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Know How To Manage Your Money: 10 Personal Finance Books You Need To Read

Know How To Manage Your Money: 10 Personal Finance Books You Need To Read

Managing your money is one of the most important things you can do. It doesn’t matter if you’re personally wealthy and trying to figure out how to invest or flat broke living paycheck to paycheck. Proper management techniques can save you money, make you money, and keep things in order. Here are some personal finance books that can help you do just that.

1. The Millionaire Next Door by Thomas J Stanley, Ph.D.

personal finance books

    First up is a delightful read called The Millionaire Next Door by Dr. Thomas J Stanely. This is a great book for people in their 20’s. It takes years of research and boils it down in solid, easy-to-understand rules that people can use to manage their finances and become more financially stable. Some of the lessons are pretty well known such as “spend less than you make.” It’s a great read and definitely worth your time.

    2. The Investment Answer by Gordon Murray and Daniel C. Goldie

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    personal finance books

      For young people, reading about finance is boring. I’m writing this article and even I shudder at the thought of learning about it. It’s complex and full of rules, regulations, risks, and rewards. The Investment Answer comes recommended by Business Insider as very approachable and easy to understand which makes it great for investment beginners. That said, it may be a bit weak for those who are already familiar with investments.

      3. Why Didn’t They Teach Me This in School? by Cary Siegel

      personal finance books

        As the name implies, this book is about all of the basic personal finance lessons that they probably should’ve taught us in school and didn’t. There are 99 tips, tricks, and lessons for personal finance that pretty much everyone should know and reviewers have called it a “great gift idea for high school and college graduates.” We happen to agree.

        4. The Money Book for the Young, Fabulous, and Broke by Suze Orman

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        personal finance books

          Being broke can be a horrible thing. You have rising debt, you’re stuck in a hole, and you don’t know what to do. This book can help you figure out what to do. It doesn’t matter if it’s credit card debt, student loans, or some other financial malady, Suze Orman has advice to help you get rid of it for good.

          5. Secrets of the Millionaire Mind by T. Hary Eker

          personal finance books

            In this book, you’ll learn exactly what separates rich people from everyone else on a subconscious level. According to Eker, millionaires are millionaires because of how they approach money, and it has little (if anything) to do with skill, talent, or knowledge in their business. It’s an interesting read and one that may help you change your tune financially.

            6. How to Retire Happy, Wild, and Free by Ernie J Zelinski

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            personal finance books

              Why do we work? So we can take care of ourselves. However, the second reason we work is so that one day, we don’t have to work anymore. In this book. Zelinski not only shows you how to retire well financially but also how you can enjoy life even if you don’t retire with a million bucks. It’s lighthearted, fun, and for people of all ages.

              7. I Will Teach You To Be Rich by Ramit Sethi

              personal finance books

                If you’re looking for something less philosophical and more direct, this is a great book to read. Here you’ll find a six week course that’ll help you set your financial life straight. It’s not an end-all-be-all solution but after the six weeks you should be on a much better track financially. It’s very highly rated on Amazon and word is that it’s also humorous and personable which is a change of pace for personal finance.

                8. Your Money: The Missing Manual by J.D. Roth

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                personal finance books

                  J.D. Roth is truly an inspiration when it comes to personal finance. He started out dirt poor, did the research, and found out the missing links that was preventing him from being successful. He started a blog and eventually wrote this book. If you’re not doing well financially and want to turn it around, this is a great place to start.

                  9. Thinking, Fast and Slow by Daniel Kahneman

                  Personal Finance books

                    The first thing you should know about Daniel Kahneman is that he’s so good at economics, they gave him a Nobel Prize for it. That means his opinion is probably one that should be respected. In this book, Kahneman explores the way we think about money and has determined that we either make decisions quickly or slowly. He explains the pros and cons of each and when we should use each one to make financial decisions. It’s a little complex but it’s definitely worth a read.

                    10. You’re So Money: Live Rich, Even When You’re Not by Farnoosh Torabi

                    personal finance books

                      Last on our list is a book that shows you how to have fun even when you don’t make enough money to have fun. This book is a great way to get the things that you want without going broke or going into debt. It preaches making sacrifices in some areas so you can have fun for others. One cited example is taking out your significant other on an expensive date, but eating PB&J for several days to make up for it. If you want nice things but don’t make that kind of money, check this book out.

                      Featured photo credit: Swingers via groupthink.jezebel.com

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                      Joseph Hindy

                      A writer, editor, and YouTuber who likes to share about technology and lifestyle tips.

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                      Last Updated on March 29, 2021

                      Life Insurance: A Secure Way To Protect Your Future.

                      Life Insurance: A Secure Way To Protect Your Future.

                      Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

                      Importance of getting a life insurance

                      No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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                      On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

                      Choosing the right insurance plan

                      If you’re about to select an insurance plan, you should consider some important factors:

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                      • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
                      • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
                      • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

                      Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

                      Differences between life insurance plans

                      Here’s a short brief of some plan categories you can choose according to your needs:

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                      • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
                      • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
                      • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
                      • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
                      • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

                      Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

                      So what are you waiting for? Plan for your future and live a happier and carefree life today.

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                      Featured photo credit: aryehsampson.com via aryehsampson.com

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