While everything from algebra to essay writing may have been covered in school, a subject area often left off the curriculum is personal finance. Unfortunately, most people are far more likely to run into questions of budgeting and investing than, say, calculating the area of a triangle (some professions aside).
The good news: It is never too late to play catch-up. And with these personal finance books, doing so does not have to feel like homework.
‘Get Good with Money: Ten Simple Steps to Becoming Financially Whole’ by Tiffany Aliche
This book by financial educator Tiffany Aliche, aka “The Budgetnista,” offers a breakdown of financial foundations and daily money habits. Perhaps unsurprisingly, given her moniker, the book helps with establishing a baseline budget, but it also offers guidance on other staples like saving, investing, insurance coverage, credit scores and more. Ultimately, Aliche succeeds in presenting an “ethos of financial wholeness that rejects the unnecessary complexity and unrealistic nature of traditional financial advice,” said U.S. News & World Report.
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‘Your Money or Your Life’ by Joe Dominguez and Vicki Robin
This book encourages readers to get clear about their personal values around money. “The simple premise: How much money are you willing to trade your life for? Whenever you’re working, you’re trading your life and energy for money. What does that mean to you?” said Grant Sabatier, a personal finance blogger, to The Strategist. The idea is that “once you’re clear on the ‘why’ behind your saving and spending, making decisions about investing and budgeting becomes much easier,” said the outlet.
‘The Intelligent Investor’ by Benjamin Graham and Jason Zweig
Once your budget and debts are ironed out, you are in a good place to start investing, a practice foundational to building wealth. This book was originally published in 1949, though it has since been updated and now remains a classic for a reason. It provides a guide to “investing for individuals looking to develop sensible strategies and protect their investments,” said GOBankingRates. Business magnate Warren Buffett has called it “by far the best book about investing ever written.”
‘The Psychology of Money’ by Morgan Housel
The “biggest impediment for most people building wealth is their emotional decisions that get in the way of doing what should provide the greatest outcomes,” said Mitchell Kraus, a financial planner with Capital Intelligence, to The Wall Street Journal. This book helps readers learn the signs of those pitfalls so they can better steer clear of them. Think of it less as a how-to guide and more as a psychological unpacking and broader money mindset shift.
‘Broke Millennial: Stop Scraping By and Get Your Financial Life Together’ by Erin Lowry
This book is for the millennials out there (though there is a good chance other generations may relate — looking at you, Gen Z). It is “aimed at 20- and 30-somethings who are dealing with both paying off debt and beginning to plan for the future,” said The Strategist. There are chapters on everything from navigating the decision of whether to move back in with your parents to making preparations for retirement.
