Thursday, December 1 2022

Financial planning is necessary for a stress-free life. While building wealth isn’t exactly easy, experts often recommend sticking to the three main rules — work hard, save diligently, and live below your means — to build wealth.

The authors mentioned below teach us about financial planning and analysis, and how the rich manage to multiply their wealth. Not having to worry about money makes our life easier to some extent.

The 10 best finance books will save you a whole year as you prepare to face life head-on, armed with the right tools, stories, and advice.

Financial planning books help us overcome the fear of numbers and manage budgets wisely. (A man reading a book on financial planning; Image Credit – RODNAE Productions/ Pexels)

Financial planning and analysis for personal growth

Good habits make all the difference over time. Cultivating the habit of saving teaches us self-control and self-sacrifice, while securing our future. PT Barnum once said, “Money is a terrible master but an excellent servant.” Having your finances under control gives you the freedom to pursue what you desire.

1. The millionaire next door

One book that has continued to hold its position as a self-help financial guide is The Millionaire Next Door: The Surprising Secrets of America’s Rich. Written by Thomas J Stanley and William D Danko, even after two decades, the philosophies in this book continue to help people. The book analyzes what the personality of the average American millionaire looks like and how much wealth you need to generate. The authors also provide formulas for calculating expected net worth.

2. The financial plan: a complete guide to start managing your money well

One of the best finance books for a beginner, Chelsea Fagan and Lauren Ver Hage helps you get good with money. Whether you’re overspending or clueless about finances, Fagan gives you the tools to understand your financial habits, income, and the importance of a good credit score. Easy to read, it helps you with financial planning and analysis and also guides you on how to build your investments. As the title suggests, it is simple enough for a beginner to understand and progress. The book draws attention to how simple things like food and relationships affect your budget and how to have difficult financial conversations.

3. Finances for people

If you are a visual learner and love illustrated guides, this is one of the best finance books for you. The author, Paco de Leon, is a financier and illustrator who understands most people’s aversion to financial planning. Drawing on his experiences, the author invites readers to first examine their views on money. She invites readers to change their relationship to money by combining extremely practical exercises with mindfulness.

De Leon filled the book with over 50 diagrams and illustrations to simplify money concepts for the common man. If the very thought of sorting out your finances elicits a flight or fight response in you, this book is the remedy you’ve been looking for.

One of the best financial books published this year, it empathizes with your struggles and empowers you to take control of your financial health.

4. The Automatic Millionaire

Financial advisor David Bach urges his readers to harness the powers of automation. The book begins with an inspiring story of how an average American couple managed to own two homes debt-free, send two kids to college, and successfully retire with over a million dollars in savings. at 55 years old. After grabbing your attention with the story, Bach forces you to put aside what you think you know about money. It then walks you through how to first pay yourself and set up automatic payments that will secure your future, before figuring out what to do next. You know it’s one of the best books on finance when it spent no less than 31 weeks on the New York Times bestseller list and sold over 1.5 million copies. nowadays.

5. Be good with money

If financial literacy seems out of reach, you’ve stumbled upon the right thing. Tiffany Aliche is armed with worksheets and a 10-step process on how to pay off debt and save money. Aliche’s company, The Budgetnista, has so far helped more than a million women navigate their way to financial well-being. She inspires confidence and tells her readers that it is possible to achieve your financial dreams despite your current income, savings, debt or credit rating. Simply put, she delves into the fundamentals of finance and makes a once impossible dream come true.

An expert with a background in education, Aliche’s book serves as a guide to cultivating good financial habits. According to her, seeing investing as taking care of yourself in the future is the greatest act of taking care of yourself. She is one of the top influential women in finance and has appeared on several shows to share her wisdom.

financial planning and analysis
By controlling our wealth, we can be rich and free. (LR: Authors Tiffany Aliche, Morgan Housel and Chris Voss; Image Credit – YouTube/ The Budgetnista, Grab Official, Tedx Talks)

Financial planning books to grow your business

For entrepreneurs and business people, the five books listed below offer a unique understanding of manipulating numbers and the role of psychology. They’re meant to help navigate the confusing world of finance with strategies from everyone, including financial advisers, an FBI negotiator and a Harvard Business School professor.

6. Profit First

Profit First by Mike Michalowicz is one of the best financial books for entrepreneurs. The author outlines the principles of the profit-first system and teaches us how to eliminate the temptation to build a successful business that doesn’t bleed money. Michalowicz insists that money is the foundation of all businesses. Without money, you cannot offer your product to the world. As an entrepreneur and investor, who lost everything but managed to rise again, Michalowicz shares impactful strategies on how to build a healthy and successful business. Its successful formula overturns the traditional formula. Business schools teach us that Sales – Expenses = Profit.

But Michalowicz teaches us that Sales – Profit = Expenses. This strategy will force entrepreneurs to spend only what is left over, helping to turn their businesses into money-making machines. Filled with case studies and humorous anecdotes, the author makes becoming a wealthy entrepreneur seem easy.

7. The smart investor

Would you like to be the next Warren Buffet? Perhaps you can start by adopting the strategies taught by his mentor, Benjamin Graham. One of the best finance books of all time when it comes to trading, The Intelligent Investor teaches us how to reduce risk and get better returns. Originally published more than half a century ago, the revised version includes commentary from financial journalist Jason Zweig and draws parallels between today’s reality and Graham’s teachings. In the past, Warren Buffet has admitted that it is “by far the best book on investing ever written”. Graham’s guide to financial forecasting is still relevant even today and used by traders.

An essential guide on how to achieve your financial goals, Graham offers advice on two different ways to invest – for those with free time and for those who are busy with lots of things. For Buffet, the most significant chapters were 8 and 20.

8. The psychology of money

Morgan Housel studies how our mindsets influence our financial decisions. One of the most unique books on financial planning, Housel offers in-depth insight into how emotions and math influence our business decisions. He advises people to get their finances in order as it is the single most important factor that gives you control over your life.

“Use money to take control of your time, because not having control of your time is such a powerful and universal brake on happiness. The ability to do what you want, when you want, with whoever you want, as long as you want, pays the highest dividend there is in finance.

Although people assume that big financial decisions are often made after extensive research and calculations in spreadsheets, Housel reveals that’s often not the case. Financial decisions often include many factors, from who you discuss it with to your personal worldview and biases. Armed with 19 short stories that reveal how people think about money, Housel sheds light on what businesses and people need to consider when dealing with money.

best finance books
Morgan Housel’s book The psychology of money deals with wealth and happiness.

9. How funding works

If numbers intimidate you, then this is one of the best finance books to help you out. Author, Harvard Business School professor Mihir Desai, demystifies the world of finance so you can make smart financial decisions.

Filled with entertaining stories, insightful exercises and eye-catching visuals, the book is an easy read that helps you unravel the mystery of finance. Finance professionals and enthusiasts alike can find wisdom in his pages as he distills jargon into simple, understandable metaphors. It also teaches us the ins and outs of balance sheets, how different financial levers affect business performance, and how value is created, measured, and maximized. Whether you’re a businessperson, student, or CEO, Desai’s books will help you get smart about numbers.

10. Never split the difference

A book about an FBI hostage negotiator. Chris Voss has dealt with all kinds of criminals and terrorists in his career, so he understands exactly how terrifying finance is for some people. In this book, he draws on his experiences as a negotiator and shares nine effective principles ― counterintuitive tactics and strategies ― that will help you make financial decisions in your life.

Whether it’s negotiating a new business contract, buying a home, or securing a mortgage, Voss shows you that life is a series of negotiations. His practical, actionable advice will help you resolve everything from day-to-day conflicts to busy business transactions.

One of the best financial books, Voss shows us how “conflict brings out truth, creativity, and resolve.” He urges his readers not to run away from difficulties but to hold on and negotiate well. For business leaders, this book gives them the insight and strategies needed to make key financial decisions that will lead their business to success.


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