Let’s face it: it’s difficult to get quality advice about money.
We’re not taught about it at school, and even our parents and family members are often not the best sources of money advice. This leads to bad financial literacy rates and negative money habits that we take with us to adulthood.
But don’t worry; there’s a way for us to break this mould.
We all know about the benefits of reading books, and in this case, books about money can help us rewrite our way of thinking and shed the bad habits we’ve accumulated from childhood.
But which books should we read? Worry not, fellow Adulting Pinoys; this article will tackle the best books we’ve read about money and finances, proven and tested by the author himself.
Best Financial Literacy Books To Read This 2022
Rich Dad Poor Dad by Robert Kiyosaki
There’s a reason why this book has remained to be one of the most popular personal finance books to this day.
Rich Dad Poor Dad is the story of Robert Kiyosaki’s childhood, showing how it moulded his views on money and investing from his “two dads” (his biological father and his friend and mentor). This book teaches you to manage your finances in stories that stick with you.
Kiyosaki’s most enduring lesson (one that the author remembers to this day) is how you can adopt a more productive mentality (from his “rich dad”) instead of a poor one (from his “poor dad”).
It also teaches us valuable lessons about laws, accounting, and real estate in plain terms, so even newbs like us can understand.
Disclaimer, though, some parts of the story can be downright unbelievable. There are also some parts of this book that can and does raise some eyebrows. There are valid concerns about this book which someone somewhere has already pointed out.
Nevertheless, the central message about shifting your mindset still is valuable, and it’s told through an engaging voice. This is especially valuable for someone just dipping their toes into the topic.
The Psychology of Money by Morgan House
Praised and loved by many, this book reveals the psychological aspect of money; our attitudes and behaviours.
The Psychology of Money is crucial in having a well-rounded concept of our finances. If you really think about it, money is just a socio-psychological concept that everyone agrees on; so naturally, it will have both psychological and social dimensions. Learning about money purely in terms of rational, economic concepts leaves out a critical aspect of its role in our lives.
This book is filled with short stories that teach us about ourselves and our relationships with good ole money. This is a must-read book for Adulting Pinoys looking to shed negative habits and create a well-rounded viewpoint about their finances.
The Intelligent Investor by Benjamin Graham
Written by the “Father of Value Investing”, The Intelligent Investor is one of the best books to read on investments and stocks. Despite it being published more than 7 decades ago, Graham’s teachings are still relevant today. He discusses the fundamentals of accumulating wealth over time and some tried and true techniques that make room for human error.
Another disclaimer though; this book feels like a textbook, and reads like one. If want to know about value investing and wealth-growing, you can use this book as a reference. However, reading it cover to cover might not be the most appealing prospect.
The Millionaire Fastlane by MJ Demarco
Born into a middle-class income family, MJ Demarco was your typical video game-loving introvert who had dreams of getting rich.
However, over time and due to personal events detailed in his book, he came to believe that the typical path of “getting good grades, working the blue-collar job, saving, and getting rich” was flawed.
This book is a detailed account of his journey into his riches and a step-by-step guide to getting rich fast.
Yes, you heard that right. Get rich fast.
That’s one of the main arguments of this book: you can catapult into becoming a millionaire, but it’s not going to be easy. You need to think smart, work harder than you’ve ever worked before, and unlock your creativity in ways you’ve never imagined. This is what he calls the “Fastlane” and everyone can get on it as long as they’re willing.
Like Kiyosaki’s book, this one can be an acquired taste too. The language and storytelling aspects may not be for everyone, and I personally took some time to get through the book.
But I’m still glad I did. If you can get used to how it tells things, there are some incredible lessons to be gleaned by someone who’s lived through it himself.
Four Hour Workweek by Tim Ferris
Similar to the previous author, the Four Hour Workweek, written by Tim Ferris, is a book that makes you look at your dreams and how it compares to your current life.
Geared more towards the Millennials, Ferris emphasizes time management and how managing your time doing fewer things is actually the best wealth you can have.
Ferris’ central argument is the creation of the New Rich, individuals who have just the right amount of time and money to enjoy their dreams, whether they dream of travelling, raising a family, or learning new things.
Unlike Millionaire Fastlane, which focuses on rapid money acquisition through enormous effort, this book speaks more to those who want creative, self-sufficient systems that allow them to build their wealth without spending most of their time.
If you want to be able to enjoy the fruits of your labor without having to wait until you run out of time, this book should be on your reading list.
Reading The Best Books About Money
Of course, reading isn’t the answer to anything. There are plenty of other steps along the way, such as budgeting, building habits, managing your money, etc. Nevertheless, books help us chart our improve our way of thinking.
In the case of many Filipinos, we all have no choice about the way we’re raised, but it’s getting easier to change how we’re going to live our future. Reading these books about money and wealth is an excellent place to start.
Have you read any of these books? Maybe you agree or disagree with some of our choices? Let us know in the comments!