Top 5 Books on Personal Finances


Although some cities are beginning to ease up on their lockdown restrictions, the coming months are still shaping up to be a summer of social distancing. With all the free time, there’s no better opportunity to catch up on your reading and improve your personal finances. After all, reading and educating oneself is how Warren Buffet and Elon Musk got started. 

If managing your money isn’t one of your strengths— don’t worry, you’re not alone. A recent survey from the American Psychological Association found that 70% of Americans believe they are on shaky financial ground with their personal finances. Even if you do feel confident in your financial situation, there’s always an opportunity to learn something new and try out new techniques.

From budgeting advice to debt management, here are the 5 best personal finance books of 2020! 

1)  Broke Millennial: Stop Scraping By and Get Your Financial Life Together by Erin Lowry

This one’s all in the title! This book is perfect for 20- and 30-somethings with low-income trying to take hold of their debt and start planning for the future. Broke Millennial will show you step-by-step how to go from “flat-broke to financial badass.” With its lighthearted tone and practical tips, Broke Millennial is a fantastic starting point to turn you into a money master! 

2) The Total Money Makeover: A Proven Plan for Financial Fitness by Dave Ramsey

With 5 New York Times bestsellers, you can be sure that Dave Ramsey really knows what he’s talking about. Like Lowry’s book, Total Money Makeover is great for people in their early 20s trying to get ahead on their financial planning. With his no-nonsense writing style filled with personal stories and “Dave Rants” Ramsey’s book offers a simple step-by-step plan for getting out of debt and saving for emergencies and retirement. 

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

This book is perfect for making a plan and learning how to set up cash-flow systems to build wealth. This book actually delivers a one-step plan for automating your finances. It will help you set up your personal finances to manage themselves and grow wealth over many years. Business Insider says this book is “a plan that can be put into action in an afternoon and make a lasting impact.” The Automatic Millionaire has become incredibly influential that a NY Magazine contributor even calls it a “classic read” and has sold over 1.5 million copies!

4)The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J. Stanley & William D. Danko

If you’re looking to get into that millionaire mindset, then this book will give you all the inspiration you need. Business professors William D. Danko and Thomas J. Stanley reveal the seven common traits found among millionaires after years of studying the wealthy. Because after all, what better way to learn to get rich than by studying the people who actually are rich. The majority of the wealthy people they researched didn’t live lavish lifestyles or drive fancy cars— they got most of their wealth by working hard and saving their money! The millionaires depicted didn’t get rich through a high-profile job, but rather by managing their money the right way. A must-read on how to live within your means and change your mindset.

5) Secrets of Six-Figure Women: Surprising Strategies to Up Your Earnings and Change Your Life by Barbara Stanny

Like the previous book on our list, Secrets of Six-Figure Women examines the behaviors and attitudes of successful people but focuses exclusively on wealthy women. Stanny identifies seven key strategies: A Profit Motive, Audacity, Resilience, Encouragement, Self-Awareness, Non-attachment, and Financial Know-How. Many readers found that the lessons in the book gave them more confidence and felt empowered to pursue higher incomes. One freelance writer in NY Magazine claimed that this book helped her negotiate more pay from every single one of her clients!

Everyone can learn something from the books on this list! After all, educating yourself is one of the best financial decisions you can make! What are some of your favorite finance books?

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