I’ve read a lot of books relating to financial matters, and I haven’t found any that could be described as the perfect “one-size-fits-all” solution. And, let’s face it, there are plenty of financial books that are written for academic learning, not everyday life (in other words, boring).
So, what I’ve tried to do is select books of various categories that I think are reasonably easy reads for anyone. You can look through the categories to narrow down your search for books that might be most helpful with your particular financial concerns.
Developing a “Positive Money Mindset”
I believe that a large factor in managing your money well is simply developing a positive mindset about your finances. When you develop the right mindset, and work on developing good financial habits, over time you will see things take a turn for the better. A number of these books aren’t specifically about finances, but rather just about developing good habits in general.
A classic. While some of the content will seem dated, for the most part the concepts in Napoleon Hill’s Think & Grow Rich still stand the test of time and is a book that I think everyone should read at least once (if not several times).
Although not quite as old Napoleon Hill’s classic, Stephen Covey’s 7 Habits of Highly Effective People is also a book that I think should be on everyone’s bookshelf, dogeared and well read.
While on the topic of habits, these next two books will help you formulate good habits in all aspects of your life:
Gretchen Rubin’s Better than Before is an excellent, simple guide to finding ways to break old habits and develop positive new habits using a framework that is based on understanding yourself more fully.
Cue, routine, and reward. Charles Duhigg explains in his book The Power of Habit how understanding how these 3 elements formulate our habits and by understanding them we can take control of our habits to better suit our lives.
There’s a lot of misconceptions around the word “millionaire”. Many people visualize the mustachioed, top hat wearing character from the board game Monopoly, or the uber-rich celebrities that are splashed about in the media. In reality, the “average” millionaire is much more ordinary (and more common) than one might expect. Stanley and Danko’s The Millionaire Next Door breaks down the stereotypical images we’re accustomed too.
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Sometimes you’re painfully aware that your finances are not in good shape and you know in your gut that you need an overhaul, but you don’t know where to start. Here’s a selection of books to help you get financial act together:
If you know you need some “tough love” when it comes to getting your financial mess sorted out, there’s no better guy to give you a good kick in the seat of the pants than Larry Winget. His book You’re Broke Because You Want to Be will make you take a long hard look at the one person who has been holding you back financially… the person you see in the mirror every when you’re brushing your teeth.
You may have seen Gail Vaz-Oxlade on TV. I love her no-nonsense, frank approach to getting control of your money. Most important, she helps people take back control of their money which in turn helps them feel more in control of their lives. It’s Your Money is written specifically for women and is an enjoyable, inspiring read.
If you’re struggling with debt, another book of Gail’s you’ll want to get your hands on is Debt Free Forever. Her simple, straight forward approach can get you out of the hole and back on the road to meeting your financial goals.
Another author you may have seen on TV or heard on radio is Dave Ramsey. His book The Total Money Makeover will help you whip your debt and banking and savings accounts back into shape, even if they’ve been neglected for a long time.