by Liberty Stembridge, Money Columnist
Published in Money on 7th December, 2018
Almost everyone will struggle with earning, managing, saving and handling their money at some point in their life. Unless you're born a billionaire, personal finance will probably become a pretty integral part of your life at some point, whether you're good at it or not. It's surprising then, perhaps, how little many of us actually know about personal finance and the tips and tricks that experts use to get the most out of their money.
We're often taught very little about money management, taxes, paychecks and so on through the school system, so it's down to us as individuals to educate ourselves on how we can manage our money correctly. If you're one of the many who can't wrap their heads around where all their money goes, you're in the right place. These books will teach you not only how to manage your money, but how to approach it and keep a healthy attitude towards your finances at all times.
Robert Kiyosaki is a successful american businessman and expert on all things personal finance. He is the owner of a company that specialises in teaching people how they can improve their own financial situations and manage their money better. His book Rich Dad Poor Dad focuses on the concept of getting whatever money you have to work for you via cash flow. It focuses on his experiences with his own father, who he refers to as "poor dad" and the father of his best friend - "rich dad" who would later become his mentor. In his book he shares the life lessons he learnt from his mentor and what he thinks distinguishes the attitude of the wealthy towards money from the rest of society.
Pete Matthew is a personal finance expert and author of this incredible handbook containing everything you need to know to start understanding your finances - in one book.
His book is structured around three essential personal finance mottos - spend less than you earn, insure against potential disaster and build up your savings. Although it might sound simplistic, Pete manages to break down some complicated financial terminology and practices in this easy to read yet incredibly informative guide. From sharing his own financial problems to explaining how investing money really works, the Meaningful Money Handbook is a treasure trove of advice, anecdotes, tips and tricks. Perfect for anyone new to the realms of personal finance and looking for everything in once place.
Cait Flanders, author of The Year Of Less, describes in this bestselling book how she navigated her journey from being a shopaholic to embarking on a strict, no-shopping ban for 12 months. Along the way she develops a new relationship with money and has some serious revelations about the nature of materialism and our attitudes to our finances.
If you've ever come across the recent minimalist movement, you'll probably be familiar with the term "less is more" and Cait took this to the extreme. If like many of us, you struggle with constant impulse buying, junk filling up every inch of your house, a wardrobe that's out of control and a bank account flailing under the heavy burden of irresponsible spending, this might just be the book to set you on the right path - towards more mindful spending habits and a savings account that makes you feel good.
We tend to think of money as purely mathematical. Money is added to your bank account, and then money is subtracted, and that is the way it goes. In truth, humans are much more than just mathematics, and the same goes for our relationships to money. In this book, Torabi explains how the relationship between you and your money influences your finances, and how, perhaps unknowingly, we all let our emotions dictate our financial health.
Serving as a brilliant introduction to the concept of behavioural finance, this book will show you how you can identify your financial flaws and make the most of your strengths when it comes to money.
Farnoosh demonstrates how we can create and cultivate a better relationship towards money and make personal finance as structures and stress free as possible.
If you're not such a fan of the traditional personal finance guides, with their endless chapters on interest rates and investments, and prefer instead a good historical novel, this could be the perfect book for you. This clever little book is a collection of tales about wealth set in ancient Babylon. Within it's fables is a treasure trove of tried and tested money principles handed down through the generations that everyone can benefit from.
A perfect read for anyone who wants something that they can learn from while still relaxing with a cup of tea, The Richest Man In Babylon is an excellent little book that will give you some solid life advice, financial tips and tricks, as well as a peek into one of the greatest kingdoms of ancient mesopotamia.
If you're looking for a bite-sized book of quick financial tips that you can read on the train to work, you'll find it in Iona Bain's book, Spare Change.
Filled to the brim with nuggets of wise financial advice you can learn everything from setting financial goals, planning a budget to taking out loans. With beautiful illustrations and surprisingly fun quizzes, this book makes for an engaging read either for yourself or as a gift for someone else who could perhaps use a little personal finance guidance. Perfect for anyone who's not in dire straits when it comes to their finances, but could still use a little direction.