7 Must-Read Personal Finance Books
Many Millennials leave high school and college with degrees but lack a fundamental understanding of how to manage their money and build a solid financial foundation.
While high schools and colleges tend to not teach these subjects, there are plenty of excellent resources out there to help you get started. However, with so many financial self-help books, it’s hard to know which ones are the best for young adults and which ones have the right kind of advice.
To help you out, we’ve compiled a list of seven personal finance books that you can trust, and that are written with you in mind.
For two decades, Beth Kobliner’s bestseller has been the financial bible for people in their twenties and thirties. With her down-to-earth style, Kobliner provides advice on how to get out of debt, learn to save and invest for the future.
With regular updates to address a changing world, Kobliner shares brand-new insights, and concrete, actionable advice geared to help a new generation of readers form healthy financial habits that will last a lifetime.
Suze Orman is an American success story writ large, and one of America’s most popular personal finance gurus. Growing up on the South Side of Chicago, she earned a bachelor’s degree in social work at the University of Illinois and at the age of 30 was still a waitress making $400 a month.
This book is specifically written for young adults and focuses on their personal finance journey. Orman provides insights on money basics, including budgeting, building an emergency fund and buying a car. In particular, Orman highlights the dangers of debt and overspending, and offers strategies for future financial success.
For those seeking a more grounded, common-sense perspective to personal finance, Dave Ramsey is a good option. Blending a Christian perspective and a no-nonsense approach to money, this book provides a specific plan for you to get out of debt and build wealth. If you don’t know where to start and you feel overwhelmed, then this is a great resource. If you have debt, this book is an even better place to start because it forces you to rethink your debt and your entire financial plan.
Where other financial gurus focus on budgets and cutting expenses, Ramit Sethi focuses on the psychology of being rich. Others may emphasize budgets, saving and investing strategies, but Sethi provides guidance on how to actually earn more money.
Sethi’s approach is broader than most. While he focuses on investing, getting out of debt and building wealth, he also looks at the “big picture” of creating a financial plan. Sethi’s mindset is that it is possible to apply psychology to interview more effectively, bring in extra income and live life to the fullest by making more money, rather than trying to get by with less.
Overwhelmed by the experts? Liz Claman has complied tidbits of wisdom from some of the greatest financial minds of our time and collected them into a single book of advice. With this book, you can enjoy a veritable buffet of ideas and use it to find your own financial heroes.
To be ready for the day when you’re making money like Bill Gates and Mark Zuckerberg, you’ll want to go back to the source of all books on wealth, Andrew Carnegie. A self-made millionaire, Carnegie espoused the idea that the wealthy can help offset income inequality more effectively through direct giving, rather than by paying larger taxes. With endowments that made Carnegie Hall, Carnegie-Mellon University and countless public libraries across the country, Carnegie definitely put his money to good use.
Looking for more advice? Come talk with us today! We can provide help with budgeting and planning, and help answer your questions about how to build a stronger financial future.