8 Best Financial Advice Books That Can Change Your Life For the Better
Looking for the best financial advice books? Check out this list of the best money advice books to improve your finances, get out of debt, make smart investments, and change your financial future for the better.
The internet is a giant wealth of information with answers to a plethora of finance questions. You can find info on just about anything - what stocks to buy, what type of budget you should have, or how much you should be saving at any given age.
However, all the articles in the world can’t replace a well-written and informative book. If you truly want to learn more about personal finance and incorporate it into your life, then you should read the top financial advice books written by the subject matter experts.
I’ve always loved to read and incorporate new ideas and habits into my life. Books give you different perspectives and can enlighten you in many ways.
These personal finance books can change your finances and your life if you practice the principles they teach.
Timeless Financial Advice Book: The Richest Man in Babylon by George Clason
If you’re looking for a book with money advice that will last for generations, then this is the book for you. “The Richest Man in Babylon” has timeless life lessons that apply to us as well as anyone in the future.
This book teaches through parables, which is a story with a lesson to be learned. It follows a man through ancient Babylon who teaches you how to save more of your money, get out of debt, choose wise investments, and protect your wealth.
This book will change your life if you allow it to. Read it and start making small changes to your life. A small change now can have a huge impact later on in your life.
Best Book for Getting out of Debt: The Total Money Makeover by Dave Ramsey
You simply have to have “The Total Money Makeover” in the top 8 financial advice books. It is definitely one of my favorites. This book is incredible, especially if you have a lot of debt and are starting your own journey to escape debt.
This book outlines 7 baby steps to follow to help you get your money in order. The steps are simple to understand. There are also actual testimonies of people in the book who worked through the plan and talk about how it changed their lives.
You can check out the 7 Baby Steps on Dave’s website here.
“The Total Money Makeover” will teach you how to make a ‘zero-based’ budget and how to use the cash envelope system. It’s the perfect book for you if you are in debt and ready to take the first step to escape it.
Best Book to Teach Kids About Money: Smart Money Smart Kids by Rachel Cruze and Dave Ramsey
“Smart Money Smart Kids” is another finance book that can change your kids’ futures specifically.
It’s a collection of anecdotes from the viewpoints of a parent and a child. You’ll find a lot of common sense money approaches for kids in this particular book.
Some of those approaches include teaching hard work and how to save, give, and spend money. These money topics are important life lessons which should be taught in school but usually aren’t! Consider doing your kids a favor and getting this book for them.
If you’re looking for a book to teach a child of almost any age about money, then this is the book for you.
Best Book to Prepare Financially for College: Debt-Free Degree by Anthony ONeal
Student loan debt is on the rise and isn’t getting better anytime soon. Did you know the average college graduate finishes college with over $30,000 in debt?!
“Debt Free Degree” was written to combat the plague of student loan debt by giving teens and young adults a game plan early on.
This book gives advice to kids starting in middle school and all the way through high school. It teaches you how to get scholarships and grants and how to do well on standardized tests like the ACT and SAT. On top of that, it talks about the viable option of community college and how to succeed in a college environment.
I was blessed and encouraged to work my hardest through school and received scholarships and grants. Because of that, I was able to graduate from college debt-free thanks to principles similar to what ONeal writes about.
This book will help you or someone you know do the same and hopefully graduate from college without any student loans.
Best Finance Book for Millenials: Set for Life by Scott Trench
“Set for Life” is my favorite money advice book - and not just because I’m a millennial ;). It’s very well written by Scott Trench, a finance expert who works at Bigger Pockets.
This book doesn’t just talk about finance - it gives actionable advice! It will teach you how to cut down on your biggest expenses like cost of living and transportation.
The sooner you read “Set for Life” the better, because it will help prevent poor financial decisions like living beyond your means or getting into a money-sucking car lease.
This book outlines how to start saving more money towards your first $25,000. From that point, it allows you to house hack and greatly minimize your living expenses.
It goes on to talk about stocks versus real estate and the best ways to invest in both.
My favorite part about this book are the different levels of financial freedom you can pursue and achieve when you work towards them. In the end, if you follow what this book teaches, then you’ll literally be set for life.
Best Money Book for Aspiring Investors: Rich Dad, Poor Dad by Robert Kiyosaki
Chances are you’ve heard of “Rich Dad Poor Dad” by Robert Kiyosaki. It details the story of someone’s “rich dad”, as well as their “poor dad”. It talks about the difference of philosophies between the two different father figures and the outcomes of each strategy.
If you are new to investing and just starting out in your financial journey, then you should read this book. It gives a great perspective on an asset versus liability and how to make your money actually work for you.
“Rich Dad Poor Dad” talks about wealth-building tools like buying real estate, starting a business, and investing in stocks.
It isn’t as detailed as some other finance books, but it teaches you principles which you can then apply to your own life. If you implement these principles, then your life will change for the better.
Best Money Book for People Who Want to Build Wealth the Simple Way: The Automatic Millionaire by David Bach
Building wealth doesn’t have to be complicated, and this book proves that to you.
“The Automatic Millionaire” is based on the premise that you should work an hour everyday for yourself. What that means is that you should save at least an eighth of the money you earn.
You should then invest that money you set aside into tax-advantaged retirement accounts like a 401k or Roth IRA.
Is this sounding complicated yet? No? Good, because it shouldn’t be!
As long as you’re investing in an index fund in your retirement account(s) which track the S&P 500, then you’ll save a good chunk of change for retirement.
You’ll obviously have more money the longer you invest. If you’re young, then time is on your side. Even if you’ll retire in 5 years or less, you should still invest in tax-advantaged accounts. The tax savings alone start to add up quickly in these accounts.
Remember to set it and forget it when you set up retirement contributions. Your older self will thank you someday. :)
Best Book for Warren Buffett Fans: The Intelligent Investor by Benjamin Graham
If you’re a fan of Warren Buffett and his investing strategies, then this is the book for you. Buffett personally called it, “the best book on investing ever written”.
“The Intelligent Investor” by Benjamin Graham teaches the idea of value investing, which is finding undervalued companies and buying their stock. Buying undervalued companies isn’t always a popular move, but it’s paid off quite well for Buffett.
This strategy is how Warren Buffett has become one of the richest people in the world. He buys stock in companies that he sees value in 10, 20, or even 50 years down the road.
Summary on the Best Financial Advice Books
If you’re looking for financial advice books, then these are the books for you. They’ll teach you smart money principles which can truly change your life.
You could even say these books are worth their weight in gold.