lifestyle changes

20 of the Best Personal Finance Books to Add to Your Reading List

July 25, 2017 By Mary Newton 1 Comment

In a world of misguiding money advice, how do you find the right personal finance book for you? Covering everything from saving money to the consistent habits of the wealthy, these personal finance books offer a wealth of tried and true advice. Listed in no particular order, each book offers sound council rooted in experience; no frills, no tricks, just the honest truth about getting your finances in order. So, if you’re looking for a list of the best personal finance books to read in 2017, here you are.

1. The Intelligent Investor: The Definitive Book on Value Investing by Benjamin Graham

“The greatest investment advisor of the twentieth century, Benjamin Graham, taught and inspired people worldwide. Graham’s philosophy of “value investing” — which shields investors from substantial error and teaches them to develop long-term strategies — has made The Intelligent Investor the stock market bible ever since its original publication in 1949.” If investing is your game, start off with Graham’s essential work. Updated and revised to apply to modern markets, this text offers everything you need to know to make smart investment choices, and thus has earned a spot on our list.

2.The Richest Man in Babylon by George S. Clason

“Acclaimed as a modern-day classic, this celebrated bestseller offers an understanding of—and a solution to—your personal financial problems that will guide you through a lifetime. This is the book that holds the secrets to keeping your money—and making more.” Included for its classing standing, Clason’s parable-style novel is rich with all the right solutions to your financial problems.

3.Debt-Free Forever: Take Control of Your Money and Your Life by Gail Vaz-Oxlade

“Make no mistake: Getting out of debt isn’t easy. But in Debt-Free Forever, Gail gives you a clear strategy and the steps needed to implement it. So if you’re finished with excuses, overdue notices, and maxed-out credit cards, pick up this book, follow Gail’s plan, and start becoming debt-free forever.” In this remarkable book, Vaz-Oxlade makes the path to becoming debt-free look like the yellow brick road: long and difficult, but also clear, straightforward, and definitely possible. We selected Vaz-Oxlade’s book for its unique yet universally applicable problem solving.

4. The Bogleheads’ Guide to Investing by Taylor Larimore, Michael LeBoeuf, and Mel Lindauer, with a foreword by John C. Bogle

“Invest like a Boglehead, and let their grassroots investment wisdom guide you down the path of long-term wealth creation and happiness, without all the worries and fuss of stock pickers and day traders. If you face a financial crisis or problem, or simply want to know what is prudent to do with the money you save, the Bogleheads will have the answers you need to help you gain your financial footing and keep it.” In keeping with John C. Bogle’s investment advice, this witty and clever guide has all you need to know about investment. We chose this guide for its all-around, easy to follow, and thorough information on investing.

5. Pirates of Financial Freedom: A Novel by Joey Fehrman

“Through the financial advice they receive and the other characters they meet along the way, you will learn how to take control of your destiny and start achieving the thriving life of financial success you deserve!” Told through the eyes of fictional pirates, this entertaining read offers essential lessons on the most essential personal finance skills. This is the perfect book for learning those essential healthy financial habits through the experience of relatable characters.

6. The Wealthy Barber: Everyone’s Commonsense Guide to Becoming Financially Independent by David H. Chilton

“David Chilton simplifies the complex puzzles of personal finance and helps you achieve financial independence. With the help of his fictional barber, Roy, and a large dose of humor, Chilton shows you how to take control of your financial future–slowly, steadily, and with sure success.” See also: The Wealthy Barber Returns. Selected because it is one of the top-rated financial books ever, Chilton’s plan makes it possible to achieve financial independence, no matter your salary.

7. Freakonomics: A Rogue Economist Explores the Hidden Side of Everything by Steven D. Levitt

“Through forceful storytelling and wry insight, they show that economics is, at root, the study of incentives—how people get what they want or need, especially when other people want or need the same thing.” While this book does not offer twelve-step plans for financial independence or a six week get-rich-quick program, it is essential in transforming your worldview. Understanding the freakonomics mindset will allow you to make smart and beneficial financial decisions.

8. Your Money: The Missing Manual by J.D. Roth

“Guides readers with practical advice for getting — and keeping — their finances in order, covering all the money-management bases, from saving and spending to getting out of debt to investing, and planning for retirement.” Roth’s sensible advice on money management is important in any financial journey. We chose this book because it offers the most comprehensive and simple guide to an essential aspect of financial health: taking control of your money.

9. Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth by T. Harv Eker

“According to T. Harv Eker, it’s simple. If you think like rich people think and do what rich people do, chances are you’ll get rich too!” Finances start with the person, and Eker’s approach to thinking like a millionaire will get you in top shape to begin your financial journey. We selected Eker’s book for the way it will transform your mindset on wealth.

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10. Financial Peace Revisited by Dave Ramsey

“With practical and easy to follow methods and personal anecdotes, Financial Peace is the road map to personal control, financial security, a new, vital family dynamic, and lifetime peace.” A radio host and best-selling author, Dave Ramsey is a giant in the personal finance world. His advice for achieving financial peace comes from real experience grappling with gaining — and losing, and regaining — wealth and financial health. His financial plans are hailed for their honesty and effectiveness, which is why we had to include one of his works on our list. Ramsey’s acclaimed work focuses not only on financial peace, but also on peace in your life.

11. Think and Grow Rich: The Landmark Bestseller by Napoleon Hill

“In the updated version, Arthur R. Pell, Ph.D., a nationally known author, lecturer, and consultant in human resources management and an expert in applying Hill’s thought, deftly interweaves anecdotes of how contemporary millionaires and billionaires, such as Bill Gates, Mary Kay Ash, Dave Thomas, and Sir John Templeton, achieved their wealth.” We included this classic in motivational literature as it offers an updated version of Napoleon Hill’s 1937 work with a modern perspective on success.

12. Effortless Savings: A Money Management Guide to Saving Without Sacrifice by Richard Syrop

“Effortless Savings is the ultimate guide to saving without sacrifice. Perfect for readers of any income level or household size, it contains hundreds of ways to save money that are easy and manageable.” We chose Syrop’s guide to saving money because it offers a wealth of ways to save money without having to make sacrifices.

13. On My Own Two Feet: A Modern Girl’s Guide to Personal Finance by Manisha Thakor and Sharon Kedar

“Succinct, straightforward, and visually appealing “On My Own Two Feet” will redefine “personal finance 101” for women in their 20s and 30s.” If you want a go-to guide for personal finance, look no further. Included because it meets the need of a modern target audience, Thakor and Kedar cover the basics of personal finance in fun and simple way.

14. The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns by John C. Bogle

“Filled with in-depth insights and practical advice, The Little Book of Common Sense Investing will show you how to incorporate this proven investment strategy into your portfolio. It will also change the very way you think about investing. Successful investing is not easy. (It requires discipline and patience.) But it is simple. For it’s all about common sense.” Bogle’s common sense approach to basic investing from the man himself is sure to offer the best advice out there for those looking to polish their investment game. We chose to include this book for its standing as an essential investment read, as well as for its short and sweet length.

15. Rich Bitch: A Simple 12-Step Plan for Getting Your Financial Life Together… Finally by Nicole Lapin

“In RICH BITCH, money expert and financial journalist Nicole Lapin lays out a 12-Step Plan in which she shares her experiences—mistakes and all—of getting her own finances in order. She talks to you not like a lecturer but as your friend. And even though money is typically an “off-limits” conversation, nothing is off-limits here.” Included for its spunky yet expert perspective, Lapin’s 12-step plan is offered in a fun and funky style, perfect for those seeking a bit of pizzazz in their financial advice.

16. Get a Financial Life: Personal Finance in Your Twenties and Thirties by Beth Kobliner

“From tackling taxes to boosting credit scores, Get a Financial Lifecan show those just starting out how to decrease their debt, avoid common money mistakes, and navigate the world of personal finance in today’s ever-changing landscape.” Since Finance 101 is not a class offered in high school, Kobliner’s guide to finances for young people offers the best and most thorough advice for young adults starting out in the scary world of finance. We chose this book because it offers the most comprehensive basic guide to beginning your financial journey.

17. Rich Dad, Poor Dad by Robert T. Kiyosaki

“Personal finance author and lecturer Robert T. Kiyosaki developed his unique economic perspective from two very different influences – his two fathers.” Kiyosaki’s honest observations of his and his friend’s fathers was chosen for its unique perspective on wealth and what it takes to make it financially.

18. I Will Teach You To Be Rich by Ramit Sethi

“A completely practical approach delivered with a nonjudgmental style that makes readers want to do what Sethi says, it is based around the four pillars of personal finance— banking, saving, budgeting, and investing—and the wealth-building ideas of personal entrepreneurship.” Perfect for young adults seeking structure, Sethi’s 6-week financial plan will have you starting on the right foot.

19. Money: Master The Game: 7 Simple Steps to Financial Freedom by Anthony Robbins

“Based on extensive research and one-on-one interviews with more than 50 of the most legendary financial experts in the world – from Carl Icahn and Warren Buffett, to Ray Dalio and Steve Forbes – Tony Robbins has created a simple 7-step blueprint that anyone can use for financial freedom.” Robbins’ guide follows advice of financial greats and was included for its merit as a well-rounded first read for anyone looking to learn the ins and outs of the financial game.

20. The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich by David Bach

“David Bach gives you a totally realistic system, based on timeless principles, with everything you need to know, including phone numbers and websites, so you can put the secret to becoming an Automatic Millionaire in place from the comfort of your own home.” Centered around an anecdote about an average American couple, Bach’s insights into financial health will change your world. We selected this book for its comprehensive information on how to make modern technology work for you.

Personal finance books offer a wide range of advice. While these twenty personal finance books cover a range of topics and financial situations, one thing remains true: their advice is the best of the best. These authors have proved their worth in the financial game, and now they are passing that wisdom on to readers like you. With all these topics out there, you are sure to find the right one for you! Have you read any great personal finance literature? Let us know in the comments.

Photo: Christopher

Lifestyle Changes to Manage Your Debt

August 16, 2016 By Money Saving Pro 1 Comment

Sometimes real change takes a lifestyle shift, but it may not be as difficult as it sounds. If you are burdened by debt and you would like to buckle down and eliminate it once and for all, there are a few simple changes you can make to help you accomplish your goal.

Get Used to Balancing a Budget

The first step in managing your personal finances is to create and balance a budget. This is not only vital for people who have debt issues, it’s a financial foundation for anyone with budgetary goals. If you get in the habit of keeping track of your incoming and outgoing expenses, you can save money for financial benchmarks, whether that’s paying off debts, buying a house or starting a business.

Balancing a budget is easier to start than you might think, even though only a third of Americans have household budgets. All you need is an accurate representation of all of your monthly expenses and your income. If you have a steady income, you can start there. Here are the steps you need to balance a budget:

Take your salary or hourly rate and calculate how much you earn each month. It’s important to work with actually money here, not expected windfalls or potential investment returns. To accurately balance a budget, you need to use your real money.

If you have quarterly or annual incomes, like stock dividends, you can spread that money out over each month or set it aside as savings.

When you have an accurate picture of your incoming money, you can begin to calculate monthly expenses.

Start with fixed amounts like internet and cable bills, rent, mortgage payments, loan payments and credit card payments. List them all on a spreadsheet.
Then calculate payments that can change like groceries, utilities, and miscellaneous purchases. Looking at the items on your credit card bill is a great way to see where you tend to spend money.
Add all of your expenses together and subtract them from your income. If you have a positive number you have a balanced budget and you can choose to take the extra money and put it toward your financial goals like emergency funds, retirement savings or putting off debt.
If you want more savings or if you are left with a negative number, go back and look at the variable expenses. Look at ways you might be able to spend less.

Adopting a mindset of reconciling all of your purchases with your budget is a great way to be proactive about paying off your debts. Focus on limiting your expenses and putting the money you save toward paying off your debts faster.

Manage Overspending Tendencies

If by creating a budget you realize you have a tendency to overspend, there are a few ways you can keep yourself accountable. It sounds like a cliche, realizing you have a problem with spending too much is a great first step. Many people who overspend, don’t realize they are doing it and it may be that you just need to remember to watch yourself when you are shopping. Here are some other ways to manage your overspending:

Pay with cash. Credit and debit cards make spending easy and out of sight. You may not realize how much you spend until you receive your bill. If you use cash, you can see the money leaving your wallet and when you run out, you know when you need to stop spending.
Limit your number of credit cards. If you have too many credit cards, it can be difficult to keep track of how much you are spending. If you have a serious problem with spending, it might be best to get rid of all of your credit cards.
Find someone to keep you accountable. A friend, spouse or family member that knows you want to limit your spending can help keep you from going overboard. Ask them to check up on your shopping and spending week to week.

Consider a Personal Loan

A personal loan is a great way to consolidate debt into one monthly payment and generally offer considerably lower interest rates than credit cards. Take a look at some of the personal loan options that are out there, and be sure to choose one that is ideal for paying off debts.

Get a Side Job

There are a number of benefits to having a side job, not the least of which is the extra money. Even if you are making enough money with your main job, a side job can give you the means to really bolster the payments you are making toward your debts. You can even do some freelance work so you can take on extra jobs when you have time and have no obligations when you don’t.

Side jobs are also a great way to diversify the type of work you do and the experience you accumulate. Having more than one type of work experience can be good if you want to find a new job in a different area of expertise.

Side hustles can also open new doors and opportunities. You may find that your side job is more interesting to you and new business paths can open up.

Do you have any tips on how to manage debt? Share your thoughts below.

Photo: Flickr: Images Money

40 Percent of Cancers Could Be Prevented with Simple Lifestyle Changes

December 27, 2014 By Lilian Nwa 2 Comments

40% of cancers could be prevented with lifestyle changes

Oftentimes cancer has been called a “disease of old age” given that it primarily affects older individuals. Researchers, however, are discovering that beyond old age, cancer is also a disease associated with lifestyle choices.

According to research conducted by Cancer Research UK, approximately 600,000 cancer cases in the UK could have been avoided had individuals lived healthier lifestyles. In fact, as described in a press release by the organization, “More than four in 10 cancers could be prevented…[w]ith health services already overstretched and people living longer, prevention is vital to tackle cancer head on.”

Decades of research have clearly shown that smoking is the most significant, preventable cause of cancer worldwide, resulting in nearly 100 million deaths in the 20th century alone. Cancers associated with smoking including lung cancer as well as cancers of the larynx, mouth, throat, bowel, pancreas and certain types of leukemia, among others.

Less obvious lifestyle choices, however, include protecting one’s skin from the sun by avoiding the sun when its rays are strongest (between 10 a.m. and 4 p.m.) and covering exposed skin areas. Additional tips from the Mayo Clinic in Rochester, Minnesota include eating a healthy diet consisting of fruits and vegetables, limiting fats that increase the risk of becoming overweight or obese, and engaging in regular exercise.

Additionally, researchers recommend drinking alcohol in moderation given that alcohol consumption can increase the risk of certain cancers including cancer of the breast, colon, lung, kidney and liver. Of course these risks depend on the amount and length of time that an individual consumes alcohol, still alcohol consumption is a consideration to have when considering one’s own lifestyle choices.

Other factors include vaccinations: certain viral infections can increase cancer risk. Acquiring immunizations against Hepatitis B and Human papillomavirus (HPV) can collectively reduce one’s risk of developing liver or genital cancers respectively.

Professor Linda Bauld from Cancer Research UK has said, “There are more than 200 types of cancer each caused by a complex set of factors…WE must make sure the public and the policy-makers know the evidence behind the benefits of these lifestyle changes is solid.”

Beyond lifestyle changes, individuals must make sure to remain in regular medical care. Physicians and healthcare practitioners can demonstrate how to conduct self-exams as well as screen people for various types of cancer of the skin, colon, prostate, breast and cervix. Generally, early detection of cancer can increase a person’s chance of survival, so it is important to be proactive about cancer prevention.

(Photo courtesy of Boby)

Only 1% of Men Take the 5 Steps Required to Reduce Heart Disease by 80%

September 23, 2014 By Lori Kelley 9 Comments

5 things men can do to reduce heart disease by 80%

More than half a million Americans lost their life to heart disease last year, and it remains the leading cause of death in the US for both men and women. New research suggests that for the vast majority of the people dying from this disease, the fault can be placed squarely on their own shoulders due to their lifestyle choices. The research found that men can reduce their chance of heart disease by a whopping 80% if they would make 5 simple lifestyle changes, which anyone could do with a little effort. The bad news is that only 1% of men actually take the recommended steps.

The 5 daily lifestyle steps are nothing more than common sense, and most people have likely already heard they should be doing them. Below are the 5 steps people should take in order to reduce their chances of getting heart disease by 80%:

Stop Smoking: 36% reduction
Consume a Healthy Diet (this should include plenty of whole grains, low/no-fat diary products, vegetables, nuts, fruits and legumes): 18% reduction
Keep Fat off Your Belly (your waist should be less than 37 inches): 12% reduction
Drink Moderate Amounts of Alcohol (this should be less than two drinks per day): 11% reduction
Get Daily Exercise (this should be 40 minutes per day): 3% reduction

The study followed over 20,000 (20,721) Swedish men who were in good health, and who had no history of cardiovascular disease, cancer, high cholesterol, hypertension or diabetes. The men who participated in the study tracked their diet and lifestyle choices over a 12 year period.

The results found that common sense healthy lifestyle choices could make a huge impact on preventing heart disease from developing. One of the study leaders, Agneta Akesson, summed it up succinctly by saying, “It is not surprising that healthy lifestyle choices would lead to a reduction in heart attacks. What is surprising is how drastically the risk dropped due to these factors.”

Most surprising was that virtually nobody is following these five simple steps. The researchers found only 1% of the men actually did all five steps noting, “Only 1 percent of the population comprised the low-risk group, and thus followed this set of healthy lifestyle practices of their own accord.”

While the number of people dying from heart disease has fallen over the last few decades, much of that reduction has come from better medical therapies. Better therapies are good, but they shouldn’t be the first line of defense. It would be much better to prevent heart disease before it happens through better lifestyle choices, since this circumvents the costs and possible side effects of medication. Prevention is always a better solution than having to treat the heart disease, even if it can be effectively treated.

(Photo courtesy of Kevin)

The Easiest Way To Save On Healthcare

May 11, 2012 By Jennifer Derrick 3 Comments

Most financial writers, including me, counsel people to be their own advocate for less-expensive healthcare. We teach that you should question everything on your bill, know the limits and allowances of your health insurance policy, and negotiate prices where possible and look for lower cost options. All of this is great and can certainly save you some money. However, one of the best ways to save on your healthcare is also easy and within your control: Do what your doctor tells you to do.

I know many people whose doctors tell them to take certain medications, do certain exercises, or eat certain things and yet they won’t do them. Or they do them only halfway or only for a while and then stop. This is not going to cure or help you manage your condition. This is only going to result in more visits to the doctor, more prescriptions, and more health problems that never seem to go away. Granted, there might not be a complete cure for your medical problem, but your doctor is going to give you the best advice for how to manage and minimize that condition. Doing what he or she says is the path to wellness.

Here’s an example of what I’m talking about. I’m currently in physical therapy for a back/hip injury. The exercises are killer and harder than anything I’ve ever done and that includes running 39.3 miles over two days. They aren’t fun, but I’m doing them because it’s the only way I’m going to get better and avoid being on pain pills for the rest of my life. Yet the other day a woman on the treatment table next to mine was getting reamed out by her therapist for not doing her exercises. She’s been in therapy for months and is about to exhaust her insurance coverage. The therapist was telling her that she would be better by now if she’d do what she was told, but the woman says, “I’m always too busy and it’s hard.”

This woman’s insurance will run out and she’ll still be in pain and probably paying for pain medication to deal with her issues. In a few months or a year, she’ll probably be back in the doctor complaining of the same problem again. However, if she’d done what her therapist told her to do, she’d be fine and not have to pay any more money.

I know someone else who, without his doctors’ approval, started cutting his pills in half because, “I don’t need that much and it’s cheaper this way.” Yet he’s always in chronic pain and his condition never gets better. Hmmm. Maybe if he took the drug as directed, he wouldn’t have a problem. This is also why some doctors use a drug testing service to make sure patients are taking their medication as prescribed.

Then there are the people who are told by medical professionals that their conditions can be managed or cured with some lifestyle changes such as more exercise, quitting smoking, or a specific diet. Yet they won’t make the changes. They’d rather head to the doctor every couple of months and take expensive medications and then wonder why their healthcare bills are soaring through the roof than eat better or go for a walk.

If you think your doctor is way off base with his orders, by all means get a second opinion. If you come across another treatment approach that you think might work just as well or better, by all means discuss it with your doctor. But if all the doctors say the same thing, you probably need to be obeying their orders.

Do what your doctors tell you to do. If you follow their orders exactly and you don’t get better, then it’s time for another conversation with the doctor or to find another one. But you’re never going to know if a treatment will work until you do what you’re told. If you don’t take your doctors’ advice, you won’t get better, or you might get better for a while but then relapse. You’ll have to make more visits to the doctor, outstrip your insurance coverage, and maybe stay on medications that you could have gotten off of if you’d done what you were supposed to do. Doctors aren’t infallible, but if you’re paying them for advice and help, doesn’t it make sense to take that advice and help and follow their instructions?

(Photo courtesy of Alex E. Proimos)