The Penny Hoarder Community Shares Their Favorite Books About Money
Personal finance books can be a source of inspiration and guidance to improve your financial life.
Recently, a member of our Penny Hoarder Community asked others to share their favorite books about money, and dozens responded.
Here are their most popular responses, along with a brief synopsis of what to expect from each title. Turn to these bestsellers for teachings that’ll help boost your finances.
1. “The Total Money Makeover” by Dave Ramsey
Ramsey’s mega best-seller breaks down how to transform your money habits, pay off debt and build up a nest egg for the future. The most recent iteration of this classic, long regarded as one of the best personal finance books, is a workbook edition for you to apply the teachings to your own financial situation.
2. “Your Money or Your Life” by Vicki Robin and Joe Dominguez
This book, which was originally published in 1992 but most recently updated in 2018, is an inspiration for many in the FIRE (financially independent/retire early) community. It offers a nine-step process to change your relationship with money.
“‘Your Money or Your Life’ is absolutely excellent,” said TPH community member “lismox.” “It’s about thinking of money in terms of your life hours. Highly recommended.”
3. “The Millionaire Next Door” by Thomas J. Stanley and William D. Danko
This popular book spills the secrets of how to accumulate wealth in America — which has a lot to do with money management, not just how much you make.
“I read this book when I finished undergrad at the suggestion of my mentor,” said TPH community member “CDP.” “It contains some of the best advice I’ve ever received for my personal financial well-being.”
4. “Rich Dad Poor Dad” by Robert Kiyosaki
Kiyosaki shares the lessons he learned from his father and his best friend’s dad. It gives guidance on what you should be teaching your children about money and investing.
“‘Rich Dad Poor Dad’ … opened my eyes to financial possibilities and understanding what I was doing wrong,” said TPH community member “BARNYARDPIMP.”
5. “The Automatic Millionaire” by David Bach
If you’re looking for a plan for improving your finances that doesn’t involve a bunch of different steps, this book promises a one-step solution to becoming rich. Updated in 2016, Bach explains how seemingly average American families can acquire wealth without even making a budget.
6. “The Richest Man in Babylon” by George Samuel Clason
This 1926 classic financial book uses parables set in ancient Babylon to teach readers how to gain financial prosperity. Clason’s bestseller shares many money-management gems, such as paying yourself first, controlling your expenses and diversifying your portfolio.
7. “Think and Grow Rich” by Napoleon Hill
Hill taps into stories of late 19th century millionaires to lay out how to achieve financial success. Originally published in 1937, this perennial best personal finance book was recently updated in 2016.
8. “Your Playbook for Tough Times” by Donna Freedman
Freedman helps those struggling financially with advice and encouragement to make it through hardship. Learn how to reduce expenses, find temporary assistance and even eek out some savings while navigating difficult times.
9. “The Complete Tightwad Gazette” by Amy Dacyczyn
Dacyczyn promotes frugal living in this book, which is compiled from advice from her 1990s newsletter. She shares penny-pinching solutions to getting by on a tight budget.
A TPH community member named Olivia said “The Complete Tightwad Gazette” offers “practical, nitty-gritty advice.”
Nicole Dow is a senior writer at The Penny Hoarder.