Let’s face it; saving money is easier said than done. A survey conducted by GOBankingRates in 2019 revealed that 58% of Americans have less than $1,000 in savings in their bank account. To make things worse, over half of those people don’t just have less than $1,000 have $0.
Not having emergency funds puts you in a very vulnerable position. If someone hits your cars or if a hurricane destroys your house, you will be at the mercy of other people because you have money to emergency funds to save yourself.
Apart from poor spending habits, increased cost of living has also pushed many Americans to live from paycheck to paycheck. If you are not happy with your current financial situation and want to turn things around, then you need to first educate yourself by reading finance books. I have reviewed a few financial books and compiled a list of best financial books to read when you are broke.
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Best known for his financial advice radio show, Dave Ramsey is also one of the country’s best financial authors. Dave Ramsey Total money makeover offers a simple plan on how to get out of debt. This book also provides practical tips on how to save for retirement and emergencies.
Dave Ramsey Total Money Makeover is engaging, informative, not over-complicated, and tells a story. If you follow the tips given to the latter, you will be able to make smart financial choices. This book is ideal for readers who are in their early 20s and want to save money for emergencies and retirement.
The book highlights steps to gain control over your finances and gives you a new sense of agency. This book is also ideal for struggling with debt and looking for advice to help them overcome the debt crisis they are currently facing.
Total money makeover is Dave Ramsey’s all-time bestselling book and has helped millions of people around the world who are struggling with debt become financially secure. Dave has condensed his 20 years of experience in counseling and financial teaching into several organized, practical and easy-to-follow steps that will lead you out of debt to financial freedom.
The author has also included over 50 real-life stories from people who were struggling with debt but managed to overcome by following the principle that she has outlined.
With Dave Ramsey Total Money Makeover, you will be able to
- Identify the ten most dangerous money myths
- How to positively change your life
- How to design a sure-fire plan for paying all your debts
- How to save for retirement and secure a healthy emergency fund
If you are looking for well-researched and practical information to answer all your how, why, and what questions, this is the right book for you. Dave Ramsey Complete Guide covers everything you need to know about money, including how to save, budget, invest and get out of debt.
The author has also included other essential topics such as mortgage options available, insurance, bargain-hunting marketing, and giving.
Dave Ramsey is one of the most trusted voices when it comes to matters involving business and money. Dave has helped millions of people across the world become financially secure.
He also has a radio show heard by more than 13 million listeners weekly through podcasts and on more than 585 radio stations.
Dave has given practical tips on how to tackle your debt from small to large and how to start saving after overcoming your debt to secure your future. He advises his readers first to put a $1000 emergency fund before they do anything else.
He also advises people to start paying their debts, starting with the smallest and has shared practical tips on how to grow your emergency fund until you have at least three months buffer.
This book is ideal for people in debt and is looking for practical and well-researched tips to help them overcome the financial challenges they are currently facing. It is also an excellent book for those who want to learn how to save for retirement.
Written by Robert Kiyosaki, Rich Dad, Poor Dad, is one of the bestselling financial books on the market today. In this book, Roberts shares some of the lessons he learned from a wealthy man he met while growing up. He then compares and contrasts the tips given with what he learned from his biological dad (poor Dad).
Robert walks the reader through some of his childhood experiences and compares financial tips that he learned from his poor dad and those he learned from his friend’s dad, who happens to be one of the wealthiest residents of Hawaii. He confesses that the tips that he learns from the wealthy man are worlds apart from those that he learned from his dad.
This financial book mainly teaches people about the mindset it takes to have total control over your financial life. The information that Robert has shared in this book is not only interesting and practical but also very inspiring.
By the time you are done reading this book, you will feel motivated and ready to implement the financial tips shared. This book covered many financial topics, including budgeting, accounting, how to manage your money so that it works for you, and much more.
Robert has explained in detail the rich dad’s advice and how to become financially independent. We recommend this financial book for those who want to start a business and those who want to invest their money wisely.
This book was released about ten years ago by Ramit Sethi but was updated in 2019. This book was initially published in 2009 and became a New York Times bestseller.
I Will Teach You How To Be Rich is based around tools and systems that can help you achieve your financial goals. The advice that Ramit offers is different from what many financial experts offer.
Ramit does not encourage people to starve their way to financial freedom. Instead, he teaches people how to earn more, save more, and live a happy and fulfilling life.
Ramit Sethi is a professional financial expert referred to as “the new guru on the block” by Fortune and “the wealth wizard” by Forbes. He has helped millions of people attain financial freedom.
I Will Teach You How To Be Rich is ideal for people who want to get of debt and attain financial freedom. It does not matter your current financial status; if you follow the author’s tips, then you will, at some point, overcome all your debt and become financially secure.
Some of the things that you will learn from this book include
- How to save hundreds or even thousands each month and still buy what you love
- How to automate your finances so that money goes to where it is needed
- How to crush your student’s loan and debt faster than you ever thought
- Words to use to negotiate a pay rise at work
- How to handle buying a house, a car or paying for a wedding and other significant expenses stress-free
- And much more
If you genuinely want to understand takes it takes to amass wealth, then The Millionaire Next Door is a must-read book. Two most celebrated authors, Professor Thomas J. Stanley and William D. have listed seven common traits found among millionaires.
After conducting extensive research, the authors surprisingly found out that most wealthy individuals in the United States don’t live in Beverly hill as you would expect or drive fancy cars. Instead, most of these people live in middles class suburbs, not gated communities because they are more interested in saving more money, not spending more.
Contrary to flashy spending associated with millionaires, this book stresses the importance of saving to achieve financial independence. The book has provided multiple examples of wealthy people, many of whom you are not aware of who lives a simple life in middle-class neighborhoods.
The authors also give tips on how to get rich, even without having a degree or a high profile job. The Millionaire Next Door is among the bestselling financial books on the market. It is currently in its third edition; the first edition was published in 1998.
Like most personal books, The Richest Man in Babylon encourages saving overspending. The book also stresses that charitable giving is also essential, provided you don’t allow those that you give to become dependent on you.
The Richest Man in Babylon is a 1926 book written by George S Clason. It gives financial advice through a collection of parables used over 4000 years ago by ancient Babylon and is referred to as a classic of financial advice. The financial information that it gives can still be applied today even though the parables were initially published about a century ago.
What makes this book unique is that the author gives financial advice through stories from the Babylonians. The book is captivating, easy to understand, and informative.
The author encourages people to live within their means and discourages them from taking unnecessary debts. The book stresses that people should save at least 10% of the money they earn and not confuse their expenses with their desires.
This book also emphasizes the importance of having multiple income streams.
Some of the things you will learn in this book include
- How to repay your debts
- How to avoid living beyond your means
- Importance of protecting yourself with insurance
- How to crush the spirit of procrastination
- Why should save at least 1/10 of what you earn
- And much more
Are you tired of living from paycheck to paycheck and want to attain financial freedom? If yes, then you need to read How to Stop Living Paycheck to Paycheck. This book is filled with great ideas for getting out of financial debts.
This book will give you practical, easy to implement tips that will help you get out of debt and ensure that you never run out of money again. The author has shared 11 budget traps that can ruin your financial plans and how to avoid them.
You will also learn the most important things to do to take full control of your money and pay off all your debts. This book has also outlined a new budget system that works for every person and only takes 15 minutes of your time per week to maintain it.
If you are tired living from paycheck to paycheck and want to take full control of your money and budget, check out this book.
Most financial books seem to be written with the about to retire notion. However, that is not the case with this book. Suze Orman, a financial expert, and TV star, has chosen to help millennials (who seem to be forgotten) navigate through the hardship of the financial world.
After conducting expensive research, Suze found out that that millennial are faced with myriad financial challenges including low pay, substantial student loans, high cost of living, and much more.
She decided to focus on millennials because he believes that if they make smart financial decisions today, then we will have a generation that is financially stable in the years to come.
This book addresses specific financial realities that affect young people today and offers simple but efficient solutions to the problem. Suze Orman tells his young, broke readers action that they need to take and why to overcome the enormous debt and become financially secure.
This book takes readers past broke to a safe place where they will never again have to worry about being financially insecure.
This book is a collection of 13 most common habits of useful and wealthy people. Think and grow rich is arguably the most popular book that talks about money. Over 15 million copies of this book have already been sold. Think and grow rich by Napoleon Hill was published in 1937 after 25 years of research on some of the most wealthy people in society.
This book’s philosophy centers around the idea that success can be achieved through mental imagination and visualization. The author stresses that you can become anything that your mind deems possible.
Your mind can propel you or stop you from becoming a better version of yourself. If you genuinely desire money that your desires become an obsession, you will have no difficulty in convincing yourself that you will acquire it. It is ideal for people who want to active financial success regardless of the challenges that they face.
Credit cards, mortgage, car loans, and student loans have become the way of life for most Americans. Most people are stuck in cycles of debt and don’t know how to escape this vicious cycle.
Personal financial expert Mary Hunt, an award-winning and bestselling author, created Debt-Proof Living to let people know that it is possible to get out of debt.
If you have been struggling to pay bills or if you still cannot, you can make your finances work; you need this book. According to this book, the consumer credit industry want people to believe that debt is necessary to bridge the gap between low income and the lifestyle that we desire.
However, that is not true. The consumer credit industry is in business and benefits when people make poor financial decisions.
According to the author, the problem is not that we don’t have enough money, but we don’t know how to manage the money that we have. Until you learn how to live within your means, you will always find yourself in debt. Mary Hunt has shown his readers how to live a productive, happy, and fulfilling life without any liabilities.
She has outlined simple techniques that will help you manage your money and get the most from what you have. It is an excellent book for people who want to live a debt-free life.
Each of these books will help you improve your spending habits, take control of your money, and build financial stability. Reading these books is the first step; its consistent action is what is going to make to help you win with money.
If you have any questions about the books mentioned above, please comment below or my contact page.
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