10 Financial Books That Will Change Your Life (and Finances)
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Bob Haegele
6 min read
Managing your money can seem difficult. If you work for a company and earn a salary, then there is only so much money to go around. And if you have debt, things can be even more complicated. You might think it’s impossible to get ahead or you’ll never have any money; these thoughts are common.
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While it’s easy to fall into this way of thinking, it can be difficult to address the problem head-on if you don’t have the proper guidance. What’s more, these days, it is essential to invest for a financially secure retirement. And yet, we don’t always have the information we need to make informed investment decisions.
These problems can seem difficult to deal with, but having the right information can make things a whole lot easier. These books will address these problems and more. Let’s jump right in.
Last updated: Sept. 29, 2021
Amazon
'Get Good with Money' by Tiffany Aliche
We would all like to be good with money, wouldn’t we? This book provides a framework of 10 steps you need to get better with money. Specifically, it covers topics such as investing, getting out of debt and building credit. Aliche is entirely supportive and non-judgmental, which is especially helpful if you have a lot of debt. The book focuses on financial “wholeness,” which helps readers improve every area of their finances and become “whole.”
“Rich Bitch” is another book that provides a step-by-step framework and does so in a very relatable way. The author lays out her 12-step plan with you, making sure to cover all of the blunders she had along the way. This book was recommended by Annette Harris, founder of Harris Financial Coaching. She had this to say about the book: “In Nicole Lapin's book, she talks to you like a real human being and explains her struggles with finances. There's no fluff and it offers real-life situations that she occurred in her life and how you can use those situations she experienced to change your financial outlook.”
This book specifically addresses millennials’ money issues. Increasing levels of student loan debt and wage stagnation can make building wealth seem impossible for young people today. From this perspective, the book addresses many of the most common personal finance topics, including paying off loans, buying a car, saving money and investing. The author, Rachel Podnos, is a certified financial planner and has a penchant for helping millennials with her everyday work.
As the name implies, this book approaches personal finance from the perspective of Babylonian principles. It covers a variety of topics, including thrift, financial planning and personal wealth. Claudia Gonzalez, a financial advisor at Kovar Wealth Management, recommends this book. “‘The Richest Man in Babylon’ is a great personal finance book! By the use of different scenarios, this book teaches the basic principles of personal finance: saving, getting out of debt and putting your money to work.” The book covers a range of different topics, making it great for anyone who wants to improve their finances.
'Every Woman Should Know Her Options' by Laurie Itkin
This book is excellent for two reasons: It makes a less common trading strategy easy to understand, and it features women's stories of wealth-building challenges and successes. Both of these areas are a bit underappreciated in the personal finance world. Itkin used the very strategy she outlines in the book to build a multimillion-dollar portfolio, starting when she was in her 20s. In particular, it teaches you how to use options trading to lower your risk, grow your money by investing like the pros and stop paying high fees on investments. And, of course, it helps women overcome obstacles they face in achieving financial independence.
While this book is more philosophical than a step-by-step approach to tackling a specific money problem, it can indeed be life-changing. The author, Steven Bartlett, is CEO of Social Chain, a social media agency based in the U.K.
At the age of 18, Steven wrote about how he wanted to become a “happy, sexy millionaire.” By 25, he was a multimillionaire and had everything he thought he wanted. It turned out he was wrong about everything he assumed about financial success. This book talks about what he learned.
'How to Turn $100 into $1,000,000' by James McKenna
This book is a little different from the others on this list because it is a children’s book. Although it isn’t intended for the youngest of kids (ages 10-14 recommended), it teaches some important principles. A common pain point for many people is that they didn’t learn as much about personal finance at a young age as they wish they had. Thankfully, this book teaches a younger audience to invest, start a business and save money. This helps children build the foundational knowledge they need to get a head start to financial success.
This book talks about financial topics that can sometimes be a bit dry in a more light-hearted way. As its Amazon description says, “In Baker’s Dirty Dozen Principles for Financial Independence, you will find no highfalutin economic theory or fancy-schmancy money formulas.”
The book was recommended by David Ashy, CFP at Mustard Seed Wealth Management, who had this to say: “This is down to earth book written in an entertaining way with lots of good stories. Very readable and an excellent choice for the beginner. Baker teaches personal finance at several pharmacy schools. Just good 'ole common horse sense that's easy to follow!”
This book by Roger Ma tackles the two-headed monster that is your career and your finances. Many of us are unhappy with both even though we are doing the things we’re “supposed to do.” The book thus gives both career advice and financial advice, helping you achieve your goals in both areas.
In doing so, it can help remove the stressors that keep you up at night. It also helps you apply personal finance principles to your life in a simple, easy-to-understand way. This book was recommended by Anuj Nayar, vice president, head of communications & financial health officer at Lending Club.
As you can probably guess, this book is all about helping people get out of debt. As the book notes, 8 out of 10 Americans currently have some form of debt; a staggering statistic. While some forms of debt are more problematic than others, that is nonetheless a very high percentage. The book also mentions the fact that debt hurts your ability to invest, save and create a better life. It’s true: With some forms of debt, you don’t benefit on an ongoing basis. This book was also recommended by Anuj Nayar.
