One of the most important skills you can master when it comes to knowing how to manage money is personal finance. But without any direction, it might be challenging for us to comprehend the importance of managing our finances and leveraging them to generate additional income.
But if you visit any bookshop or library, you’ll discover that there are many resources available in the form of personal finance books that provide guidance on financial planning. But not all pieces of advice are created equal.
Here is a list of publications that will assist you in leaving the rat race of debt behind and obtaining the treasure you rightfully deserve.
The Basics of Bitcoins and Blockchains by Antony Lewis
You can tell a lot about a book by its cover because it lives up to its promise of being an in-depth, entertaining guide to cryptocurrency. Former Credit Suisse scientist Antony Lewis quit the banking industry to join the company iBit, where customers can buy and sell Bitcoins and hasn’t looked back since.
His nine-chapter book begins with a definition of money and then goes on to define digital money, cryptography, cryptocurrencies, digital tokens, and blockchains. It uses images, graphs, tables, pie charts, and infographics to explain its arguments.
For instance, he proposes referring to Bitcoin as an “electronic asset” as “the word currency often sidetracks people when they are attempting to understand Bitcoin.” They become engrossed in attempting to comprehend elements of traditional currencies that do not applicable to Bitcoin, such as who backs it (nobody), and who determines interest rates (there are none).
The senior editor in charge of blockchain and cryptocurrency at Investopedia, Vinamrata Chaturvedi, says this about the book: “There are numerous issues we have while thinking about blockchain. They are all addressed in this book. It explains how blockchain technology operates and the advantages of cryptocurrency as the currency of the future.
Lewis freely acknowledges that he “loves the industry” of digital currencies like Bitcoin and blockchains, but he also raises serious concerns for investors. He describes the frauds of Ponzi schemes, exit and spoof scams, Pump & Dumps, fraudulent initial coin offers (ICOs), scam mining programs, and phony (digital) wallets in a section titled “Scams.” There are considerable risks, he argues, “yet people have made and lost billions trading cryptocurrencies and investing in ICOs. If you do decide to participate, exercise caution and conduct a thorough investigation before investing any money.
You may have noticed this entry on your For You page if you use TikTok for personal finance, in which case you are aware that it will be a useful and timely gift. No matter what your income, you can become wealthy, according to Kiyosaki, as long as you manage your money well.
This book, which is targeted at parents, will help you understand your finances better so you can teach your children how to begin handling their finances. As most schools don’t include personal finance, this guide will help you teach your kids about money management and economic responsibility.
A Random Walk Down Wall Street by Burton G. Malkiel
Although Burton G. Malkiel is a professor of economics, a former director of Vanguard, and a former dean of the Yale School of Management, his 1973 book Random Walk, which is currently in its twelfth edition, is his most well-known contribution to finance. If you wait until January 3, 2023, you can obtain the 50th-anniversary edition with the cover seen above, which is green rather than yellow.
The definition of a random walk, according to Malkiel, is “one in which future steps or directions cannot be predicted based on history.” Sounds familiar? When used in reference to the stock market, the phrase suggests that short-term movements in stock values are unpredictable.
“I re-read this recently and found that it was a really comprehensive summary regarding finance and investing,” said Amy Drury, a member of Investopedia’s Financial Review Board and the CEO and creator of the financial-training firm OnPoint Learning. It is pretty dense, so perhaps you shouldn’t bring it to the beach, but it’s fantastic as a reference book to skim over particular subjects.
I Will Teach You To Be Rich,’ by Ramit Sethi
Ramit Sethi, a personal finance author, provides a six-week approach for pursuing your definition of a “rich life.” Ramit Sethi’s book “I Will Teach You to be Rich” teaches readers how to use credit cards wisely to optimize rewards, open high-yield savings account to earn interest and even automate accounts so they may save automatically each month. This book is straightforward to read and packed with practical advice.
Best for:
- Making a plan
- Strategizing with your money
- Setting up systems to build wealth
The Silk Roads: A New History of the World by Peter Frankopan
The phrase “silk roads” may bring up images of shimmering silk cloth in far-off lands for those who are unfamiliar with it. The truth is very different. In his 2015 book, Oxford University professor of global history Peter Frankopan spins a complex tale spanning centuries about brave traders, middlemen, soldiers, and leaders—many of whom made perilous journeys across dangerous terrain in the Middle East, China, the Balkans, and South Asia—with the added provocations of unpredictable weather and peoples, crime and deadly diseases, and even the proselytizing by clergy of religions both ancient and modern.
Silk was so highly prized that it replaced failing commodities like grain as the world’s reserve currency. New cities have sprung up over the years, while others have failed. Of course, the primary goal was commercial.
David M. Roth, CEO of the Wakaya Group and previous director of FIJI Water in Fiji, argues that “The Silk Roads refocus our attention on a region that has always and will always play a key (and defining) role in the world economy.” Roth is also an entrepreneur-in-residence at INSEAD. “Frankopan also aids us in placing contemporary events in their proper historical context and making sense of them.
It is and always has been about the economy, to paraphrase [Democratic political operative] James Carville. A follow-up by Frankopan is The New Silk Roads: The New Asia.
To Becoming Financially Whole,’ by Tiffany ‘The Budgetnista’ Aliche
The Budgetnista, Tiffany Aliche, discusses her own story of overcoming debt and other financial difficulties. Worksheets are also included in “Get Good With Money” to assist you in evaluating your financial wellness without feeling guilty or judged.
Ideal for:
- Those that desire to pay off their debt
- those who favor worksheets
- Professionals under 30
Conclusion
If you use personal finance books as a tool for self-improvement, they can be effective resources for enhancing your financial situation. An excellent financial book can point you in the right direction, but you must decide to take that step.
