5 Personal Finance Books to Take Control of Your Wealth
Although the USA is a developed country, it’s still struggling to improve its financial literacy rate among its people. This is primarily because investment and wealth management aren’t taught in school. Moreover, children from mediocre families don’t get proper financial knowledge from their parents because they struggle. Only the wealthy sector of the American population knows a thing or two about money management. However, the financial literacy rate in the USA is improving by 1% year over year. This is because people are seeking financial knowledge on their own from books and credible internet sources. If you are interested in learning about money management, you can benefit from the books mentioned below.
Finance Books for Money Management
Financial books are your best chance of securing your finances for rainy days. If you don’t know how to save money and invest in the right places, you are not alone. However, finding books that teach financial skills is the first step towards improving your financial literacy. Here are 5 books that can help you in learning about money management.
1. "Why Didn't They Teach Me This In School?"
Ask anyone what they’d wish to learn in school, and the answer will most likely be money. More precisely, children and teenagers, in particular, can benefit from learning about money management. Therefore, Carry Siegel wrote his book “Why didn’t I learn this in school” for his children. He wanted his children to know a thing or two about money management before entering the real world. What was intend to stay in the family quickly became a good read full of financial management principles and tips to saving money.
2. "Rich Dad Poor Dad"
Call this book a life lesson or financial advice, but you can’t ignore this best memoir of a book. Written by Robert Kiyosaki, the book shares the experiences and lessons he learned from his father and his friend’s, the latter of which is the rich dad in the book. He explains that making money has nothing to do with being rich and stresses the importance of assets and liabilities. The 20th-anniversary edition of this book is full of knowledge related to investing and the economy.
3. "The Total Money Makeover"
Dave Ramsey’s book “The Total Money Makeover” is a swift reality check on your personal finances. The author explains how debt can eat up your monthly budget and lead to a life of poverty. Moreover, you can find valuable insight into credit and money management. Dave explains different ways of debt management, and if you want to escape the sea of debt, this book can be your lifeboat.
4. "The Automatic Millionaire"
If you ask people what will help them out of their misery, the answer will most likely be “a million dollars, please.” Money can fix most problems, and if you know how to manage it, you can be your boss. David Bachuses this approach to explain how a couple earning $55.000 early combined made it to the top of the food chain. His book “The Automatic Millionaire” is a New York Times, USA Today, Bloomberg Businessweek, and Wall Street Journal business bestseller book. So grab a copy if you want to be the next millionaire.
5. Broke Millennials
If you are young, unguided, and unaware of what life has in store for you, then you need to read this book by Erin Lowry. The Broke Millennials reaches out to its audience in their language and connects with its readers. The book has all the information about personal finance management and how to invest. You won’t regret reading this masterpiece.
The Bottom Line
You need to learn to manage your finances; otherwise, you won’t survive in this fluctuating economy. The COVID-19 crisis has warned many people to plan out their financial security, and if you are one of those who never thought about saving up and investing in the right places, it’s time you get started.