While global financial systems and economic conditions have undergone so much transformation over the last few decades, there are still some key principles of personal finance and investment that still hold true to this day. This is very apparent when looking at some of the most trusted books on finance, most of which were written many decades ago, but are still relevant to this day. If you are interested in managing your personal finances and are looking forward to investing, it is highly recommended to rely on these time-tested principles, rather than depending on blog articles and financial columns that go redundant after a couple of years.
If you are looking for finance books that would potentially change your entire outlook on money management, look no further.
List of Books that will be worth your time
Think and Grow Rich - Napoleon Hill
One of the most famous personal finance books ever written, Think and Grow Rich has been hailed by millionaires around the world as one of the must-read books on finance. The book follows the author Napoleon Hill as he interviews various successful people, most notably steel magnate Andrew Carnegie. Although penned in 1937, the thirteen principles on how to achieve wealth and success outlined in each book holds true to this day.
Quote: “Happiness is found in doing, not merely possessing.”
Rich Dad Poor Dad - Robert T. Kiyosaki
Another one of the must-read books when it comes to starting your personal journey towards wealth, Rich Dad Poor Dad is all about the differences in mindsets between the rich and the poor and how they look at finance. The book starts off with the author, Robert T Kiyosaki understanding how the finance lessons taught to him by his father (the poor dad in this context) will never make him truly wealthy, whereas the finance lessons given by his friend’s father (the rich dad) is a true testament to how rich people amass their wealth and stay wealthy. This book is guaranteed to change the way you look at wealth, income and expenses.
Quote: “Workers work hard enough to not be fired, and owners pay just enough so that workers won't quit.”
The Intelligent Investor - Benjamin Graham
The intelligent investor is an essential finance book for any potential investors in the stock market. In this book, the author Graham expounds the importance of “value investing” and relying on long-term strategies that carry less risk to earn profits. His philosophy is built around keeping focus on the company's activities, rather than reacting to the ups and downs of the stock market and its price fluctuations. Graham utilised his real-life experience while penning this book, drawing from his downfall during the stock market crash of 1929 and the Great Depression, followed by his rise to riches once more through stock market investments.
Quote: “The intelligent investor is a realist who sells to optimists and buys from pessimists.”
Secrets of the Millionaire Mind - T. Harv Eker
In this book, Eker gives a deep analysis about how people can shape their mindsets and behaviours to think and behave like a millionaire. It hypothesizes that your childhood and family dynamics affect your view of money and this book goes about trying to bring out the “millionaire” mindset and traits in each and every one of us to not only achieve wealth but keep it with you. Eker talks about how to configure the power of your subconscious to achieve wealth and status, using examples of the behaviour and mindset contrast between rich and poor people.
Quote: “Rich people play the money game to win. Poor people play the money game to not lose.”
Richest Man in Babylon - George Samuel Clason
Written in 1926, this timeless book puts forward principles of finance using anecdotes set more than 4,000 years ago in ancient Babylon. Narrated by the fictional character called Arkad who outlines how he went from being a poor scribe to the titular Richest Man in Babylon, this book is written in a very unique structure. It consists of various pamphlets printed by US financial institutions from the 1920s which have been converted into a book. With interesting lists such as "Seven Cures for a Lean Purse" and "Five Laws of Gold", this book on personal finance and wealth management has stayed relevant for more than a century since its original publication.
Quote: “If you desire to help thy friend, do so in a way that will not bring thy friend's burdens upon thyself.”
Your Money or Your Life - Joseph R. Dominguez, Monique Tilford, and Vicki Robin
Widely considered one of the most influential personal finance books since its release in 1992, Your Money or Your Life outlines 9 steps towards achieving total financial independence and transforming your relationship with money. It combines the expertise of three authors to help people all around the world live their lives with purpose and more meaningfully, covering topics such as developing multiple revenue streams, saving money, getting out of debt, tracking finances and even changing the way you talk about money. This book is suitable for those of all ages and all levels of financial status so whether you are about to retire or just starting your first job, this book is guaranteed to change your life.
Quote: “If you live for having it all, what you have is never enough.”
The Money Book for the Young, Fabulous & Broke - Suze Orman
This book, a former New York Times bestselling financial guide, is a very unique take on how young generations can tackle the unavoidable mountain of debt that they start their adulthood with. It deals specifically with helping young adults navigate debt in their twenties and thirties with practical and concise solutions to very real problems. The book consists of 10 chapters that feel much too short that can read one-by-one or just consulted when the need arises, and aims to provide young people hope about their personal finance even when everything seems to be going wrong.
Quote: “Saving is for a short-term goal that you hope to reach within five years or so. Investing is for the long term.”