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It’s a good thing and a scary thing that there are so many personal finance resources now available. It’s good because access to financial education has historically been limited. It’s scary because like most of the interwebs, it’s hard to sift through trash to find diamonds and gold.
Everyone’s personal finance journey starts in different places. That might be stumbling upon a personal finance YouTube channel or TikTok page, or attending a free community personal finance workshop. There’s no one-size-fits-all journey to financial literacy and building wealth. The important part is that you seek to improve your personal finances.
What is Personal Finance?
Before diving into the reading list, what exactly is personal finance? Personal finance is a broad term to describe everything that has to do with YOU and YOUR MONEY. This includes making money, saving, spending, budgeting, investing and more. The “and more” is where it can start to get overwhelming. After all, money truly does touch almost every space of our lives.
- Do you want to buy a house some day?
- Do you and your partner have different income levels? Not sure how to split bills?
- Do you enjoy shopping? Traveling? Getting your nails done?
- Do you hate (or love…) filing taxes every year?
- Do you love buying gifts for loved ones during the holiday season?
- Do you worry about not having a roof over your head? Or food to eat?
- Do medical expenses eat up a lot of your income?
It behooves us all to have some level of personal finance knowledge, which some people refer to as “financial literacy” or “financial education.”
If you’ve never taken a formal financial education course, you’re in the majority. Don’t even trip! The key is to understand that wherever you are currently, you can learn more.
…and learning more means improving your money situation – which arguably will improve your quality of life!
Not sure where to get started? Here are a few books that may pique your interest in personal finance.
5 Personal Finance Books to Check Out
We Should All Be Millionaires by Rachel Rodgers
While this book is not a step-by-step practical guide of saving and investing your money to become a millionaire, it does have many gems. It’s a good book particularly for women of color (and friends, allies and advocates). It speaks to women of color which is not a common thing int he world of money and finance. It’s a good read that will help build your wealth mindset and serve as motivation to start or continue your journey to wealth.
I Will Teach You To Be Rich by Ramit Sethi
From a personal finance perspective, this is a good easy read for newbies. It’s structured as a 6-week program to help you get your finances in order so it’s great for people who need a guide to follow while starting to get organized with money. Warning: its tone isn’t for everyone (with its jokes about hot blondes among other things) but if you can tune that out and focus on the finance, it’s legit.
The Psychology of Money by Morgan Housel
This book is an amazing pre-requisite before starting on the logistics of your personal finance journey. It digs into our psychology in relation to our actions, particularly around money. By digging into clarity and purpose, the book provides a foundation necessary behind building good money habits and reaching money goals. For example, it takes a dive into exploring what “enough” money looks like for you. What are you working so hard for, and how will you know when you’ve gotten there?
Your Money or Your Life by Vicki Robin
This book is another personal finance book that explores purpose. While it acknowledges the important part money plays in life, it guides you to differentiate “making a living” from “making a life.” Thinking about money, life and existence is meant to guide you to more clarity around your goals.
Editor’s Note: Like with all books you read and all content you consume, take what resonates with you, and leave behind what doesn’t. I personally like this book’s overall meaning even though I have different view points on spending and frugality!
Get Good With Money by Tiffany Aliche aka The Budgetnista
This is a great personal finance book for beginners. If you haven’t heard of The Budgetnista already, you have to check her out all over the internet! She’s an amazing resource for getting your personal finances in order, especially for women just starting out. The book is a good mix of practical personal finance topics and motivation to get your finances in order.
