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    Home»Finance»Five books on finance every young adult should read
    Finance

    Five books on finance every young adult should read

    July 27, 20243 Mins Read


    Financial literacy is a skill set that empowers individuals to make informed decisions about their money. Only a fraction of young adults are financially literate, highlighting the urgent need for greater education in this area. Take a proactive step towards mastering your finances by exploring these five transformative books.

    The Snowball: Warren Buffett and the Business of Life by Alice Schroeder: Warren Buffett’s journey from humble beginnings to unparalleled success is deeply inspiring, especially his emphasis on long-term investing and patience. This book is not just about Buffett’s success; it’s a blueprint for cultivating a mindset that leads to lasting wealth.

    The Total Money Makeover by Dave Ramsey: Dave Ramsey’s no-nonsense approach to money management helps one understand what goes into building good credit habits. If one diligently follows his debt reduction strategies, they can create a budget, slash unnecessary expenses, and systematically pay off debts. Ramsey’s message — “financial peace is achievable through discipline and planning” — is useful in working towards financial freedom.

    The Millionaire Next Door by Thomas J. Stanley and William D. Danko: This eye-opening book challenges common misconceptions about wealth. It reshapes perspectives about wealth being equated with lavish lifestyles, and lays out common traits among those who have accumulated wealth. It inspires one to adopt a more frugal approach to finances and automate savings and invest a portion of one’s income on a regular basis, laying the groundwork for long-term financial security.

    The Millionaire Fastlane

    MJ DeMarco

    The Millionaire Fastlane by M.J. DeMarco: This book, with its message of value creation and innovation, can ignite the entrepreneurial spirit and make readers think about what is true financial freedom. Is there an alternative road to wealth that doesn’t involve “settling for less”? This book has all the answers.

    Your Money or Your Life by Vicki Robin and Joe Dominguez: The fact that financial discipline can be aligned with personal values is a game changer. Use the insights from the book and start tracking expenses and evaluating whether each purchase brings true fulfilment. You might notice a shift to prioritising experiences over material possessions, significantly enhancing your overall happiness and financial well-being.

    Whether you’re a student embarking on a new academic journey or a young professional navigating the complexities of early adulthood, the lessons from these books will serve as invaluable guides. Remember, the path to financial literacy is not about perfection but progress. Commit to expanding your financial horizons and embracing a future of financial empowerment.

    The writer is Executive Director and Founder, RING.

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