Managing personal finance is a tricky topic. It isn’t taught in traditional education and not always get mentors to teach you about it. A person learned about the concept of managing their finances with no prior knowledge and learned from their own mistakes.
In today’s world, there are multiple sources of information like the internet, news channels, radios, podcasts, etc. regarding the hardest topic about the art of managing personal finances. A book on the other hand is an exemplary and test way to learn about a topic in a detailed manner that can make any topic understood to the reader.
To gain thorough insights about financial psychology and the philosophies of a financial mindset one should go through these 5 books to refer and understand the core meaning of money strategies and ideas to cope up with your finance problems.
Broke Millennial: Stop Scraping by and Get Your Financial Life Together
Broke Millennial by Erin Lowry is one of the classical books of the modern era where it depicts the financial constraints in the life of a millennial. It refers to the modern-day problems that every millennial between 20 -30 faces on a day-to-day routine regarding the hardships of monetary constraints. This book steals the heart of the readers as it does not hold the concepts of number crunching or financial solutions but instead depicts the idea of stepping away from living life through paychecks and moving to the solitude of finances. This book will make you laugh, understand, and open your mind to how you manage your money from a young age and be solid throughout.
The simple path to Wealth: Your road map to financial independence and a rich, free life
This book is one of the most recommended books among the readers as it depicts the concern of an emotional father writing letters to his young daughter regarding the hardest skill to learn in life: Money. The Simple Path to Wealth achieved great recognition as it covers the financial aspects of life that every person should be aware of and it strikes hard to the readers as the author connects the advisory with an emotional aspect of a father concerning his daughter’s future and how she should focus on the good and how to defy the bad of the famous concept called “Money”. The most highlighting part was the concept of the 4% rule and how to spend your wealth which entices the reader to gain insight into personal finance.
Spend Well Live Rich by Michelle Singletary
As the name might suggest, this book is a complete emotional package of a family where the author depicts the story of her grandmother who had raised 5 children on a meager salary of $13000 and raised them through the thick and thin that life had to offer. The author describes flawlessly the financial misery faced and how the inspirational acts of her grandmother made them who they are. The author describes the famous 7 Mantras for a Richer Life that her grandmother had taught her which are still effective for her. The story regarding the hardships of grandmother and how she ended up with a house of her own, a personal car, pension, and a secured amount of money for her grandchildren was the most intriguing part of the book.
Rich Dad Poor Dad by Robert T. Kiyosaki
Rich dad poor Dad has been awarded as one of the best financial books on personal finance. This book describes the modest understanding of the author Robert Kiyosaki about his two fathers and how they impacted him as a child. He describes efficiently his both fathers as to how one of them was educated and stayed an employee for his entire life and referred to him as Poor Dad and on the other hand his second father whom the author referred to as the Rich Dad, who never went to school but was practically smarter and chose the path of Entrepreneurship and became the wealthiest person in the whole of Hawaii. The author describes how education received through schools and colleges is not enough to be a rich and successful person in life and instead breaks the myths about being rich and working towards getting rich. The author depicts the difference of the mindset of both his fathers on the similar aspects of money, debt, investments etc., and the perspective he gained from both the Rich Dad and the Poor Dad.
The Millionaire Next Door by Thomas Stanley: The Surprising Secrets of America’s Wealthy
This book is a recommendation for the readers with a personal interest in facts, data and reports in their readings and wants to support the insights with the help of certain numbers behind it. This book puts light on the millionaires of modern society and what it took for them to reach up till there. The millionaire next door is a complete package of data and facts depicting that the modern era millionaires are often judged to be flamboyant, have expensive cars, and wear designer clothes but this book brings out the reality behind the doors with facts and rules out the fictional identity of the millionaires. The author states the fact through his book that rich people are expected to live a flamboyant life but instead they focus on reinvesting and reimagining their idea of finances to bring out something more productive. By putting out an example of millionaires prefer living in a common household society and not in a gated community with a factual number of data is the most interesting highlight of the book.
Hopefully, these books will help you gain an understanding of how to be richer not just by a bigger paycheck, but by managing your money better.