10 books that will change the way you think about personal finance

10 books that will change the way you think about personal finance

The burden of student loans along with the barriers to home-ownership are among the financial issues that young people are facing today.

I feel we will be seeing a wave of creative solutions to overcome these challenges in the near future.

Most people will naturally turn to friends and family for money tips and not everyone needs financial advice.

Free sources of help include the Money Advice Service and Citizens Advice Bureau.

But for reading that will change the way you think about personal finance, here’s my top 10. Books are a great way to unwind and soak up knowledge. As part of your digital detox, why don’t you pick up one of our selection to make a positive impact on the way you view your finances?

Financial journalist Merryn Somerset Webb’s book made it into my top 10

1. The Year of Less by Cait Flanders

Cait Flanders embarked on a strict no-shopping ban for 12 months and chronicled her journey and relationship with money along the way. This book is written as an attempt to change your perspective on how you spend your money and serves as a reminder of how materialistic many of us have become.

2. Mrs Moneypenny’s Financial Advice for Independent Women by Mrs Moneypenny and Heather McGregor

Written by TV presenter and Financial Times columnist “Mrs Moneypenny”, each chapter centres around practical aspects of everyday finances. The chatty style prevents overwhelm and provides plenty of inspiration. Good money management is something that should be accessible to everyone.

3. How to Own the World by Andrew Craig

A plain English guide to thinking globally and investing wisely. It ranks as one of the best personal finance books, for me, because it genuinely empowers readers to understand and take control of their financial affairs.

4. Rich Dad Poor Dad by Robert T. Kiyosaki

The book which made his name is regularly ranked as the number one personal finance books of all time. It helps readers to determine their own assets and liabilities in relation to their personal finances along with stressing the importance of diversifying income streams.

5. The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich by David Bach

Read this for a common sense approach to building yourself a strong financial foundation. Priorities? Living debt free, cutting unnecessary spending and ensuring you have enough savings for a comfortable retirement.

6. Love is Not Enough: A Smart Woman’s Guide to Money by Merryn Somerset Webb

Written in a relatable no-nonsense style with the impetus on women taking financial control for themselves. Merryn discusses everything from shopping sprees to boosting your income, pre-nups, pension plans to Isas (Individual Savings Accounts, you can read more about those on MoneyLens here).

7. The Richest Man in Babylon by George S Clason

This book is a series of short, sharp and sweet stories that brings personal finance to life through a collection of parables set in ancient Babylon. Different!

8. Speaking to my Daughter About the Economy by Yanis Varoufakis

Written by the former finance minister of Greece in a conversational letter style to his daughter. Yanis presents the concepts and context of the economy as a whole in a considered and philosophical way. A quick and pleasurable “holiday read”.

9. The Intelligent Investor by Benjamin Graham

A book highly-praised by Warren Buffett, this one contains some more in-depth insights that might be worth returning to as a reference guide once more au fait with investments.

10. Unshakeable: Your Guide to Financial Freedom by Tony Robbins

Personal finance expert Tony Robbins released an update to his book Money: Master The Game. He tends to focus more on motivation and self-belief, which are essential ingredients to success in any field. Be aware this is aimed at US readers, but the stories and motivation are universal. Worth reading alongside one of the more technical books in this list.

Read more: Five ways to get the information and advice you need to take control of your finances

Read more: 11 investing questions everyone should ask (and answer)

Read more: Is this the best investment tip of them all?

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