Every summer, I make an effort to slow my pace and indulge in more reading. I was an avid reader during my school years, but time became a constraint as I delved into adulthood. I’m now gradually reincorporating this hobby back into my day-to-day life. Regardless of age, books geared towards better financial management can always prove beneficial.
Reading is an enjoyable and cost-effective way to both entertain oneself and acquire new knowledge. A wealth of literature exists to enlighten us on better money management. Through reading, one can gain improved financial acumen, superior money management skills, and strategies to shed debt. Here are seven standout books to kickstart your journey towards improved financial literacy:
1. THE TOTAL MONEY MAKEOVER
This book by Dave Ramsey, a financial expert famous for helping millions break free from the debt trap, is a personal finance staple. While many are familiar with Dave’s principles including his trademark “baby steps” process, this book goes a step further. It provides a more detailed insight into his working methods and guides you on how to shape your financial situation and strategize your money management. Given the numerous lives it has positively impacted, ‘The Total Money Makeover’ is worth a shot if you’re wrestling with financial difficulties.
2. LIVE. SAVE. SPEND. REPEAT.
Penned by Kim Anderson, ‘Live. Save. Spend. Repeat.’ is about living the life you desire within your existing finances. If you’re trapped in a cycle of overspending and looking for financial respite, this one’s for you. The book equips you with practical ways to control spending and achieve your financial goals strategically.
3. YOU ONLY LIVE ONCE (YOLO)
‘You Only Live Once’ by Jason Vitug is a personal finance book that offers more than just monetary advice. Unlike the popular interpretation of YOLO – living recklessly on the pretext of a single short life, this book nudges you towards setting your finances straight, so you can enjoy a fuller life, because well…YOLO!
4. 4 FINANCIAL LANGUAGES
Authored by Tarra Jackson, ‘4 Financial Languages’ is a guide to master monetary communication. Aimed primarily at couples but equally beneficial for singles, it articulates four major financial languages. The author explains each language in detail, providing effective methods to identify your unique financial language and enhancing communication with your partner about finances.
5. THE AUTOMATIC MILLIONAIRE
Another must-read in the realm of personal finance is ‘The Automatic Millionaire’ by David Bach. It spotlights the ease with which one could become a millionaire through a single-step automatic savings plan. Replete with precious tidbits of financial wisdom, many readers revisit this book more than once.
6. STUDENT LOAN SOLUTION
‘David Carlson’s ‘Student Loan Solution’ was composed with the intent to dispel the confusion and myths surrounding student loan debt in our society. It provides a 5-step solution to understand your loan scenario, explore your options, and chart out a relief plan.
7. YOU ARE A BADASS AT MAKING MONEY
Jen Sincero, in ‘You are a Badass at Making Money,’ encourages embrace of wealth acquisition and elimination of obstacles in your path. The uncompromising tone and motivating design makes this a must-read if you’ve ever felt daunted by the prospect of making more money.
These seven books, backed by high praise and reviews, are likely to help improve your money management skills. There are numerous other options too, allowing you to focus on your specific areas of interest. If you are hard-pressed for time, consider using Audible to access audiobooks. Paparaudiobooks can accompany you during car rides, dog-walking, or workouts. They offer a 30-day free trial with a complimentary audiobook for new users. Have you read any personal finance book that left a mark on you?
