Finance books can empower you to budget, invest, pay off debt and tackle many other money-related issues with confidence. We've rounded up a few of our favourites that we believe will empower you to make better and more informed financial decisions.
'The Barefoot Investor' drills down into the specifics of what you need to do to sort out your personal finances - open this account, then do this; call this person, and say this; invest money here, and not there. It promotes a simple system to decrease your mortgage interest, save for personal investments and pay yourself first, in step-by-step instructions that are easy to understand. One word of warning regarding your superannuation: you should never make dramatic changes like rolling over or merging funds without consulting a professional, as there are many traps for the unwary. Otherwise, The Barefoot Investor lays out some excellent advice for people of all ages and levels of financial literacy.
'Profit First' offers a simple, counter-intuitive cash management solution that will help small businesses grow and achieve instant profitability. Entrepreneur Mike Michalowicz has developed a behavioral approach to accounting, by flipping the traditional profit formula around to: Sales - Profit = Expenses. Michalowicz shows that by taking profit out first and distributing what remains for expenses, business owners will reduce their operating costs and transform their businesses into profitable enterprises. If you'd like more information on our Profit First solutions, click here.
'Clockwork' outlines a system for setting your business up to run itself, so it works for you, rather than the other way around. Mike Michalowicz offers a step-by-step path to optimising your business' efficiency so instead of constantly putting out fires and hunting for cash, you can sit back and relax as your business grows and profits, while you're free to do what you love.
'The Total Money Makeover' details ways to help you organise your personal financial situation. Dave Ramsey outlines strategies to pay off all your debt, including cars, houses and everything else, as well as save for emergencies and your retirement. He also lists the 10 most dangerous money myths to stop believing now, in an effort to enable you to make more informed financial decisions.
'Making Money Made Simple' is an oldie but a goodie - it summarises Noel Whittaker's principles of wealth management in order to make better financial decisions and get back in control of your finances. Noel Whittaker breaks down complicated concepts and delivers them as practical, actionable tips in this beginner's guide to personal finances.
'The Millionaire Next Door' is an examination of America’s rich. Thomas Stanley proposes that the glamorous people many of us think of as 'rich' are actually a tiny minority of America’s truly wealthy citizens—and behave quite differently than the majority. The truly wealthy people are often difficult to pick, they don't drive fancy cars or have flashy 'toys' they look like anyone else, but they have the freedom true wealth brings. 'The Millionaire Next Door' exposes the seven common qualities that recur among this exclusive demographic, and maintains that you can adopt these qualities and become a millionaire yourself.
If you do get the chance to read any of these books, or you already have, we hope you learn even one handy finance trick that you can implement in your own life. We'd love to hear what you thought about some of the information given in these books - please hit us up on Twitter or Facebook to have a chat! Happy reading!
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General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product. These strategies don’t apply to everyone – our Wealth Advice Team must pre-qualify you to ensure you will be better off from these strategies and will then provide you with a Statement of Advice which clearly outlines our strategies and advice for you.