When trying to get a handle on your finances, it can be difficult to know where to start. Should you work on paying off all your debt? Start investing? Find ways of generating more income? The options can feel endless — and the information, sometimes confusing — which can leave people feeling scattered or like they might as well not even try.
Finding financial freedom, however, can be done, and there are many experts who have outlined road maps for how to do so in their books. But rather than have you spend your time sifting through the vast amount of financial books available today, the experts of Kiplinger Advisor Collective have narrowed down the list to seven of their favorites.
Below, they share their top picks for life-changing financial books and why they recommend that those struggling with their money and money decisions study them.
'Think and Grow Rich'
“I read Think and Grow Rich by Napoleon Hill in high school. It's like a road map for success. It says that if you really want something and believe you can get it, make a plan to make it happen, imagine yourself achieving it, never give up and team up with those who share your goals, you can become successful and make money. It's all about believing in yourself, working hard and not giving up.” — Dennis Futch, The Tax Shop
'The Millionaire Next Door'
“The Millionaire Next Door by Thomas J. Stanley and William D. Danko was recommended to me when I was 15, and it left an indelible mark. The book was an excellent entryway into personal finance concepts like compound interest, living at (or below!) your means and the benefits of investing early and often. Though I was raised in a blue-collar town, this book made me feel that achieving ‘millionaire’ status was attainable.” — Dennis McNamara, wHealth Advisors
'Your Money Vehicle: How to Begin Driving to Financial Freedom!'
“I enjoyed reading Your Money Vehicle: How to Begin Driving to Financial Freedom! by Jedidiah Collins. Financial literacy — especially for youth and young adults — is crucial, since many key financial lessons that are needed to thrive in adulthood typically aren’t taught in school. Inspired by the lessons offered by Jedidiah’s company, Money Vehicle, high schools in 20-plus U.S. states have now implemented this program.” — Justin Donald, Lifestyle Investor
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'The Richest Man in Babylon'
“The Richest Man in Babylon by George S. Clason is a book that has inspired me tremendously. This book covers financial principles that are practical in today's world and helps readers reach financial security and prosperity. You can also utilize what you've learned in the workplace.” — Amrita Choudhary, Wasabi Technologies
'The Total Money Makeover'
“I recommend The Total Money Makeover by Dave Ramsey. This book offers a straightforward, actionable plan for transforming your financial situation by helping you eliminate your debt and better manage your money. Ramsey's emphasis on behavior change over complex financial strategies resonates with readers seeking a practical road map to financial freedom.” — Stephen Nalley, Black Briar Advisors
'Don't Sweat the Small Stuff…and It's All Small Stuff'
“Don't Sweat the Small Stuff…and It's All Small Stuff by Richard Carlson is a great book. It teaches you to focus on what really matters. It's not necessarily about finance, but the attitude and mentality for how to think can be used and applied to money and money decisions.” — Bob Chitrathorn, Wealth Planning By Bob Chitrathorn of Simplified Wealth Management
'Rich Dad Poor Dad'
“There are many good personal finance authors out there. One author who has helped a lot of people is Robert Kiyosaki, author of the Rich Dad Poor Dad books. Although I do not agree with all of Kiyosaki's ideas, his ideas about acquiring income-generating assets before spending on vanity goods and money sinkholes make sense. The judicious use of debt, however, which should really be handled carefully, is just OK.” — Zain Jaffer, Zain Ventures
