This is a list of the 5 best financial planning books you can read.
Of course there are some other excellent financial planning books out there, but these are some of my favorites. I’ve marked whether I consider a book to be for beginners or intermediate’s.
1. Ernst & Young’s Personal Financial Planning
This book is a God in the financial world. Written by one of the largest accounting firms on the planet, this is a must read for both financial planning beginners and seasoned accountants. The topics covered in this book are diverse, and they do a good job of relaying the information. Some of the topics covered are determining your net-worth, how to create a solid budget, how and when to save your money with the purpose of accumulating assets.
The Ernst & Young’s Personal Financial Planning Guide also delves into the various financial risks and consequences associated with marriage and divorce. They do a great job in explaining how to protect your assets. The authors also wrote a good section on how to plan for college. Someone working for one of the largest financial firms in the world has to understand the importance of education. You can learn how to get college financial aid in this post.
One other part of the book I liked was the section explaining the financial side of starting a business. As an entrepreneur I really appreciate the fact that they included this, as most books on financial planning would have left this subject out.
Overall this is a must read!
2. The Wall Street Journal. Guide to Starting Your Financial Life
Out of all the books listed this has a lot more information and strategies pertaining after the 08-09 world financial crisis. This book is probably the best financial planning book for beginners. If you are just starting out, get this book first. It’s especially good for college students and those who are entering the workforce for the first time.
It is jam-packed with answers to a lot of financial related questions younger people may have. One of the main reasons I like this book is the authors have covered many simple concepts (ones you wouldn’t normally expect to find in a financial book) as well as introductory (more intermediate/advanced) concepts too.
Some of the simple things they talk about are choosing a cell phone plan, pet ownership, how to open your first checking account, employment taxes, and beginner budgeting. Other (more advanced) things they go over are investing in the stock market, 401k plans and inheritance management.
If you are either a student who is about to enter college or the workforce this book is for you. If you are a parent looking for a book to teach your children about finances, this is the one for you!
I only recommend this to beginners. If you already have an intermediate understanding of these topics than you can just skip this one.
3. Personal Financial Planning
This is a wonderful book explaining the subject of financial planning. It’s very easy to read, isn’t complicated, and is perfect for someone who is trying to learn the various financial planning strategies. I would recommend this book to both the beginner and the intermediate. When I first got this book I knew very little on the subject, but with its help I’ve been able to improve my “financial IQ” dramatically.
The author covers a lot of new topics in the financial world. It’s been updated to include a lot of newer strategies, strategies that work better in today’s economy. No doubt it was written before the current financial crisis, but none-the-less it’s still jammed packed with relevant information and strategies. Some of the topics covered are social security, personal risk management, common forms of taxes, profit-sharing plans, 401k, asset allocation, and more. It has a lot of information that is especially useful for families.
Add this financial planning book to your wish list, it’s worth a read!
4. Value-Based Financial Planning: The Art of Creating and Inspiring Financial Strategy
This book among the financial planning books is one of my favorites! It covers topics that interest me. A lot of what I write about on my various financial advice blogs is in here, packaged differently of course. He talks a lot about a concept called the “financial roadmap”. This is a topic I write about often. I cannot stress enough the importance of creating a roadmap to reach your goals. This simple principle applies to every aspect of your life, so of course you can apply it to your finances as well.
This book stresses the importance of focusing of not worrying about money but instead focusing on the kind of life you want to live. This book is great for all kinds of people, even those who aren’t even interested in planning their financial future! It’s pretty much personal development and financial planning wrapped into one. Excellent read!
5. The Wall Street Journal. Complete Personal Financial Guidebook
This book is very well-known and sits on the bookshelves of many people around the world. This book will teach you what money can do for you and help you to understand how to manage it. The Wall Street Journal is obviously one of the world’s most credible sources when it comes to financial matters. You won’t be disappointed with the quality of this book. This is a must read among financial planning books for any person seeking financial planning help.
Some of the topics discussed are credit card management, investment management, developing an investment strategy, and “intelligent retirement planning”.
This would make an excellent gift.
Out of all the financial planning books these 5 the best.