A person with a PhD in economics might be able to calculate the gross domestic product of a third world nation or perform regression analysis on wage and productivity data, but Dr. Dollars may not know how to balance a checkbook or devise a household budget. So don’t feel bad if these tasks don’t come easily to you either. A lot of very smart people have never been taught the basics of money management. That’s why muckety mucks across the nation have named April financial literacy month, during which we’re all encouraged to get a little savvier about personal finance. In honor of the occasion, we offer a few books that could set you on a path to financial success.
1. The Millionaire Next Door, by Thomas J. Stanley and William D. Danko
Two PhD types take a look at America’s wealthy and find that what they have in common is not extravagant living, but frugality. This entertaining book explodes the myths about how people get rich and inspires readers to try some of these strategies themselves.
2. National Association of Realtors Home Buying Guide, by Blanche Evans
Unlike The Millionaire Next Door, this book probably won’t make for interesting cocktail conversation. But everyone can use some good solid advice on how to make what will probably be the biggest single investment of their life. Why not get it from one of the country’s top real estate organizations?
3. The Little Book of Common Sense Investing, by John C. Bogle
The founder of mutual-fund giant Vanguard shares his philosophy on investing in a concise, reader-friendly way.
4. All Your Worth, by Elizabeth Warren and Amelia Warren Tyagi
This mother-daughter team of financial experts offers a step-by-step plan for balancing your budget.
5. What Color is Your Parachute? 2007, Richard Nelson Bolles
It’s classic career advice: Find a job you love, and success – both personal and financial – will follow. This updated classic could help you do just that.
6. The Complete Tightwad Gazette, Amy Dacyczyn
If you are inclined to borrow this book from the library, rather than buy it, then perhaps you’re already living the way the every-penny-counts author suggests. From common sense (buy at thrift stores when possible) to the extreme (turn your old jeans into potholders to give as gifts), this book shows readers how to live more simply and save.
7. Alexander, Who Used to Be Rich Last Sunday, by Judith Viorst
If you’ve got kids, this book is a great way to illustrate to them the value of a dollar. Even if you don’t have kids, maybe you could use a reminder. And, at 32 illustrated pages, it’s the quickest read on this list!
The views expressed by the authors of these books are not endorsed by LendingTree. But we think you’ll enjoy them more than regression analysis.
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