Back in 2019, I struggled a lot with managing my finances. I was deep into debt and could borrow from one online loan app to another. The situation got worse when the lenders started making random calls. I could not hide anymore and I knew the habit had caught up with me. Then a friend suggested a book: The Richest Man in Babylon. I knew I was not that man. But to cut the long story short, it remains among my all-time best financial literacy books.
Finances are a concern everyone shares and strives to master. Once you have control over your finances, life gets easier. Reading financial literacy books is one way to open your mind to a new way of thinking. The greatest minds the world has seen have blessed the world with tips on how they made it. The tips are jotted down in books that are all-time best sellers.
Books have a way of activating the mind. By reading, so many people have uncovered their hidden potential. You can attain financial freedom by learning the secrets of those that came before you. Once you have your financial goals set, make it a habit of reading one of these books every month. Apply that knowledge in your life and watch the results.
Set yourself from the crowd and achieve your heart’s desires. It starts by obtaining the right knowledge on all matters’ finances. Here are some must-read financial literacy books to start with.
List of Must-read Financial Literacy Books
|Book Name||Author||Category||Year Published|
|The Richest Man in Babylon||George L. Clason||Self-Help & Wealth Management||1926|
|Smart Money Woman||Arese Ugwu||Money Management||2016|
|The Monk who Sold His Ferrari||Robin Sharma||Self-help||1996|
|Think and Grow Rich||Napoleon Hill||Self-help||1937|
|Rich Dad Poor Dad||Robert Kiyosaki||Self-Help & Wealth Management||1997|
|The Total Money Makeover||Dave Ramsey||Money Management||2003|
|Smart Women Finish Rich||David Bach||Money Management||1999|
|The Millionaire Next Door||Thomas J. Stanley & William D. Danko||Self-Help & Wealth Management||1996|
|Your Money or Your life||Joseph R. Dominguez, Vicki Robin, & Monique Tilford||Money Management||1992|
|How to Retire Happy, Wild, and Free||Ernie J. Zelinski||Self-Help||2004|
1. The Richest Man in Babylon
George L. Clason has blessed the world with The Richest Man in Babylon which is an all-time bestselling book. Since the 1920s, this amazing book has been inspiring people from all walks of life to get better control of their finances.
The author uses parables to deliver the important lessons that anyone seeking wealth must apply in their lives. The fact that the book has remained relevant all these years shows the lessons are the same to date. Those seeking to build wealth can apply what they learn in the book in their lives.
2. Smart Money Woman
Financial freedom is a goal most people share across the globe. It’s certainly in the mind of Zuri as she navigates the challenges of this journey. From a smart, successful, African girl living her best life to being broke and without a job. Author Arese Ugwu delivers lessons of debt and the consumerist culture that is affecting many young people, especially in Africa. The middle class is spending more than they are making and lack knowledge of money. Online shopping has further escalated the consumer mentality.
3. The Monk who Sold His Ferrari
Robin Sharma is perhaps one of the most popular motivational speakers in the world. He is a great author whose book The Monk who Sold His Ferrari is an enjoyable read. It has been translated into 51 languages and is a celebration of the life of Julian Mantle.
He undergoes emotional and physical turmoil that forces him to take a deeper look at his life. With this, he masters how to live a life full of purpose and passion. The author chooses a title that is catchy and sparks interest in readers from all walks of life. Julian learns that what he needs the most is wisdom and not his precious Ferrari.
4. Think and Grow Rich
The search for a great self-improvement and personal development books ends with Think and Grow Rich by Napoleon Hill. Written back in 1937, it remains one of the most sought-after books for these topics delivering timeless wisdom to many.
Business leaders from across the world have used the book to come up with concrete plans for their companies. By applying the lessons written, many have found success in all aspects of their lives.
5. Rich Dad Poor Dad
Robert Kiyosaki delivers this memoir from his childhood on a riveting journey that earned him great wealth and success. He takes readers on a journey from the time he first started thinking of money and wealth as a child.
He points out the differences between his best friend’s dad who became wealthy and his dad who he calls poor dad. The story helps any reader learn what it takes to create wealth and the sacrifices the journey entails.
6. The Total Money Makeover
Personal finance is an area everyone can use some guidance, hence this great book from Dave Ramsey. It offers step by step guidance on how you can become debt-free and wealthy. This financial literacy book has received some criticism but the truth is, the journey to getting out of debt is not an easy one. There are no quick solutions and it calls for some tough decisions and choices.
7. Smart Women Finish Rich
Despite the title, this book is not solely for women but can be read and applied by all people. It sheds a light on how making small changes in your spending habits can result in large savings. David Bach is famed for the ‘Latte factor’ which suggests that if you stop buying a cup of coffee daily, you can save $1000 at the end of one year. The lessons in the book guide readers how to stop relying on paychecks and gain better financial control.
8. The Millionaire Next Door
In this book, you get 7 common traits that many millionaires across the world share. The authors, Thomas J. Stanley and William D. Danko spent years researching how the wealthy behave. They discovered that the people who are financially literate and wealthy have something unique. Compared with the rest, the differences are stack and the authors detail them in the book.
9. Your Money or Your Life
9 steps are all it takes to transform your relationship with money and gain financial freedom according to author Vicki Robin. Here, the author delivers powerful lessons in regards to making money and getting wealthy.
No one should remain in a miserable situation, like a job, just because they are earning a lot. Doing what makes you happy works wonders and the book guides you on how to live within your means.
10. How to Retire Happy, Wild, and Free
The book doesn’t delve into cutting back on your expenses to save more for retirement. It focuses on how to live your best life with what you have at retirement. The solution, according to the author is not to work beyond your retirement years. You master how to live frugally with the savings you have but still enjoy your golden years.
Today, many people are evaluating their finances and seeking knowledge on how to create wealth. The financial literacy books listed here offer invaluable wisdom that when applied can lead you in the right direction. Wealth creation is a journey, not a sprint. It takes time and patience.
With your smartphone, you can access most of this books in PDF. But who does not like the smell of the papers and the joy of turning pages. You can consider buying the financial literacy books in hard copy.