A wise man once said that wisdom outweighs wealth. While this can be truly incorporated in some areas of our life, it is also a fact that wisdom will only lead to good wealth. This notion stands true for the most part in specific areas of life including financial literacy, and management. If you love taking the road traveled by successful people all across the world, you might find a keen interest in reading financial books. In the spirit of garnering important education and awareness from some of the wisest financial minds, here is our list of the best ten books you ought to consider when dealing with money.
1. The Intelligent Investor by Benjamin Graham- great for stock selection
The book has seen the turn of times and events in the financial industry since its first copy hit the markets in 1949. The best part is, that the book keeps on updating and has gone through various revisions from time to time. It is ideal for long-term investors and also takes into account the basics of market functionalities. The legacy book also covers various topics on value investing and stock selection as per the market trends. A must-read for new investors.
2. The Total Money Makeover by Dave Ramsey-ideal for debt management
Many people focus on improving their revenue cycle management and increasing their capital. But they find themselves abandoned in the middle of the financial ocean when they face debt. Debt is a crucial aspect to be addressed in time and the Total Money Makeover really helps with this. The book, as reviewed by many critics, offers some of the most practical ways of getting out of debt. Instead of aiming at how to avoid it, the book will shed light on turning debt into strengths. Topics such as avoiding financial pitfalls, raising emergency funds, and saving for retirement form a key chore of this volume.
3. Rich Dad Poor Dad by Robert Kiyosaki- a fun-filled financial ride
Unlike just any informative piece of written pages, the book offers a different take on financial literacy. It is depicted in the form of a story where the writer follows the teachings from both his father being a rich dad, and the other being a poor dad. This is the book that provided us with the universal notion of ‘not working for money but making the money work for us.’ It highlights the role of financial literacy in our world and ways to learn the fundamentals of saving and spending. The book also explores topics like liabilities, assets, financial intelligence, and much more.
4. A Random Walk Down Wall Street by Burton G. Malkiel – about investing tactics
If you are more of an investor than a saver, this book is an ideal fit. Focused on experienced and entry-level investors, the book deciphers the historical information that our ancestors have left for us. It also unravels the myths about market theories and modern-day economics. In a nutshell, the book will help investors to make wiser decisions, avoid common mistakes, and ways to play on their core strengths. The book comes from an author who has already published more than 10 books on financial literacy. So be sure that you are in for a joyful ride of insights and awareness content.
5. The Psychology of Money by Morgan Housel- about money-making and saving
The name says it all – learn the ethics of money-making. Dive deep into the stats about the economy and know the reality behind debt management and invalid deductions. But above all, know about your ego and emotions related to finance. Realize the importance of waiting and know how presumed notions can affect your income. The book is an all-rounder and overall a good read to keep you engaged for a few days. The book is divided into 19 short stories with every tale giving an interesting lesson to the readers. The correlation between chapters is something you will surely appreciate and do not miss the ending as it can really invoke some motivation.
So that was our short list of the top 5 books you may read to enhance your financial knowledge. While these books are worth it, you still need to use the right mindset to save on finances. We hope this list will help you shortlist the next set of books you wish to buy. For more such updates, subscribe to our blog and stay up to date with our newsletter.
Read further – how to save for college, the ideal way.
