Classes on personal finance are not mandatory in college and high school. For this reason, many adults go through life without fully understanding how to manage money and take control of their finances. However, lack of training in money management isn’t an excuse to make unwise financial decisions — especially since there are a multitude of books and resources on this subject. Here are the best financial planning books for the year.
1. Your Money or Your Life
by Joe Dominquez and Vicki Robins.
Perfect for people with little knowledge of personal finance concepts. This is one of the best financial books out there. It provides readers with nine steps that can change their current financial situation and help them take control of their finances.
2. The Total Money Makeover
3. Real Money
Ideal for investors, this book discusses proper portfolio allocation methods, buy and hold strategies, how to invest in trouble times and the Ten Commandments of Trading.
4. The Millionaire Next Door
Thomas Stanley and William Danko
Highlights seven traits and habits of wealthy individuals and explains how anyone can increase their net worth.
5. Smart Couples Finish Rich
Perfect for newlyweds and long-time couples, this book provides valuable advice on credit management, debt management, investing and creating a solid financial plan.
6. Nine Steps to Financial Freedom
This book aims to change the way we think and act about debt. Offers advice on escaping debt, finding a financial planner, saving more money and growing retirement accounts.
7. Idiot’s Guide to Managing Your Money
A step-by-step guide on how to improve personal finances and navigate tough financial waters.
8. The Unofficial Guide to Managing Your Personal Finances
Stacie Zoe Berg.
Whether the goal is to get out of debt, buy a house, finance a car, increase savings or open a retirement account, this book provides step-by-step guidance on how to achieve any financial goal.
9. Mad Money
Offers advice to help America’s younger generation achieve their financial goals — paying off student loan debt, getting rid of credit card debt, finding their first job, buying a home and choosing insurance.
11. A Little Book on Common Sense Investing
John C. Bogle.
Discusses practical investment strategies and offers advice on how to incorporate these strategies and grow one’s portfolio.
12. Rich Dad, Poor Dad
Author discusses the habits and traits of two men who influenced his financial path — his rich dad and his poor dad. Offers practical tips that lead to financial freedom.
13. Make Your Kid a Millionaire
Explains how parents can teach their children money smarts and help them reach their financial goals.
14. Motley Fool’s: You Have More Than You Think
Dave and Thomas Gardner.
Practical information on how to conquer debt, save for retirement and start investing.
15. The Family CFO: The Couple’s Business Plan for Love and Money
Mary Claire Allvine.
Discusses how families can improve their personal finances and minimize money-related conflicts. Tips of lowering debt, coping with job loss and managing a household on one income.
16. 7 Habits of Highly Effective People
Highlights simple habits that can greatly improve various aspects of life, including business and personal finance.
17. The Wealthy Barber
Book explains personal finance topics in easy-to-understand language and highlights ways to gradually reach financial independence.
18. The Automatic Millionaire
Author shares his secrets to becoming rich and discusses the importance of “paying yourself first.”
19. Good to Great
Idea for any business owner looking to grow his company’s net worth with various investment strategies.
20. Courage to be Rich
Discusses how to overcome financial setbacks, how to invest in a weak economy, how to plan for retirement and how to start over after losing everything.