5 of the Best Personal Finance Books For Young Adults and Millennials
The process of figuring out how to handle your money smartly can seem overwhelming. A quick Internet search will reveal that there are hundreds of personal finance books for young adults available to read. However, not all advice is created equally. Most young adults want books that are easy to read, simple to understand, and that will teach the foundation for smart money management habits.
To help you narrow down your search and find the best advice, we’ve asked financial experts and authors which personal finance books millennials should read. Here is our list which may include a few books you have never heard of
Written by Gordon Murray and Daniel Goldie, this book offers a practical guide to investing and provides advice on when to buy or sell assets, how to divide your assets among cash, bonds, and stocks. It also gives advice on whether you should invest alone or work with a professional. The book is brief, well-written, and simple to read.
This book’s content has recently been updated to reflect the state of the modern economy. What will surprise most readers is that today’s millionaires are more likely to live in modest homes and drive average cars – the types of individuals you would least expect to be wealthy. This book analyzes the habits of millionaires so you can learn how to emulate their example.
- No More Mac ‘n Cheese!: The Real-World Guide to Managing Your Money for 20-Somethings (Personal Finance Series)
Authored by certified financial planner Lise Andreana, this book creates a handful of composite characters in their mid-20s who are used to illustrate certain financial concepts, like calculating your net worth, purchasing a home, and establishing financial goals. The intimate details that are provided about these characters make them seem relatable and provide illustrations of how the numbers work in these financial concepts.
At only 154 pages in length, it is an ideal choice for someone who finds longer volumes intimidating.
Typically, you wouldn’t see this book on a personal finance book but it gives you insight into the how the mind processes money. The book adopts the assumption that personal finance is nothing but a series of personal decisions. Readers will learn what drives them to make the decisions they do, which can have a profound effect on their behavior. This book is written by Daniel Kahneman, a Nobel Prize winning behavioral economist. Readers embark on a tour of the mind and learn about the two types of systems that drive how we think and act: the emotional and fast and the other logical and slow. In this book are practical insights into the choices we make in both our professional and personal lives.
The author of this book, Ramit Sethi, has a popular blog by the same name. He cuts straight through the clutter of most personal finance advice and breaks it down into easy to digest steps that most millennials. He minimizes pointless expenditures and teaches you how to automate your savings in just six weeks. The book has a no nonsense, irreverent attitude that some will enjoy, while others will find it off-putting.
Sethi earned a degree in psychology from Stanford University, so the majority of this book deals with the psychology behind money. So he usually deals with the excuses we give for not saving money and why most consumers have a tendency to make poor decisions.
What is your take on this list? Have you personally read any of these books, or are there any you think should be added to the list? Let us know in the Young and Finance comments section below!