From rising mortgage rates to restarted student loan payments, many consumers faced daunting financial obstacles in 2023.
Kiyosaki presents more in-depth personal finance concepts through personal stories to make this book easy to comprehend. He utilizes his own life story as a vehicle to explain personal finance principles with accessible language.
1. Rich Dad Poor Dad
Kiyosaki’s Rich Dad Poor Dad remains one of the most influential personal finance books ever, despite a long and sometimes contentious history. This bestselling bestseller chronicles Robert’s lessons learned from both of his fathers – real and false; detailing that rich people don’t need to earn vast sums to become wealthy; rather, their money works harder for them and acquire assets such as real estate or precious metals.
The book also stresses the significance of financial education, emphasizing prioritizing needs over wants, taking calculated risks and learning from failure. Furthermore, readers are taught how to create passive income, invest in business ventures and increase financial intelligence – becoming a popular reference among investors seeking wealth creation.
2. The Millionaire Next Door
This book showcases millionaires who are self-made, budget conscious, and investment savvy. These millionaires do not take an approach of “big hat, no cattle”, preferring instead to focus on long-term benefits of financial independence rather than worrying about being seen as “big shots.”
The authors conducted extensive interviews with those considered “Millionaires Next Door,” and discovered that most don’t live in Beverly Hills or Park Avenue and don’t drive fancy cars; rather they reside in middle-class neighborhoods and enjoy their lifestyles while being frugal in consumption habits and passing this mindset down to their children. Furthermore, they make conscious efforts not to engage in “million-dollar choices,” such as smoking or drinking – choices with little long-term value that might otherwise lead to financial success.
3. The Richest Man in Babylon
George Samuel Clason’s book was first released for public sale in 1926 and provides financial advice through parables set 4,097 years earlier in ancient Babylon. To this day, its timeless advice remains relevant and widely considered an all-time classic in personal money management.
Kiyosaki learned the basic rules of wealth and success from his other father, a wealthy individual. In the book, he discusses that most millionaires aren’t celebrities or pro athletes; most are ordinary people who learned how to manage their money well so it worked for them.
This book advocates the idea that saving 10-20% of your income is key to creating and maintaining wealth, along with avoiding debt and spending within one’s means – thus enabling individuals to live the lifestyle they’ve always wished for without worrying about money worries.
4. The Psychology of Money
Have you ever found yourself involved in an argument over money, like opting for cage-free brown eggs instead of cheaper white ones? Personal finance experiences can have an enormous impact on our emotions and behavior; Ramsey Solutions’ research indicates that being financially unhealthy may take its toll on mental health as well.
Housel’s book breaks down the psychology behind investing in an accessible manner, showing how even small behavioral changes can have a big impact on net worth. Everybody should read it — it is concise yet extremely informative — one of the best personal finance books you’ll come across this year.
5. The Total Money Makeover
Ramit Sethi’s best-selling personal finance book of 2023 is essential reading for anyone looking to save and budget their money efficiently, offering step-by-step instructions for doing just that.
Kiyosaki asserts that financial problems arise not due to poor salaries or unexpected windfall, but from behaviors and decisions of an individual. His solution: make certain lifestyle adjustments now in order to save more for later and pay off debt sooner.
The Total Money Makeover book provides a seven-step plan to get you out of debt and financially fit, including strategies for eliminating debt, correcting misinformation about finances and increasing emergency savings funds to protect against unexpected expenses. In addition, it includes a workbook so that you can track your progress and start winning with money!