Book on Personal Fiances All Australians Should Read
Personal financial management is a concept that is not focused upon by the education system for some reason. It should be seen as a critical life skill and be taught in schools to children from an early age so that everyone can grow with critical personal financial management skills.
Luckily we still have books that can teach us about personal financial management. So without further discussion, let us look at some of the best personal financial management books out there available especially for the Australian readers.
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1. Rich Dad Poor Dad by Robert Kiyosaki
Money is a concept that we simply aren`t taught about. We are only taught about rudimentary things related to money but we never really are taught about making money work for us. This is what Kiyosaki has gone for in his book “Rich dad Poor dad.”
Robert Kiyosaki is well known for his advocacy to increase financial literacy and rightly so, as mentioned above it is a pity that we aren’t taught about money or personal financial management at schools. This book takes our perspectives about money and critically analysis them.
Kiyosaki tells his own story about growing up with his real father and comparing his experience with his best friend Mike and his own experience of growing up with his own father. The two men had fathers who had different perspectives about money, Kiyosaki uses his life experience to extract key lessons that everyone can learn from him about money and financial literacy.
If anyone wants to have a Money 101 lesson then this is the book they should start off with, the book is written in a simple and easy to understand manner that anyone can get. Kiyosaki hopes that after reading this book the readers will be able to create personal financial management plans.
Buy Now : Rich Dad Poor Dad
2. The Barefoot Investor by Scott Pape
This book once again looks into the problem of not having the right perspective about money. The barefoot investor was first published over a decade ago and since then different editions have been published. This book is a step by step guide to understanding the nature of debt and the importance of saving for long term wealth creation.
The best thing is that Scott Pape wrote this book in a manner that even a 14 year old can read it with ease and understand the concepts that have been put forth in the book. After reading this book, the readers should be equipped with improved understanding about debt and saving and they should be able to create a personal financial management plan that can help them create wealth in the long run if they follow the steps laid out in the book.
Buy Now : The Barefoot Investor
3. The Little Book of Common Sense Investing by John C. Bogle
Written by Jack Bogle, the founder of Vanguard and the person who basically invented index funds, this is one book that every investor needs to read before they start off with their investing. Bogle has shared knowledge and insight and knowledge in this book that is worth more than gold.
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As the saying goes that if you give a fish to a man, you fed him for a day and if you teach him how to fish, hell feed himself for a lifetime. This analogy applies perfectly to this book. Jack Bogle explains how and why index funds can help investors increase their returns and how the investors can choose the best index funds in order to maximize their returns.
This book is not for school kids or beginners sadly, in order to really grasp the concepts that have been laid out in the book, the readers must have basic financial literacy and knowledge of technical terms that have been used. This kind of limits the target audience to investors who are really serious about gaining an indept knowledge about index funds and ETFs.
Buy Now : The Little Book of Common Sense Investing
Bonus Mention – 7 Habits of Highly Effective People by Stephen R. Covey.
If you are looking to learn personal financial management then you should also have a read of “7 habits of highly effective people by Stephen R. Covey” because this book is about transforming your personality to make it more productive and successful. While this book isn`t particularly about personal financial management but the theories, strategies and techniques discussed are certainly also applicable on personal financial management.
We believe that if you are going to read about personal financial management then you must also read 7 habits because this book will give you a comprehensive understanding of why and how you need to change your outlook because remember, personal financial management requires a change in outlook and you won`t be completely successful till you change your entire outlook and not just the way you look at money. If you want to change the way you look at and understand money then you will also need to change your lifestyle choices, your attitude towards success and failure.
Conclusively it can be said that although there are many books on personal financial management, a person cannot read every book out there and therefore to make matters easy for you we came up with this article to narrow down the choice of books for you. If you decide to read all four of the books mentioned in this article then make sure that you read 7 habits before any other book and then follow it up by the first three books that we mentioned. This will build your personal financial management skills and knowldge from ground up.
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