Top 10 Books on Financial Literacy in 2023

Financial literacy teaches a clear understanding of how to make and manage money. Its laws teach you how to keep a proper budget, spend less, receive more, and invest and multiply the remaining difference.

Information on this topic is useful for people of all incomes, who earn but spend all the money or borrow. By developing financial literacy skills, you will develop an informed attitude toward money and develop a financial mindset. Instead of spending your hard-earned money on immediate desires, optimize your spending and follow the rule: money should work.

Once you take control of your financial situation, teach it to others. Pass on your knowledge to your children so that they know how to handle money correctly from childhood.

Talk about finances from an early age. The information should be broken down into several stages:

  • introduce money at age 4;
  • teach informed spending at age 5;
  • give pocket money and teach how to spend it wisely - 7 years;
  • to tell about the work of banks and credit cards - 10 years;
  • to teach the basics of investing and searching for independent income - 13-14 years old.

Let's look at some of the best books that can help you with this:

"Rich Dad Poor Dad" by Robert Kiyosaki
      A classic work of financial literature that many consider a must read. The author describes his biological father and his best friend, whom he views as a father figure. One was poor and the other was rich, and Kiyosaki compares their approaches to money management. The book will help you look at finances in a new way and develop financial literacy.
Kiyosaki argues that the school system fails to teach us how to manage our finances and makes us work for money instead of making money work for us. The book offers a simple and straightforward approach to investing and financial literacy that even a financial novice will find easy to understand.

Think and Grow Rich by Napoleon Hill
      A classic work considered one of the most influential books on personal finance and financial literacy. The author describes 13 principles that will help you achieve wealth and success. The book contains many examples and success stories that will inspire you. Hill explores the mental obstacles that prevent people from achieving financial success and offers guidance on how to develop an action plan to achieve the wealth you desire. He also describes techniques for managing thoughts and emotions that will help you achieve your financial goals.

"Automatic Millionaire" by David Bach
      This book will help you understand how to manage your finances and achieve financial independence. Bach offers a new approach to investing and financial planning. He describes the concept of "automatic" investing, which allows you to automatically set aside money to invest and create passive income. The book will also teach you how to reduce your expenses and start saving.

The Millionaire Next Door by Thomas Stanley and William Danko
      The authors explore the lifestyles and financial habits of millionaires, providing a guide to achieving financial independence. They argue that most millionaires are not heirs to fortunes or celebrities, but have achieved their wealth by living modestly, saving and investing their savings in long-term assets.

Why Smart People Make Big Money Mistakes and How to Correct Them: Lessons from the Life-Changing Science of Behavioral Economics by Gary Belsky, Thomas Gilovich
      Making a good living is half the battle. The second is to manage your money wisely. We all make the same mistakes that lead to unwise spending. From this book, you will learn how emotions, behavior, and society influence financial decision making. Knowledge of behavioral economics will help you control yourself and your spending.

Your Money or Your Life by Vicki Robin
      The eternal dilemma: work to live or live to work? It seems that the answer is obvious, yet many people spend their lives in the eternal pursuit of money, forgetting about other pleasures. Vicky Robin's book will help you reconsider your attitude to material values and gain financial independence.

Wealth: Grow It and Protect It, Updated and Revised by Stuart Lucas
      You have probably heard of people who win a large sum of money in the lottery, spend the money, and then go back to their previous lifestyle. This is a clear example of a lack of a long-term strategy and the ability to manage available funds wisely. Many of us are familiar with this problem.
The author of the book, Stuart Lucas, is not only a financial advisor, but also runs the family company Carnation. All of his advice is tried and tested. He tells readers how to increase capital, protect their wealth, invest without losses, choose an advisor and avoid many planning mistakes.

The Secret Language of Money: How to Make Smarter Financial Decisions and Live a Richer Life by David Krueger
      The more money we have, the more financial problems we have. We spend more than we can afford, argue and get upset about money, and make meaningless purchases. David Krueger tells us how to develop a healthy attitude to money and manage it wisely. This is a fascinating guide for those who want to improve their financial situation, but do not understand how to do it.

Don't Lose! What Did Kiyosaki's Dad Say? Isaac Becker
      A book about how to increase your wealth. This is a collection of useful advice from a professional financial advisor for readers who are planning to make rather large investments. The pros and cons of different instruments for saving and investing money are discussed in detail: deposits, bonds, stocks, insurance and funds.

The Ascent of Money: A Financial History of the World by Niall Ferguson
      "The Ascent of Money" is different from the other books in this selection - you won't find practical advice in it. This book is about what money is, what path it has traveled from antiquity to the present day. The financial history of the world clearly shows where common misconceptions about economic processes come from and what events lead to economic crises. A fascinating narrative and many interesting facts are waiting for you.

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