Ask Boo: What are the best personal finance books 2020?
This week, we’re breaking down four of the best personal finance books 2020.
Let’s be honest, some personal finance books can be a little — how shall we say this? — dry? boring? Even though most of them are packed full of great advice and practical tips, getting through them can be like wading through treacle. Lots of complicated jargon and language that reads like an economics textbook… They’re hardly page-turners, let’s put it that way.
On the other hand, there are lots of personal finance books that score highly on our page-turn-a-bility meter, but low on our actually-sound-financial-advice meter.
And one of the ways we suggested to do that was to read The Financial Diet: A Total Beginner’s Guide to Getting Good with Money, a book which we’ve read here at Bamboo and loved (even if some of the advice is a little USA-focused.)
So this week, we thought we’d put together a list of four more books that we highly recommend if you want to learn about money and getting on top of your finances.
(And they all score highly on both our page-turn-a-bility meter and our actually-sound-financial-advice meter, too!)
Bamboo’s Top Picks: Best personal finance books 2020
Book #1: I Will Teach You To Be Rich by Ramit Sethi
If you’re fed up of hearing that the only way to save money or get rich is to stop buying your morning coffees, then you need to read Ramit Sethi’s book.
In his very direct and to-the-point style, he breaks down the four core elements of being “rich” — banking, saving, budgeting and investing — and gives you practical advice and exercises to achieve them.
And by practical advice and exercises, we don’t just mean things like “automate your savings” or “invest money if you can” or “stop buying treats”.
Ramit gives you tried-and-tested scripts for things like reducing interest on your card or getting companies to waive fees you might have incurred, but he also helps you define what “rich” means to you and how to get to that life.
Because, while some people might want Lamborghinis and private jets, other people just want to be able to take their kids on holiday without panicking about how to pay for it. Whatever your idea of “rich” is, Ramit will help you get there.
Plus, his envelope technique for spending is wildly popular on the internet, with lots of people saying that it’s completely changed the way they think about — and spend — money.
Wherever you are in your financial journey, whether you’re just getting to grips with the basics or looking to get the most out of your money (and life), this book is full of straight-talking advice that’ll help you get to where you want to be. (And it’s a fun read, too.)
Book #2: Broke Millennial by Erin Lowry
OK, before we begin, we should acknowledge that this book — like I Will Teach You To Be Rich and Financial Diet (not mentioned on this list, but in a previous one) and the next entry on the list — is written by an American author and contains advice about US-specific finances (you’ll read things like 401K etc…).
However, specifics aside, money is money, saving is saving and finances are finances, wherever you are in the world.
So while some of the specifics might not translate, the overall lessons, techniques and approaches to money in these books are really, really useful, whether you live in York or New York.
And Erin’s book is no exception. In fact, the book covers a huge range of money-related topics, including:
– Your money mindset and how your upbringing can influence how you spend and save
– How to create a good financial mindset
– The basics of investing
– Planning for retirement
– Buying a house vs renting
– The basics of credit cards and credit reports
– And much, much more
So, if you’re looking for a super in-depth, school textbook approach to managing your money, then Erin’s book isn’t it.
But if you’re looking to get up to speed with everything to do with personal finance quickly — and enjoy yourself while doing so — then Erin’s book is definitely the one for you.
Book #3: Your Money or Your Life by Vicki Robin
This book isn’t just one of the best personal finance books 2020, it’s one of the best personal finance books ever.
In fact, for the last 25 years, Your Money or Your Life has been recognised as the go-to book for taking control of your personal finances by examining your relationship with money.
And while some people might find the book a bit woo-woo, Your Money or Your Life’s nine-step programme has helped countless people spend — and live their lives— more deliberately.
The most recent edition, updated in 2018, now covers things like side hustles and freelancing, tracking your finances online, and having difficult conversations about money, so it’s still bang up-to-date, even if it was written a few decades ago!
Like we said, this book is not for everyone, but if you’d like a book that helps you feel like you’re the boss of your money, rather than the other way around, we’d certainly recommend giving Vicki Robin’s book a try!
Book #4: Money: A User’s Guide by Laura Whateley
Finally! A book written by a British author!
Laura Whateley — an award-winning journalist that has written about money for almost every impressive publication you can think of, from The Times to The Guardian — cleverly and clearly breaks down all of the confusing parts of personal finance.
In her very easy-to-understand style, Laura breaks down everything from student loans and pensions to paying off debt and investing in stocks and shares. On top of that, she looks at the personal side of money too, covering things like money in relationships and money and mental health.
If you’re looking for a crash course in being good with money, making the best financial decisions and understanding what on earth all of those complicated financial terms mean, this is the book for you.
Did we miss a book? Has there been a personal finance book that you feel like we missed off of our list of best personal finance books 2020? Let us know in the comments below! 👇
- Author The Bamboo Team
- Posted 28 February 2020
