Unfortunately, managing our personal finances isn’t a subject they teach in high school – or college. In many ways, we kind of learn through trial and error. We go through the steps of getting a credit card or loan for school but nobody reads the fine print or really understands how the financial commitments we make have a long-term effect on our financial wellness and well-being.
Now, there are quite a few tools and resources available to help you learn how to manage your finances, but only a few are tried and true. That’s why PersoanlBanker recommends these books to get you on the path to financial awareness and freedom.
The Wealthy Barber is a financial planning book by Canadian author David Chilton, with multiple updated versions and a sequel. The first book in the series is generally the most favourable due to its comprehensive look at personal finance using fictional characters to convey financial advice. Of the many stories told in the book, the three most important takeaways are:
1. Live within your means
2. Pay yourself first
3. Control your spending
Money Talks is one of the many books by Canadian financial guru Gail Vaz-Oxlade. Known as a television personality who pulls you up by the financial boot straps, her tough love approach to finances has helped millions of Canadians. However, this book is different. This book deals with the emotion of money and how to have tough conversations about money and finances with your family or close loved ones.
This book goes to the root of the problem that sits at the core of money and relationships: how to tell your mate, your father, your best friend or your grandmother it’s time for a change. It draws on over 75 real life scenarios where she provides the insight and the tools to deal with the behavior that induces bad money habits.
Personal Finance for Dummies is another exceptional book by Eric Tyson. This book is more for the professional audience who are established in their career, and are ready to buy a home or start having a family. It’s a great go-to resource for learning about investing, but also the basics such as budgeting, debt and taxes. It packages up nicely everything you need to know to successfully manage your money.