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Saturday, July 11, 2020

The best personal finance books in 2020

With the economy in a tailspin and quarantines of corona virus persisting during the summer months, this is a good time to pick up your reading while improving your personal finance knowledge. Sure, there are an infinite number of websites, influences and apps to help you manage your money - but a few of them are equal to a good book.
The best personal finance books in 2020

030-money-us-dollar-tickets-roll-stack-cash Sarah Tu / CENT
Here are some of the best personal finance books, including some of my own personal favorites and some from Amazon's bestseller list. A few are very new and others have stood the test of time for decades. A few of them are not even about money per SE. But all are well read full of valuable financial lessons.

Amazon
The 7 Habits of Highly Effective People by Stephen R. Covey has existed for 30 years, and for good reason. It is named as one of the most influential business books of the 20th century. Although it is more of a self-help book than a finance-specific one, there are many lessons about money in it.

The basic premise is that if we can change our perception of the world, we can change our outlook on life. Some tips: Challenge yourself to be proactive, consider ending it before you begin - and consider prioritizing the different parts of your life.

Originally published in 1949, this book seems to be from a distant past to be relevant today. But this revised edition, with comments from leading modern investors including Warren Buffet, explains why you should try to minimize losses while maximizing profits. It is a true investment book - with lessons for both long-term investors and day traders. It emphasizes the need for discipline, having a plan and sticking to whether you are investing in stocks, bonds or other securities.

You don't need a high flying job to get rich. Making smart decisions about your money is essential - regardless of your salary or income tax. That is the premise of Rich Dad Poor Dad. Aimed at parents, this book will help you better understand money so you can teach your children about it. Given that most schools do not teach personal finance, it is more important than ever for parents to educate their children on how to make smart choices when it comes to money.

A true Renaissance man, 50 Cent is so much more than just a rapper with platinum sales. An enormous contract for executive production of the crime drama show Power has made him one of the highest paid performers in the media. And his early investment in Vitamin Water cost him millions.

The book includes some autobiography, some self-help lessons and many tips for personal finance. Curtis Jackson explains how the risks he took laid the groundwork for his success.

Sometimes the best finance books do not have much to do with money but how to approach different aspects of your life. The Maxwell Daily Reader encourages growth and change in yourself and then the benefits by passing it on to others.

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