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Deciphering good and bad financial advice can be difficult. Here are three of my favorite books on personal finances.
Synopsis:
The Psychology of Money explores the complex relationship people have with money and how psychological factors often override rational financial decision-making. Morgan Housel emphasizes that success in managing money is less about intelligence and more about behavior, shaped by individual experiences, upbringing, and emotions.
Why I like it:
You can’t fix a mistake if you’re not aware you are making one. Morgan does a fantastic job at discussing the behavioral factors that lead to making poor financial decisions and offers straight forward and simple financial strategies to help avoid them.
Synopsis:
Rich Dad Poor Dad is a personal finance book that contrasts the financial philosophies of two father figures in the author’s life: his biological father (referred to as “Poor Dad”) and the father of his best friend (referred to as “Rich Dad”). The book emphasizes the importance of financial education, smart investing, and the mindset shift needed to achieve financial independence.
Why I like it:
While I don’t always agree with everything that Robert Kiyosaki has to say, I love his approach to taking personal accountability for your own financial education. I believe that his approach to investing is well suited for entrepreneurs and individuals who want to achieve financial independence before the traditional retirement age.
Synopsis:
The One-Page Financial Plan by Carl Richards simplifies the often overwhelming process of financial planning by focusing on clarity, values, and action. Richards emphasizes that a financial plan doesn’t have to be complex or rigid—it just needs to reflect what truly matters to you and provide a clear path toward your goals.
Why I like it:
I’m a huge fan of Carl Richards and you will see his style of advice and school of thought peppered into the way that I communicate and do financial planning. Carl communicates in a very conversational and relatable tone, and he does an amazing job at distilling complicated financial concepts into actionable steps.
Each of these books have played a big influence in my life and have been formative for my own personal finances. I’d love to hear your thoughts if you ever decide to pick one of these up! Email me at thomas@ethosfinancialplan.com and let me know what you think.
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