Top 10 Personal Finance Books

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For a few hundred rupees you get to learn from Steve Jobs, Warren Buffet, Elon Musk and other great people. That’s the beauty of reading books. There is a wealth of information and knowledge in books that can help you meet your goals. I started blogging about personal finance so that I could record some of my findings from these books and apply them to the Indian context. Below are some recommended books you should read for a better understanding of personal finance.

Snowball – Warren Buffet
This biography of Warren Buffet was extremely motivating. It has taught me about long term investing and the power of compounding. It also helped me keep my  expenses low. It amazed me to learn how little Warren Buffet spends even though he is the 3rd richest person in the world. He will endow you with timeless financial wisdom and proper business ethics that aren’t taught in school.

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy
This is such an inspiring read because it shows almost anyone can become a millionaire if you live below your means and invest well. I love that the majority of millionaires are people you’d never suspect because they don’t live flashy lives in big houses with high-status toys. This book made me re-think about how I spend my money and introduced me to the concept of financial independence.

MONEY Master the Game: 7 Simple Steps to Financial Freedom
There are very few personal finance books that actually give you proper direction. This is one of them. The author Tony Robbins interviews some great people such as Carl Icahn, Ray Dalio, John Bogle and gives you information that could save you time and money. Although a lot of the information here is for the American audience there is still a lot that applies to the Indian context.

Rich Dad, Poor Dad
I very much enjoyed the way the author gives his perspective on how the normal person making a salary doesn’t think outside the box of the hours, weeks, and years that are spent working for someone else. He also makes you realize that you need to get  money to work for you and not spend our entire life working for money.

When Genius Failed: The Rise and Fall of Long-Term Capital Management
 Long Term Capital Management was a hedge fund made up of a group of former hotshot bond traders from Solomon Bros., together with some high powered financial academics (including two Nobel prize winners), and one former central banker. They were the biggest stars in the business, and they had all the arrogance and greed that you could possibly imagine. They also seemed to be as good as they thought themselves. In five years, they turned a billion dollars into 4.5 billion dollars. Then they lost it all in just a few months and came close to bringing down the financial sector in the process.
This book reminds me to keep focused on long term and not go after risky short-term gains. If such bright people could lose all their money it’s very much possible for the same to happen with me.

The Simple Path to Wealth: Your road map to financial independence and a rich, free life
The author JL Collins has been an investor for over 30 years now. He decided to create a blog to record his investment findings so that he could share it with his daughter. He has now consolidated all the information on his blog into this awesome book. This book is like listening to a sage friend who has endured decades of playing / timing the market and concluded there is an easier way. Not only is this friend willing to share the way, it’s is not even a scam or get rich quick scheme. It is a straightforward, achievable process: avoid / eliminate debt, spend less than you earn, invest in low-cost index funds, and then do nothing. Simply sit back and wait for the magic of time and compound interest to do the rest. This means you no longer have to worry about the next stock market crash or try to find the next Apple or bitcoin.

The Richest Man in Babylon
This books made me realize that the rules of personal finance have remained the same for over 4000 years. From the time of the Kingdom of Babylon (1700 BC) to the present day the strategy is yet the same. Save a decent amount of money and invest it in compounding assets.

Goodbye, Things: On Minimalist Living
If you’ve ever felt bogged down by all of the things filling your life up with clutter then this is the book for you. The author offers insights on minimalism through his own mind and life.  Although this is not a personal finance book once you start believing in minimalism you will start spending less and saving more.

Reading books is by far the most common habit of almost every successful person there is. They make it a point to read in spite of their busy schedule. When Warren buffet was once asked about the key to success, he pointed to a stack of nearby books and said, “Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest.


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