Top 10 Best Financial Literacy Books

We are literate; no doubt because we can read, write, do the math, etc. But are we financially literate? Robert Kiyosaki says ‘every person who graduates from school is financially illiterate.’ The article brings to you the ten books on financial literacy. Add these ten books on financial literacy to your reading list to find the answer to the above question, moreover increase your financial literacy.

You will find many similarities in the books while reading them. Every writer creates a story from its personal experiences and tries to teach the concept of wealth creation.

Here are the Top 10 Financial Literacy Books –

#1 – Rich Dad Poor Dad

By Robert Kiyosaki

 

Financial Literacy Book Review:

The book is a fun story in which the writer shares the story of his learning and experiences from his two fathers, one he called the “Poor Dad” and other he named the “Rich Dad”.

Writer-speaker-billionaire Robert T.Kiyosaki advocates the importance of financial literacy through this book and provides basic rules and principles to achieve financial freedom.

Key Takeaways From This Top Financial Literacy Book:

1. Rich don’t work for money; they make their money work for them.
2. Rich acquire assets but poor acquire liabilites.
3. Understand the true meaning of assets and liabilities.
4. Money without financial intelligence is money soon gone.

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#2 – The Intelligent Investor

By Benjamin Graham.

 

Financial Literacy Book Review:

A globally acclaimed book on value investing (It is an investment tactic to select the under-valued stocks). Investopedia says serious physicist read about Sir Isaac Newton’s theories about gravity and motion. And serious investors read Benjamin Graham’s teachings about finance and investment.

Key Takeaways From This Top Financial Literacy Book:

1. While analyzing stocks, throw emotions of greed and fear out of the window.
2. Focus on the company’s true value and do not trust the media hype.
3. Protect yourself from big losses. Diversify your portfolio.

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#3 – The Richest Man In Babylon

By George S. Clason.

 

Financial Literacy Book Review:

The classic was first published in 1926 but its concepts and teachings are still valid in current scenarios. The book is a fascinating story set in ancient Babylon that reveals the success secrets to personal wealth.

Key Takeaways From This Top Financial Literacy Book:

1. Keep ten percent of your earnings for yourself.
2. Invest the money you save.
3. Advice is free.
4. Take advice from the experts of their field.

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#4 – Stop Acting Rich

And Start Living Like A Real Millionaire

 

By Thomas Stanley

Financial Literacy Book Review:

The book gives a clear and simple message to its readers that “lasting wealth and happiness is rarely found through buying expensive things. It shows you the way to live like a rich person by accumulating more wealth and further using it to achieve financial freedom.

Key Takeaways From This Top Financial Literacy Books:

1. Learn the difference between being rich and acting rich.
2. Wealthy people invest their money so that they can meet their long term goals.
3. A nonmillionaire tries to imitate ultra wealthy and ends up with financial disasters.

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#5 – The Millionaire Next Door

The Surprising Secrets of America’s Wealthy

 

By Thomas Stanley.

Financial Literacy Book Review:

The book is a result of extensive profiling of people of America whose net worth exceeds one million dollars done by its writers Stanley and Danko. The book tried to bust the myth about the millionaires and shows the millionaire’s path which could be followed to achieve financial freedom

Key Takeaways From This Top Financial Literacy Book:

1. Millionaires believe more in financial independence rather than showing off their top class social status.
2. Efficiently allocate your time, energy and money to build wealth.
3. Choose the right occupation and grab market opportunities.

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#6 – Think And Grow Rich by Napolean Hill.

 

Financial Literacy Book Review:

The book is based on the philosophy of “helping yourself”. He says this philosophy can help people succeed in any line of work, just smart thinking. The book teaches the science of success and the art to grow your net worth.

Key Takeaways From This Top Financial Literacy Book:

1. To become a millionaire, better learn from a millionaire.
2. Decide a goal and be flexible about your plans.
3. Don’t hesitate to change plans that are not working

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#7 – “The Richest Engineer

A Story That Will Unravel The Secrets Of The Rich

 

By Abhishek Kumar

Financial Literacy Book Review:

The writer asks a very important question through his book, he says, “have you ever wondered why some people get rich easily, while others struggle financially all their lives?” He answers this question with the help of a story and conversation between two friends Vinay and Ajay.

He says individuals should accumulate wealth by investing their income properly. He also provides some basic principles that must be followed to achieve the desired.

Key Takeaways From This Top Financial Literacy Books:

1. Anyone can become rich.
2. We have been wrongly taught about money all throughout our life.
3. How to change our attitude towards money.
4. Learn ways to increase your income and decrease your expenses and taxes while maintaining your current standard of living.

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#8 – From The Rat Race to Financial Freedom

By Manoj Arora

 

Financial Literacy Book Review:

The book tries to teach the true meaning of the term “Financial Freedom” in the simplest way possible. Manoj says every one of us is trapped in a mindless rat race (a way of life in which people are trapped in a fiercely competitive struggle where they want to earn more and more money)

He adds, if one wants to get out of the rat race and achieve financial freedom, then he must take control of his finances and constructs a personal financial plan.

Key Takeaways From This Top Financial Literacy Books:

1. Financial freedom is not defined by your net worth or your social status
2. The level of your earnings doesn’t maters
3. How much you save and how you invest those maters.

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#9 – The Simplest Path to Wealth

By J.L. Collins.

 

Financial Literacy Book Review:

The book quotes “Since money is the single most powerful tool we have for navigating this complex world we have created, understand it is critical”. However, the book provides some simple approaches to acquire and accumulate wealth.

Key Takeaways From This Top Financial Literacy Book:

1. Avoid debt. Learn the dos and don’ts if you have it.
2. The reality of stock markets and how it actually works.
3. The truth behind social security.

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#10 – Your Money Or Your Life

9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence

 

By Joseph R.Dominguez.

Financial Literacy Book Review:

The book is about transforming your relationship with money which is much more than just earnings, spending, savings or debts. It includes the time factor that you have to spend on these four functions. It also took care of the sense of satisfaction when you are connected to your family.

The book follows a 9-step questionnaire to achieve financial freedom. Some of those are discussed in key takeaways.

Key Takeaways From This Financial Literacy Book:

1. Do you have enough money?
2. Do you spend time with your family and friends?
3. Are you satisfied with the contribution you made to the world?

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