“The single biggest difference between financial success and financial failure is how well you manage your money. It’s simple: to master money, you must manage money.” – T. Harv Eker.
The best place to begin is with self-education in order to achieve financial independence. Financial success is not easy, but neither is it impossible.
You need proper direction, which our schools and colleges typically do not provide, but top books about money may be of help.
How you save, invest, spend, and manage your money, among other things your financial situation is entirely up to you. So, where to start your financial journey? Educate yourself about money first. Learn about wealth creation, money management, budgeting, savings, and investments. That is why, in this article today we have brought to you the 5 best books about money that you must read.
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How Books About Money Help You Achieve Success?
Reading brings you closer to the realities of the world, and educates you of the benefits of using finances wisely. A survey conducted by the National Statistical Office (NSO) revealed that India’s overall literacy rate is approximately 77.7%. According to the report conducted by the Global Financial Literacy Excellence Centre it is alarming to know that only 24 per cent of the Indian adult population is financially literate.
Reading can bring you one step closer to the harsh realities of the world and educate you on the advantages of prudent financial management, as well as the drawbacks of wasting wealth and its associated consequences, which have the potential to endanger your very existence and future. You will be able to comprehend the significance of effective finance management by reading actual accounts and practices, which will also inspire you to carry them out now for a secure future.
Learning doesn’t happen overnight, nor can be accomplished by reading just one book; rather, it is a process that unfolds over time through education, experience, and lessons from life. There are plenty of self-help books and workbooks that teach personal finance and money management. You can start by reading about one subject at a time.
Read: Managing Your Personal Finances: 9 Managing Money Tips
5 Best Books About Money
Rich Dad Poor Dad by Robert T. Kiyosaki
The book is partially based on Kiyosaki’s life, in which he learned two distinct ways to handle money from his father and best friend. The lessons cover a variety of topics, including how to think about money, the fundamentals of accounting, budgeting, investing, and money management.
Key Takeaways
- Use your money to acquire assets, not liabilities.
- Manage risks instead of avoiding them.
- Work to learn, not to earn.
Think And Grow Rich by Napoleon Hill
This book is based on the idea of “helping yourself” and how this way of thinking and thinking turns your finances around. In this book, Hill says that you can succeed in any field if you just think creatively and believe in self-help.
Key Takeaways
- Acquiring the mastery of the “science” of success as well as the subtle art of increasing one’s wealth or net worth.
- Choosing a financial objective and remaining flexible with related plans
- Projects not working? Feel free to change/stop them.
The Best Place To Save, Invest And Borrow Money.
The Richest Engineer - A Story That Will Unravel the Secrets of the Rich by Abhishek Kumar
Abhishek Kumar’s book is centered on a straightforward question that you must have thought of at least once:
‘Have you ever wondered why some people get rich easily while others have to struggle financially all their lives?’ Abhishek tells a story and recounts a conversation between two friends, Vinay and Ajay, to answer this fundamental question.
As we get closer to the solution, we gain exciting and useful insights into how an individual should invest their income to generate wealth.
In addition, he has discussed some fundamental principles that you, as a person seeking financial independence, must adhere to in order to achieve your objectives.
Key Takeaways
- Anybody can become rich with the perfect methodology.
- How to change the wrong mindset we’ve been taught throughout our lives regarding money.
- How to keep your current standard of living while simultaneously increasing your income and reducing your expenditures and taxes?
The Total Money Makeover by Dave Ramsey
The book shows you how to stop accepting debt as normal, eliminate it forever in small increments, and build the financial future you deserve in seven steps. It encourages you to tackle your debts from small to large, then slowly start saving, and only invest after you’ve covered the basics.
Key Takeaways
- Before you do anything else, put away $1,000 in an emergency fund.
- Start paying down your debts, beginning with the smallest.
- Grow your emergency fund until you have at least a three-month buffer.
Read: Family financial plan- 7 steps of Financial planning for families
Where To Invest Money To Get Good Returns In India?
From the Rat Race to Financial Freedom by Manoj Arora
You must read this book if you want a nice, simplified understanding of what “financial freedom” means to you!
Manoj mentions how each one of us is in an unnecessary self-acclaimed rat race – where all that happens is a fierce competitive struggle to learn more and MORE about money. And that is not really meaningful.
In this book, he talks about the importance of constructing a personal financial plan in achieving your financial goals. This book shows you how to get out of the rat race and take control of your finances.
Key Takeaways
- Your social status or net worth is not the reflection of your financial freedom.
- Your level of earnings actually doesn’t matter – all that matters is how you take charge of your money and save & invest it.
Summing Up
Money does, to a certain extent, make our lives easier—being able to retire in peace without worrying about money, having enough money to invest in a new venture, and so on. Reading the above books about money is one the most important ways to learn how to manage your money.
Any step that you take towards getting a better hand on your monetary situation is a step in the right direction. The key is to take that first step. Another step you can take to manage your money to save and invest in the right place. Money Club platform is an online committee platform and the best place where you can save, invest and even borrow money in times of need. To know how Money Club works you can see the video here.
Read: Online Committee System: Simple Way to Raising Debt
