In every individual's life, knowing how to plan your time, money, and future is vital. It is essential to understand how to expect your activities at every point in your life. Similarly, to achieve financial freedom, you need to have knowledge and skills on how to plan and budget your finances. This knowledge can be attained by attending seminars where financial planning is taught or reading top-recommended financial books. Some of these books include:
This book was initially published in 1998 under Christian literature by Dave Ramsey, a renowned financial guru, real estate investor, radio host, and bestselling author. He is also the founder of The Financial Planning University, where he has taught thousands how to build a legacy, manage debts, and draft a budget. He is popularly known for the seven baby steps to becoming fit financially.
Dave has majored in these baby steps to managing your money as he teaches and guides you through each step.
They include;
Step 1: Save $1000 for your starter emergency fund
This step focuses on saving for emergencies. If you earn below $20,000 per year, the plan will help you save at least $500 instead of borrowing more debts you are trying to pay.
Step 2: Pay off all debts
According to Dave, the first step to paying your debts, excluding a mortgage, is listing them down from smallest to largest irrespective of the interest rates. The list will help you pay off the debts once, a method he calls the debt snowball method.
Step 3: save 3-6 months of expenses in a fully-funded emergency fund
After paying off the debts, take the money you were using to pay off the debts and save up for emergencies like losing your job or a car breakdown.
Step 4: Invest 15% of your household income in retirement
Most people, especially youths, rarely take retirement seriously. Dave advises everyone to save 15% of their gross household income for retirement. You can commence with your company's 401(k) plan.
Step 5: Save for your children's college funds
After paying off your debts and starting a retirement saving plan, the next step is saving your children's college fund. It is advisable to use tax-advantaged methods like ESA.
Step 6: Pay off your home early
The final step to being debt-free by now is your mortgage. If it is paid soon, you will save some dollars that would otherwise be spent on interest.
Step 7: Build wealth and give
After paying all your debts, including your mortgage, the final step is building your legacy; in other words, accumulating wealth for your first and second generation. You should also practice the virtue of giving at that point; you have more money at your disposal.
With these simple steps, Dave has taught over six million people how to gain financial freedom and take full control over their money.
This book is written by two men, G. Victor Hallman and Jerry Rosenbloom. It has managed to stay in the market for the longest time since August 2009 because it's the fact that it is continuously updated regarding the current economic period.
Currently, the two gentlemen have released a ninth edition that gives answers to financial advisors concerning substantial legal and economic changes. This bible of wealth contains everything that a financial steward needs to operate with erudition and confidence in the market today from forming financial objectives and executing them.
The book is a one-of-a-kind guide written for severe investors as it provides a concrete foundation for planning a successful financial future in the real world. This means you will be an expert in investment products, increased attention on retirement planning, and fluctuations in individual annuities.
Its content is divided into nine parts to ensure a smooth flow of material from the introduction, investment planning and financial management, income tax planning, financing education expenses, retirement planning, stock compensation, and other employee benefits, charitable giving, insurance planning, and risk management, estate planning and lastly planning for business interest.
This book is generally the cornerstone of financial planning.
This book is a financial master plan for millennials written by Chris Smith. Chris Smith is well known for his creativity in using stories, pictures, and analogies to simplify complex ideas. He describes his role as a brave defender against unworthy financial practices, guardian of the economic content, builder of the fantastic team of youths who do the real job, and leader of the Net Worthy mission.
The book is written by a group of eight co-authors led by Chris Smith, making it authentic, unique, engaging, and swift when reading. The book helps Millenials tackle their financial problems that always pile up, and due to lack of assistance from society, may lead to a deep depression due to stress.
I Am Net Worth has structured around eighty-three nuggets that are individually short and easy to understand. The important part about these nuggets is how they all form a comprehensive plan that is very powerful if followed to the letter.
After reading this book, you will have a practical plan to get out of debt, invest, and manage your money as a young person without feeling pressured. You will also cancel the possibility of asking your peers and colleagues for advice or your parents who come from a very different financial age.
The book is written by Jill Schlesinger, who highlights thirteen ways to right your financial wrongs. Are you one of those people who have a proper money inlet, but you are mostly broke? Or maybe none of your business plans succeeds? If this is you, then you should read this book.
Schlesinger is a syndicated columnist and financial planner. Through her anecdotes, she reminds people of issues that can suddenly change your life like floods, earthquakes, or tsunamis for those who live along with water bodies. The book is approximately two hundred pages, but reading it feels like conversing with an ally. She has discussed thirteen topics very comprehensively and in an easy-to-understand format. She addresses issues that even financial gurus often forget. Examples are sacrificing your retirement funds to take your children to expensive colleges, hoping they'll get a good job, taking care of you, or holding off CBS stock when they are depreciating, hoping that it will appreciate.
Her interaction with different clients has given her a full scoop of the many dumb mistakes smart people make. She has incorporated these instances in her book, given the victims' different names, and pick pointed those faults.
She also reminds people to avoid retiring too early if there is an option to prolong working. From her book, she has written, "people can bump up their standard of living by one-third if they work four years longer. If they work eight years longer, their standard of living could increase by seventy-four percent". These are a few of the many insights this business analyst has put forward for people always to remember.
Beyond blessed is a Christian literature book that guides readers on ways to reach their financial goals and reduce stress. The book is written by Pastor Robert Morris and was initially published on eighth January 2019.
Pastor Robert has been teaching the Church on how to change from being selfish and egocentric to be generous and humble. He has taught this Christian virtue for almost twenty years, insisting it transforms your finances and your entire life. It is a series of four primary topics; Living beyond blessed, Who'sWho's the owner, good stewards, and finally the ten financial commandments. In the series, Pastor Robert takes time to carefully explain what the bible says about the significance of wise stewardship and how it is in God'sGod's for his children to overcome financial hassles.
In the book, Pastor Robert has explained why God wants to bless us and be a blessing to others and understanding that God is the owner of the world and everything in it. He explains that for God to bless us, we need to understand and practice good stewardship. The book ends with the ten financial commandments, where Pastor Robert lists ten things to do to be financially free and good stewards.
As the title suggests, this book is a combination of financial advice from the top fifteen advisors who own businesses worth millions of dollars. The author, David J. Mullen Jr., interviewed these producers that he had gotten to know in the thirty years of service in the financial industry, to squeeze out their secrets to building a million-dollar plan.
This book has three editions that talk about different content, meant for different readers. The first edition is The Million-Dollar Financial Advisor, The Million-Dollar Financial Services Practice, and finally, The Million-Dollar Financial Advisors Team.
The Financial Advisor Team focuses on financial advisors who are undergoing pressure to succeed due to their client's expectations. Most of these advisors go the extra mile of forming teams, but more often than not, not all groups succeed. So what would be the problem?
The Million-Dollar Financial Advisor Team helps in solving such issues through the following simple steps;
In the second edition, The Million-Dollar Financial Services Practice, Mullen uses the methods he used while teaching at Merrill Lynch, to show his readers that no matter your current position in your career, you can convert prospects to clients, build and maintain your relationship with them, and successfully utilize a market niche to increase consumption of products or services each client uses.
This book is by far no doubt that it is one of the best-selling books on personal finance. The album hit the literature industry in 1997 but has recently been updated. The book has circulated worldwide and translated into different languages.
The book written by Robert Kiyosaki is written to educate its readers on the difference between working for money and having your money work for you. If you quickly get bored and lose concentration while reading finance books, Rich dad poor dad will capture your attention while sharpening your thoughts about money and investing.
Financial planning is one of the rare topics taught in schools or at home by parents. For this reason, most people seeking answers to the never-ending financial crisis need to research the best books to suit their situation. It is essential to be careful about spam found on the internet that will mislead you in guiding you to financial liberty.
Disclaimer: This article is for informational purposes only and is not intended to be a substitute for professional consultation or advice related to your health or finances. No reference to an identifiable individual or company is intended as an endorsement thereof. Some or all of this article may have been generated using artificial intelligence, and it may contain certain inaccuracies or unreliable information. Readers should not rely on this article for information and should consult with professionals for personal advice.