Book Review: 7 Classic Personal Finance Books Every One Should Read

There are a lot of personal finance books in the market today. If you are looking for a great personal finance book to read, I have drawn out a list for you to consider. Here are my top 7 classic personal finance books for everyone to read.

1. Rich Dad, Poor Dad

This has to be my number one. In 1997, personal finance author, Robert Kiyosaki self-published Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, which eventually became a New York Times bestseller. The central premise of his book is the comparison between his biological father, a hard-working but financially struggling individual, and his best friend’s father, an uneducated but a very business minded man.

One of the main takeaways of Rich Dad, Poor Dad is the importance of developing entrepreneurship and financial aptitude to become financially independent. To achieve great wealth, Robert argues that you should look for passive and portfolio income instead of a traditional salary.

2. You’ve Earned It, Don’t Lose It

Before her long string of bestsellers, such as The Money Book for the Young, Fabulous & Broke, Suze Orman started it all with You’ve Earned It, Don’t Lose It: Mistakes You Can’t Afford to Make When You Retire, first published in 1995.

The main appeal of Orman’s first book is the simplicity of her eight-step process to successful retirement. For example, in step two, Orman discusses how to plan for early retirement while avoiding penalties for withdrawals. For each one of her steps she provides specific instructions and resources for more information.

3. The Wealthy Barber

Published in 1989, The Wealthy Barber: Everyone’s Commonsense Guide to Becoming Financially Independent provides down-to-earth financial planning with a large dose of humor via Roy the barber, a fictional character created by the book’s author David Chilton.

The Wealthy Barber teaches you good personal financial habits, such as paying off credit card balances every month and building an emergency fund with unexpected windfalls, that never go out of style. David stresses that you should be wary of get-rich-quick schemes and, instead, focus on long-term wealth building strategies.

4. Think and Grow Rich

Known as the “Granddaddy” of All Motivational Literature, Napoleon Hill was trying to figure “What makes a winner?” back in 1937. He found the answer by interviewing a long list of well-known successful and wealthy individuals, such as Henry Ford, Thomas Edison, John D. Rockefeller, and Charles M. Schwab, and putting it all together in Think and Grow Rich.

Based on his research, Napoleon put together the timeless Thirteen Steps to Riches philosophy on individual achievement. Think and Grow Rich doubles as great motivational book for aspiring entrepreneurs. “You are the master of your destiny. You can influence, direct and control your own environment. You can make your life what you want it to be,” encourages Napoleon.

5. The Richest Man in Babylon

Now here is a blast a from the past: George Clason’s 1926 classic on personal finance, The Richest Man in Babylon uses parables set in ancient Babylon to teach modern investors a thing or two about their finances.

This is a book you wiill love to read over aand over again. Several of George’s lessons have been adapted by current financial advisors and investors. For example, The Richest Man in Babylon’s “Start thy purse to fattening” has been adapted to “pay yourself first” by Warren Buffett. Both the Oracle of Omaha and George Clason agree in that you don’t save what is left after spending, you spend what is left after saving.

6. The Intelligent Investor

Warren Buffett has been very public about his admiration for Benjamin Graham’s The Intelligent Investor: The Definitive Book on Value Investing. Since its original publication in 1949, The Intelligent Investor has been a bible for value investors, who believe that “Mr. Market is your servant, not your master.”

Just to be clear, Benjamin’s classic doesn’t provide techniques to pick “hot stocks,” it rather teaches you how to use discipline, research, and analytical ability to make sound investments in bargains relative to current asset value. This is a must-read for any investor regardless of their level expertise. You can take Mr. Buffett’s word for it — he says it’s “by far the best book on investing ever written.”

7. Secrets of The Millionaire Mind

This is another great read written by T. Harv Eker. This book not only deals with personal finance but also talks about the subconcious. It reveals how events in our past hidden in our subconcious are hindering us from achieving financial freedom.

It is a very revealing book which show you how you or your subconcious mind is sabotaging your success. He calls it your money blueprint. It is definitely a must read. He also goes on to show you how to change your money blueprint to be more productive.

What are other classic personal finance books still worth reading?

SOURCEDaniel Honour
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Daniel is an entrepreneur and innovator. He is the founder and C.E.O of Honour Pictures Ent and Marigold Publishing Ltd. He believes that the world in general and Nigeria in particular needs more entreprenuers. He has over six years experience in the publishing and entertainment industry. He also volunteers his time to teach young children and teens about entrepreneurship.