Achieving financial freedom is everyone’s goal. Now, many people assume if they have a degree, they are financially literate. Robert Kiyosaki, American Businessman and Author, says, “Every person who graduates from school is financially illiterate.” However, for that, financial literacy is crucial. But how do you achieve financial literacy? Reading the five financial literacy books we have listed here can help you with that. These books will help you control your financial life. They offer real-life examples, practical tips, and success stories for better comprehension.
Best Financial Education Books: Mastering Money
The books listed below contain immediate actionable plans, proven methodology, and strategies to be successful. So, let’s check out the books:
1. Infinity Investing (Tobi Mathis)
Infinity Investing is a great book that teaches you that it takes time to build and implement long-lasting strategies that make you financially independent. Throughout the book, Tobi Mathis reveals that wealth is only possible with multiple income-generating assets. The strategy includes acquiring dividend-paying funds, property investments, and stocks someone else manages.
Amazon Price: Approx ₹2,197
Amazon Rating: 4.6
2. Financially Free (Ande Frazier)
Financially Free is one of the financial literacy books truly worth reading. It discusses personality traits as the basis for financial planning. After reading the book, you will learn to keep your life goals at the centre amid financial goals. Those who are looking for the best personal finance books must read it. The book is filled with conversations to help you understand your approach towards money and transform it for good. Financially Free is an Amazon best-seller, which proves it’s among the top financial education books.
Amazon Price: Approx ₹1,668
Amazon Rating: 4.8
3. Gain Big and Give Back (Patrick Rush)
Gain Big and Give Back by Patrick Rush is the third among the financial literacy books listed here. In this book, Patrick teaches that money is only to help you fulfill your life goals and nothing else. This book will also help you navigate the tricky family dynamics of talking about money. Gain Big and Give Back, one of the most popular financial education books, promotes a strong sense of humanity while sharing a comprehensive plan to cover all the corners of your financial life.
Amazon Price: Approx ₹2,682
Amazon Rating: 4.5
Also Read: Books to Read in Your 20’s
4. Monkey Money Mind (Angelique Schouten and Chris Zadeh)
If you are looking for the best personal finance books, you must read Monkey Money Mind. This book focuses on balancing financial plans. In this book, Angelique Schouten and Chris Zadeh discuss the present and teach how buying emotions or external influences can lead to financial ruin. After reading Monkey Money Mind, one of the reputed financial literacy books, you will learn the art of spending and saving in the present. So, do read this book if you want to gain financial literacy.
Amazon Price: Approx ₹2290
Amazon Rating: 4.7
5. Wiser Investing (Benjamin C. Halliburton)
The Wiser Investing book is just what the title says: being wise in investment. In this book, Benjamin C. Halliburton shares what portfolio diversification means and how to achieve it. Some graphs are given between the pages to help you understand how adding new assets to your portfolio can reduce the risk of losing it. Wiser Investing is definitely one of the best financial literacy books for investing.
Amazon Price: Approx ₹1,677
Amazon Rating: 4.0
Books To Build Your Wealth
These were the 5 financial literacy books that you must read at least once. All these books teach you valuable lessons. However, they can’t teach you everything about finance. But surely they can help you achieve your financial goals and life goals.
Frequently Asked Questions
1. What are the 5 C’s of financial literacy?
In finance, the 5 Cs refere to character, capacity, capital, collateral, and conditions. Lenders use these five Cs to analyse borrowers’ creditworthiness.
2. What are the 5 principles of financial literacy to follow?
Earn, spend, save and invest, borrow, and protect are the 5 principles of financial literacy known as the MyMoney Five.
3. What do you mean by 50 30 20 in finance?
50/30/20 is one of the budget rules. In it, you divide your income into 3 categories: 50% to spend on needs, 30% on wants, and 20% to save.
4. What is paying yourself first?
“Pay yourself first” means that after you receive your salary, save your share of the amount first and then try to spend it on something else.
5. What are some tips to improve financial IQ?
- Check your daily transactions and monthly statements
- Prepare a realistic budget
- Keep the credit score high
- Develop the habit of saving and investing
