Personal finances are sometimes more complex than corporate ones, and we often feel like we need a top team of financial experts to solve our ongoing financial issues. Since hiring a personal financial advisor can be really costly, especially for students, young people should try to learn some of the most basic personal finance techniques by themselves. Best way to do that is by ‘consulting’ some great personal finance books, written by top economy experts.
Since people in their twenties don’t like to read dubious financial studies, in this article we singled out 5 easy-to-read personal finance books that will help you to understand your personal finances and learn useful financial strategies. These books can also serve as a perfect introduction to more complex business finances and useful practices in this field, including: invoice loans and invoice financing, surety, and more advanced investment strategies.
Debt-Free by 30: Practical Advice for the Young, Broke, and Upwardly Mobile by Jason Anthony and Karl Cluck
Best way to learn how to deal with your student debt is by following the advice of your peers, who managed to dig themselves out from the dark pit of debt. In this book, Jason Anthony and Karl Cluck share valuable first-hand experience about falling into debt and finding their way back to liquidity. The book covers the basics of prioritizing your debt and ways to find extra money in order to speed up the repayment process.
The Money Book for the Young, Fabulous & Broke by Suze Orman
Suze Orman is an author, financial adviser, motivational speaker and a TV host and her book deals with financial topics that trouble young people. In Money Book, she shares a lot of useful information about student loans, credit card debt and insurance and investing basics. Her writing style is clean and straight to the point, which is why this book is very useful for Millennials who deal with financial issues for the first time.
The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money by Carl Richards
Carl Richards is the founder of two asset management companies and an active contributor to New York Times Bucks Blog. Behavior Gap focuses on financial mistakes we regularly make. He closely studied human behavior in order to determine why people buy meaningful things and why their natural instincts lead them astray, when they need them the most. Behavior Gap is also a very fun book because Carl Richards explained the most common personal finance mistakes and decision making patterns through funny situations from everyday life any Millennial can relate to.
Generation Debt: Take Control of Your Money by Carmen Wong
Carmen Rita Wong is a journalist, contributor and personal finance advisor. She is also the former host of CNBC’s On the Money, which was one of the most popular personal finance TV shows. Her book is very useful to young people and it gives them an easy step-by-step guide for budgeting monthly expenses. It also shares tricks for avoiding high credit card interest rates and paying off student loans.
The Millionaire Next Door by Thomas J. Stanley and William D. Danko
This book is one of the best known personal finance bestsellers. It is based on 20 years of research conducted by Thomas Stanley, who was one of the top business theorist of its time and William D. Danko another famous financial scholar. In their research they managed to find clear differences between Under and Prodigious Accumulators of Wealth (UAWs and PAWs), and they teach us how to excel in in earning, investing, saving and spending.
These books will teach you how to stay debt free and how to save and invest your earned funds. We purposely chose authors with fun and youthful writing style, in order to show you that finances, economy and banking can be as fun as any other business niche. Hopefully, one day when you solve all of your money issues, you will shift your attention to smart investment opportunities.