Best Personal Finance Books in 2024
We’d all like to manage our money better, but many of us struggle. We simply don’t understand how the world of personal finance works.
Fortunately, there is a raft of easy-to-understand and entertaining personal finance books on the market to help us. These come at the problem from various angles, but they all have one purpose - to make us wealthier.
Check out our list of the best financial books for 2024 and how they can help you build money security and achieve lasting wealth.
Rich Dad, Poor Dad – Robert Kiyosaki
Robert Kiyosaki’s “Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!” has been around for more than two decades and is still in print today, making it arguably the most popular personal finance book of all time. In his book, Kiyosaki describes his experience growing up with his real father – his “poor dad” – and his father’s friend – his “rich dad.”
Kiyosaki’s “poor dad”, the author explains, is stuck in a profit-loss mindset. He believes that the money he earns from labor is all the money he has (or will ever have). However, his “rich dad” understands that money can make money and thinks in terms of assets and liabilities.
Kiyosaki then goes on to describe how the savviest savers lever up to build wealth, borrowing other people’s money to buy properties to generate higher incomes for themselves in the future. After reading this top personal finance book, many people are left asking themselves, “Why didn’t I learn this in school?”
The Millionaire Next Door – Thomas J. Stanley and William D. Danko
If you’re just starting out on your financial journey, “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J. Stanley and William D. Danko is the perfect opener. It paints a picture of what millionaires really look like using real-world examples.
The moral of the book is that millionaires are frugal savers. Mostly, they’re regular people who invest their surplus income year after year until interest payments start mounting up. They don’t buy flashy cars or live in expensive houses – at least not to begin with – preferring to live modestly, within their means. For most, the goal is personal freedom, not conspicuous consumption.
I Will Teach You To Be Rich – Ramit Sethi
Ramit Sethi’s “I Will Teach You To Be Rich” is less about the money side of the equation (though the author doesn’t deny its importance) and more about how you define a “rich life.” Sethi points out that a regular person who believes he has enough money in the bank for everything he wants to do in life is actually richer than a billionaire who still feels like he is lacking something.
Sethi then goes on to explain how to become wealthier over time by maximizing credit card rewards, automating savings, and using high-interest vehicles to save money over time.
Broke Millennial – Erin Lowry
Millennials have had it tough. The financial crisis of 2008 and the COVID-19 pandemic have taken a toll on their economic prospects. For this reason, Erin Lowry’s “Broke Millennial” books are currently among the top-selling personal finance books of our generation.
Lowry begins the first book in the series, titled “Broke Millennial: Stop Scraping By and Get Your Financial Life Together,” with an explanation of some of the problems facing young people in today’s financial landscape. She then goes on to provide 20-somethings with strategies they can use to gain control of their money, either individually or with a partner.
The Psychology of Money – Morgan Housel
“The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness” is one of the best personal finance books for beginners. It deals with the somewhat tricky subject of overspending – our individual and collective habit of living beyond our means.
Housel begins with an exposition of some of the most common money foibles and mistakes. He then goes deeper into psychology, helping people uncover the patterns that drive unnecessarily high spending in the first place. Thoughts, feelings, and behaviors shape financial destinies, argues Housel.
The Intelligent Investor – Benjamin Graham
Despite the fact that Ben Graham’s “The Intelligent Investor: The Definitive Book on Value Investing” was first published in 1949, it’s still a must-read for today’s investors.
The book focuses on what we would now call “value investing.” Graham’s point is that the best way to make money in the stock market is to find stocks that are selling for less than their intrinsic value. Graham also believes that it is important for investors to have a long-term perspective and be patient when it comes to investing.
Your Money or Your Life – Vicki Robin
With more than a million copies sold, Vicki Robin’s “Your Money or Your Life: 9 Steps to Transforming Your Relationship With Money and Achieving Financial Independence” is one of the most popular personal finance books on the market. In it, Robin sets out an easy-to-follow nine-step plan for getting out of debt and getting started with investing. She explains how to save money, build wealth, and secure a financial future you never thought possible.
But it’s not all about strategy and being money-savvy. Like many other authors of top personal finance books, Robin recognizes that money is as much an inner game as it is an outer one. Becoming wealthy requires a certain level of mindfulness and meditation – concepts she describes in more detail in the book.
Retire Before Mom And Dad – Rob Berger
As the title suggests, “Retire Before Mom and Dad: The Simple Numbers Behind a Lifetime of Financial Freedom” is for people who want to build wealth fast and retire early. The book is popular among the “Financially Independent, Retire Early” (FIRE) community, but the principles it describes can apply to anyone.
The central idea is pretty simple: Earn as much money as you can today and invest as much of it as possible over the long term. Usually, if you can stick it out for a decade, you can build financial independence and have the life that you want.
Total Money Makeover – Dave Ramsay
Dave Ramsay isn’t shy about telling people how to manage their money, and he makes that absolutely clear in “Total Money Makeover: A Proven Plan for Financial Fitness,” one of the best personal finance books for people who tend to borrow too much. As you go through the chapters, you’ll learn how to keep credit card spending low and better manage debts. With Ramsay’s advice, you can prevent your debt situation from snowballing out of control.
Of course, the remedies Ramsay offers aren’t easy to implement, and he doesn’t sugar-coat anything. Instead, he gives you the unvarnished truth. “Total Money Makeover” explains that if you want to get out of your current financial predicament, you need to be willing to make serious sacrifices. The alternative, he argues, is even more pain down the road.
Financial Freedom – Grant Sabatier
At the age of 24, Grant Sabatier was totally broke. He had no money to his name. Just five years later, he was worth $1.25 million.
In “Financial Freedom: A Proven Path to All the Money You Will Ever Need,” he describes how he did it in minute detail. He then uses this as a basis to show how anyone can become wealthy just by following certain principles.
Chapters cover a range of topics, including employer negotiations, side hustles, and investment strategies. However, what makes “Financial Freedom” unique is Sabatier’s ability to think outside the box. In this book, he questions conventional financial advice and the accepted wisdom about managing your finances and gives readers a fresh and unique perspective on what they need to do to achieve financial independence early.
The Automatic Millionaire – David Bach
If you think that becoming a millionaire requires 100-hour workweeks for decades on end, David Bach has news for you. In the New York Times best-seller, “The Automatic Millionaire: A Powerful One-Step Plan To Live and Finish Rich,” he explains how practically anyone can become affluent, so long as they have patience and the right strategy.
The book starts with the story of a young couple earning a combined income of $55,000 per year. It goes on to describe how they achieved their financial dreams – a $1 million nest egg, enough money to put their children through college, owning two homes, and retiring early – even on a modest income.
The secret, Bach claims in the book, is to make saving and investing automatic. It’s not about stock picking or timing the market. Instead, it’s a matter of following proven wealth-building strategies and trusting them to come to fruition.
Bach has also written other popular personal finance books, including “Start Late, Finish Rich,” and “Smart Couples Finish Rich.”
Why Didn’t They Teach Me This in School? – Cary Siegel
Most people learn nothing about money management or wealth in school. Instead, the penny drops much later, usually many years into their careers, if at all.
Cary Siegel’s “Why Didn’t They Teach Me This in School? 99 Personal Money Management Principles To Live By” attempts to correct this. The author, a retired business executive, runs through eight money lessons and 99 principles everyone should learn in high school but doesn’t. He covers topics such as saving, earning, managing money, and which financial instruments to buy.
Siegel originally intended the text to be the first investing book his children would read. However, other people soon picked up on it, and it received rave reviews. Now it’s helping millions of adults across the country.
The Bogleheads’ Guide to Investing – Taylor Larimore, Mel Lindauer, and Michael LeBoeuf
“The Bogleheads’ Guide to Investing” is a homage to the founder of Vanguard, John C. Bogle, and focuses on his style of investing. It’s one of the best books for financial literacy available in 2022: It keeps things as simple as possible and avoids annoying jargon that could confuse those new to the subject.
Larimore, Lindauer, and LeBoeuf point out that attempts to time the market are usually futile. The best way to build wealth, they claim, is to earn as much as you can (without sabotaging your health), keep your expenses low, and invest your surplus income in stocks, shares, bonds, and other financial instruments every month.
What’s nice about the book is that the journey doesn’t have to finish with the final chapter. Those interested in taking Larimore, Lindauer, and LeBoeuf’s lessons further can join the Boglehead community, an online forum, to share ideas and ask questions.
You Are a Badass at Making Money – Jen Sincero
Jen Sincero intended “You Are a Badass at Making Money: Master the Mindset of Wealth” as an inspirational treatise. While it contains sage financial advice, it focuses more on the mindset required to build real wealth. Most people know how to make money, but relatively few actually take the necessary steps to make it happen. Sincero shares her personal experiences and encourages her readers to overcome their fears and doubts and start shaping their financial future today.
Spend Well, Live Rich – Michelle Singletary
Originally published under the title “7 Money Mantras for a Richer Life,” Michelle Singletary’s “Spend Well, Live Rich: How To Get What You Want With the Money You Have” is a down-to-earth personal finance book for 2022. In it, the author explains the principles that her grandmother used to make the most of the money she had.
It’s not about getting superrich, Singletary argues. Instead, it’s about finding ways to make better use of what you have. Therefore, “Spend Well, Live Rich” is for people who have limited means but still want to make the most of their lives. As Singletary herself puts it, this book is about “saving enough money to have choices.”
Wrapping Up
Personal finance books are a wonderful resource because they introduce you to financial concepts you won’t learn in mainstream education. What’s more, they do it in a fun way, offering numerous real-life examples and actionable advice. As you read through them, you often find yourself asking: Why didn’t anyone tell me this before?
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FAQ
What is the number 1 personal finance book of all time?
There is some debate as to which is the best-selling personal finance book of all time. Some sources cite Robert Kiyosaki’s “Rich Dad, Poor Dad” as top dog, while others point to “The Automatic Millionaire” by David Bach.
What personal finance book should I read?
There are many personal finance books that you might like to read, including I” Will Teach You To Be Rich,” by Ramit Sethi, and Cary Siegel’s “Why Didn’t They Teach Me This In School?”
What are the 6 personal finance topics?
The top six personal finance topics are budgeting, building an emergency fund, paying bills on time, saving for retirement, investing, and using credit cards properly.
For years, the clients I worked for were banks. That gave me an insider’s view of how banks and other institutions create financial products and services. Then I entered the world of journalism. Fortunly is the result of our fantastic team’s hard work. I use the knowledge I acquired as a bank copywriter to create valuable content that will help you make the best possible financial decisions.
