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5 Best Personal Finance Books

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“Reading is a basic tool in the living of a good life.” Joseph Addison, poet.

I love to read so I have made a goal to read 24 nonfiction books this year.  It has been my personal quest to read all of the personal finance books I can find.  It’s personal.  What do you do when you want to know the most popular Personal Finance books?  You Google it, of course!!  When I realized that out of the top five there were two books that I had not read, two that I already had, and one that I was currently reading, I decided to read the others and let you know what I thought of them.  Being a self-proclaimed creative cheapskate, I thought it was my duty to pass along some good, quality information that anyone can get their hands on.  And books are an amazing way to educate yourself.

Some of the most successful people credit their successes to reading non-fiction.  And the read a lot.  There is a really good article about it in the Huffington Post.

Knowlege is power, right?

For the UBER frugal, please visit your local library.

Top 5 Personal Finance Books for 2017

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Secrets of the Millionaire Mind by T. Harv Eker.   

This was Number 5 on Google’s list however, I really enjoyed this book.  There was a really great psychology spin on this one (as I bet you guessed by the title) which makes it very different from the others.  Mr. Eker believes everyone has a financial blueprint and the foundation of your beliefs about money determine how wealthy you will be.  He also believes that with the proper tools, you can change your blueprint and create the life you want.  The second part includes the Wealth Files or tools, to bring to light the concepts about money that are holding you back and retrain your subconscious to change your money blueprint. Mr. Eker explains that to be wealthy, you have to think like a wealthy person.  I give it 5 Stars out of 5!

Seven Habits of Highly Effective People by Stephen R. Covey.

Number 4 on Goggle’slist was The 7 Habits.  Even though this has been a best seller for 25 years and is on Amazon’s bestseller list, I found it very difficult to read.  It did not hold my attention.  I borrowed it during the winter from my friend Jeanie because I felt it was a book I really needed to read.  Mr. Covey gives you 7 new habits to put into practice to become more intentional within your life.  They are:

1: Be Proactive

2: Begin With The End In Mind

3: Put First Things First

4: Think Win-Win

5: Seek First To Understand Then Be Understood

6: Synergize

7: Sharpen The Saw

I would suggest not trying to read this one before bed.  Instead, make a pot of coffee, sit up straight in a not so comfy chair,  and munch on chocolate candies while reading this one.  I give it 2 out of 5 Stars!

Rich Dad Poor Dad by Robert T. Kiyosaki

The third book on the list is Rich Dad, Poor Dad.  I read this book when it first came out about 20 years ago.  After seeing it on the list, I thought it might be time to grab it again and do a little refresh.  This is the story about his dad and his best friends dad and the influence both men had on his life. It is a great book to form a good foundation for Personal Finance.

Mr. Kiyosaki was very controversial in stating that a house is actually a liability and not an asset and says rich people don’t work for money, they work for assets. He also talks about the three primary asset classes: Real Estate, Businesses, and Paper assets and that cash flow are more important than net worth.  A good read.  It only took me a couple of hours to go through it.   4 out of 5 Stars!

 

The Total Money Makeover by Dave Ramsey 

 

Although this is number two on Google’s Top Personal Finance Books, it is by far my number one.  In this house, Mr. Ramsey is better known as Uncle Dave.  I often listen to his podcast/ radio show on Youtube and could probably recite the book word for word.  Not only does it have a special place on my bookshelf but I also give it to loved ones as gifts.

His theory of money resonates with me to my core.  I can relate to it.  I have the same moral and emotional attachment to it and I am a total nerd yet it took me years to learn that.  At first, I thought I was the free spirit.  After more than halfway through the book, I realized I had more of the nerd tendencies than the free spirit and I just needed to learn how to hone my skills!!  This book has been an eye-opener for me and a real blessing for our family.

Mr. Ramsey teaches you the 7 baby steps to financial peace:

 1: $1,000 cash in a beginner emergency fun

2: Use the debt snowball to pay off all your debt but the house

3: A fully funded emergency fund of 3 to 6 months of expense

4: Invest 15% of your household income into retirement

5: Start saving for college

6: Pay off your home early

7: Build wealth and give generously

I never want to go back into debt when I am done. 5 out of 5 Stars!!

The Barefoot Investor by Scott Pape 

This is the number one book suggested by Google.  I can understand why.  I first must tell you, it is written by an Australian gentleman so everything said throughout the book does not necessarily apply to us in the USA.  The general concept is the same.

I really enjoy the humor and the overall tone of the book.  It is both serious and light-hearted at the same time.  Like Uncle Dave is to cash, Mr. Pape is to the debit card.   This might work really well for those who do not do well with cold hard cash. He gives you very detailed step by step instructions on how to set his system up with testimonials throughout.

Here are some of the focal points:

  • Saving up a six-figure house deposit in 20 months
  • Doubling your income using the ‘Trapeze Strategy’
  • Saving $78,173 on your mortgage and wiping out 7 years of payments
  • Finding a financial advisor who won’t rip you off
  • Handing your kids (or grandkids) a $140,000 cheque on their 21st birthday
  • Why you don’t need $1 million to retire … with the ‘Donald Bradman Retirement Strategy’

I enjoyed it.  5 out of 5 Stars!

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One Response

  1. frozenpennies March 12, 2020