Because I am tired of hearing people say, “I am not good with money“, I am sharing top finance books I love and recommend to people who want to improve their knowledge about money. Rob Moore writes in his book ‘Money’ that “money flows from the hands that desire it LEAST into hands that desire it MOST“, this is one of my favourite quotes about money. Money is not a topic most people are comfortable talking about and this has lead to people continuing to be bad at money management because ‘it’s not something nice to talk about how much someone earns and its their choice how they spend it‘.
How many times have most of us heard the aforementioned statements mentioned in our lifetime? I want the current and future generations to go about it differently and the opportunities are endless thanks to YouTube and search engines like Google. For the older generation (and even the current) that is still stuck in the ‘old way’ of thinking about money, I hope you can read these top finance books I love and recommend. Knowledge is power and when you are knowledgable about money, how you should/can spend it, save it and invest it to grow then you have real power.
When I was young, I was taught how to count numbers, how to read the clock and then how to count money and how much each money could get me. Over the years, inflation has gone up meaning the amount of money I could buy bread with 20 years ago is no longer sufficient in today’s money. You often hear the older generation complain about the price of everything going up, this is the cost of inflation aka the fall in the purchasing value of money. This is normal and part of our everyday life and it is more important than ever to not only learn how to make your dollar stretch but learn how to make it grow and you can only do this if you improve your knowledge on money management.
In this post, I share top finance books I love and recommend for gaining more knowledge about money whether you are a complete beginner or you have knowledge about money and need to expand your knowledge base. I need to reiterate that just because ‘your partner or family member takes care of all the ‘money issues’ doesn’t mean as a spouse you should be knowledge as well‘. This is particularly true for women who often either feel they don’t need to know about it or its too complicated for them and its best to leave it to their spouse. A financially stable home is one where everyone knows and understand the value of money, knows how much they can spend, are aligned on financial goals and lives below their means.
For the top finance books I love and recommend, I will start off with one of the most simple and easy to digest books that I recommend for those not confident enough about money and progress with my recommendations to those with some knowledge and those looking to expand their knowledge base.
How to save it, fix your finances
This book is a great introduction to those who want to slowly but surely acquire knowledge on how to manage their money from changing their money mindset, budgeting to how to save and invest their money. Most of us grew up in households that did not really talk about money or it was ‘rude’ to ask and talk about money to adults. We are now adults ourselves and are often wondering ‘why did they not teach me this at school or better yet at home’. This book ‘how to save it, fix your finances by Bola Sol’ is an incredible book that is not complicated nor filled with jargon that is too difficult to understand. I think my 8-year old nephew would read it easily and understand about 75% of the content.
For my black sisters (and women in general) out there, there is a book by Selina Flavius called ‘Black Girl Finance‘ which is another great book for those starting out on their journey to acquire knowledge about personal money management or those looking to polish off their knowledge. As a black woman reading this book I found myself nodding to some of the personal experiences Selina was recounting because it was all too family and I know for many black families it is the same. I recommend these two books written by black women as your beginner books on your journey to acquire Knowledge and learn how to budget and manage your money better.
All Your Worth – the ultimate lifetime money plan
All your worth is an incredible book written by Senator Warren and her daughter in the USA and are the ladies that made the 50-30-20 rule of budgeting famous which simply means you dedicate 50% of your income to needs (essentials like rent, utilities bills etc), 30% allocate towards your wants (non-essential could live without like Netflix, Starbucks coffee) and 20% allocate either towards paying off debt or saving/investing this money. The book was written in the 90s but the knowledge is still relevant even today and whilst its examples are more American focused, the knowledge can still be applied anywhere in the world.
I would also recommend another book called ‘the richest man in Babylon‘ as this book also recommends you need to save one-tenths of your income every single money for savings, seven-tenths towards your living expenses and two-tenths should be dedicated to paying off debt if you have any. This book has a lot of ‘old testament jargon’ which might not be appealing to everyone but actually is very easy to understand and though the book was written in the 1920s, its knowledge is still very much relevant in today’s times.
The total money makeover by Dave Ramsey
I am sure everyone is familiar with Dave Ramsey, the American money guru known for his brutal honesty, with an incredible following and known to have changed the American landscape on personal finance management. Like most people, I had heard of Dave Ramsey, read his website, seen his YouTube channel but not read any of this books until recently when I decided to read the total money makeover book which is absolutely incredible. Whilst I do not 100% agree with him on everything, it is easy to understand why he gives certain advise and the guiding principles that he follows. I am currently following his 7-baby steps to financial freedom and build lasting wealth and I am currently on baby step-3 ‘saving to fully fund my emergency fund‘.
The books that I am recommending in this post are those I have read myself and gained more knowledge of personal finance, managing my money and increasing my personal net worth. I am participating in the F.I.R.E movement (financial independence retire early) and my FIRE number is £750k but I personally want to reach £1million then retire (or reduce my hours as I love the work I do) to do more things that I love like travelling and seeing my family. I shared ‘books on budgeting, saving and investing‘ that I recommend as well as ‘5 international best seller books that I recommend‘ and I recommend you check both our for more books on money management.
So, now that we have established you too should be Knowledgeable about your household money management (and not say, ‘of my spouse takes care of money or I am not good at money’), what is your next step on your financial journey? Is it to start getting clued up on money or is it to improve your knowledge regardless of who is responsible for managing money in your household!!!!!!
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