5 of my favorite personal finance books
People sometimes ask me how I got into personal finance. The simple answer is by reading. Granted, I didn’t know much about money as a young adult. It wasn’t until I graduated from college and struggled to pay off my student loan debt that I decided to pick up my first personal finance book. Since then, I have been addicted! Here are 5 of my favorite books on personal finance.
Rich Dad, Poor Dad is unique for its conceptual descriptions. If you are interested in building wealth rather than just making more money, then this book is for you.
Kiyosaki describes growing up with his father (the poor father) and the father of his friend who was a business owner and mentor (the rich father). In his book, he compares the thinking of his poor father to that of his rich father and the lessons he learned from both.
What I like most about this book is its story. It is not a book that gives you tips and facts. Its concepts are very simple, but they are effective and it is an enjoyable read.
While it can be controversial, there’s no doubt that Dave Ramsey knows his stuff when it comes to money. Total Money Makeover was one of the first books I read when paying off my debt, and I used most of its tactics to pay off my student loans.
If you’re struggling financially and aren’t sure where to start, this is a great book. Ramsey’s “Baby Steps” map shows exactly where you need to go next. His snowball method of paying off debt has helped thousands of people get off their debt. Definitely worth reading!
Looking to earn more money? Or start a business in your spare time? Next, read David Carlson’s Hustle Away Debt.
Carlson, who runs the popular personal finance site Young Adult Money, has been a secondary con artist for years. In his book, he explains how to take advantage of a side activity with your day job to pay off your debts.
Personally, I was inspired by the Young Adult Money site to start my freelance writing job to pay off my debt. Finally, I started writing for Young Adult Money as part of my side activity! Without Carlson’s site and book, I couldn’t have paid off my student loans as soon as I did!
Most people think of the math behind money, but what about psychology? Morgan Housel’s Money Psychology deals with behaviors associated with personal finance.
If you understand the basics of money, but want to know why we spend the way we do, this is a must read for your list. It is fascinating to understand the behaviors behind our relationship with money.
Jen Sincero has a few books in this series, but You are a Badass at Making Money is one of my favorites. If you are looking to increase your income but are not sure you can do so, Sincero’s book is for you. It’s easy and fun to read, and Sincero is genuine and accessible. If you are in doubt about your ability to make more money, give this book a chance!