Every American should read a new personal finance book every year. Because of the poor financial situation many people find themselves in, learning more about personal finance is key to turning their lives around. There are many great books available, and each can offer unique insights that can help you improve your financial situation.
“Your Money or Your Life”
“Your Money or Your Life” is a personal finance classic. Originally written by Vicki Robin and Joe Dominguez, this book has some pretty deep philosophy to digest. “Your Money or Your Life” encourages people to look at their real wage that deducts all work-related expenses to figure out how much life energy they are putting toward work. By cutting out expenses that do not correspond to their core values, individuals should be able to build up a monthly surplus that will eventually lead to financial independence.
“The Total Money Makeover”
Written by popular radio personality Dave Ramsey, “The Total Money Makeover” is a great book for those who are looking to get out of debt. The book offers a step-by-step plan that’s made up of seven “Baby Steps” that start with saving up a $1,000 emergency fund and end with full financial independence. Dave Ramsey hates debt, and offers the debt snowball as a method that can help anyone who is dedicated to getting out of debt.
“Raising Financially Fit Kids”
Jolene Godfrey‘s contribution to the personal finance sphere offers parents a clear path toward helping their kids learn about managing their personal finances. The lessons in this book are appropriate for a diverse age range and will help kids who are falling through the cracks because most school systems deal little with personal finance. Those who take the lessons offered by Godfrey will be equipped to start on their way to financial independence immediately after leaving the nest.
“The Millionaire Next Door”
Written by Thomas Stanley and William Danko, “The Millionaire Next Door” dispels many of the myths that are associated with wealthy individuals. Most do not show off their wealth. Many have rather ordinary careers with rather ordinary salaries. The key to financial success is spending less than you earn, and this book shows how ordinary people are able to achieve it.
By learning about personal finance, just about anyone can improve their financial situation. These books are a great place to start, but there are many more. Checking the self-help section of your local library can give you access to some of the best personal finance books available.