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Summer is a great time to catch up on your reading list. We’ve got you covered if you’re looking for some good personal finance books to read. Whether you’re looking to get out of debt or learn how to invest, we’ve got a book for you. This article will share 20 of the best personal finance books out there. So sit back, relax, and get ready to add some new titles to your reading list.
Why Read About Personal Finance?
Before we get into our list of books, let’s talk about why you should be reading about personal finance in the first place. For many people, money is a taboo topic. We don’t like to talk about it, and we certainly don’t like to think about it. But the truth is, if you want to improve your financial situation, you need to be knowledgeable about money.
One of the best ways to become knowledgeable about personal finance is to read books on the subject. By reading these books, you will better understand how money works and how you can use it to your advantage. Additionally, reading personal finance books can help keep you accountable for your own finances. After all, if you’re reading a book about getting out of debt, you’re likely to be more motivated to pay off your own debts.
Your Curated Summer Reading List
Now that we’ve talked about why you should be reading personal finance books let’s get to the good stuff. Here are 20 of the best personal finance books to add to your summer reading list.
Get a Financial Life: Personal Finance in Your Twenties and Thirties by Beth Kobliner
Beth Kobliner’s book is a New York Times bestseller and has been praised by everyone from Suze Orman to Money magazine. It covers everything from how to get started saving and investing to dealing with debt and understanding credit.
Kobliner offers many practical tips, including:
-Start saving early: The sooner you start saving for retirement, the better off you’ll be. Even if you can only save a little bit each month, it will add up.
Pay yourself first: Automate your savings to automatically transfer a fixed percentage of your income into savings or investments each month. This way, you won’t have to think about it, and you’re more likely to stick to it.
-Create a budget: This may seem obvious, but knowing where your money is going is key to understanding how much you can afford to save. Track your spending for a month or two so you have a good idea of where your money goes.
-Live below your means: One of the best things you can do for your finances is live below your means. Spend less than you make and invest the difference.
-Save for retirement: Retirement may seem like a long way off, but it’s never too early to start saving. Invest in a 401(k) or IRA and take advantage of any employer matching contributions.
Broke Millenial Takes on Investing by Erin Lowry
If you’re a broke millennial (or even if you’re not), this book is for you. Lowry covers everything from the basics of investing to dealing with debt. She also offers up some great tips, including:
-Start with what you have: You don’t need a lot of money to start investing. Investing apps like Acorns allow you to invest your spare change.
-Know your goals: What are you hoping to achieve with your investments? Do you want to retire early? Save for a down payment on a house? The sooner you know your goals, the better off you’ll be.
-Understand the risks: Investing comes with risk, but understanding the risks can help you make better decisions about investing your money.
The Millionaire Next Door by Thomas J. Stanley
This classic book is all about the habits of millionaires. It debunks the myth that you need to be rich to become a millionaire and shows that anyone can become one if they’re smart about their money.
Some of the key takeaways from this book include:
-You don’t need to make a lot of money to be a millionaire: The authors found that most millionaires are actually quite frugal. They live below their means and invest their money wisely.
-Millionaires have different priorities: The authors found that most millionaires prioritize saving and investing overspending on luxury items.
-Millionaires are patient: They understand that good things come to those who wait. They’re not afraid to delay gratification to achieve their long-term financial goals.
You Are a Badass At Making Money by Jen Sincero
This book is all about how to make more money and create financial abundance in your life. Sincero covers topics like mindset, money blocks, and earning more money.
Some of the key takeaways from this book include:
-You have to change your mindset: If you want to make more money, you have to believe that it’s possible. Change your thoughts and beliefs about money and watch your income grow.
-Get rid of your money blocks: We all have subconscious beliefs that hold us back from making more money. Identify your own personal money blocks and take steps to overcome them.
-Earn more money: There are several ways to earn more money. Consider freelancing, starting a side hustle, or negotiating your salary.
Retire Before Mom and Dad by Rob Berger
This book is all about how to retire early. Berger covers topics like saving money, investing, and financial independence.
Some of the key takeaways from this book include:
-Save aggressively: If you want to retire early, you need to save as much money as possible. Aim to save at least 15% of your income from reaching your goals sooner.
-Invest wisely: Investing is one of the best ways to grow your money. But it’s essential to understand how investing works before you put your hard-earned cash into the market.
-Live below your means: One of the best things you can do for your finances is live below your means. Spend less than you make and invest the difference.
Get Good With Money by Tiffany Aliche
This book is all about improving your relationship with money. Aliche covers topics like financial literacy, budgeting, and debt.
Some of the key takeaways from this book include:
-Knowledge is power: The more you know about personal finance, the better off you’ll be. Make it a priority to learn about money and how it works.
-Create a budget: A budget is a powerful tool that can help you make smart financial decisions. When creating a budget, include both your income and expenses.
-Pay off your debt: If you’re carrying debt, it’s essential to create a plan to pay it off as quickly as possible. Start by making more than the minimum payment each month and first paying off the debts with the highest interest rates.
The Simple Path to Wealth by JL Collins
This book is all about building wealth through investing. Collins covers topics like stocks, bonds, and index funds.
Some of the key takeaways from this book include:
-Invest in index funds: Index funds are a simple and effective way to invest your money. When you invest in an index fund, you’re essentially investing in a basket of different stocks. This diversifies your risk and can help you achieve long-term growth.
-Start early: The earlier you start investing, the more time your money has to grow. If you want to retire early, it’s essential to start saving and investing as soon as possible.
– Stay the course: One of the most important things you can do when investing is to stay the course. Don’t let market fluctuations discourage you from your long-term goals.
Clever Girl Finance by Bola Sokunbi
This book is all about taking control of your finances. Sokunbi covers topics like budgeting, saving money, and investing.
Some of the key takeaways from this book include:
-You are in control of your finances: You have the power to make decisions that will positively impact your financial future.
-Budgeting is critical: A budget is a powerful tool that can help you stay on track with your spending and reach your financial goals.
– Invest for the long term: When it comes to investing, it’s essential to think long term. Focus on building a portfolio that will weather market fluctuations and provide you with consistent growth over time.
How I Invest My Money by Joshua Brown and Brian Portnoy
This book is all about how to invest your money. Brown and Portnoy cover topics like stocks, bonds, and index funds.
Some of the key takeaways from this book include:
-Invest for the long term: When it comes to investing, it’s essential to think long term. Focus on building a portfolio that will weather market fluctuations and provide you with consistent growth over time.
-Diversify your investments: One of the best ways to reduce risk is to diversify your investments. This means investing in various asset classes, such as stocks, bonds, and index funds.
-Rebalance your portfolio: As your investment portfolio grows, it’s important to periodically rebalance it. This ensures that your asset allocation aligns with your goals and risk tolerance.
The Millionaire Fastlane by MJ DeMarco
This book is all about achieving financial freedom. DeMarco covers topics like entrepreneurship, investing, and lifestyle design.
Some of the key takeaways from this book include:
-You need to think differently about money: To become a millionaire, you need to change how you think about money. You need to start seeing it as a tool that can help you achieve your goals rather than something to be spent frivolously.
-There are multiple paths to wealth: There’s no one right way to become a millionaire. You can do it through entrepreneurship, investing, or even saving carefully over time.
-It’s not about the money: Becoming a millionaire is not just about amassing a large amount of wealth. It’s also about living a rich and fulfilling life.
Final Thoughts
If you’re putting together a financial summer reading list, you should include these titles. These books contain advice on everything from investing to getting out of debt to helping you feel better about improving your financial situation. No matter your financial goals, these books can help you get there. So grab a copy of each one and get started on your summer reading today.
Claire is a student turned financial enthusiast who has a passion for helping others. Her goal is to help as many people reach financial independence and early retirement as possible. When Claire isn't working on her blog, you can find her buried in a good book, testing recipes in the kitchen, or outside playing with her ducks.