10 Best Money Books [Updated 2022]
We have a selection of Best Money books on managing personal finances, overcoming debts and liabilities and most importantly the behaviour patterns and psychology behind finance and investing. Below is the list of such money management books to read in 2022 –
- Financially Fearless: The LearnVest Program For Taking Control Of Your Money( Get this book )
- The Investment Answer ( Get this book )
- Thinking, Fast and Slow ( Get this book )
- Think and Grow Rich ( Get this book )
- The Behavior Gap: Simple Ways To Stop Doing Dumb Things With Money ( Get this book )
- The Psychology Of Investing ( Get this book )
- The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime! ( Get this book )
- The Total Money Makeover ( Get this book )
- Your Money or Your Life ( Get this book )
- Get a Financial Life ( Get this book )
Let us discuss each of the Money making books in detail along with its key takeaways and reviews.
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#1 – Financially Fearless: The LearnVest Program For Taking Control Of Your Money
by Alexa Von Tobel
Book Summary
Authored by the founder and CEO of LearnVest, a financial planningFinancial PlanningFinancial planning is a structured approach to understanding your current and future financial goals and then taking the necessary measures to accomplish them. Because this does not begin and end in a specific time frame, it is referred to as an ongoing process.read more firm, this best money book offers a useful and accessible guide for readers willing to make the most of their savings and investments. What makes this work stand apart from most other books on this subject is the kind of practical relevance that comes with every bit of advice by the author. It’s all about creating a customized financial plan in keeping with individual needs, which can easily be adapted to one’s everyday existence. The only drawback being that some of the advice may come across as pretty basic and perhaps not relevant to all ages and sections of society, but to begin with, the author does not claim it to be an all-encompassing treatise in that sense. On the whole, a work of highly practical value targeted for the online generation, which beliefs in taking control of their own financial lives for better or worse.
Key Takeaways
A practical beginner’s book on money for go-getters who would rather implement a specific piece of advice that they can relate to, instead of relying on complex theoretical concepts which are difficult to comprehend and implement. It goes without saying that some of the stuff is pretty basic, but it works for what its worth and an excellent place to start with for any beginner. A must-read for the current generation, which takes pride in its financial independence.
<< Get this book >>#2 – The Investment Answer
by Daniel Goldie and Gordon Murray
Book Summary
This top book about money management is an attempt by the author to drive home the simple truth that investing is an integral part of any kind of personal financial planning. Keeping in mind how an average person might not want to be bothered with complex stuff on investing, this work offers simple and highly useful guiding principles on where to invest. The author addresses some of the oft-repeated questions related to investing, including whether it would be best to seek professional advice or invest on one’s own, the correct proportion of funds for investing in stocks, bondsBondsBonds refer to the debt instruments issued by governments or corporations to acquire investors’ funds for a certain period.read more, and cash, and the right time for buying and selling assets. A highly recommended work on basic investment advice for beginners.
Key Takeaways
A pinpointed book on money for first-times investors on how to successfully navigate the complex world of investment choices and make the right decisions with confidence. The author adopts an unhurried approach, which leaves enough space to address the most fundamental questions like the relevance or lack of it in seeking professional assistance for investment decisions. In totality, an ideal companion for beginners to the world of investment.
<< Get this book >>#3 – Thinking, Fast and Slow
by Daniel Kahneman
Book Summary
The author, a Nobel-Award winning behavioral economist, takes the readers on a journey of understanding the thought process and its intricacies. He argues that there are two fundamental types of thought systems, one of them being intuitive, emotional, and more or less spontaneous, with but little time to think or reason as it were. The second type of thought system being rather slow and reasoning-based, driven by logic. If we could carefully balance our more intuitive thoughts with reasoning-based slow ones, potentially fewer logical errors would be committed, increasing the chances of success in any sphere, be it work, finance, or personal life. With the kind of role our psychology and thought-process plays in financial decisions, this could be the single most important work on succeeding in finance without discussing any financial concept whatsoever. A highly recommended money management book for anyone who is willing to grasp the basics of the psychology of investing and finance.
Key Takeaways
Did you ever take a moment to think about how you think? If not, then this is the time? Here is a book on money that analyzes how we think, the types of thought processes, and how they shape our decisions in every aspect of life, including finance. A commendable book on money for anyone willing to understand the underlying thought processes behind our actions and how to work upon improving them to be able to make better decisions. (also, look at Behavioural EconomicsBehavioural EconomicsBehavioural economics refers to a stream of mainstream economics that studies the impact of human psychology, ideology or behaviour on the individual or institutional economic decision-making process.read more)
<< Get this book >>#4 – Think and Grow Rich
by Napoleon Hill
Book Summary
A cult-classic book on money in its own right, this work shares the insights gained by the author after interviewing more than 500 successful people on what they did right. There is a lot of useful advice on how to create a successful financial plan early in life and implement it in the following years to attain a good level of financial success and security. There has been a lot of financial advice on getting rich with good financial habits and investment strategiesInvestment StrategiesInvestment strategies assist investors in determining where and how to invest based on their expected return, risk appetite, corpus amount, holding period, retirement age, industry of choice, and so on.read more, but this one is more rooted in the ground with a long-term plan to create wealth with higher chances of success. Excellent work on wealth creation for everyone, especially the young, who can invest the time and resources available in a workable plan for the longer term.
Key Takeaways
A highly acclaimed best money book on building wealth in the long-term with step-wise practical planning in the long-term. The author shares the wisdom gained by interviewing more than 500 rich people and chalks out a six-step plan to get rich based on how much money you have and how much you hope to have in a certain amount of time. A must-read book about money for everyone looking for an effective wealth creation plan which requires more effort in planning rather than resources to succeed.
<< Get this book >>#5 – The Behavior Gap: Simple Ways To Stop Doing Dumb Things With Money
by Carl Richards
Book Summary
Most of the books on money focus on what to do right, but few, if ever, address what you might be doing wrong. This top money book focuses on the common mistakes committed by people while spending, investing, or making other financial decisions. The author argues that a study of behavior can help improve upon these mistakes, which tend to recur and affect our financial lives adversely. Utilizing simple, at times humorous situations, the author presents his view on how people tend to do things like buying stuff with no real utility or spending more because others are. He stresses that taking control of financial behavior can have a profound impact on our finances and offers useful suggestions on how to do it. A recommended work to help understand how behavior affects our financial choices and how to improve it for the better.
Key Takeaways
Unlike usual works on finance, the focus of this work is on mistakes committed by people due to certain behavior patterns. This could include spending more than needed or buying useless stuff; the list is endless, but the author argues that it is possible to make better financial decisions by introducing some well-thought changes in our behavior. A light and highly useful read for anyone who wishes to understand how behavior affects our financial decisions.
<< Get this book >>#6 – The Psychology Of Investing
by John Nofsinger
Book Summary
Usually, people think that it takes time, planning, and money to invest in order to make more money. This top money book challenges the notion that financial planning is enough to succeed, as the author argues that behavior and psychological outlook do shape our financial decisions to a great extent. To be able to make the right choices and ensure that our psychology assists us in the same instead of creating obstacles in our path, it is necessary to understand how we actually think. It is exactly what this book about money making helps you to do, analyze, and identify your psychological pitfalls and overcome them with concerted effort.
Key Takeaways
A masterpiece that offers interesting insights on your financial choices from a psychological perspective. If you thought your behavior and habits do not have any significant role to play in your financial situation, then you could be very wrong. This work would help you discover your psychological issues and deal with them better. A useful introductory work on behavioral finance that offers practical value to readers.
<< Get this book >>#7 – The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime!
byM.J. DeMarco
Book Summary
In this offbeat money book, the author argues that conventional long-term wealth creation plans lack practical value and rarely, if ever, could help one get rich. Instead, he presents a unique approach to make the most of market volatility and capitalize on the opportunities placed at your disposal to make wealth in the short-term and live your dream. He suggests that planning for retirement, usual financial savings, mutual fundMutual FundA mutual fund is a professionally managed investment product in which a pool of money from a group of investors is invested across assets such as equities, bonds, etcread more investments, and tax-planning should not be confused with wealth creation in any manner. An interesting and useful read on how to make money quickly instead of living by the policy of living on less in hopes of a better future.
Key Takeaways
Challenging conventional wisdom, the author argues that tax-planning, mutual fund investments, spendthrift lifestyle, and retirement planning do not lead to wealth creation. Going one step ahead, he chalks out a plan for the readers to study and implement, which could help capitalize on the volatility of financial marketsFinancial MarketsThe term "financial market" refers to the marketplace where activities such as the creation and trading of various financial assets such as bonds, stocks, commodities, currencies, and derivatives take place. It provides a platform for sellers and buyers to interact and trade at a price determined by market forces.read more to make substantial profits. A must-read book about money for those looking for get-rich-quick strategies that actually do yield results.
<< Get this book >>#8 – The Total Money Makeover
by Dave Ramsey
Book Summary
A New York Times Bestseller, this masterly work from Dave Ramsey, can help you turn things around with its useful advice on how to manage your resources, pay off your debts and begin your journey to financial prosperity. Millions have praised this work for the insights offered on money management, presented in the form of seven easy-to-follow steps that can be implemented without much effort by the average reader. Along with providing the financial guidance, the author also busts several myths that can be harmful to the financial health of an individual. A perfect introduction to financial management for the average reader, along with useful information on how to create an emergency and retirement fund for a secure financial future.
Key Takeaways
A highly acclaimed book on money on personal financial management, which offers relevant information on how to manage debts effectively and plan to realize one’s financial goals with simple and effective steps. In fact, the author has presented a seven-step plan for anyone willing to change his or her fortunes for the better with the help of time-tested financial principles. An ideal companion for anyone willing to lead to stress-free financial existence.
<< Get this book >>#9 – Your Money or Your Life
Book Summary
This rather unusual book on money on personal financePersonal FinancePersonal Financing is a way of saving, investing, and growing an individual's money. It can be for an individual or a family as a whole and requires some level of financial literacy such as tax laws, investment opportunities, etc.read more sheds a rare light on the concept of value for money or making value-based financial choices, be it spending or anything else. The author argues that contrary to popular perception, you don’t need to be rich or wealthy in order to lead a financially happy existence, instead of the money you spend helps build experiences that bring value to your life; then they just might be worth it. Imbibing the concepts presented in this work, the reader can embark on a journey of not only improving the quality of their financial decisions and working towards a debt-free existence but would also be able to look at their lifestyle choices and money from a value-driven perspective. If you are looking to improve your understanding of how money choices shape your life instead of merely tips on financial management, then this is the ideal choice for you.
Key Takeaways
Sharing his hard-earned financial wisdom, this author offers a novel perspective on money and the role it plays in our lives. Instead of simply presenting a plan to spend less and save more, this work discusses how certain expenses and things can be meaningful for the kind of experiences they afford. An off the beaten path approach to money managementMoney ManagementMoney management refers to the proper use of money, which includes creating a budget, understanding cash expenses and incomes, tracking the money spent, saving some income for investment and future use, eliminating unnecessary expenses, and keeping track of all items to understand cash spending and generation.read more focused on enhancing your understanding of money decisions and how they influence your life.
<< Get this book >>#10 – Get a Financial Life
by Beth Kobliner
Book Summary
This is more of a manual on financial stuff, which equips you with updated information on managing your finances the smarter way. Knowing your health insurance, student loan debt, and a bunch of other stuff inside out would help you get on your way to getting your financial affairs in control. That is exactly what this work is intended for. On the road to financial independence, the valuable advice of this author will help you navigate the speed bumps with ease and get one step closer to realizing your goals.
Key Takeaways
An updated and relevant book on money on getting out of debt, managing health insurance, mortgage, and much more, which leads you on the path to financial freedom. Learn how to save, invest, and borrow the smarter way and not get caught up in some of the common financial traps people fall into for want of better knowledge.
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