The internet is a great source for information about personal finance and how to grow your wealth.
Whether you want to learn about the endless robo investing tools such as Acorns and Betterment, or how index funds work, you can find countless articles online with the information you need.
Why should you read personal finance books?
Reading is important because it develops our thoughts, gives us endless knowledge and lessons while keeping our minds active.
Books can hold and keep all kinds of information, stories, thoughts, and feelings unlike anything else in this world. The importance of a book to help us learn and understand things cannot be underestimated.
Nothing beats the depth of knowledge and practical know-how than reading a good personal finance book. In fact, reading has been proven to be the best way to learn, improve, and take your life to a whole new level.
Personal finance is one of those subjects that the basic foundation never changes, regardless of the latest fancy tools and services you see out there.
Below is a collection of personal finance books that we update regularly. This collection is based on the books we personally read and enjoy, as well as some of the books that our readers have recommended over time.
Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money, by Robert T. Kiyosaki
Book Summary: The book tells the story of a boy with two fathers, one was rich while the other one was poor.
The book contrasts the different mindsets between both fathers, to help you develop the mindset and financial knowledge you need to build a life of wealth and freedom.
My Thoughts: Whether you’re getting started in your career, or you’re a 50-year-old who’s concerned about not having enough wealth generated to retire, this book will give you the perspective you need to help you build wealth. For less than $10, this is an invaluable investment in your future.
Quote from the book: “Your focus shouldn’t solely be on working for money, but rather making your money work for you.”
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The Richest Man in Babylon, by George Samuel Clason
Book Summary: The book is based on a series of parables set in ancient Babylon, offering a thoughtful solution to personal finance problems based on stories.
Thes book will teach you the secrets to saving money, protecting your money, and earning more money.
My Thoughts: I purchased the audio version of this book and it is one of the best investments I have made recently. The stories told are so incredible that you truly feel that you’re there with Arkad, Bansir, and his friend Kobbi.
Quote from the book: “Advice is one thing that is freely given away, but watch that you only take what is worth having.”
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Think and Grow Rich, by Napoleon Hill
Book Summary: Inspired by the riches man at the time, Andrew Carnegie, Hill embarked on a quest to interview hundreds of successful people in order to understand what made them successful and build massive wealth.
The book is essentially a curation of the 13 most common habits of wealthy and successful people, distilled from studying over 500 individuals over the course of 20 years, including Henry Ford, Thomas Edison, John D. Rockefeller, Alexander Graham Bell, and many others.
My Thoughts: I’m a big fan of Napoleon Hill, and this book is one of his best ever. The common misconception is that money and building wealth is about luck and working hard, but really building wealth is more about adopting the right mindset than anything else.
The book outlines 13 personal achievement elements including Desire, Faith, Specialized Knowledge, Decision Making, Persistence, the Subconscious Mind, etc.
The lessons taught in the book can be applied to other areas of life, or help in just about any type of work.
With hundreds of millions of copies sold worldwide, this is one of the most successful personal finance books of all time.
Quote from the book: “The starting point of all achievement is DESIRE. Keep this constantly in mind. Weak desire brings weak results, just as a small fire makes a small amount of heat.”
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The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas J. Stanley and William D. Danko
The book shows you the simple spending and saving habits that lead to more cash in the bank than most people earn in their life while helping you avoid critical mistakes on your way to financial independence.
Book Summary: The authors of the book embarked on a quest to study the millionaires of the time, and through their studies, they found out that becoming a millionaire is not as difficult as people think.
One of their findings was that people with a net worth of $1 million or more tend to live in middle-class neighborhoods, not in gated communities as to how it’s portrayed on TV and movies.
My Thoughts: As a trained accounting who worked in corporate accounting and finance for many years, it surprises me that people haven’t connected the dots between the companies they work for and their own finances.
If you want to build wealth and have financial freedom, you need to adopt a lean corporate finance mentality.
If you want to become a millionaire one day, you need to become extremely good at planning, live below your means, and avoid making impulsive mistakes that can wipe out any financial progress instantly.
This book will teach you the skills you need to become a millionaire, without the flashy nonsense you read online. No wonder why this book is listed on Amazon as a Best Seller under Wealth Management.
Quote from the book: “Whatever your income level, always live below your means.”
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I Will Teach You to Be Rich, by Ramit Sethi
Book Summary: The book teaches you how to strategize with your money and how to set up systems to build wealth over time.
Described as the “Tim Ferris of Personal Finance”, Ramit’s style of writing and teaching is simple and packed with actionable tips that anyone can implement right away.
My Thoughts: When I first came across this book, I was very skeptical, the title of the book seemed shady and I thought I wasn’t going to get ANY value from the book.
Fortunately, I was 100% wrong! This book helped me shift my mindset from scarcity to an abundance mentality. Instead of wasting so much energy trying to pinch pennies and find coupons for everything I buy, I learned how to set up systems to automate my savings and investing.
Most importantly, this book helped me realized that money is ONLY a tool and it’s worth spending on what you enjoy and saving on what you don’t.
Quote from the book: “Spend extravagantly on the things you love, and cut costs mercilessly on the things you don’t”
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The Automatic Millionaire, by David Bach
Book Summary: The book breaks down the simple concepts that David Bach himself helped his clients build wealth through his personal finance and wealth management firm.
David outlines a simple strategy that ANYONE can follow to automate most of their finances.
From saving to paying off debt, this book teaches you how easy it is to up your finances to grow wealth over many years.
My Thoughts: I’m a big fan of David Bach, and this book lays out a plan that can be put into action in an afternoon and make a lasting impact.
With all the tools we have available these days, is super easy to automate so much of our personal finances.
This book teaches you that to build wealth, you don’t need a budget, you don’t need willpower, you don’t need to make a lot of money, and best of all, you can set up a plan in an hour.
Quote from the book: “What determines your wealth is not how much you make but how much you keep of what you make.
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The Latte Factor: Why You Don’t Have to Be Rich to Live Rich, by David Bach and John David Mann
Book Summary: From baby boomers who worry if they’ve saved enough for retirement, to millennials who are drowning in student loan debt, to the young generation Z who want to make smarter choices than the generations that have come before, The Latte Factor can help anyone, of any age, achieve financial independence.
The Latte Factor is an inspiring story you can read in less than an hour, but its impact can last for a lifetime.
My Thoughts: I’m a big fan of David Bach, and this book teaches anyone how to overcome limiting beliefs about money and how they can build financial freedom through small daily choices.
One of the things I learned from this book is that no matter how much you can afford to save or invest, it makes a big difference.
After reading this book I actually set up weekly transfers from my checking account to my savings account. I started at $25/week and after 3 months I changed it to $50/week.
To my surprise, even $50/week didn’t even make a difference, in fact, it was amazing to see how much money I had saved in 6 months by simply moving $50/week into my savings account.
The bottom line, small amounts make a huge difference in the long run, so start saving and investing today!
Quote from the book: “The solution to your money problem isn’t more money; it’s new habits.”
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Unshakeable: Your Financial Freedom Playbook, by Tony Robbins
Book Summary: No matter your salary, your stage of life, or when you started, this book will provide the tools to help you achieve your financial goals more rapidly than you ever thought possible.
This book has the same investing themes that were in his other book, “Money: Master The Game”, which were to avoid financial predators, use low-cost indexed investments, minimize your taxes, and good asset allocation is important.
In this book, however, Tony adds to that mix his thoughts on dealing with stock market corrections and bear markets and why you should not fear them.
My Thoughts: Having read multiple of his books, this one by far had a huge impact on how I think about investing and the psychology behind it during turbulent times.
One of the biggest take away for me was to “invest ONLY in safe deals with a low-risk, high-reward ratio.”
Believe it or not, there are plenty of those investments out there, you just need to be patient, save your money and look for them.
Highly recommend this book on the audio version, Tony does an incredible job keeping you engage on the subject as he drills into how psychology plays in the market.
Quote from the book: “I can tell you the secret to happiness in one word: progress.”
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Money Master The Game: 7 Simple Steps to Financial Freedom, by Tony Robbins
Book Summary: Based on extensive research and interviews with some of the most legendary investors (John Bogle, Warren Buffett, Paul Tudor Jones, Ray Dalio, Carl Icahn, and many others), Tony Robbins has created a 7-step blueprint for securing financial freedom.
With advice about taking control of your financial decisions, to setting up a savings and investing plan, to destroying myths about what it takes to save and invest, to setting up a “lifetime income plan,” the book brims with advice and practices for making the financial game not only winnable but providing financial freedom for the rest of your life.
My Thoughts: Another incredible book by Tony Robbins, broken down into a simple 7-step blueprint based on incredible interviews of the best investors of our time.
One of the biggest takeaway for me was how people underestimate the power of compounding interest.
As an Accountant, I understand the power that compound interest has over a long period of time, and how it can help you realize your financial goals. Yet it seems like people merely act on impulse when it comes to their investments and make dumb decisions.
Quote from the book: “You either master money, or, on some level. money masters you!”
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Millionaire Success Habits: The Gateway to Wealth & Prosperity, by Dean Graziosi
Book Summary: Legendary business coach Dean Graziosi has broken down the walls of complexity around success and created simple success recipes that you can quickly put to use in your life to reach the level of wealth and abundance you desire.
This book is not about adding more time to your day. It is about replacing those things that are not serving your future with success habits designed specifically to assist you on your journey to a better you.
My Thoughts: I first learned about Dean a few years ago when I came across his Instagram page, and immediately got hooked on his teachings.
One of the things that attracted me to Dean and later to buy this book, was that he successfully incorporates personal finance, business, passion, empathy, and a deep desire to do good in the world in all of his Instagram posts, Youtube videos, his books, teachings, etc.
For me, one of the most powerful messages I learned from the book was to focus on my strengths, not my weaknesses, and that will make me a happier and productive person.
When you think about it, so much of our stress is based on things we can’t control, such as our weaknesses. You experience stress after a job interview because you couldn’t successfully answer a question. You experience stress at work because your boss put someone else in charge.
The bottom line is that if you truly want to live a happier life, let go of the things you can’t control, and focus on your strengths.
Quote from the book: “The people who are afraid to go through the challenge are the ones who stay stuck in their lives.”
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The Millionaire Fastlane: Crack The Code to Wealth And Live Rich For a Lifetime, by MJ DeMarco
Book Summary: This book challenges the status quo in the personal finance and wealth industry, that following the advice of the titans of the industry will help you get rich, but you will be too old to enjoy it.
The author puts it into this perspective: You can drive the Slowlane and you will find your life deteriorate into a miserable exhibition about what you cannot do, versus what you can.
For those who don’t want a lifetime subscription to mediocrity, there is an alternative; an expressway to extraordinary wealth capable of burning a trail to financial freedom faster than any road out there. And shockingly, this road has nothing to do with jobs, 401(k), mutual funds, or a lifestyle of miserly living and 190 square foot tiny houses.
My Thoughts: My initial impression of this book was, “oh, another get rich quick scheme…”, but as I was reading the book I realized that many of the traditional methods no longer work.
When you think about it, who wants to get a degree that most likely is not what they truly want to do, work 80 hours a week for 40+ years, and hope to have enough money saved to do the things they always wanted to do?
Do you want to drive that Lamborghini at 65 years old, or in your early 30s?
One of the things I take away after reading this book was to learn how to think like a producer, not like a consumer.
Instead of spending money on “another course” that promises to teach you the skills you need to launch your own business, you should be focusing on ACTUALLY launching your own business, and figuring things out as you go.
Quote from the book: “There’s a profound difference between interst and commitment. Interest reads a book; commitment applies the book 50 times.”
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Soldier of Finance: Take Charge of Your Money And Invest in Your Future, by Jeff Rose
Book Summary: This book is a no-nonsense, military-style training manual to overcoming financial obstacles and building lasting wealth.
Written by Jeff Rose, a Certified Financial Planner and army veteran with extensive combat experience, the book is divided into 14 modules, each section covering an essential element of financial success.
Complete with tales from the trenches and useful tools including quizzes, debriefings, and so much more.
My Thoughts: Admittedly I’m biased towards this book since I’m a Navy Veteran…and vets always stick together!
I came across Jeff’s Youtube channel many years ago and I was immediately hooked with how he teaches personal finance, how his background in the Army and as a Certified Financial Planner has helped him become a leader in the personal finance industry.
Jeff combines the discipline of his army training with the rigors of his financial planning experience to help people do something about it. Whether it’s investing, budgeting, life insurance, or saving money, Jeff helps you take control of your life and personal finances.
Quote from the book: “You are the captain, your dollars are your soldiers and your platoon has a mission. Take charge of your finances and accomplish the mission.“
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Financial Freedom: A Proven Path to All The Money You Will Ever Need, by Grant Sabatier
Book Summary: This book is a step-by-step path to make more money in less time, so you have more time for the things you love.
It challenges the accepted narrative of spending decades working a traditional 9 to 5 job, pinching pennies, and finally earning the right to retirement at age 65, and instead offers readers an alternative: forget everything you’ve ever learned about money so that you can actually live the life you want.
My Thoughts: As a personal finance blogger, I was already familiar with Grant Sabatier, who runs the popular personal finance blog MillienialMoney.com.
Unlike other personal finance authors, Grant is proof that you can become financially independent as fast as possible, and it all starts with you realizing that money is unlimited, time is not.
The book is a mixture of personal finance, investing, entrepreneurship, and life strategies. While the book is about how to reach financial independence as quickly as possible, it’s also about how to make more money in less time, and a lot more than that.
Highly recommend the audio version of this book.
Quote from the book: “Money is unlimited, time is not.“
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The Total Money Makeover: A Proven Plan For Financial Fitness, by Dave Ramsey
Book Summary: Dave Ramsey, a globally-recognized best seller, debunks the many myths of money (exposing the dangers of cash advances, rent-to-own, debt consolidation) and attacks the illusions and downright deceptions of the American dream, which encourages nothing but overspending and massive amounts of debt.
My Thoughts: Dave Ramsey provides us with a proven plan to face debt and work towards eliminating it completely.
This book is a fantastic guide that teaches you how to save the right way, the importance of building an emergency cushion, and how debt can destroy your life if you don’t take swift action to get rid of it.
For me, the biggest takeaway was the emphasis on building an emergency fund. The fact is that anything can happen at any time, kids get sick, you lose your job, the car breaks down, and if you don’t have the cash to pay for it, you’ll end up accumulating credit card debt.
At the bare minimum, you should ALWAYS have a minimum of 3 months of expenses saved at all times.
Quote from the book: “We buy things we don’t need, with money we don’t have, to impress people we don’t like.“
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Your Money, or Your Life: 9 Steps to Transforming Your Relationship With Money and Achieve Financial Independence, by Vicki Robin and Joe Dominguez
Book Summary: For more than 25 years, this book has been considered the go-to book for taking back your life by changing your relationship with money.
Hundreds of thousands of people have followed this nine-step program, learning to live more deliberately and meaningfully with Vicki Robin’s guidance.
Whether you’re just beginning your financial life or heading towards retirement, this book will show you how to get out of debt and save money through mindfulness and good financial habits, how to declutter your life and live well for less, how to save the planet while saving money, and so much more.
My Thoughts: This book is more important today than ever before, as we all need to reflect and know the difference between making a living and making a life.
Having experienced a tremendous amount of stress working crazy hours in the corporate world, I experienced first-hand the implications of chasing money and putting your life on the sidelines.
This book will change your perspective on things, and ultimately, will help you see that money comes and goes, but your life, your family, that’s what matters above all.
Quote from the book: “We have learned to seek external solutions to signals from the mind, heart or soul that something is out of balance. We try to satisfy essentially psychological and spiritual needs with consumption at a physical level.“
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Recap
Personal finance is a topic that the basic principles will never change. If you want to build wealth and life a good life, you need to have the right mindset, learn how to live within your means, save money, invest money, and let the effects of compounding interest do the rest.
Ultimately it depends on what you want to achieve in your life, what your goals are and what’s important to you.
For me, spending time with my kids and my wife is more important than having a six-figure corporate job working 80 hours per week.
For me it’s about the incredible memories I’m making, the lessons I’m teaching my kids, and the impact I make on my community and the people around me.
From the list of books above, which one was your favorite, and why was it your favorite book?
Leave your comments below.
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