Personal Finance Books

Best Personal Finance Books of All Time

My Favorite 10 Classic Personal Finance Books

These books earned a spot on my 2019 list of classic personal finance books, not because they were best sellers in 2018 or because they received five hundred 5-star reviews on Amazon.

These books captured my attention with their promises of realism, simplicity, and direct approach to the subject of money management. Additionally, they deliver practical ideas for Joe or Jane Public while also prompting readers to reconsider the money beliefs and behaviors of others as well as their own.

There are certain books I have enjoyed that I could have included but did not, such as Think and Grow Rich and For Love & Money, but I needed to create a list that addresses a variety of topics and viewpoints while limiting it to just 10 publications.

If a book is no longer in print, I recommend you find it at your city or county library, search for a used copy online, or otherwise do what it takes to get your hands and eyeballs on it.

My Top 10 List of Classic Personal Finance Books of All-time:

(listed alphabetically)

1. A Framework for Understanding Poverty: A Cognitive Approach Created for Educators, Employers, Policymakers, and Service Providers, by Ruby K. Payne

Much controversy exists over the conclusions and suggestions made in Dr. Payne’s book, and the writing rarely spellbinds readers. Notwithstanding, if you read this book and do not come away with a different perspective on generational poverty, you are missing an important component for addressing need and indigence in your community. Framework acknowledges that financial stability, success, and mobility do not depend upon skills or knowledge but upon the belief systems not only of the individual but of the family and community in which he or she resides. After reading this book, you should constantly be asking yourself, “Am I basing my financial decisions on relationships (poverty), achievement (middle class), or connections (wealth)? Controversial? Yes. Insightful? Definitely!

2. Money Harmony: Resolving Money Conflicts in Your Life and Relationships, by Olivia Mellan

When two individuals become a couple, the term “personal finance” needs to be replaced by “household finance.” Although this book was written before email, let alone the Internet, became a household word, Mellan shares her insight garnered from her years of practice counseling couples. The principles she has included are timeless in their application and practical by nature. As you read about the dozens of money personalities she identifies, you are bound to see your own and that of your partner or spouse. Some “money and relationship” books have concluded that many, if not most, couples will benefit from keeping finances personal inside their marriage rather than converting them to household finances. While Mellan recognizes that this may still happen in many relationships, she also provides step-by-step tools for moving toward the middle where less suspicion and more mutual respect exist.

3. Rescue Your Money, by Ric Edelman

One of the best short reads on good, long-term investment advice, this book is full of plenty of graphs, charts, and tables, making its 160 half-size pages feel like something you could read next time you’re in the doctor’s office waiting room.

4. The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich, by David Bach.

By “one-step plan,” Bach means just one step. That said, how to implement that plan varies by individual and household. Still, no one should dismiss the plan due to its simplicity. Automating your finances does more than just simplifying them. It creates a long-term perspective, increases the chances for short-term emergency fund building, and improves the likelihood of building wealth over your lifetime.

5. The Berenstain Bears Trouble with Money, by Jan and Stan Berenstain.

Although a children’s book dating back to the early ‘90s, its lessons are timeless and universal. The trouble with Money addresses all four money modes: Spend, Save, Earn and Give. Additionally, the Berenstains encourage cubs and bears everywhere to take inventory of their own strengths and use them to improve their lives and the lives of those around them.

6. The Difference: How Anyone Can Prosper in Even the Toughest Times, by Jean Chatzky

Living paycheck-to-paycheck is not a modern phenomenon. Modern society has, however, seemed intent on popularizing the notion. Chatzky identifies the key attitudes and behaviors financially successful individuals have developed. The good news is that these attitudes and behaviors are learned. It does not take a Ph.D. or an MBA to become financially stable and successful. The book lands firmly in the camp advocating the power of conviction and commitment to sound values and standards.

7. The Little Book that Beats the Market, by Joel Greenblatt

Regardless of whether you choose to follow the “magic formula investing” stock screener, this book is a quick and easy read, providing readers with a better understanding of stocks and how to get involved in building your own portfolio. While an index fund may still be your vehicle of choice for long-term investments, this book provides readers with feelings of empowerment in the face of too many investment options.

8. The Next Millionaire Next Door, by Thomas Stanley and Sarah Stanley Fallaw

The latest in the series of millionaire myth-busting books by Thomas Stanley (1944-2015), this book offers a resounding, “No!” to the question, “Weren’t the conclusions of the Millionaire Next Door based on the anomalous tech bubble of young millionaires?” After more than twenty years of data-based research, The Next Millionaire Next Door offers solid advice and analogies to keep the would-be millionaire wannabes from spending their way into the poor house.

9. The Richest Man in Babylon, by George Samuel Clason

The oldest book on this list, Richest was originally published back in 1926. Written as a parable of characters set in ancient Babylon who make business and money decisions, this book presents universally-applicable rules that include the final benefits of homeownership, saving for emergencies and goals, establishing spending controls, managing risk through insurance products, investing in the long-term, and seeking education over a lifetime.

10. The Road to 850: Proven Strategies for Increasing Your FICO® Credit Scores, by Al Bingham

America’s best-kept secret expert on credit scores, Al Bingham shares the results of his years of research and direct, decision-making experiences with the FICO® credit score. FICO makes available to the public its pie chart summarizing 5 score factors, but Bingham explains nearly 40 codes used by the consumer reporting agencies that affect your credit score for better or for worse. In and of itself, such information is sufficient for this book to make the list, but it also provides simple and practical strategies for building (or rebuilding) credit scores in addition to dealing with harassing collection agencies.

11. Bonus: Everyday Money for Everyday People, by Todd Christensen

I did not place my own 2014 book on the Top 10 Classic list in order to avoid the appearance of arrogance. Nobody likes to hear others toot their own horn. That said, I am confident that the stories and practical ideas shared in Everyday Money (usually originating by those attending my workshops) will benefit just about any household. As I say in my classes, the people I worry most about are those who already know everything there is to know about money. Each chapter ends with lists of Do’s and Don’ts, relevant Step-by-Step checklists, quotes, facts, stories, and stats. There is something for everyone.

Thanks for reading, I’d be happy to hear about your favorite personal finance books! Be sure to leave a comment if you feel I’m missing a great book!

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  1. Services: DRS provides the following housing-related services: counseling that includes Homeless Assistance, Rental Topics, Pre-purchase/Homebuying, and Home Maintenance and Financial Management for Homeowners (Non-Delinquency Post-Purchase); Education courses that include Financial literacy (including home affordability, budgeting, and understanding use of credit), Predatory lending, loan scam or other fraud prevention, Fair housing, Rental topics, Pre-purchase homebuyer education, Non-delinquency post-purchase workshop (including home maintenance and/or financial management for homeowners), and other workshops not listed above.

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Disclosure to Client for HUD Housing Counseling Services

Debt Reduction Services, Inc. and its financial education arm, Money Fit by DRS, offer the following housing counseling and educational services related to housing, personal finance, and bankruptcy certificates to consumers:
  • Housing Education Courses: DRS offers many online self-guided education programs classified as Financial, Budgeting, and Credit Workshops (FBC), Fair Housing Pre-Purchase Education Workshops (FHW), Homelessness Prevention Workshops (HMW), Non-Delinquency Post Purchase Workshops (NDW), Predatory Lending Education Workshops (PLW), Pre-purchase Homebuyer Education Workshops (PPW), and Rental Housing Workshops (RHW). These courses help participants increase their knowledge of and skills in personal finance, including home affordability, budgeting, and understanding the use of credit, as well as predatory lending, loan scams, and other fraud prevention topics, fair housing, rental topics, pre-purchase homebuyer education, non-delinquency post-purchase topics including home maintenance and/or financial management for homeowners, homeless prevention workshop, and other workshops not listed above relating to personal finance and housing. Course details are found below under “Housing Workshops.”
  • Home Equity Conversation Mortgage (HECM) Counseling (RMC): Via telephone and virtual platforms, we offer the required HECM counseling nationwide in addition to in-person counseling in Boise, Idaho. We also offer in-home counseling options in thirty counties across southern Idaho for an additional fee to cover our travel and additional staff time costs.
  • Home Maintenance and Financial Management for Homeowners (Non-Delinquency Post-Purchase) (FBC): Clients receive counseling and materials on the proper maintenance of their home and mortgage refinancing. Clients can find help and resources by phone, in our Boise office, or virtually on all topics related to stabilizing their long-term homeownership.
  • Services for Homeless Counseling (HMC): Clients receive phone, virtual, or in-person (Boise) counseling to evaluate their current housing needs, identify barriers to and goals for housing stability, establish a path to self-sufficiency, and connect with emergency shelters, income-appropriate housing, and/or other community resources (e.g. mental healthcare, job training, transportation, etc.).
  • Pre-Purchase Counseling (PPC): Clients receive counseling through the entire homebuying process. Assistance may involve creating a sustainable household budget, understanding mortgage options, building their credit rating, and putting together a realistic action plan to set and achieve homeownership goals.  Additionally, clients will receive materials and resources about home inspections and other homeownership topics relevant to successfully maintaining a home.
  • Rental Housing Counseling (RHC): Via phone, in-person appointments (Boise, ID), or virtual platforms, clients receive housing counseling relevant to renting, including rent subsidies from HUD or other government and assistance programs. Topics can also address issues and concerns having to do with fair housing, landlord and tenant laws, lease terms, rent delinquency, household budgeting, and finding alternate housing.
DRS also offers the following services:
  • A Debt Management Program (DMP) for consumers struggling to pay their credit cards, collections, medical debts, personal loans, old utility bills, and past-due cell phone accounts;
  • The Budget Briefing and Debtor Education Certificates that are required during the Bankruptcy filing process;
  • A Student Loan Repayment Plan Counseling and application service.

Relationships with Industry Partners

Through such services, DRS has established financial relationships with hundreds of banks, credit unions, and creditors such as American Express, Bank of America, Barclays, Capital One, Chase, Citibank, Credit One, Discover, Synchrony, US Bank, USAA, Wells Fargo, and others.

No Client Obligation

The client is not obligated to receive, purchase or utilize any other services offered by DRS or its exclusive partners to receive financial education or housing counseling services. Alternatives: As a condition of our counseling services, in alignment with meeting our client services goals, and in compliance with HUD’s Housing Counseling Program requirements, we may provide information on alternative services, programs, and products available to you, if applicable and known by our staff. Alternative DMP services include negotiating better repayment terms directly with your individual creditors, paying your debts as agreed, or, in extreme cases, filing for personal bankruptcy. Alternative credit and education services can be found through MyMoney.gov or the Jump$tart Clearinghouse of online financial education resources. Housing counseling alternatives can be found through HUD at www.hud.gov/findacounselor.
Finally, you understand that you may revoke consent to these disclosures by notifying DRS in writing.

Housing Counseling and Education Fee Schedule

 

Online Education Program Fees*

Homebuyer Education Course: $59 per participant

  • Self-paced course available here, our online housing counseling and education center. Certificates will be automatically generated upon completion of the course (approximately 6-8 hours)

RentalFair HousingPredatory Lending / HOEPAPost-Purchase (Non-delinquency post-purchase workshop, including home maintenance and/or financial management for homeowners) Online Workshops: $49 per participant

  • Approximately 1 hour each

Other Self-Guided Financial Literacy Webinars (e.g. creditbudgetinghomeless preventiondebt prevention): $0

One-on-one Counseling Fees*

Pre-purchase Homebuying Counseling, Rental Counseling, Post-purchase Ownership Maintenance and Financial Management: $75

  • Session by the hour

Reverse Mortgage/HECM Counseling with Required Certificate:

  • $200†

Credit Report Fee: Paid Directly by Client

*Fees for all but our online education courses and workshops can be paid online by debit card, credit card, or PayPal or in person by cash, check or money order to: “Debt Reduction Services, Inc.” Registration fees are non-refundable 24 hours or less before the start of an in-person course or workshop. Certificates are non-transferable

*Fees may be waived for households with income of 150% or less of that identified on the US Department of Health and Human Services Poverty Guidelines Page

†Home visit counseling is available in 30 southern Idaho counties for potential HECM borrowers at additional costs to cover our travel (IRS reimbursement rates apply) and staff time ($50 per hour or fraction there).

Housing Counseling and Education Fee Schedule

 

Online Education Program Fees*

Homebuyer Education Course: $59 per participant

  • Self-paced course available here, our online housing counseling and education center. Certificates will be automatically generated upon completion of the course (approximately 6-8 hours)

RentalFair HousingPredatory Lending / HOEPAPost-Purchase (Non-delinquency post-purchase workshop, including home maintenance and/or financial management for homeowners) Online Workshops: $49 per participant

  • Approximately 1 hour each

Other Self-Guided Financial Literacy Webinars (e.g. creditbudgetinghomeless preventiondebt prevention): $0

One-on-one Counseling Fees*

Pre-purchase Homebuying Counseling, Rental Counseling, Post-purchase Ownership Maintenance and Financial Management: $75

  • Session by the hour

Reverse Mortgage/HECM Counseling with Required Certificate:

  • $200†

Credit Report Fee: Paid Directly by Client

*Fees for all but our online education courses and workshops can be paid online by debit card, credit card, or PayPal or in person by cash, check or money order to: “Debt Reduction Services, Inc.” Registration fees are non-refundable 24 hours or less before the start of an in-person course or workshop. Certificates are non-transferable

*Fees may be waived for households with income of 150% or less of that identified on the US Department of Health and Human Services Poverty Guidelines Page

†Home visit counseling is available in 30 southern Idaho counties for potential HECM borrowers at additional costs to cover our travel (IRS reimbursement rates apply) and staff time ($50 per hour or fraction there).