Top 7 Personal Finance Books for Beginners

Created on 13 Oct 2021

Wraps up in 6 Min

Read by 11.1k people

Updated on 19 Aug 2022

“A fool with a plan is better off than a genius without a plan” - Boone Pickens. Rightly said, isn't it? “Plan before you act,” and ALWAYS plan your money matters.

Speaking of money matters, can you guess the average number of income streams millionaires have? 3...4...? Well! Well! Well! Believe us when we say that an average millionaire has 7 income streams. Tough to digest, right? Did you even think there could be 7 income sources altogether? 

Most of us stick to getting a job and craving a salary that dries up in the very first week. We’ve all been in a position where we were unable to keep track of our spendings. Some personal finance tricks and tips prove substantially helpful in such cases. Whoops! This blog isn’t about discussing those tips and tricks. It is rather about something even more helpful. 

(PS. You might as well become your own Financial Guru after following through!)

7 Best Books to Learn About Personal Finance

We have curated a list of the best personal finance books that might help you to manage your money better and can give you the stairs to climb up a significant corpus in the long run. Let’s dive in!

1. Richest Man in Babylon - George S. Clason

You might think what relevance a book written in 1926 would hold in today’s world. Well, as the saying goes, ‘Old is Gold,’ this book abounds in logical values to state that it isn’t intelligence but discipline that builds wealth. The story revolves around Arkad, who started his career as a clerk and became the richest man in Babylon. So rich that even the king would borrow money from him. Wouldn’t you like to know how Arkad, a clerk, built his empire? Well, Arkad learned his money management lessons early in life. And interestingly, these aren’t any rocket science lessons that only a genius could understand; it was all about his discipline.  

So, anyone starting their career should definitely give this book a try to form a better perspective about money.

2. Rich Dad, Poor Dad - Robert Kiyosaki

In this book, Robert Kiyosaki states some hard truths of money that we generally don’t learn in school or from society. The book starts by the author telling how he was lucky enough to have two dads in his life, a rich one and a poor one. The book crisply covers the mentality of the rich & the poor. While the poor always think, “we can’t afford it,” the rich question, “how can we afford it?”

Kiyosaki defines assets as ‘the one that adds money to your pocket’ while liabilities as ‘the one that extracts money from your pocket.’ Fair enough! The crux of the book is “to not work for money but make money work for you.” Wondering how this can be made possible? Check out the book to learn all about it!

3. Rich Dad Cashflow Quadrant - Robert Kiyosaki

“If you do what everyone else does, you’ll wind up having what everyone else has.” - Robert Kiyosaki.

Cashflow Quadrant is a must-read sequel to Rich Dad Poor Dad divided into 3 parts. In the first part, Kiyosaki explains the cashflow quadrant and how people belong to different quadrants based on being- Employed, Self-Employed, Business Owner, or Investor. He explores why some people from certain quadrants choose Security and others choose Freedom. 

The second part is based on the reader’s self-analysis to understand the changes they must make to become rich. 

Finally, the 3rd part highlights a seven-step plan for creating financial wealth.

4. The Psychology of Money - Morgan Housel

Did you know Sir Issac Newton lost a lot of money in the stock market? He then said, “I can calculate the motions of the heavenly bodies, but not the madness of the people." That’s why being a genius is not enough when it comes to money. Knowing how our brain works when it comes to money, and understanding how money behaves, is very important.

Most of us think that having a high-paid job will generate a lot of money. But in fact, there isn’t much relation between high-paid jobs and being wealthy.  Housel finely explains this point by giving an example of a janitor who retired as a millionaire; poles apart, a highly-paid stockbroker ended up bankrupt. Housel argues that there are multiple jargon and formulae in finance, which help us in decision making. But that’s textbook knowledge!

In the real world, people don’t make financial decisions merely on a spreadsheet. Facets like emotions, ego, etc., play significant roles in decision making.

In The Psychology of Money, Morgan Housel shares 19 stories exploring the absurd ways people think about money and teaches us how to make better sense of one of life’s most essential matters, Money. 

5. Retire Rich: Invest Rs 40 a Day - PV Subramanyam

The goal of every salaried employee is to earn till the 50s or 60s and then live with the corpus accumulated. But, what if you could learn how to earn enough money in 25 years and make it last for another 49 years?  In Retire Rich: Invest Rs 40 a Day, the author explains why you need to start early and how investing Rs 40 per day can accumulate huge wealth. Moreover, increasing the investment amount by 10% every year can lead to Rs. 13.5 crores! Not that bad, right? 

But how does this happen? The answer is → Compounding.”

Even Albert Einstein once remarked, COMPOUNDING is the “eighth wonder of the world.”

The earlier you start, the more time you get to make mistakes and learn from them, which ultimately rewards you with greater options to explore. 

This must-read book is packed with different case studies, examples, and instances which may help you make better investment decisions.

So, start early. Navigate safely. Reach surely!

6. Let's Talk Money: You've Worked Hard for It, Now Make It Work - Monika Halan

Monika Halan has aptly differentiated how spending habits have changed with generations, but savings habits are still the same. As generations have passed by and joint family structures have changed to atomic ones, a need to have better plans in place is felt. The Mint’s Consulting Editor, Monika Halan, offers you a basic system to build financial security. She emphasizes that creating a sound system with the right ‘investments’ and proper ‘insurance’ will help you achieve your goals. 

The unique thing about this book is that the author has kept in mind the Indian context while discussing every aspect of wealth.

7. Mint Your Money - Pranjal Kamra

This is the second book by Pranjal Kamra who is an entrepreneur, YouTuber, and stock market investor. Delving into all the aspects one should consider while managing finances, this book talks about 5 topics - Wealth Creation, Debt, Investment, Taxation, & Insurance -- all vital to get a super-duper net worth. 

The author has step-by-step analysed how to plan finances, starting with budgeting concepts, then moving towards savings and controlling expenses, and finally, discussing investing. Do you think investing is required? If not, then reading this book can make you rethink it. If yes, then knowing all investment avenues becomes a necessity!

Kamra has meticulously talked about all lucrative investment avenues one can seek and the vitality of insurance in investment planning. 

This book explains what you should do in your 20’s so that you can become financially independent in your 40’s.


If you have read all these books, you may have observed that all of them suggest a few common aspects such as Saving Money, Investing in good avenues with Proper Diversification, Buy Insurance for unusual times, and Maintain Emergency Funds, These are like the 5 pillars of money management. So, the basic principles of money management haven’t changed much over time. Also, you must have observed, none of the above needs a very high IQ. All you need is emotional discipline. 

Pro tip- Never forget the 5 pillars mentioned above. That’s all for today!

Share the blog with the ones you think need help in personal finance. Haha! Just kidding but do share the blog on your favorite social media. Until then, ace your money management skills. Happy Learning :)

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Amol Nakashe

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Amol has completed his Electronics Engineering from VIT, Pune. But his passion for the stock market intrigued him in pursuing MBA in Finance. He is a keen reader of topics related to stock markets and follows market updates religiously.

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