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What Books Can I Read that will improve my Financial Literacy so that I Can Learn How to Make Better Use of my Money

Financial literacy plays a significant role in professional growth as it equips with knowledge and effective skills helpful in making better financial decisions.  One of the best ways to improve financial literacy is to get it from financial experts and their books that will help in understanding different financial perspectives. Financial advice from books enables you to think differently and to make smart choices and decisions regarding money leading to financial success thus impacting every aspect of your life.  

The key to success is to “educate yourself” and for that nothing is better than books from experts. Financial knowledge makes you more inclined to set goals and more determined to achieve financial independence. Here are some of the best books from financial experts that can help in improving financial literacy 

The Total Money Makeover 


 Dave Ramsey provides a premium plan for financial stability in this book. This is a straightforward motivational tool that gives guidance regarding the management of money with daily needs to become financially stronger. Thus, his common-sense approach is helpful for people with monthly salaries as it provides a lot of saving strategies for a comfortable retirement.  This is a must-read book as it provides a solid foundation focusing on these important lessons

  • Have an emergency fund and always put away some money like $1000 in an emergency fund. 
  • Take debts seriously and start paying them down, beginning with the smallest 
  • Keep growing emergency fund until you save at least three-month buffer
  • Invest at least 15% of monthly income for retirement
  • Pay off your home as early as possible

The examples of real successful businessmen give more confidence to the readers and a practical approach to handling money. This book is mostly reviewed as debt-centric so recommended to those who are struggling to get out of debt and want to get financial freedom as it provides the plan with more detailed steps. It provides tips helpful in making the future secure in case of emergencies and comfortable retirement. 

The Richest Man in Babylon 


This great piece of financial advice is written by famous American author George Samuel Clason. This thought-provoking book is considered as the classic of personal and business financial management. It shares an invaluable lesson from the point of view of a rich man living in the wealthiest city. It gave importance to the constant source of income in present as well as in future to ensure financial stability. This book focuses on the following simple rules of money 

  • Save money 
  • Control the expenditure 
  • Invest wisely
  • Ensure the future income 
  • Improve the ability to earn

This book is an easy-read and sums up the crucial secrets to managing finances in life. It depicts that secrets of wealth building remains almost the same and are applicable throughout history as it gives common-sense financial advice. Success not only demands a financial plan but also dedication to follow the plan to achieve your goals

Why Didn’t They Teach Me This In School 


This is considered one of the best financial books written by Cary Siegel. The author realized that money management skills are the key to success but are rarely taught in school.  In this book, he focuses on 99 money management principles in detail that he learned through his financial life.  This book is an easy read as it focuses on the basic concepts for youngsters to have a complete understanding regarding financial skills. The book is divided into several sections like

  • Life lesson
  • Budgeting and saving lesson
  • Spending lesson 
  • Debt and credit card lesson 
  • Investing lesson 
  • Housing lesson 
  • Quick tips 

Each section has helpful tips regarding that particular topic that are straight to the point and very practical. This depicts the importance of disciple, decision making and financial management for success

The Wealth Choice: Success Secrets of Black Millionaires


The author of this book Dennis Kimbro is a college professor and considered as one of the best motivational speakers of America. This book is based on the years of the in-depth research study of top wealthiest African Americans and provides inspirational and faith-driven guidance to climb the economic ladder even in worst situations. This is more like a motivational book to encourage people to struggle, work hard and overcome all the obstacles in your life to achieve financial stability and success.

The author describes the importance of pursuing a passion, having a strong work ethic and the difference in mindsets of successful and unsuccessful people. By top-notch research contained in this book, Kimbro shows and motivates readers to implement effective techniques for financial success. 

Rich Dad Poor Dad


This book by Robert T. Kiyosaki is very helpful for people interested in investment and economy as it focuses on the mindset and strategies of successful people. To become successful it is mandatory to have multiple assets to ensure uninterrupted cash flow at all times so always focus on investing in some property or profitable business. Following are the six major sections of this book after the introduction

  • The rich don’t work for money
  • Why teach financial literacy
  • Mind your own business
  • The history of Taxes
  • The rich invent money
  • Work to learn

According to this book, the key to success is to make your earning into passive income. This book is worth reading especially for beginners who want to achieve financial stability and economic prosperity as it focuses on ideas about applied economics to have insights based on real-life experience. It compares the mindset of poor, middle class and rich people and their priorities for readers to have an understanding regarding tactics to achieve success.

Your Money or Your Life 


Victoki Robin and Joe Dominguez are the authors of this inspiring book “Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence” which is full of practical tips to achieve goals and to increase lifetime wealth ratio. The main focus in this book is on choice, freedom and maximum fulfillment to achieve financial independence. This book teaches a totally different approach starting from the inside-out by teaching that our deepest values and beliefs reflect our financial situation. 

To become successful first and foremost step is to understand ourselves and have consciousness regarding earning and spending money. It is always preferable to choose happiness, make your passion your work and trim your budget accordingly. This book explains basic concepts regarding finances and management by giving examples to ensure readers’ complete understanding. 

The Millionaire Next Door


Business professors and financial experts William D. Danko and Thomas J. Stanley emphasizes on seven common but important traits to achieve financial stability in this book. After in-depth research on millionaires they concluded that contrary to the media’s flashy depiction, majority of them acquire stability by hard work, saving and living frugally. This book explains in detail that high profile job or degree is not the solution but simple saving and spending habits can also make you achieve your goals. 

One Up on Wall Street 


Peter Lynch is one of the most successful funds managers and in this book he suggested to always invest in companies having little or no debt for the long term and stick to what you know. This book depicts the importance of steady discipline that helps the common man to achieve financial independence. It is considered the most practical investment book as it gives tips on stock market investment. It is divided into three sections

  1. An introduction and development of an investor mind
  2. Step by step process to pick stocks 
  3. Long-term view to investing and portfolio

Lynch explains the ups and downs of stock markets and gives tips to make serious money and avoid risks. 

 The Bogleheads’ Guide to Investing


This book by Taylor Larimore, Mel Lindauer and Michael LeBoeuf is mostly recommended to people who are beginners in the investment market as it provides the first step on the road to investment. This book explains different investment strategies and benefits and risk associated with each investment market like an individual stock, mutual funds, index investing and managed funds etc. It is divided into two main sections 

  1. Essentials of successful investing
  2. Follow through strategies to keep you on target

It recommends choosing a sound financial lifestyle by early and regular investing and protection against inflation.

The Intelligent Investor 

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Benjamin Graham emphasizes the importance of an intellectual framework for decision-making without letting emotions corrode that framework. It is mandatory to apply intellect and effort in our investments to achieve financial independence. The main focus of this book was

  1. Risk management
  2. Maximizing probabilities through valuation analysis
  3. Disciplined approach 

Financial independence is the goal of every responsible human being and it can be achieved by hard work, dedication and by following smart techniques and advice from finance experts. Financial literacy is very important as it boosts your confidence; enables you to evaluate available options and making sound financial decisions. 

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