Financial literacy is a must for any person who wants to be financially successful. This blog post will list the top 18 books on financial literacy that have been published over the last five years and explain what makes them great.
List Of 18 Best Books On Financial Literacy
1. The Millionaire Next Door by Thomas J. Stanley
First on the list of financial literacy books is The Millionaire Next Door by Thomas J. Stanley, published in 1996. This book continues to be one of the top-selling investment books today because it discusses how wealthy people build their financial life and what they do with their money that sets them apart from other folks who are just average
Another great book on financial literacy is the book Rich Dad Poor Dad. Robert T Kiyosaki wrote it, and it talks about his learning experience with two different dads, one rich (his father) and one poor (the father of a friend). This book gives readers an understanding of what money means in today’s society, that’s the difference between the poor and middle class. Also, it explains how to gain financial freedom through thoughtful investing.
3. Your Money or Your Life by Vicki Robin and Joe Dominguez
This is also another excellent book on financial literacy. The basic idea of this book is for you to stop acting rich to accumulate wealth. You will learn how money can become an instrument that can deliver more time and freedom in your life, which results in greater happiness, fulfillment, and joy.
4. The Richest Man in Babylon by George S Clason
This book by George S Clason is a classic and has been around since 1926. It contains numerous lessons on personal finance practices that were common during this book but are still relevant today, like saving, budgeting, investing, and insurance.
This book was originally published as pamphlets and distributed to employees by banks and other financial institutions to help people effectively manage their money better. This may be why it is such an easy read because it follows simple step-by-step instructions through each chapter with helpful illustrations at the end of each section.
An interesting note about The Richest Man in Babylon is that several self-help gurus have cited its contents as responsible for their success, including John Assar. He credits much of his prosperity to the lessons in this book.
5. Secrets of the Millionaire Mind by T Harv Eker
In this book, you will discover how to develop the right mindset for achieving your financial independence. Using a great analogy, Harv explains that developing wealth is similar to gardening: if you want to have a rich harvest, then first plant seeds in good soil and provide them with what they need so as not to perish or be choked out by weeds. The book has been updated since its original release and features an audio version read by Eker himself.
6. Think and Grow Rich by Napoleon Hill
Napoleon Hill wrote this book after interviewing the wealthiest and most successful people of his time. This is not a how-to book but a mindset and simple path on what you need to do to become wealthy.
For example, one of the men he interviewed was Andrew Carnegie. The latter built an empire starting from poverty by following his passion for steel manufacturing, which led him to own steel mills across America! The author wants us to understand that success doesn’t come overnight. It’s something we have to work at constantly with focus and determination if we want our dreams and goals fulfilled.
7. I Will Teach You to Be Rich
This is another book that you should have on your list of best books for financial literacy. Ramit Sethi, the author, is a very successful businessman in New York City. He has written this book to help people improve their finances by providing practical examples and real-life situations, not just theories. He also encourages readers to take action before it’s too late because most people make mistakes when they are young, which prevent them from reaching their full potential when they get older.
This book provides excellent advice that can be used right away, such as how to negotiate anything, including student loan debt, getting out of credit card debt, or even paying off mortgages quicker than expected with a little bit more money every month (Ramit calls these “painless raises”).
8. Financial Peace Revisited
Another great read from Dave Ramsey. He does an excellent job of getting you to focus on your personal financial health and how it all comes together. I especially like the “Laying The Foundation” section, which covers everything from insurance to cover yourself in case of an emergency or loss of income. Mostly this is common sense stuff that we know but doesn’t always practice!
There are plenty more gems here, too: spending less than you make; minimum payments vs. paying off what you owe and living debt-free (he gives some great ways to get there); saving for retirement; using credit cards wisely; budgeting — the list goes on and on. If you haven’t read any books about finances yet, then start with this one first.
9. Wealthy Barber Returns by David Chilton
This book by David Chilton, the author of “The Wealthy Barber,” was first published in 2009. It is a book that continues to reveal financial secrets and teaches you how to manage your wealth better.
It consists of three parts: The First Half – this section focuses on tips for paying off debt, saving money, and planning for retirement; the Second Half – here Chilton presents methods used by wealthy people, including diversification through mutual funds, use of index funds instead of actively managed ones, etc.; Last But Not Least– This part deals with life insurance and other essential things like wills and estate plans.
10. How to Retire Happy, Wild, and Free by Jim Rohn
This book is an excellent book for those looking to retire happy. It is very motivating and encourages you to think differently about your life and what was missing. Jim Rohn also emphasizes the importance of thinking beyond retirement, which was surprising but greatly appreciated by me as someone who doesn’t plan on retiring anytime soon!
11. Principles of Accounting by Donald E. Kieso and Weygandt
In this book, the authors Donald E. Kieso and Jerry J. Weygandt give their readers an overview of accounting in a simple way, where they use examples to make it easy for them to understand how it works step by step. They also include real-world applications that connect business aspects with what is happening at school (ex: when learning about depreciation). This book will help you get ready for college if this is something you are planning on doing.
The author Robert T Kaplin came out with his version called “Accounting Made Simple,” which has been praised as one of the best financial literacy books because he uses straightforward language to explain complicated topics such as accounts receivables, payable, inventory management, and much more!12.
12. Personal Finance for Dummies by Eric Tyson
Another great read on personal finance is Personal Finance for Dummies by Eric Tyson. This book has been updated to cover the latest information and tools available in today’s economic environment, including coverage of advances in technology such as smartphones, mobile banking apps, online bill payment services, etc. I think this is a great all-around resource if you’re starting with your financial intelligence or need a refresher course to get back wealth.
13. The Wealthy Barber
This is also a Canadian bestseller, released in 1990 and another updated release in 2008. With the original book’s success, there was no surprise when The Wealthy Barber Returns came out as well.
This is one of those books you can repeatedly read because it’s written like fiction; it’s straightforward to understand for everyone who reads it! You’ll enjoy reading about Dave Ramsey’s hilarious characters (especially Jay!) while learning how to get wealth without spending too much time at your desk working. This is probably my favorite on this list!
14. A Random Walk Down Wall Street
This is another excellent book on how to invest your money for a better financial future. The author is the Nobel Prize-winning economist Burton Malkiel. He goes to great lengths in explaining why financial markets are a better investment than picking individual stocks and shares for yourself.
This book also discusses investing strategies you can use when buying homes or properties; it’s more like an encyclopedia of real estate finance.
15. What Color is Your Parachute
Another one on this list of popular personal finance books is a classic and is an essential book for anyone who wants to transition into another career.
This book was written by the founder of Vanguard, John Bogle. He talks about how capitalism should work and what it needs to succeed over time.
This book is different from other finance books because it focuses on how individuals can get ahead financially by being thrifty with their money.
16. The Total Money Makeover
Next in the list of best personal finance books is this remarkable book by Dave Ramsey. It teaches us about debt management,such as student loans. It also discusses how to save for the future, and live like no one else. Using his seven simple baby steps, you will learn that financial success is not complicated, but it does take discipline, which this book helps teach very well.
17. Women and Money by Suze Orman
This book gives a lot of advice on how women can stop living paycheck to paycheck, save money for retirement, buy a home, invest in the stock market and take care of their loved ones when they need help.
The author was born into poverty but managed to turn her life around with hard work and determination. She is now one of America’s most sought-after motivational speakers who has been featured on countless radio shows and TV programs, for her projects worth million dollars. In 2009 she became an inductee in the National Women Business Owners Corporation hall of fame, which pays tribute to outstanding female entrepreneurs throughout the US whose contributions have made a significant impact on the American economy through their skills entrepreneurship drive vision and determination.
18. CliffsNotes on Personal Finance
This is a great introductory book to learning how to manage your finances.
As the name implies, CliffsNotes summarizes and simplifies the information found in their respective books and subjects so that readers can easily understand them without getting confused or lost with the details. The same concept applies here; this financial education guide will provide everything you need to know about managing more wealth effectively.
The books listed above provide great insight for those who feel they should learn more about personal finance. Whether you are just starting or have been saving money all your life, any of these books can help you grow as a financial person and understand what goes into making sound decisions regarding investing, retirement planning, etc.
What is the best way to learn financial literacy?
The best way to learn about financial literacy is by reading books. Books provide detailed information on dealing with different situations and challenges associated with money management, saving for retirement, etc.
What are some of the best books on finance?
Some of my favorite books include;
* The Millionaire Next Door by Thomas J. Stanley & William Danko
* Rich Dad Poor Dad by Robert Kiyosaki
* Unshakeable: Your Financial Freedom Playbook by Tony Robbins
* Money Master the Game: Seven Simple Steps to Financial Freedom (Tony Robbins) by Tony Robbins and many more!
How can I become financially literate?
That’s a question many people are asking themselves these days. To be financially literate means knowing the need to make intelligent financial decisions with your money, which can help you in both life and business. One of my favorite ways to learn how to do things is by reading books on the subject.