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Finance
8 Good Financial Habits For Students
November 11, 2024
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5 min read
Do you ever wonder what percent of your income you should spend or save? Imagine if you had the top finance books to guide you through it all! To turn your imagination of achieving financial security into a reality, we have curated a list of some of the best finance books for saving money. Read along to get an idea of where and how much you should spend, save, and invest! Dive along to know their ratings, takeaways, and more!
How to Select the Best Finance Books?
While selecting which book to read, it is crucial to consider factors such as relevance, credibility, author expertise, reader reviews, and individual financial objectives. Choosing books written by credible financial experts that are thorough, clear-headed and well-researched can greatly improve learning and optimise the advantages of reading.
Top 10 Financial Books
Now that we have an idea of how to pick the best books on finance, we have curated a list of the top 10 books about money management just for you! If you're looking for some healthy investment tricks or the best financial management tips, these finance books are to your rescue! The world of finance literature offers a plethora of options to cater to every need and level of expertise. Here are some of the best financial books of all time.
1. Rich Dad, Poor Dad
Author: Robert T. Kiyosaki
Published year: 1997
Rating: 4.6/5
Robert distinguishes between the financial philosophies of two boys, one with a rich dad and the other with a poor dad. He discusses valuable lessons on financial literacy and wealth creation. The chapters are a confluence of how to approach money and understand the concepts of budgeting, investing, etc. Additionally, it talks about how one can manage money and implement financial tips in real life. These are some of the aspects that make Rich Dad Poor Dad one of the best self-help books to read!
Key takeaways:
1. Emphasising entrepreneurship, investing, and building assets.
2. Highlights the importance of financial education and increasing one’s financial IQ.
3. This best-selling finance book encourages readers to think differently about money and their financial futures.
2. Your Money or Your Life
Author: Vicki Robin and Joe Dominguez
Published year: 1992
Rating: 4.5/5
Your Money or Your Life is one of the best finance books that compels individuals to reconsider their relationship with money. Accordingly, it influences readers to question the accepted norms and ideas of wealth. The authors, Robin and Dominguez, encourage readers to achieve financial independence and spend money that is consistent with personal values.
Key takeaways:
1. Nine step guide to taking control of your finances.
2. Make peace with your financial past by calculating your lifetime earnings and net worth.
3. Emphasising on financial intelligence, financial integrity, and financial independence.
3. Money: Master The Game
Author: Tony Robbins
Published year: 2014
Rating: 4.4
The book sheds light on money-saving tips, mindset changes, and asset allocations. The author conducted a detailed analysis and research for a decade and wrote this book. Being amongst the best finance books, it is based on interviews of financial legends like Warren Buffet, Ray Dalio, and many more! The book emphasises picking one of the three financial goals, which are basic expenses, financial independence, etc. It encourages readers to diversify their investments by using a three-bucket system: security, growth, and dream buckets.
Key takeaways:
1. Invest for the future and develop multiple streams of income.
2. Diversify assets and invest in low-cost index funds.
3. Share your wealth and give back to the community.
4. The Intelligent Investor
Author: Benjamin Graham
Published year: 1949
Rating: 4.5/5
The Intelligent Investor is an icon that acts as a guiding light for individuals looking to achieve sustainable wealth through investments. The book talks about principles of value investing and rational decision-making that have influenced a number of investors globally. The reader will learn about thorough analysis, managing risks and disciplined investing through one of the best books for finance. Whether you're a beginner or a seasoned investor, "The Intelligent Investor" provides invaluable wisdom that stands the test of time. Graham guides readers on how to envisage the ups and downs of the stock market and is definitely one of the best value investing books of all time!
Key takeaways:
1. Focus on buying undervalued stocks with strong fundamentals.
2. Mr. Market allegory; Do not follow the crowd and make informed decisions sometimes.
3. Buy at a price below intrinsic value with room for error.
5. The Barefoot Investor
Author: Scott Pape
Published year: 2016
Rating: 4.7/5
Scott Pape is one of the most trusted finance experts and sold more than 10,00,000 copies of The Barefoot Investor, making it one of the top 10 finance books of all time. The book explores the author’s life and discusses how he wished to trade stocks. He began his stock trading journey, but it didn't work out well. Hence, he went back to where he came from, his farm. The book advises and helps beginners to bifurcate their money in three phases: blow (daily expenses), Mojo (emergency fund), and Grow (Building long-term wealth). This is amongst the best finance books for beginners as it also offers easy tips with radical advice.
Key takeaways:
1. Use the “50/30/20” rule for budgeting.
2. Invest in a “grow wealth” account.
3. Avoid unnecessary insurance policies.
6. Broke Millennial
Author: Erin Lowry
Published year: 2017
Rating: 4.6/5
Lowry's Broke Millennial is one of the best financial books for young adults that gives an idea of the financial challenges that millennials might face. The book offers a practical roadmap for beginners eager to manage their money. It also helps readers understand that no one solution fits all financial challenges in personal money management. The author lays emphasis on the importance of understanding the unique relations between money and people. Many of such aspects make the Broke Millennial one of the best books to read for students. The students will be able to break down complexities into smaller achievable goals and have a plan of action for future financial planning.
Key takeaways:
1. Understand your relationship with money and how to manage it.
2. Learn how to manage student loans and pay debt off in one of the top 10 financial books of all time.
3. How to split the bill with friends when you cannot afford it.
7. The One-Page Financial Plan
Author: Carl Richards
Published year: 2015
Rating: 4.3
Carl Richards' "The One-Page Financial Plan" is like having a wise friend by your side. He explains the complexities of financial planning with clarity and empathy, guiding readers on how to align their money with their goals and values. Whether you're starting or reevaluating your finances, this is one of the best finance books for you. The One-Page Financial Plan provides practical advice and reassurance on your path to financial well-being.
Key takeaways:
1. Distil the complex into simple and actionable steps through this best financial book of all time.
2. Emphasise ongoing planning over one time creation of a financial plan.
3. Regularly update and refine the plan to reflect changing circumstances.
8. I Will Teach You To Be Rich
Author: Ramit Sethi
Published year: 2009
Rating: 4.1
The book is a concise guide to personal finance that provides practical advice and money-saving tips for students and young adults. I Will Teach You To Be Rich is one of the best finance books for individuals looking to build wealth and live a fulfilling life. Sethi emphasises automation, optimisation, and smart spending habits as ways to achieve financial goals without sacrificing enjoyment. From automating finances to smart investing, this book provides a clear path to financial success. Sethi urges readers to take control of their finances and build a secure future through humourous and relatable examples.
Key takeaways:
1. Focus on increasing income rather than just cutting expenses.
2. Avoid the “latte factor” and concentrate on big wins.
3. Invest in low-cost index funds and avoid financial advisors who charge high fees.
9. The Millionaire Next Door
Author: Thomas J Stanley
Published year: 1996
Rating: 4.6
"The Millionaire Next Door" is an intriguing peek into the lives of everyday millionaires who have earned wealth through discipline, frugality, and hard work. It eliminates common myths about millionaires, revealing that they frequently live modest lives and value financial independence over flashy displays of wealth. Stanley provides valuable lessons on wealth creation, myth-busting, and inculcating successful millionaire habits through insightful anecdotes and research findings. This is one of the best finance books that acts as an encouraging reminder to students. It urges that anyone who adopts the mindset and habits of the millionaire next door can achieve financial success.
Key takeaways:
1. Debunking common myths about wealth and wealthy people.
2. Learn about the key characteristics of millionaires in this best selling finance book.
3. Focus on building wealth through frugality, smart investing, and hard work.
10. The Total Money Makeover
Author: Dave Ramsey
Published year: 2003
Rating: 4.7
The Total Money Makeover is a game-changing guide to financial freedom and debt elimination. Ramsey's step-by-step approach outlines practical strategies for managing money and building wealth. From budgeting to debt management, this book provides actionable advice for readers at any stage of their financial journey. This book talks about using the debt snowball method, which gives readers a different perspective on money management. Ramsey's motivational insights and real-life examples empower readers to take control of their finances. He talks about tips to live a life that is peaceful financially and thus is amongst the best finance books for students.
Key takeaways:
1. Create a zero-based budget where every dollar is accounted for.
2. Prioritise needs over wants and focus on debt repayment
3. Read this top finance book to know all about the seven baby steps.
All in all, reading the best finance books is an investment within an individual. Whether you're a beginner looking to create a strong foundation or an expert aiming to refine your investment and money management skills, the world of finance literature will never be enough. Finance literature is a vast wealth of knowledge, insights, and strategies that offer financial literacy. By picking the best finance books that align with your goals, you can learn some insights that will help you build a brighter financial future!
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