The 11 Best Finance Books To Read In 2023

According to the U.S. Federal Reserve’s 2021 “Report on the Economic Well-Being of U.S. Households,” nearly 30% of American adults are not prepared for financial emergencies and would struggle to pay an unexpected $400 bill, with many resorting to credit cards and borrowing to fund such an emergency.

The personal saving rate has been on a steady decline in recent years, falling from highs of 33.7% in April 2020 to less than 5% in early 2023.

This worrying trend, coupled with the staggering national credit card debt of over $930 billion, underscores the urgent need for improved financial literacy in American households.

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If you aren’t in control of your finances, debt can quickly take control of you. The best way to ensure financial freedom is by taking the necessary steps to become informed.

Improving your money management skills isn’t just about having a lot of savings stored away for a rainy day. Once you understand the basic principles of personal finance, you can begin to make better decisions and build a secure financial future.

Whether your goal is early retirement, a new business venture, or spending more time with your loved ones, being financially secure allows you to do the things that mean the most to you.

At WealthMack, we know how important it is to be financially literate. That’s why we have compiled a list of the 30 best finance books that can help you at whatever stage you are at on your financial journey.

Our recommendations for the best finance books are based on a number of factors including:

Author Credibility: We not only review the books, but we also review the authors themselves. The financial industry is rife with people pretending to be something they are not, which we obviously want to avoid. To assess the author’s credibility, we look at their own personal story and success and their reputation amongst their peers.

Simplicity & Practicality: Finance can be a tricky subject to wrap your head around, so it’s important that our top picks explain concepts in an easy-to-read manner. Our comprehensive list is full of finance books that have changed many people’s lives because they give simple and practical advice.

Principle-Based: There is plenty of actionable advice that takes advantage of current market trends/opportunities. However, our selection of books explains the underlying principles behind these trends. Once you understand this, you can make more informed decisions and build your experience in any situation. This is why many of the books on the list are timeless classics that have helped educate generations of people.

Our list is further broken down into different categories of the best finance books, including personal finance, investing, retirement planning, and financial freedom. No matter what your aim is with your finances, we have something for you.

Each book summary includes its best quote, a brief summary, key takeaways, who the book is designed for, and why you should read it. We also include some high-profile people who also endorse this particular book or author.

So if you are ready to become financially secure and independent, keep reading for our list of the 11 best finance books!

Best Finance Books Of All Time

1. Rich Dad Poor Dad

Author: Robert T Kiyosaki

First Published: 1997

Best Quote:

“The poor and the middle-class work for money. The rich have money work for them.”

Brief Summary:

Rich Dad Poor Dad is the best personal finance book of all time. In the book, Robert Kiyosaki explores the differences in mindset and financial strategies between the author’s “rich dad” (his best friend’s Dad when growing up) and his “poor dad” (Kiyosaki’s biological father).

The book promotes financial literacy, entrepreneurship, and the importance of acquiring income-generating assets to achieve financial independence.

Why You Should Read It?

“Rich Dad Poor Dad” is a New York Times bestseller that provides valuable insights and practical advice on how to build wealth and achieve financial freedom. It challenges conventional wisdom about money and encourages readers to think differently about earning, saving, and investing.

Key Takeaways

• Financial education is crucial for success, as it enables individuals to make informed decisions about money and investments.
• Focus on acquiring assets that generate passive income, such as real estate, stocks, and businesses, instead of relying solely on earned income.
• Understand the difference between liabilities and assets, and prioritize investing in assets to build long-term wealth.

Best For:

“Rich Dad Poor Dad” is ideal for anyone interested in improving their financial literacy and learning how to build wealth through investments and entrepreneurship. It’s especially beneficial for those who are new to the world of personal finance or seeking a different perspective on money management.

Recommended By:

Hollywood actor Will Smith is a huge fan of Rich Dad Poor Dad and made his family read the book to escape what he deems a ‘poor mindset.’

Approximate Amount Sold:

32 million copies have been sold of this incredibly famous and popular book. (source: Kiyosaki’s official website)

2. The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness

Author: Morgan Housel

First Published: 2020

Best Quote:

“Doing well with money has a little to do with how smart you are and a lot to do with how you behave.”

Brief Summary:

“The Psychology of Money” delves into the behavioral aspects of personal finance and investing. The book explores how our emotions, biases, and beliefs about money shape our financial decisions and outcomes. Housel shares stories and anecdotes to illustrate key principles related to saving, investing, and the pursuit of financial success.

Why You Should Read It?

This book offers a unique perspective on personal finance by examining the psychological factors influencing our financial choices. By understanding these factors, readers can develop a healthier relationship with money and make better decisions that lead to long-term financial well-being.

Key Takeaways

• Financial success is largely determined by behavior rather than intelligence or knowledge.
• Patience and long-term thinking are crucial for successful investing and wealth accumulation.
• It’s essential to recognize the role of luck and risk in financial outcomes and to manage expectations accordingly.

Best For:

“The Psychology of Money” is suitable for anyone interested in understanding the psychological aspects of personal finance and investing. It’s a great read for both beginners and experienced investors who want to gain insights into the emotional and cognitive factors that influence financial decision-making.

Recommended By:

Michael J. Mauboussin, Wall Street Investment Strategist, Author, Professor

Approximate Amount Sold:

Over two million. The book has been a bestseller and has received widespread acclaim since its release in 2020.

Best Finance Books For Beginners

3. Think and Grow Rich

Author: Napoleon Hill

First Published: 1937

Best Quote:

“Whatever the mind can conceive and believe, it can achieve.”

Brief Summary:

“Think and Grow Rich” is a self-help book written by Napoleon Hill in 1937. It focuses on the importance of mindset, determination, and personal beliefs in achieving success, particularly financial wealth. The book is based on Hill’s extensive research and interviews with over 500 successful individuals, including Andrew Carnegie, Thomas Edison, and Henry Ford.

The core message of the book revolves around the “Law of Success,” which consists of 13 principles: Desire, Faith, Autosuggestion, Specialized Knowledge, Imagination, Organized Planning, Decision, Persistence, The Master Mind, The Mystery of Sex Transmutation, The Subconscious Mind, The Brain, and The Sixth Sense. These principles serve as a guide for individuals seeking to attain financial independence and personal fulfillment.

Why You Should Read It?

This book offers valuable insights and practical steps to help readers develop a success mindset, set goals, and achieve their desired level of wealth and personal achievement.

Key Takeaways

• Cultivate a strong desire for success
• Have unwavering faith in your ability to achieve your goals
• Persist through obstacles and setbacks.

Best For:

Individuals seeking to develop a success-oriented mindset and looking for practical strategies to achieve their personal and financial goals.

Recommended By:

Daymond John, an American businessman, investor, and television personality

Approximate Amount Sold:

Over 70 million copies.

Best Books For Personal Finance

4. I Will Teach You To Be Rich

Author: Ramit Sethi

First Published: 2009

Best Quote:

“Spend extravagantly on the things you love, and cut costs mercilessly on the things you don’t.”

Brief Summary:

“I Will Teach You To Be Rich” is a practical, step-by-step guide to managing personal finances, covering topics such as saving, investing, budgeting, and credit. The book focuses on creating a personalized plan to achieve financial success.

Sethi focuses on simplifying personal finance concepts and providing actionable advice, rather than just presenting theory.

The book covers six key areas: Credit Cards, Banking, Saving, Budgeting, Investing, and Earning More Money. Sethi emphasizes the importance of automating finances, negotiating better deals, and investing in low-cost index funds. The author also encourages readers to develop a “conscious spending” mindset, where they prioritize spending on things they value while cutting costs in other areas.

Why You Should Read It?

Ramit Sethi’s approach to personal finance is both accessible and actionable, providing clear strategies for young adults and beginners to take control of their financial lives.

Key Takeaways

• Automate your finances to save time and reduce stress
• Invest in low-cost index funds for long-term growth
• Create a conscious spending plan that aligns with your values and priorities

Best For:

Young adults and beginners in personal finance who want to learn practical strategies for managing their money and achieving financial success.

Recommended By:

BJ Fogg, Behavior Scientist at Stanford University

Approximate Amount Sold:

Over 500,000 copies worldwide.

Best Finance Books For Investors

5. The Intelligent Investor

Author: Benjamin Graham

First Published: 1949

Best Quote:

“In the short run, the market is a voting machine, but in the long run, it is a weighing machine.”

This famous quote highlights the difference between short-term market fluctuations and long-term market trends in the context of stock valuation.

Brief Summary:

First published in 1949 and regarded as a foundational text on value investing, The Intelligent Investor emphasizes the importance of analyzing the intrinsic value of stocks and the principles of long-term investing. Warren Buffett, a renowned investor, has described it as “the best book on investing ever written.”

The book presents two types of investors: the defensive (passive) investor and the enterprising (active) investor. For both types, Graham stresses the significance of a disciplined and systematic approach to investing, rooted in thorough analysis and patience.

Key concepts in “The Intelligent Investor” include:

1. Margin of Safety: Investing in stocks priced below their intrinsic value, providing a cushion against potential losses.
2. Mr. Market: A metaphor illustrating the irrational and emotional nature of the stock market, emphasizing the importance of maintaining a rational mindset and focusing on fundamentals.
3. Dollar-Cost Averaging: A strategy involving consistent investments in the market over time, irrespective of market conditions, to reduce the impact of short-term volatility.

Why You Should Read It?

As one of the most respected books on investing, it provides timeless advice and practical strategies for achieving success in the stock market.

Key Takeaways

• Focus on the intrinsic value of companies rather than market fluctuations
• Maintain a margin of safety to minimize risk
• Use a disciplined, long-term approach to investing.

Best For:

Individuals who are interested in learning the principles of value investing and developing a solid foundation in stock market investing.

Recommended By:

This book is famously recommended by arguably the greatest investor of all time, Warren Buffett, ‘I obviously recommend, first and foremost, The Intelligent Investor, which is considered to be the ‘Bible of Value Investing.’

Approximate Amount Sold:

Over 1 million copies.

Best Finance Books For Entrepreneurs

6. Money: Master The Game

Author: Tony Robbins

First Published: 2014

Best Quote:

“The secret to wealth is simple: Find a way to do more for others than anyone else does. Become more valuable. Do more. Give more. Be more. Serve more.”

Brief Summary:

In “Money: Master the Game” author Tony Robbins draws on interviews with 50 of the world’s most successful investors and financial experts, including Warren Buffett, Ray Dalio, and John Bogle. Using their knowledge and expertise, Robbins provides a comprehensive guide to mastering one’s financial life and achieving financial freedom.

The book is organized into seven sections or “simple steps”:

1. Decide to become an investor, not just a consumer: Robbins emphasizes the importance of shifting one’s mindset from merely spending money to actively investing in one’s future.
2. Become an insider: Learn the core rules of the game: Robbins demystifies the financial industry and provides essential investment principles to help readers make informed decisions.
3. Make the game winnable: Set clear financial goals and create a plan to achieve them, including a target amount for financial independence.
4. Evaluate your asset allocation: Robbins covers different types of investments and their respective risks and rewards, helping readers decide on the best asset allocation for their goals.
5. Create an income for life: The author discusses strategies for generating passive income, including the benefits of using low-cost index funds and annuities.
6. Invest like the .001%: Robbins shares the investment strategies used by ultra-wealthy individuals and provides actionable advice on how to emulate their success.
7. Just do it, enjoy it, and share it: The final step encourages readers to take action, enjoy the journey, and share their wealth with others.

Why You Should Read It?

“Money: Master the Game” offers a comprehensive and accessible guide to personal finance and investing backed by advice from renowned experts in the field. The book aims to empower readers with the knowledge and tools to achieve financial freedom and make a positive impact on their lives and the lives of others.

Key Takeaways

• Diversify your investments to manage risk
• Focus on long-term growth and compounding
• Develop a lifetime income plan to achieve financial freedom.

Best For:

Individuals looking for actionable advice on building wealth and achieving financial freedom.

Recommended By:

Marc Benioff, Co-found of software company Salesforce

Approximate Amount Sold:

Over 1 million copies.

Best Personal Finance Books For Young Adults

7. Broke Millennial: Stop Scraping By and Get Your Financial Life Together 

Author: Erin Lowry

First Published: 2017

Best Quote:

“You’re not a true adult until you’ve mastered money.”

Brief Summary:

Written by Erin Lowry in 2017, “The Broke Millennial: Stop Scraping By and Get Your Financial Life Together”, is a personal finance book targeted at millennials (obviously). The book offers practical advice and strategies to help young adults navigate the financial challenges unique to their generation, such as student loan debt, underemployment, and financial anxiety.

The book is divided into 18 chapters, each addressing a different financial topic, including budgeting, saving, investing, and managing debt. Lowry’s writing is relatable, engaging, and often humorous, making complex financial concepts more accessible to young readers.

Why You Should Read It?

This book offers actionable, easy-to-understand advice for millennials who want to take control of their financial lives and build a solid financial foundation for the future.

Key Takeaways

• Developing a healthy financial mindset and overcoming money-related shame and guilt.
• Learning to manage and pay off student loan debt effectively.
• Navigating relationships and money, including conversations about finances with partners, friends, and family.

Best For:

Millennials and young adults who are looking for guidance on personal finance, budgeting, and navigating the unique financial challenges they face.

Recommended By:

Washington Post’s ‘Color of Money’ Book Club Pick

Approximate Amount Sold:

While the exact number of copies sold is not publicly available, “The Broke Millennial” has been highly successful and well-received, with thousands of positive reviews and recommendations from financial experts and readers alike.

Best Finance Books On Audible

8. Principles: Life and Work

Author: Ray Dalio

First Published: 2017

Best Quote:

“Embrace reality and deal with it.”

Brief Summary:

Ray Dalio is the founder of Bridgewater Associates, one of the world’s largest and most successful hedge funds. First published in 2017, “Principles: Life and Work” shares Dalio’s unique insights and philosophy on life, work, and decision-making, which have contributed to his remarkable success in both his personal and professional life.

The book is divided into three parts:

1. Where I’m Coming From: In this section, Dalio provides an overview of his background, experiences, and the development of his principles over time.
2. Life Principles: Dalio shares his fundamental principles for personal growth and self-improvement, emphasizing the importance of radical truth, radical transparency, and embracing reality in order to make better decisions and achieve meaningful relationships.
3. Work Principles: In this section, Dalio outlines the principles he applied to create a unique, meritocratic, and highly effective organizational culture at Bridgewater Associates. These principles emphasize building a culture of meaningful work, meaningful relationships, and creating an idea meritocracy where the best ideas rise to the top.

Why You Should Read It?

“Principles: Life and Work” is not only a book about investment and business strategies but also a guide to personal development and creating a fulfilling life. By sharing his life lessons and unconventional approach to decision-making, Ray Dalio offers valuable insights and tools for individuals and organizations seeking to improve their effectiveness and achieve their goals.

Key Takeaways

• Develop radical truthfulness and transparency in all aspects of life
• Use thoughtful disagreement and decision-making processes to improve outcomes
• Create a meritocratic environment to foster excellence and continuous improvement

Best For:

Individuals interested in personal development, leadership, and management, as well as those seeking to understand the principles that have driven Ray Dalio’s success.

Recommended By:

Gary Vaynerchuk, Entrepreneur, New York Times best-selling author, speaker, and Internet personality

Approximate Amount Sold:

The title has appeared on The New York Times Bestseller list and has sold over 2 million copies.

Best Finance Books For Saving Money

9. The Total Money Makeover

Author: Dave Ramsey

First Published: 2003

Best Quote:

“If you keep doing the same things, you will keep getting the same results. You are where you are now financially as a sum total of the decisions you’ve made to this point.”

Brief Summary:

“The Total Money Makeover” is a personal finance book written by Dave Ramsey, published in 2003. The book provides a step-by-step guide to help individuals take control of their finances, eliminate debt, and build long-term wealth. Ramsey’s approach is rooted in his own experiences with financial hardship and his subsequent journey to financial freedom.

The foundation of the book is Ramsey’s “7 Baby Steps” to financial success:

1. Save $1,000 for an emergency fund.
2. Pay off all debt (except for the mortgage) using the debt snowball method.
3. Save 3-6 months’ worth of expenses in a fully-funded emergency fund.
4. Invest 15% of household income into retirement accounts.
5. Save for children’s college education.
6. Pay off the home mortgage early.
7. Build wealth and give generously.

Throughout the book, Ramsey emphasizes the importance of discipline, hard work, and living below one’s means. He advocates for a cash-based, zero-based budgeting system and encourages readers to avoid debt at all costs.

Why You Should Read It?

“The Total Money Makeover” has been widely praised for its straightforward, actionable approach to personal finance. It has helped millions of people eliminate debt, save money, and achieve financial independence.

Key Takeaways

• Establish a $1,000 emergency fund as a crucial first step toward financial stability.
• Use the debt snowball method to pay off debts, starting with the smallest and working your way up.
• Implement disciplined budgeting and lifestyle changes to achieve financial success and independence.

Best For:

The highly popular personal finance book is geared toward individuals seeking to control their finances, eliminate debt, and build long-term wealth through disciplined budgeting, lifestyle changes, and sound financial principles.

The book is particularly helpful for those struggling with debt or lacking a structured approach to managing their money.

Recommended By:

Shay Carl is an American vlogger, author and YouTube personality that was nearly $200,000 in debt and used The Total Money Makeover as inspiration to turn his finances around.

Approximate Amount Sold:

Over 5 million copies of this hugely popular book has been sold.

Best Finance Books For Retirement

10. The Automatic Millionaire

Author: David Bach

First Published: 2003

Best Quote:

“The secret to finishing rich is to build a plan that automatically does the right thing for you.”

Brief Summary:

Written by financier David Bach (founder of FinishRich.com), “The Automatic Millionaire” is a personal finance book that focuses on the concept of automating one’s finances to save, invest, and accumulate wealth over time effortlessly. Bach presents a simple, actionable plan that doesn’t require a significant income or a complex budgeting system.

The book is centered around several key principles:

1. Pay yourself first: Bach encourages readers to automatically save and invest a portion of their income (ideally 10-15%) before allocating money for expenses or discretionary spending.
2. Automate your finances: The author suggests setting up automatic transfers to savings accounts, investment accounts, and retirement plans to ensure consistent progress toward financial goals without the need for constant oversight.
3. The Latte Factor: This concept illustrates how small, daily expenses (e.g., a daily latte) can add up over time and how redirecting these funds towards savings and investments can significantly impact one’s financial future.
4. Focus on long-term, consistent investments: Bach emphasizes the power of compound interest and the importance of investing in assets such as low-cost index funds or real estate to build wealth over time.

Why You Should Read It?

“The Automatic Millionaire” offers a practical and accessible approach to personal finance, making it an ideal read for individuals seeking to improve their financial habits, accumulate wealth, and achieve financial independence through a more hands-off, automated approach.

Key Takeaways

• Prioritize saving and investing by automatically allocating a portion of your income before spending on expenses.
• Automate your finances to achieve financial goals without constant oversight or complex budgeting.
• Recognize the impact of small, daily expenses and redirect them towards long-term investments to harness the power of compound interest.

Best For:

“The Automatic Millionaire” is best suited for individuals seeking a hands-off, automated approach to personal finance and wealth accumulation, regardless of their income level.

The book is particularly helpful for those who struggle with traditional budgeting or want to simplify their financial management while working towards financial independence.

Recommended By:

The book has been endorsed by various financial experts, personal finance bloggers, and media outlets.

Approximate Amount Sold:

Over 1.5 million copies.

Best Finance Books For Financial Freedom

11. The Richest Man In Babylon

Author: George S. Clason

First Published: 1926

Best Quote:

“A part of all you earn is yours to keep. It should be not less than a tenth no matter how little you earn.”

Brief Summary:

“The Richest Man in Babylon” uses parables set in ancient Babylon to teach timeless financial principles, making complex ideas easily accessible and engaging for readers.

The main character, Arkad, shares his wisdom on wealth accumulation through several key concepts:

1. Save at least 10% of your income (Pay yourself first).
2. Control your spending and live within your means.
3. Invest your savings wisely to generate passive income.
4. Seek advice from knowledgeable individuals and protect your investments from loss.
5. Own property and invest in real estate.
6. Build multiple streams of income.
7. Continuously improve your skills and knowledge to increase your earning potential.

Why You Should Read It?

“The Richest Man in Babylon” offers practical and actionable advice on managing money, saving, investing, and achieving financial independence. The timeless principles shared in the book have helped countless readers build wealth and create lasting financial success.

Key Takeaways

• Save at least 10% of your income to build a strong financial foundation and grow your wealth.
• Invest your savings wisely, ensuring that your money works for you and generates passive income.
• Continuously improve your skills, knowledge, and financial education to increase your earning potential and make informed decisions about your finances.

Best For:

“The Richest Man in Babylon” is best suited for individuals seeking a simple, accessible introduction to personal finance and wealth-building, particularly those who enjoy parable-based learning.

The book is ideal for beginners who want to learn timeless financial principles that can be applied in any era, regardless of their current financial situation or level of expertise.

Recommended By:

Internet marketer Tai Lopez.

Approximate Amount Sold:

Over 2 million copies.

Conclusion

Congratulations are finishing our comprehensive (but not exhaustive) list of the best finance books of all time.

No matter what stage you are at in your financial journey, these books will provide value and improve your knowledge and skills.

As we have seen with the state of household finances in the US, the average person lacks the financial education required to make smart decisions when it comes to their money. Rich Dad Poor Dad author Robert Kiyosaki said it best:

“We were not taught financial literacy in school. It takes a lot of work and time to change your thinking and to become financially literate.”

Robert Kiyosaki

These books can serve as indispensable tools for individuals seeking to overcome financial setbacks, rectify ingrained habits, or improve their financial literacy.

By immersing yourself in these books, readers can create financial stability and enhance their quality of life. Acquiring knowledge, adopting prudent spending habits, and embracing saving and investing strategies are essential steps toward achieving financial independence.

The most crucial aspect of mastering personal finances is to take the initiative and begin the journey without delay.

Frequently Asked Questions