5 Best Personal Finance Books You Must Read To Gain Financial Freedom | by Mofrad Muntasir | Jul, 2022

“Money is a terrible master but an excellent servant.” — P.T. Barnum

Photo by Karolina Grabowska: https://www.pexels.com/photo/set-of-black-opened-envelope-and-cash-dollars-4386370/

Managing personal finance is a mindset. And it often grows out of necessity.

I never cared for financial management — until I had to deal with a mountain of student loans. That mountain put such a strain on my wallet that I needed to find a way out.

It was my life vs. the student loan.

Few books (and some financial modeling) allowed me to get out of that loan three years sooner than I originally expected.

These are the same books that are now helping me on my journey towards financial freedom.

Here’s a list of five books that can help you too!

For a book on finance, this book is surprisingly easy to read.

The rich don’t work for money. They make money work for them

Robert outlined a series of valuable insights in this book. The quote above is one of them. It’s about making your money work for you, not the other way around.

Some of the other key learnings from the book are —

  • Don’t Save Money — There’re better things to do with money
  • Pay Yourself First — Tax and bills can wait
  • Calculate Your Wealth Score — To see how close you are to financial freedom
It’s a must-read if you are interested in managing your money better.

Tony Robbins wrote this book after seeing the devastating effect of the financial crisis.

The book is based on Tony’s interviews with the world’s top billionaires. He distilled the key learnings and created this massive book.

Key learnings of the book are —

  • Never underestimate the power of compound interest
  • Plan investments so that you can gradually cover all your expenses. But start with just the basic expenses, then move to basic & fun activities and lastly take the entire expense bucket
  • Diversify your investments by dividing them into three buckets

This book is 85 years old. The fact that it still makes into such lists shows how timeless the advice was.

The money game often starts within your mind. And believe it or not, many of us think of money negatively. That negative feeling deters us from reaching our true potential.

The key points of this book include —

  • The desire for money & the belief in yourself
  • Affirmation to build up that belief
  • Gain experiences and continue learning
  • Visualizing your success and taking action

Save at least 10 percent of what you earn.

This book covers seven principles of making money which encompasses everything you need to create a financially solvent life.

Key points include —

  • Make your purse fatter by saving money
  • Avoid investments that sound too good to be true
  • Ensure a future income
  • Improve your ability (and knowledge) to earn more

These five books will give you the right mindset and knowledge to handle your finances in the way you deserve.

We are not in this world to slave for money.

We are here to enjoy life. And being the master of your finances can allow you to do that.

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