While some critics argue that it is better to pay off your highest interest debt first, Ramsey claims that research shows eliminating an entire bucket of debt feels better and helps people build momentum to pay down debt at a faster rate.
So, if you have credit card debt, a car loan, and a personal loan, the goal would be to pay off your personal loan or car loan entirely because it will make you more likely to get out of debt sooner – even if your credit card debt is costing you more each month because of higher interest rate charges.
If the idea of being more disciplined with how you spend money resonates with you, The Total Money Makeover is one of the top personal finance books to buy.
4 – Personal Finance Book For Beginners: MONEY Master The Game
Tony Robbins is best known as a speaker, life coach, and consultant to some of the best known celebrities, sports stars, and dignitaries from Princess Diana to Andre Agassi.
Usually his work concentrates on how to break bad habits, control your mind, rebuild broken relationships, be more confident, and discipline yourself.
So it may seem unusual for him to write a book purely about money, but following the stock market crash of 2008-09, Robbins believed people needed to learn about money in a simple, powerful way that wasn’t cluttered with financial jargon.
His book, MONEY Master The Game: 7 Simple Steps To Financial Freedom is a blueprint for how to improve your financial wellness.
Where most other personal finance books for adults, twenty somethings, or college kids are written from the perspective of the author, MONEY Master The Game is based on extensive research and interviews with 50 of the world’s richest people, including Warren Buffett, Ray Dalio, and Steve Forbes.
Robbins dispels financial myths that can steal away your financial future and shows you step-by-step how to become financially free by creating an income plan.
In the book, you will be guided through a 7-step plan designed to create financial freedom for you and your family. Not only does Robbins make complex financial concepts easy to understand but he provides an actionable plan to use from day one.
5 – Best Finance Books of All Time: Rich Dad Poor Dad
Rich Dad Poor Dad by Robert Kiyosaki is a timeless classic and a must-read for anyone who is working a 9-5 job yet aspiring for more wealth.
Kiyosaki shares the story of his real father who he describes as poor and his “Rich Dad” who taught him the skills of the ultra wealthy.
His actual father was by no means a professional slouch. He had succeeded in his career when it came to a lofty professional title but financially he was poor.
In Rich Dad Poor Dad, Kiyosaki explores the professional journeys of both his real father and his so-called “Rich Dad”, who had fewer academic credentials but had attained much greater wealth.
If you earn a regular salary, Kiyosaki will contrast your income potential with the earning possibilities of investors and business owners.
You will also learn about smart passive income streams so you can make money even when you are sleeping.
In Rich Dad Poor Dad, Kiyosaki shares his own story from unsuccessful Xerox salesman to multi-millionaire real estate mogul, successful author, and investor.
For readers who want to open their minds to new ways to make money and enjoy a page-turner in the process, few personal finance books are as compelling as Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That The Poor and Middle Class Do Not!
6 – Best Selling Finance Book: The Richest Man In Babylon
The Richest Man In Babylon has long been regarded as one of the best books on finances.
What began as a collection of leaflets provided to consumers in the 1920s culminated in a book of timeless financial principles, priceless suggestions, and financial tools designed to help you become more financially successful.
You will learn how to control your expenditures, guard your nest-egg from loss, insure a future income, and enhance your capacity to earn.
The more you read the more you will discover pearls of wisdom, such as the Five Laws of Gold and how Work is the Key To Golden Shekels.
7 – The Automatic Millionaire
Hailed as one of the greatest books on getting rich, The Automatic Millionaire by David Bach shares the story of a low-level manager and a beautician who earned no more than $55,000 per year collectively.
What makes their story extraordinary is how they retired with over $1 million, owned two homes debt-free and put their kids through college.
The natural conclusion is they must have adhered to a strict budget but in The Automatic Millionaire you will see how they achieved their financial goals without:
- Earning a lot of money
- Summoning a lot of willpower
- Having an interest in money
In fact, this New York Times Bestselling book, which has sold over 1.5 million copies, claims to be a simple one-step plan that can be designed in one hour and it lives up to its promise.
If you are worried about securing your financial future and want a simple plan to achieve your financial aims, The Automatic Millionaire won’t disappoint.
For more investment solutions, visit the Portfolio Construction Channel.