It’s hard to be financially free when you don’t have a clue how to manage your money. A lot of young adults feel lost when it comes to financial literacy. They don’t know where to start, and they often feel like they’re swimming in debt with no hope of getting out. Financial freedom is possible for anyone willing to learn. These 7 financial literacy books will teach you everything you need to know about finance and investment so that you can take control of your finances and achieve financial independence.
Financial literacy is one of the most important skills to learn, but it is not taught in schools. It must be self-taught outside of the classroom.
That’s why financial freedom is so important for young adults. And that’s why I’m excited to share these seven financial literacy books for young adults that can help you get started on your journey to financial freedom!
Rich Dad Poor Dad: Robert Kiyosaki
If you’re looking to begin your journey to financial success, financial literacy is the first step. Rich Dad Poor Dad is one of the best-selling financial literacy books geared specifically towards young adults and covers everything from investing to wealth development. If you want to take control of your finances and achieve financial independence, this book is the first must-read.
In Rich Dad Poor Dad, Robert Kiyosaki destroys the myth that the rich are born rich. He explains why your personal residence may not really be an asset, and describes the real difference between an asset and a liability. This book is full of actionable advice and is an essential read for anyone looking to get their finances in order.
- The Rich Don’t Work for Money
- Why Teach Financial Literacy?
- Mind Your Own Business
- The History of Taxes and the Power of Corporations
- The Rich Invent Money
- Work to Learn – Don’t Work for Money
Kiyosaki also covers the history of taxes and the power of corporations. He explains how the rich invent money, and why it’s important to work to learn instead of working for money. Financial literacy is a critical life skill, and Rich Dad Poor Dad is the perfect introduction to this topic. If you’re ready to take control of your finances and build wealth, this book is the one that flips a switch in a lot of people’s minds.
The Richest Man in Babylon: George S. Clason
The Richest Man in Babylon is a book written by George S. Clason that teaches the principles of financial success. It was originally published in 1926 and has been reprinted numerous times since then. The main idea behind the book is that anyone can become wealthy if they follow a few simple rules.
- “Start thy purse to fattening”
- “Control thy expenditures”
- “Make thy gold multiply”
- “Guard thy treasures from loss”
- “Make thy dwelling a profitable investment”
- “Insure a future Income”
- “Increase thy ability to earn”
By following these principles, the book claims that anyone can become rich. While the book is over 90 years old, the advice is still relevant today. If you want to learn how to become wealthy, The Richest Man in Babylon is a great place to start.
I Will Teach You to Be Rich: Ramit Sethi
In I Will Teach You to be Rich, Ramit Sethi outlines a 6-week program to help young people in America manage their money better and live more fulfilling lives. The insights are useful for anyone who wants to be financially well-off, regardless of age or country of residence. In this book summary, we’ll outline the key principles and 6-week program that Sethi recommends.
Sethi’s program is based on the following six principles:
- Pay yourself first
- Invest in yourself
- Automate your finances
- Make your money work for you
- Live a rich life
- Give like a millionaire
Paying yourself first means setting aside money for savings and investments before spending on other things. This may seem difficult at first, but Sethi points out that even small amounts can make a difference over time.
Investing in yourself means taking the time to learn about personal finance and investing. This knowledge will help you make better decisions with your money and grow your wealth.
Financial Peace Revisited: Dave Ramsey
In Financial Peace Revisited, Dave Ramsey updates his tactics and philosophy to show even more readers how to get out of debt and stay out. Ramsey’s easy-to-follow methods and personal anecdotes make Financial Peace a road map to personal control, financial security, a new, vital family dynamic, and lifetime peace.
With Ramsey’s advice, you can revolutionize your relationship with money and finally achieve financial freedom.
Ramsey’s teachings are based on the principle of contentment, which urges us to make financial decisions based on what will make us happy in the long run, rather than what will give us a quick fix. Contentment is the key to financial peace with Ramsey’s advice, you can achieve it.
Ramsey also stresses the importance of investing and provides straightforward advice on how to do it. His KISS rule (“Keep It Simple, Stupid”) is a valuable piece of advice for anyone looking to invest their money.
Financial Peace Revisited is a must-read for anyone who wants to take control of their finances and achieve financial freedom. Ramsey’s advice is essential for anyone who wants to make sound financial decisions and achieve lasting wealth.
Tax-Free Wealth: Tom Wheelwright, CPA
In his book, Tax-Free Wealth, Tom Wheelwright, CPA makes a compelling case for why you should rethink your understanding of taxes and their role in wealth building. He provides an in-depth look at the tax code and how it is designed to encourage certain activities and investments. Wheelwright also offers advice on how to take advantage of the many tax breaks available to entrepreneurs and investors. His book is a must-read for anyone looking to build lasting wealth.
Wheelwright argues that the focus should be on after-tax returns, rather than pre-tax returns. He provides readers with a detailed explanation of how the tax code works and how it can be used to your advantage. He also offers insights on how to find a competent tax preparer who can help you maximize your tax savings.
Overall, Tax-Free Wealth is an excellent book that offers a wealth of information on how to build wealth through smart tax planning. This book is a must-read if you want to build lasting wealth.
The House Hacking Strategy: Craig Curelop
When most people think of hacking, they often relate it to computers or some other type of technology. However, “hacking” can also be applied to other areas in life – like real estate.
The house hacking strategy is a term used in the real estate industry that refers to a specific way of living and investing in property.
It is significant for a variety of reasons. It allows you to cut your main expense, which is most likely to be housing, from a financial standpoint. You may even make money every month while paying down your loan. Between these revenue generators, house hacking is an excellent approach to building up a strong financial foundation while also helping you get there faster.
The main way to do this is by living in the property that you are buying and renting out the other units. You can find a duplex, triplex, or fourplex and live in one unit while renting out the others. Do not worry, you can even do this in a single-family house with the “Rent By The Room Method”. The rental income you receive will then be used to help offset your mortgage payment each month. That being said, you could even bring in MORE than your monthly mortgage payment. This way, you’re not only breaking even but making a profit each month.
House hacking allows you to expedite your path to financial freedom by allowing you to build up equity much faster and capitalize on the four wealth generators of real estate WHILE YOU LIVE!
The Millionaire Fastlane: MJ DeMarco
The Millionaire Fastlane is another one of the best financial literacy books about how to retire at 33, as a millionaire. It’s written by MJ DeMarco, who has successfully done just that. DeMarco shares three important lessons he learned along the way in this book. These lessons can help anyone achieve wealth and financial independence.
The first lesson is that wealth doesn’t mean simply having a lot of money. Money is only one part of wealth. Wealth also includes things like your health, your relationships, and your happiness. So, if you want to be wealthy, you need to focus on more than just making money.
The second lesson is that you can’t rely on someone else to make you wealthy. You need to make your income independent of your time. This means finding ways to make money that don’t require you to trade your time for money. For example, you could invest in real estate or start a business.
The third lesson is that you need to think like a producer, not a consumer. A producer is someone who creates value. A consumer is someone who merely consumes what others have created. To become wealthy, you need to focus on creating value for others. You can do this by starting a business or investing in assets that will appreciate in value over time. Jump in the Fastlane and checkout MJ DeMarco’s advice
Overall Thoughts on Financial Literacy Books
Reading is essential for learning in all areas of life, including financial literacy. In this blog post, we have highlighted 7 financial literacy books that every young adult should read to learn more about personal finance and investing. The books offer a variety of perspectives on how to achieve financial freedom at an early age. If you are looking to take control of your finances, these books are a great place to start.
Read more related articles on our website for everything about finance and investment. What book would you add to this list? Let us know in the comments below!