challenges and to make women financially strong. So, if you are a woman then you should read this informative book, which’ll guide you on how you must take care of your finances.

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                Print | eBook


                  You’re So Money

                  by Farnoosh Torabi
                  Aninstructive and realistic finance book which concisely tackles the issues college students are mostly likely to face in handling their own finances. Torabi explains readers how to survive without draining the bank and where to find easy places to save money.

                  Print | eBook


                    Thinking, Fast and Slow

                    by Daniel Kahneman
                    Managing personal finance is a series of decisions and this book,Thinking, Fast and Slow,drives support for the readers by understanding what pushes them to make the decision.

                    Print | eBook


                      Debt-Free by 30

                      by Jason Anthony and Karl Cluck
                      Debt-Free By 30 enlightens the basics of arranging your debt, discovering ways for extra money to repay the debt faster. In this book, readers can cheer up and can learn about credit, health insurance, financing a car and expenses.

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                        The Total Money Makeover

                        by Dave Ramsey
                        It is an incredible book to start with. It is a complete guide to saving fund, starting to invest, getting out of a mortgage, saving for a rainy day, paying off your debt and reaching financial prosperity in your life.

                        Print | eBook

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                          Your Money Or Your Life

                          by Joe Dominguez and Vicki Robin

                          In this era of huge economic ambiguity when everyone is worried about their money and how they spend it, this bestselling book is an essential read. It tells the reader how to pay off debt and cultivate savings, rearrange priorities, solving inner encounters between values and lifestyle, and lot more.

                          Print | eBook


                            The Money Book for the Young

                            by Suze Orman
                            This book again by Suze, Tackle financial problems like student loans, debt, student loan, credit card, debt, and insurance. It communicates straight to people requiring help to deal with finance issues and financial plan for the first time.

                            Print | eBook | Audiobook


                              Beating The Street

                              by Peter Lynch
                              In the book Beating The Street, Peter Lynch describes how to become an expert in handling finance of a company and ways to build a profitable investment portfolio based on your own experience and insights.

                              Print | eBook


                                The Psychology of Investing

                                by John Nofsinger
                                A professor of finance, Nofsinger investigates into the behaviors, psychology influence investors, providing a complete summary on making smart investing decisions for those, who are keen to start their own business.

                                Print | eBook

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                                  7 Money Rules for Life

                                  by Mary Hunt
                                  Mary Hunt is not new to budgeting and personal finance. Although to many she has a background of home economist than an investment guru. This book 7 Money Rules of Life steps out a bit of her old-style comfort zone to comprise lots of facts about financing, retiring, investing and preparation for your financial future.

                                  Print | eBook | Audiobook


                                    Rich Dad Poor Dad

                                    by Robert T. Kiyosaki
                                    This book is an investment classic, and is very informative, worth a read by anybody trying to find firm grip financially. Always keep this book on your shelf.

                                    Print | eBook


                                      The Money Saving Mom’s Budget

                                      by Crystal Paine
                                      Money Saving Mom is one of the best home economists’ book. This book is full of clear guides to getting your family’s financial plan in hand so that you can live the life you want to live.

                                      Print | eBook


                                        The Behavior Gap

                                        by Carl Richards
                                        In this book, Richards centers the senseless mistakes people make again and again financially, buying expensive because of others, buying things that aren’t important — and explains how our natural characters lead us off the track even knowing what is correct.

                                        Print | eBook | Audiobook


                                          The Richest Man in Babylon

                                          by George S. Clason
                                          This Book is read by millions, this precious book embraces the key to success-in the mysteries of the ancients. Constructed on the famous “Babylonian principles”, this bestseller book offers a thoughtful solution to personal finance problems; enlightening the mysteries to saving money, protecting money and earn more money.

                                          Print | eBook | Audiobook


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                                          Published on September 17, 2018

                                          How Being Smart With Your Money Leads to Financial Success

                                          How Being Smart With Your Money Leads to Financial Success

                                          Achieving financial success is not something that just happens. Maybe if you win the lottery or something, but for the average person like you or me, it comes from a series of small steps you take over a long period of time.

                                          With each step, you form a new smart money habit. And with each smart money habit, you build towards financial independence.

                                          So what sort of habits can you form to get on that path? Let’s take a look at smart money habits you can start today to get you closer to a financially independent future.

                                          1. Avoid being “penny wise but pound foolish”

                                          It’s tempting to try saving a couple cents here and there when buying small items. However, that’s not where the real money is saved. You’re putting in extra effort for something that doesn’t move the needle.

                                          You get the most bang when you’re able to cut down on your bigger bills. For example, finding a lower interest rate for your mortgage could save you $50+ per month. And cutting your transportation bill by purchasing a cheaper car or taking public transportation can provide large gains as well.

                                          So, look at your recurring expenses such as housing, transportation, and insurance, and see where there’s wiggle room. It’s a much better use of your time than trying to pinch pennies here and there on smaller purchases.

                                          2. When you want something big, wait

                                          Impulsivity can get you in trouble in most aspects of life. Finances are no different.

                                          It’s human nature to see something and want it right then and there. It starts as a kid in the checkout line at the grocery store, and it continues on through adulthood.

                                          We get an idea in our head of something we want, and it’s hard not to go out and get it right then.

                                          A good example is wanting a new car. Perhaps you’ve had your car for several years. It’s crossed the 100k mile mark. Maybe maintenance is due, and you’re annoyed that you need to replace the timing belt or purchase new tires.

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                                          So, you get the itch.

                                          You start digging around online, and you realize you could trade in your current car for something newer and more exciting… all for a few hundred bucks a month. Then you get obsessed.

                                          Here’s where you have to take a step back.

                                          Your newfound obsession is clouding your judgement. Rather than giving into the impulse, wait it out.

                                          Set a timeframe for yourself. Maybe you come back to the decision three months down the road. See if the obsession lasts.

                                          It might, but often, a funny thing happens. Often, you forget about it. And often, you find that the new car wasn’t a need at all.

                                          The impulse faded. And you just saved yourself a ton of money.

                                          3. Live smaller than you can afford

                                          You finally get that big raise. And you want to celebrate – and why not?

                                          You’ve been looking forward to this forever. And after all, it was all due to your hard work.

                                          That’s fine, splurge a little. However, make it a one-time deal and be done.

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                                          Don’t get caught in the trap that just because you’re now making more money, you should spend more.

                                          Too often, people get more money and feel like they that gives them the means to buy a bigger house, a bigger car… you know the drill. Resist.

                                          The fact is that living smaller than what you can afford is one of the fastest ways to build savings.

                                          But if you constantly upgrade as you begin to make more, then you’ll never get ahead. You’ll just build up more debt along the way and have just as little wiggle room as before.

                                          4. Practice smart grocery shopping

                                          Food… it’s one of the biggest portions of any budget. And if you’re not careful, it can be one of the biggest drains on your wallet.

                                          But luckily, there are a few things you can do to ensure that you stay smart with your money when buying groceries.

                                          Create a grocery budget

                                          Set a strict weekly grocery budget. When you know how much you can spend on groceries, you can then plan your weekly menu around it.

                                          Once you know what all you need, you can go shopping and keep a running tally as you shop to ensure you’re on track.

                                          I tend to do this in my head, rounding for each item. However, writing it down as you go would probably work best for most people.

                                          Make a list… and never deviate

                                          Never go to the grocery store without a list. If you go to the store with a ballpark idea in mind, you don’t have a true ide of what you need.

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                                          You’re not well-researched. You don’t know what the sales are. As a result, you’re going to make decisions on the fly.

                                          These impulse decisions will lead to overspending, which will derail your grocery budget.

                                          Eat before going grocery shopping

                                          It’s also important to eat prior to going to the grocery store. Hunger is a powerful force.

                                          If you’re shopping on an empty stomach, everything is going to look good. In particular, you may find a lot of ready-made, processed snacks will look enticing.

                                          After all, you’re hungry now and that food is easily available. So subconsciously, you may lean towards those items.

                                          Unfortunately, not only are those items typically less healthy, but they’re likely more expensive. You pay for convenience.

                                          However, when you eat prior to shopping, then you’ll shop with a clear mind. Your hunger won’t cloud your judgement, influencing you to make poor decisions like a cartoon devil resting on your shoulder whispering in your ear.

                                          This makes it much easier to stick to your grocery plan.

                                          5. Cancel your gym membership

                                          Now that you’re all set on your food, it’s time to get smart about managing your budget in terms of physical fitness. And let’s begin by avoiding the gym. The gym bill, that is.

                                          The average gym membership costs around $60 per month. That’s $720 a year.

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                                          Yet, two out of three gym memberships go unused. That means two-thirds of people who have a gym membership are literally giving away almost a thousand bucks a year. It’s crazy!

                                          I recommend seeking an alternative. One good alternative is to look into fitness streaming services.

                                          Streaming services allow you to stream hundreds of workouts like Insanity and p90x, right in your own home for around $10-20 a month. That’s $40-50 less a month than the average gym membership.

                                          Of course, then there’s the free option. The internet is full of free workouts that you can do on your own with minimal or no equipment.

                                          For example, there’s the Couch to 5K program, that I personally used a decade ago to ease myself from couch potato to running my first 5K race. If I could do it, anyone could.

                                          Then there are free resources like reddit that have limitless information on workouts. The Fitness subreddit has done all the research for you, populating workout tips and detailed workout routines for anyone to use in their wiki.

                                          There are several routines that require no equipment. And you can join in on the subreddit to become part of the community, making it easier for those seeking comraderie and encouragement in their fitness goals. All for free.

                                          It’s baby steps… And baby steps can start now!

                                          I’ve never met anyone that can’t stand to be a bit smarter with their money. And on the flip side, anyone can get smarter with their money. But remember, it doesn’t happen all at once.

                                          Begin by fighting your impulses. Prepare for the week and be smart at the store. And cut monthly expenses like gym memberships that are overpriced and you probably aren’t getting your money’s worth out of anyway.

                                          The devil is in the details. And the details can change your lifestyle and prep you for a financially independent future.

                                          Featured photo credit: Unsplash via unsplash.com

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