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January 09, 2019

Top 10 Books on Personal Finance

Carol Ringwald

Carol Ringwald
Owner/Credit Medic Group

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Many people entering the workforce today are making money, but are struggling to manage it. For many, personal finance is a mystery. They struggle to understand the basic personal finance principles, concepts and ideas.

Are you one of those who are struggling to manage money? Then seek assistance from the experts in the field. Read their books and learn the basics of personal finance. Gain the knowledge of saving and compounding your wealth over a period of time.

Here is a list of top 10 books on ‘Personal Finance’ which will help you manage your finances in the right way.

The Total Money Makeover: Dave Ramsey?—?Dave Ramsey gained popularity as the author of the best-selling book, ‘The Total Money Makeover’. In this book, Dave provides simple personal finance advice on how to get out of debt, no matter how bad the situation is, by falsifying popular myths. He explains the concept very clearly using simple techniques, so that even a layman can understand and follow. The strategy involves how to pay-off debts by focusing on paying-off small debts first, while paying only the minimum for all other debts.

The Millionaire Next Door: Thomas Stanley?—?The best-selling book ‘The Millionaire Next Door’, authored by Thomas Stanley, identifies some common traits of Americans who have accumulated wealth. He says that most wealthy people do not live in Beverly Hills or on Park Avenue?—?they live next door. The author finds common connections among millionaires after conducting a survey of them in the U.S. He discovered that millionaires ‘live below their means’ and this is the secret of becoming wealthy. The book “The Millionaire Next Door” examines both sides of the wealth equation: saving money and earning money.

Rich Dad, Poor Dad: Robert Kiyosaki?—?“Rich Dad, Poor Dad” covers Kiyosaki’s philosophy and his relationship with money. The author has achieved his unique economic perspective from two different persons. The story is about two dads?—?one, the author’s father, who was the superintendent of education in Hawaii, ended up dying penniless and the other is his best friend’s father, who was a drop-out of school at age 13 and went to become one of the wealthiest men in Hawaii. Kiyosaki uses the story of these two men and their financial strategies to illustrate the need of a new financial paradigm in order to achieve financial success in the new millennium.

Your Money or Your Life: Vicki Robin and Joe Dominguez?—?This is one of the best personal finance books which focuses on how to gain control of your money and begin to make a life, instead of just making a living. The authors explain the concept of “time is money” in a very literal sense and how to transform your relationship with money and finally achieve financial independence. These authors encourage readers to sort out their priorities, cut expenses, and then to seek passive income and retire early in the pursuit of financial independence.

The 9 Steps to Financial Freedom: Suze Orman?—?Ms. Orman, a former waitress and stockbroker turned personal-finance adviser, combined practical investment tips with more psychological advice in her first book “Financial Freedom”. This book teaches us how to approach money from a spiritual and emotional point of view. She advises people to do nine things in nine steps that are needed to attain financial freedom. She says, when we have power over our fears and anxiety, we have attained success to financial freedom.

How to Get Out of Debt: Jerrold Mundis?—?“How to Get Out of Debt” is a step-by-step guide to getting out of debt once and for all. It is based on the proven techniques of the National Debtor Anonymous Program. Jerrold Mundis was actually a debtor, and the story is based on his own experience. This book contains real tips and is based on stories from real people.

Clark Howard’s Living Large in Lean Times?—?“Living Large in Lean Times” is a powerful guide to saving money. The book covers everything from cell phones to student loans, coupon websites to mortgages, paying electric bills, and beyond. This book paves the way to financial independence and wealth. It offers more than 250 tips on saving money.

All Your Worth: Elizabeth Warren and Amelia Warren Tyagi?—?Warren and Tyagi will tell you the truth about money in this book. They show you how to balance your money, how to get out of debt, cover your bills etc. They make people learn how to balance money into three essential parts: 1) the Must-Haves (the bills you have to pay every month), 2) the Wants (some fun money for right now), and 3) your Savings (to build a better tomorrow). They help you to get your finances on the right track. Warren and Tyagi advise not to keep complicated budgets. In this book, they simply show a whole new way of looking at money and yourself.

After Shock: David Wiedemer?—?An aftershock helps you know how to protect and grow your assets before, during, and after the next global financial/economic crisis. Placing your cash in the best new investment opportunities will make you know which jobs, careers, and business sectors will gain the most rather than lose when asset bubbles collapse around the world. The author says that for those who act quickly, there is still time to protect yourself, your family, and your business in the coming ‘Aftershock’. Thus, this book shows you what to do right now to protect yourself from aftershock before it’s too late.

The Money Book for Young Fabulous and Broke: Suze Orman?—?Suze Orman, the world’s most trusted expert on money matters depicts the specific financial reality that young people encounter today via credit card debt, student loans, credit scores, buying a first home, lack of insurance (such as auto, home, health) and the financial issues of the self-employed. She says that this generation should be aware of the urgent need to take the matter under their own control.

Happy reading and I hope these books help you get closer to reaching your financial goals.

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