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20 Best Personal Finance Books You Should Read Now

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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!

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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.

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              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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                  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.

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                    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.

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                      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.

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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.

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                            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.

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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.

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                                    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.

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                                      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.

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                                          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.

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                                          Published on November 8, 2021

                                          How To Achieve Financial Freedom With the Right Mindset

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                                          How To Achieve Financial Freedom With the Right Mindset

                                          What would being financially free mean to you? Have you made the mistake of thinking that financial freedom requires millions of dollars and decades of hard work? When it comes to our relationship to money, the answers really lie in our mindset. Change your mindset around money and your entire financial outlook will change with it.

                                          And no: we’re not talking about putting a check for a million dollars under your pillow at night. This is about you becoming a financially free person, in whatever capacity you choose. And that’s really the key: it needs to be defined by you. So many people outsource this responsibility to society/celebrities/the government etc… and as a result never achieve it.

                                          What if you could identify what financial freedom looks like for you, realize that it is possible to get there in a matter of a few months and then build a road map to do just that?

                                          Read on, because that’s what we’re going to open you up to. This isn’t about giving you specific strategies “guaranteed to work in five minutes or your money back…blah blah.” This is about awakening you to just how powerful you are, where your blocks lie and how to smash through them effectively.

                                          Financial Freedom – What is it?

                                          Well like I said: I’m not going to define this for you. That misses the whole point of this article, but let’s lay out some ideas to get you started.

                                          Typically, when we talk about financial freedom in the west, we really mean: freedom from needing to work, in order to meet financial obligations. We know that there has been a rise in depression amongst nine-to-fivers, 62% as a matter of fact between 2019 and 2020 in the USA.[1] It’s therefore no wonder that there has been correlative uptick in the search for alternative solutions to finances.

                                          This depression is largely as a result of feeling trapped, unable to realize potential and being denied opportunity. It is also likely that, thanks to a more global world and social media: we see just how abundant life can be for some; like a carrot dangled tantalisingly close, but just out of reach. We yearn for more meaning in our lives, more excitement and to be able to live on our terms.

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                                          Finances are (as we see it) the stumbling block and the preserve of the chosen few…not us.

                                          So to start building an accurate picture of what financial freedom would be for you, begin with what your life would look like if you didn’t have to worry about money. How would you feel if you didn’t have to consider your monthly budget, when putting your hand in your pocket to pay for lunch?

                                          The point is that a lot of the stress and resulting depression that comes from feeling like a ‘wage-slave’ is down to our lack of clarity on what we actually want. We get caught, focussing on what we lack and that perpetuates a mindset of lack that very quickly is reflected in our reality. We are allowing our subconscious, emotional mind to be bombarded with imagery every day that reenforces a sense that we aren’t good enough. That we do not have what it takes.

                                          That wouldn’t happen though if we had done the work of pinning down exactly what we wanted in the first place.

                                          Does Financial Freedom Come at Extreme Levels of Net Worth?

                                          There is a tendency, thanks again largely to how we are conditioned through media, to think that financial freedom only comes at extreme levels of net worth. What if I told you that is completely ill-founded and untrue?

                                          Using the standard/assumed definition of financial freedom for a moment; this means that you need enough capital to generate a return that is greater than, or equal to your monthly expenditure. That doesn’t necessarily tell the full picture, but nevertheless; it’s is a good place to start.

                                          If your monthly outgoings (mortgage, bills etc…) come to $3,000 for argument’s sake, you can achieve that with as little as $108,000 invested over three years.[2]

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                                          Hardly the millions you had probably envisioned is it?

                                          Remember: we’re not talking about you living a lavish lifestyle necessarily. If that is what you want; fantastic, it’s certainly achievable, but what we’re getting at here is your ability to meet all of your financial obligations without having to work.

                                          I’m sure you’re unlikely to find $108,000 down the back of your couch, but it is a figure that is well within reach of most working adults. A $36,000 salary opens you up to borrowing that kind of money, and even if you have to continue working in the short term in order to service the debt and keep up with your bills; you’ll have a clear end goal in sight.

                                          And you’ll have doubled your income in the meantime, for the same amount of work!

                                          How To Achieve Financial Freedom With the Right Mindset

                                          As we touched on earlier, coming at your life from a space of ‘lack’ simply perpetuates more of the same. As I always say: your environment doesn’t lie. Look around you, if you’re dissatisfied with any aspect of your life, you first need to accept responsibility for it. If you don’t, you’re abdicating your power to make new choices.

                                          You may well have been the victim of circumstance in the past, but how you respond and what you do with that experience is up to you. If you choose to look for the positive, however minor it might be in any given situation – your experience of life will begin to change.

                                          This is, in essence, what The Law of Attraction is all about. What lies behind it is your reticular activating system (RAS). The part of your brain designed to filter out the (as it sees it) unless information, highlight the important information and prioritize your safety. Thanks to it being part of your primeval/‘lizard’ brain however, it predates the conscious mind, intellect and reason.

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                                          The issue for a lot of us is that we haven’t understood how to communicate in a way that our RAS understands. We can’t translate our conscious desires and are therefore caught in a loop between two incongruous forces.

                                          Our subconscious wants us to be alive and it bases its criteria for this, largely on the principal of: same = safe. Meanwhile, your quality of life, passive income, work/life balance etc… are inconsequential. That part of your mind doesn’t give a hoot about the utility bill or being able to afford a holiday.

                                          It is perfectly possible to show you subconscious/RAS the benefits of financial freedom though, or indeed any other outcome you’d like to see in your life. You just have to speak its language. Becoming debt free and financially free is actually one of the easiest things you can communicate to your subconscious, because you have so much ‘real-world’ experience with money.

                                          Here’s how:

                                          1. Start by clearing your mind and being present – find a meditation, visualization or breathing exercise that calms your mind, allows you to focus on the present moment and become an observer of your surroundings. The point of this is to stop all of those thoughts buzzing around in your head that are pulling you back to the past, or projecting you into an imagined future.
                                          2. Then build a mental movie or slideshow of what your average day would look like, were you to achieve financial freedom. We’re not talking about big occasions, huge wins or events; just an average day.
                                          3. From your position of present observer – start to observe the feelings that arise as you go about this average day in your new life. Do you feel your shoulders relax and drop? Have you got excited ‘butterflies’ in your stomach? Are you smiling more?

                                          Learn to recall these feelings at will – this will connect the dots for your RAS and you will soon start noticing a shift. Think of it as connecting with your desired future and pulling it into/towards your present.

                                          Bonus Hack – Practice Gratitude

                                          We’ve already discussed how you can start attracting/observing the opportunities that will enable you to achieve financial freedom. This involves a lot of work in order to finesse, but the principals are easy enough to understand. Something that we can all do, no matter what we’re trying to achieve, is practice gratitude.

                                          Using the same principals that I’ve outlined above: something of a ‘catch-all’ that we can train our minds to produce more of, is gratitude. If we can shift our mindset so that the next time some negative, external and unforeseen event occurs, we are still able to be grateful for it; your entire experience will shift.

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                                          Not only will you observe more to be grateful for all around you on a daily basis, but you will shift out of a mindset of ‘lack’. All of the barriers that stood in your way before (not enough capital, stuck in a job I hate etc…) they will shift to becoming things that support your desires and goals.

                                          For example:

                                          The job you hate, when reframed as the means to support a transitional stage of your life (i.e. enabling you to borrow money to invest) suddenly gives you a resource to be grateful for.

                                          The added beauty of this is that your RAS doesn’t know the difference between a big win and a small win. You being truly, deeply grateful for your socks (for example) carries the same weight as being grateful for your health, or your spouse. This is why I say “practice” gratitude. You can start whenever you want!

                                          Look around you right now and find something that you really are grateful for, no matter how small and seemingly inconsequential.

                                          Practicing this will create a snowball effect. Much quicker than you might think: you’ll be overwhelmed with gratitude for your life and all that’s in it.

                                          In Summary

                                          Financial freedom is more within your reach than you probably think or feel. Understand that the limits you’re assuming to be there are largely a product of your subconscious mind, having been drip-fed evidence of that over the course of your lifetime. Changing that might take a lot of effort in the short-term, like cranking over an old car, but the effects will begin to build up quickly and self-perpetuate.

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                                          Apply this mindset to your financial situation and you will find that it too will begin to ‘snowball’. Financial freedom is closer than you think, so start looking for it today!

                                          Featured photo credit: Pepi Stojanovski via unsplash.com

                                          Reference

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