Managing money is a hot topic for most people today. In fact, it’s such a hot topic that there is no shortage of books, articles and blogs offering wisdom on the subject. However, when it comes to financial gurus able to offer the average person the best of the best personal financial advice, there are five bestselling books you can’t afford to miss.
“The Total Money Makeover” by Dave Ramsey
This is an essential read for anyone who is serious about obtaining real financial freedom. Ramsey is an anti-credit advocate, who constantly implores his readers to use cash for everything, staying out of the vicarious cycle of amortized debt – essentially throwing your hard-earned cash away. Ramsey’s method is a practical one, and while it isn’t overly simplified, his methods are proven effective when used by people from all walks to life to work hard, pay off debt – and stay out of debt.
“Your Money Or Your Life” by Vicki Robin & Joe Dominguez
In this book, readers are asked to sit down and realistically re-evaluate their priorities, especially when it comes to careers and personal relationships. The book examines numerous financial truths about the connection between life and money, and addresses how many readers remain stuck in a doomed cycle; forever-trading time for money by relying only on passive income sources. The book teaches readers how to live a more efficient and value centric lifestyle, by helping them break out of old self-destructive habits.
“The Millionaire Next Door” by Thomas Stanley & William Danko
This book profiles and surveys the characteristics of very ordinary millionaires and brings their lifestyle home in a very easy-to-follow format for the average reader. The book provides case studies of real millionaires, showing readers that these money-wise folks don’t act, eat or even dress like millionaires. In fact, much of what they do comes from living beneath their means and making smart decisions with their money. If ever there was a pro-frugal book, it’s this one.
“Fabulous, and Broke” by Suze Orman
Suze Orman’s advice is generally not ground breaking, but she does do an excellent job of helping readers understand a myriad of different subjects when it comes to personal finance. This book puts a heavy focus on professionals in their 20’s and 30’s who may be struggling with debt, establishing (or re-establishing) credit and how to handle student loans.
“The Bogleheads’ Guide to Investing” by Larimore, Lindauer, & LeBoeuf
This book is designed to help you educate yourself on the most important fundamentals of stock investing, for beginners. The primary theme of this book focuses on investment advice and philosophies as well as the long-term investment benefits of diversification, asset allocation, low cost and low fees, and index funds. All in all, this book takes investing from start to finish in an easy to understand format.
Of course, just like any other self-help program available, readers will only get out of it what they put into it. Simply reading these best sellers isn’t enough to put you on the path to financial freedom if you have no follow through.