Mark Tuminello’s latest blog post –
Personal finance is something that concerns most of us. With growing technological ways to track your finances, it is getting easier and easier to see exactly where you are spending your hard-earned dollars. New applications, such as Mint Finance, offer us a look at where we are going wrong with our finances – but they are only scratching the surface. These apps are showing how you are spending your money, but they are not providing avenues to increase your income or to find alternatives to help save you money.
Here is a list of the top five personal finance books. They will help you think about finance in a whole new light, and will make your wallet a little more heavy.
The Total Money Makeover
Written by Dave Ramsey, this book gives you a very simple rule to follow: stay out of debt. Ramsey says that the best way to avoid overspending is by avoiding credit cards and loans to stay out of financial trouble. Interest payments stack up quickly. The only debt that Ramsey will allow: taking out a mortgage. However, pay with cash and you’ll do just fine.
Rich Dad, Poor Dad
This book, written by Robert Kiyosaki, gives the breakdown of two fathers – one that is educated and one that dropped out of middle school. Astonishingly, they lived completely different financial paths – the drop-out eventually became a millionaire while the college-educated father never reached his financial potential.
The story has an underlying theme – it’s not just what you know, but how you apply that knowledge. I’d highly recommend picking up this book – it will surely change your perspective on how to apply yourself.
Get Rich Carefully
Don’t let Cramer’s big personality fool you – the guy knows finance.
Jim Cramer, one of the most well-known in the financial industry, released this gem just recently. This book is fantastic because it offers financial knowledge that is very simple and has very little risk associated with it. Cramer explains that you can become financially savvy in a methodical manner without having to bet your house on it. This high-yield, low-risk investing is something that everyone can learn from.
The Compound Effect
Darren Hardy states that all of your decisions have a compound effect on each other. He shows that making sure you are checking your finances in the proper way will prevent you from going down the tubes in the long run. Hardy offers you a way to look at every dollar you spend; it’s amazing how quickly you’ll be saving money after reading this book.
The Truth About Retirement Plans and IRAs
Ric Edelman breaks down how to start planning for retirement in the simplest way possible. With all the different options out there, it’s hard to decide which one is right for you. Edelman offers great advice that will leave you with money long after you decide to retire.
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