Top 5 Personal Finance Books for 2020

April 16, 2020

To achieve financial well-being, you need to understand very well how money works. While economists define financial rudiments and investment systems and psychologists strive to elucidate the essence of welfare, those who want to learn more about money, read books on personal finances. So, what can you do to gain control over your finances and make your money grow? The answer is obvious. To study. To train yourself. Elon Musk and Warren Buffett don‘t stop reading even now that they are at the top of their financial success. Here are the top 5 books that will get you a precious upper hand. 

  1. "You Are a Badass at Making Money: Master the Mindset of Wealth," by Jen Sincero

It’s a motivational book that will allow pondering over your earnings from a new standpoint. With “You Are a Badass at Making Money” you will overcome your fears and hindrances that hold you back from reaching financial welfare. In the book, Sincero highlights the influence of the power of the mind on our deeds. The book can really inspire you to see the endless possibilities that our world is surrounded by. It will help you to get rid of cockroaches like “I‘m not able to stop roasting,” or “People from nature are angry,” or “I can ‘t hold a man, even being handcuffed to him.” After reading the author’s words that are really wrapped in inspiration you will feel ready to roll up your sleeves and hit the ground running. 

2. “The Simple Path to Wealth,” by JL Collins

If you are eager to take control over your personal finances you’d better read this book where Collins gives the principal insight on how to yield profit. The author discloses money and investment issues in a very simplified and compelling manner. The book touches upon such matters as how to avoid debts, how to benefit from investments, giving a thorough understanding of nuts and bolts of the investing system and stock market. In “The Simple Path to Wealth,” everyone will find interesting tips on how to reach financial independence and not to be caught up by conmen. 

3. “The Millionaire Next Door” by Thomas Stanley and William Danko

The bestselling “The Millionaire Next Door” spots out the shared characteristics of the rich. The book will give you full insight into the life of millionaires who just live next door. In the book, two groupings of people are distinguished: the Under Accumulators of Wealth (UAW) and Prodigious Accumulators of Wealth (PAWs). These terms are constantly used throughout the eight chapters. PAWs are loaded people, who just humblebrag living in coy quarters. While the UAWs are highly qualified professionals who had to go hand in hand with high social standards frittering away their wealth living in luxurious districts. With this book, the authors try to present that becoming a millionaire is quite an achievable dream if you master investing and saving skills. 

4. Rich Dad Poor Dad” by Robert Kiyosaki

This book enjoys great popularity all over the world. At the center of the book is the story of Kiyosaki himself. He was raised by two dads. One is poor — a public servant, the other is wealthy — a businessman who has become one of the most influential people in Hawaii. In the book, Robert Kiyosaki highlights the drawbacks of the school. Mainly that it fails to give us knowledge on finances. This leads us to spend all our lives working for money not even realizing that we earn it for the others. The author clearly explicates the distinction between working for money and making money work for you. The belief that you should earn a high income to become a millionaire is challenged in the book.

5. “Retire Before Mom and Dad: The Simple Numbers Behind A Lifetime of Financial Freedom” by Rob Berger

The book is addressed to people who want to generate their income and master money without complicated advice and notions. “Retire Before Mom and Dad” covers such trendy topics as how to avoid debt traps, how to master skills to reach financial goals and start investing and retirement accounts. It’s beyond doubts that the book will teach you important financial matters based on daily experiments. 

These are the basic must-read books that will assist you to comprehend personal money issues and set yourself up for reaching financial success.