Heading into the New Year, you must have some aspirations (Call it a New Year’s resolution if you may). You may aspire to save more, educate yourself on wealth management, learn to take care of your taxes or invest in assets. Not all of us have what it takes to be the ‘Big Bull of Dalal Street’ and it’s fine since no one needs to be a big bull to protect one’s future. Regardless of whether you have just received your first paycheck or have been earning, saving and investing for a while now, the year has changed the equations of the market. But extinguish this anguish of yours by reading our list of the best personal finance books of all time. These will help you wade the troubled waters of the market and help secure a monetary future in 2021.
The year 2020 has taught us important lessons. We need to be ever-ready to face a downfall in the economy. Owing to the pandemic, a large portion of the economy is under a growth check. Also, unemployment is running rampant and people are being forced to lower their expenses and sustenance. Furthermore, as a parting gift, the year 2020 has officially left us in recession. With all these factors in play, now might be the best time to learn about personal finance.
Besides investing, another strong principle of personal finance is saving money. Whether you are shopping or fulfilling payments, you can always find a way to save. Do you know how? Using Zapingo!
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Best Personal finance books of all time
Retirement is a term which dreads the young taskforce to even think of. Financial “experts” offer solutions on the basis of formulas, numbers and jargons to give you a big amount. The book explores how this conventional method is fundamentally flawed. Moreover, it sets a path between underspending and living a miserable life or overspending and running out of money in the end. The book goes beyond the facade of modern retirement planning. Learn with Author and Hedge Fund Manager Todd Tressider and his 3 golden rules: to maximize spending in the present and securing a future.
Read today, to retire worry free!
By the pens of mutual fund experts, this book presents readers with the basics and fundamentals of business and investing. The book reveals facts and strategies that aren’t general ‘textbook knowledge’ but come from the authors’ years of experience in the market. Learn to Earn starts by taking up observations from everyday life. For instance, how everyone is aware of big companies like McDonalds, Reebok, Coke, and more. Yet how few of us have the financial literacy to buy stocks of these companies. It is a simple yet detailed guide of the basic functioning and the environment of the stock market. The book highlights the need of being aware of the basics, understanding annual reports, spotting business opportunities, reading the papers, and thinking & acting like ‘The Wolf.’
In stark contrast from other books which go on endlessly preaching, The Psychology of Money from the desk of a former Wall Street Journalist, is in the form of concise and crisp knowledge of the market. The writer explains in 20 short chapters the book explores the premise that ‘doing well with money has little to do with how smart you are and everything to do with how you behave.’ The writer being a multidisciplinary himself draws examples and observations from various fields of knowledge and brings them to the reader in form of financial lessons. In the book the writer vividly explores the role of luck & risk, getting Vs. staying wealthy, how events draw outcomes, the power of compounding, the folly of forecasts, and many more topics. As Morgan aptly says- “Nothing in life and investing is free, there is a price, but it isn’t always obvious. Identify the price, see it as a fee and decide if you want to pay it.”
… And this book is a ‘fee’ worth paying.
Financial freedom and independence are considered the ultimate level of success in today’s times. And the book you behold is what started the FIRE movement- Financially Independent and Retire Early. This is the go-to book for changing your life and your relationship with money. The book provides its readers with a roadmap and a 9 step programme under Robin’s guidance. 25 years of time-tested wisdom of the book applies to people from all walks of life. In the book, Vicki Robin covers topics from index funds, revenue stream, side hustles & freelancing to tracking finances online and having difficult conversations about money. Even if you are in a difficult position right now, the book presents the roadmap to overcome debt, develop savings, frugalising, and creating wealth while saving money!
‘Mortgage’ literally means, ‘agreement until death’. The Barefoot Investor helps you with your personal finances so in the end you can get the banker off your back. It co-relates financial journeys with the stages in growth of plants- Plant, Grow & Harvest. This book takes lessons from Scott’s personal journey after a bushfire ravaged his home, farms, livestock and source of income and how Scott arose from the ashes. Scott doesn’t overwhelm readers with tips and unfollowable budgets but rather shares a step-by-step plan to manage finances, wipe mortgages, find suitable financial advisors, retiring early and all this with the devotion of 10 minutes a week! The ‘Trapeze Strategy’ has changed the lives of thousands of everyday Aussies and now aims at you as Scott boldly claims, that his is the only money guide you will ever need
Howard Marks is a renowned investor and the author of this book: the most important thing. He is an expert in the field of investing and the success of his company Oaktree Capital Management proves it truly. This book explores the dos and don’ts of capital management and personal finance. It is important for a beginner to be acquainted with the risks that haunt the world of finance. And only post acquaintance will they be able to develop and maintain their risk profile for maximum growth. The investment world challenges a lot of conventional wisdom and common sense. Hence the book’s title does justice to what it intends to teach the reader. This book is always a notable mention whenever finance books for beginners is brought to the question. Therefore, if you are starting off, this is a very important book to read.
If you are into stories you might find this the best finance book out there. The Richest Man in Babylon relies on a vast storyline to explain to readers the principles of finance and making money. It explains money management from the perspective of a character in ancient (babylonian) times. There exist a plethora of finance books out there, but none do so well in educating basic rules of money saving so simply as this. Primarily, due to the immersive experience it offers. This was originally published in 1926 and yet is still applicable in today’s time even after a 100 years! Taking into account, how well this book has aged, it is truly one of the best personal finance books of all time.
In line with the personal finance niche, this book explores investment in accordance with the Indian mentality surrounding it. Coffee Can Investing is a book written by an India especially for Indians as it cites examples every average Indian is familiar with. It points out what the average Indian does wrong when it comes to investing and explains why. The book focuses on long term investment and is more theoretical in nature than practical. It serves best to readers who have little to no acquaintance with the market and the economy.
Final Take – Best Personal Finance Books of all time
With these books in your backpack you’ll have all you will ever need to face the tides of the market. You don’t plant a seed today and come back with a fruit basket the very next day. Similarly, you don’t come on a cloudy day and lament that your seed will never get sunlight. You don’t cry on a summer evening that your seed isn’t getting watered. Rather, you wait. Likewise in the market, time holds the supreme reins. Plant your investment, care for it with the acumen gained from the pages above and walk towards financial freedom!