{"id":621,"date":"2019-03-12T00:00:00","date_gmt":"2019-03-12T00:00:00","guid":{"rendered":"https:\/\/elementummoney.com\/blog\/2019\/03\/12\/personal-finance-books-beginners\/"},"modified":"2024-01-05T13:10:39","modified_gmt":"2024-01-05T13:10:39","slug":"personal-finance-books-beginners","status":"publish","type":"post","link":"https:\/\/elementummoney.com\/blog\/personal-finance-books-beginners\/","title":{"rendered":"5 Must Read Books for Personal Finance Beginners"},"content":{"rendered":"\n

Elementum Money is my baby and in my\npossessiveness, I have resisted guest posts for very long. While I can be\nfaulted for being choosy, I have to say that most of the requests that popped\nup in my inbox were not something I thought would find value with my readers.<\/em><\/p>\n\n\n\n

Today, though, I am happy to present the first guest post on Elementum Money. This post has been written by Tushar Jain who blogs on his eponymous website www.jaintushar.com<\/a>. Tushar also writes about Personal Finance including book reviews, hence this post. Do let me know what you thought about the post in the comments below.  <\/em><\/p>\n\n\n\n

If you have\nrecently started taking interest in personal finance and are looking for some\ngood books in the field, you have landed on the right page.<\/p>\n\n\n\n

Today, I am\nwriting about 5 great books on personal finance which are a must read for a\nbeginner. <\/p>\n\n\n\n

These will\nhelp you set your basics correct right from day one.<\/p>\n\n\n\n

Just in case you are not a beginner, I would still suggest you read these books as a refresher course.<\/p>\n\n\n\n

All I can\nassure you is that your time spent reading these books will be time well spent.<\/p>\n\n\n\n

In fact, #1\nand #2 are very close to my heart and I have read them multiple times over the\npast couple of years.<\/p>\n\n\n\n

#1 Rich Dad Poor Dad by Robert Kiyosaki<\/strong><\/h3>\n\n\n\n

What is it about<\/strong><\/h4>\n\n\n\n

I read this\nbook first almost 20 years back.<\/p>\n\n\n\n

Since then,\nI have read this book 3 times. Cover to cover.<\/p>\n\n\n\n

Whether you\nare new to personal finance or are a veteran, you will enjoy reading this book.<\/p>\n\n\n\n

Remember,\nthis book is not about how to make money. Rather, it gives you multiple\napproaches which you should follow in life when it comes to building wealth.<\/p>\n\n\n\n

Approaches like how to handle money, how to grow it, how to spend your time learning new stuff, how to put that learning into practice, how to practice financial prudence<\/a> etc.<\/p>\n\n\n\n

However,\nyou will find few stories mentioned by Robert Kiyosaki which will sound like\nfairytales. One such instance is where he mentions that he made USD 40,000 in flat\n5 hours by cracking a home deal.<\/p>\n\n\n\n

Idea is not\nthat he is asking you to crack home deals. Instead, he is asking you to stay\nawake and sense opportunities. <\/p>\n\n\n\n

That\u2019s what\nrich people do.<\/p>\n\n\n\n

This book\nis written in plain, simple English with little to no reference to financial\nterms. <\/p>\n\n\n\n

What to expect after reading this book<\/strong><\/h4>\n\n\n\n

Expect a\ncomplete shift in the way you look at money right now. You will also learn few\nfinancial habits that you can inculcate in your day to day life.<\/p>\n\n\n\n

(Editor\u2019s Note: This is one of my personal favorites and an early Personal Finance reads for me too. You can hop over and read my detailed take on the book right here<\/a>)<\/em><\/p>\n\n\n\n

#2 Early Retirement Extreme by Jacob L Fisker<\/strong><\/h3>\n\n\n\n

What is it about<\/strong><\/h4>\n\n\n\n

Retirement\nis one topic which is dear to everyone\u2019s heart.<\/p>\n\n\n\n

Most of us\nview retirement as something that happens when we turn 60. <\/p>\n\n\n\n

Fisker instead\nquestions why can\u2019t this retirement happen early, say in your 30s or 40s.<\/p>\n\n\n\n

Do note\nthat his view of retirement is not to stop working but to build passive sources\nof income where your time is not directly proportional to the returns that your\nassets generate. <\/p>\n\n\n\n

If you are\nsuccessful to create such assets, you will attain financial independence and\nthat\u2019s what the concept of retirement is all about. <\/p>\n\n\n\n

You can\naccelerate this process but it happens only if you practice discipline, simple\nliving, self sufficiency and increased financial prudence in your life.<\/p>\n\n\n\n

But the\nmost important aspect is to move from consumption based lifestyle to production\nbased lifestyle.<\/p>\n\n\n\n

This book\noffers you theoretical frameworks and methodologies towards early retirement\nand how to build a meaningful life.<\/p>\n\n\n\n

What to expect after reading this book<\/strong><\/h4>\n\n\n\n

Once you\nhave completed this book, you will have a whole new perspective of the concept\nof financial freedom and retirement.<\/p>\n\n\n\n

You will\nalso sense an increased awareness around why it\u2019s so important to build passive\nsources of income and move out of the rat race.<\/p>\n\n\n\n

#3. You Can Be Rich Too with Goal Based\nInvesting by P V Subramanyam<\/strong><\/h3>\n\n\n\n

What is it about<\/strong><\/h4>\n\n\n\n

I haven\u2019t\nread this book but I have read each and every blog of Subbu sir, the author of\nthis book.<\/p>\n\n\n\n

He writes\non healthy financial habits, disciplined investing and keeping money matters\nsimple.<\/p>\n\n\n\n

Given the\npositive reviews that the book has generated, I am sure it\u2019s a great read.<\/p>\n\n\n\n

Also, the\nauthor has more than 40 years of experience in the field of personal finance\nand is a big preacher of healthy money habits.<\/p>\n\n\n\n

The best\npart is that all examples\/references\/case studies are from Indian context so its\nsuper easy to digest the content of the book.<\/p>\n\n\n\n

What to expect after reading this book<\/strong><\/h4>\n\n\n\n

This book\nis for pure beginners. <\/p>\n\n\n\n

Pick this\nbook only if you are starting fresh and have zero knowledge related to personal\nfinance.<\/p>\n\n\n\n

If you are\nalready saving & investing, you can give this book a miss and pick any of\nthe other titles I have reviewed.<\/p>\n\n\n\n

#4. Let\u2019s talk Money by Monika Halan<\/strong><\/h3>\n\n\n\n

What is it about<\/strong><\/h4>\n\n\n\n

Very much\nlike the P V Subramanyam\u2019s book, \u2018Let\u2019s talk Money\u2019 is written with Indian\ncontext in mind.<\/p>\n\n\n\n

It\u2019s\nwritten in very simple language and is free from all the complex financial\nterms.<\/p>\n\n\n\n

Instead, it\nbuilds a perspective for the beginners on how to approach and manage money in\ntheir life.<\/p>\n\n\n\n

Especially\nif you are a beginner or have teenage kids at home, I would strongly suggest\nyou to order this book. It will give you a financial blueprint on which you can\nbase your entire life.<\/p>\n\n\n\n

What to expect after reading this book<\/strong><\/h4>\n\n\n\n

Pick this\nbook only if you are a beginner and don\u2019t have much knowledge on the concepts\nof saving, investment, insurance etc.<\/p>\n\n\n\n

This book\nis written from the perspective of a middle class, salaried person so ensure\nyou are in that category before you pick the book.<\/p>\n\n\n\n

Else you\nwill find this book unrelatable.<\/p>\n\n\n\n

#5 The Secrets of the Millionaire Mind by T.\nHarv Eker<\/strong><\/h3>\n\n\n\n

What is it about<\/strong><\/h4>\n\n\n\n

If you\nwonder why some people get rich so quickly while others toil hard but are still\nnot rich, this book gives you an answer.<\/p>\n\n\n\n

The central\nidea of \u2018The Secrets of Millionnaire Mind\u201d is that we all have pre-conceived\nnotions when it comes to money (called our money blueprint).<\/p>\n\n\n\n

Our money\nblueprint is the result of our upbringing and a major deciding factor whether\nwe will achieve financial success or not.<\/p>\n\n\n\n

Even if we\nachieve financial success, our money blueprint defines whether we will be able\nto maintain our riches or not. <\/p>\n\n\n\n

Read my\ndetailed review of \u201cThe Secrets of Millionnaire Mind\u201d to explore this concept\nof money blueprint.<\/p>\n\n\n\n

What to expect after reading the book<\/strong><\/h4>\n\n\n\n

T Harv Eker\nis a motivational speaker and through this book, he is also trying to sell you\nhis classroom training course.<\/p>\n\n\n\n

Just ignore\nthat aspect of the book and you will actually unlock lot of wisdom as you read\nthis book. <\/p>\n\n\n\n

You will\ncome face to face with 20 bad behaviors which most of us are into, knowingly or\nunknowingly.<\/p>\n\n\n\n

These behaviors pull us down and prevent us from reaching our full potential.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Conclusion<\/h4>\n\n\n\n

Which of\nthe above 5 books have your read?<\/p>\n\n\n\n

And do you\nhave your all time favorite book which set things right for you in your personal\nfinance journey?<\/p>\n\n\n\n

If yes, don\u2019t forget to mention the title in comments below and help fellow<\/g> readers.<\/p>\n\n\n\n

About the author<\/strong><\/h4>\n\n\n\n

Tushar is a personal finance enthusiast who loves to write on income, savings, investments and spending. Through his writings on <\/em>www.jaintushar.com<\/a>, his vision is to make personal finance easy and comprehensible for his audience.<\/em><\/p>\n\n\n\n

He is a proponent of healthy\nfinancial habits with a strong focus towards income generation.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Elementum Money is my baby and in my possessiveness, I have resisted guest posts for very long. While I can be faulted for being choosy, I have to say that most of the requests that popped up in my inbox were not something I thought would find value with my readers. Today, though, I am happy to present the first guest post on Elementum Money. This post has been written by Tushar Jain who blogs on his eponymous website www.jaintushar.com. Tushar also writes about Personal Finance including book reviews, hence this post. Do let me know what you thought about the post in the comments below.   If you have recently started taking interest in personal finance and are looking for some good books in the field, you have landed on the right page. Today, I am writing about 5 great books on personal finance which are a must read for a beginner. These will help you set your basics correct right from day one. Just in case you are not a beginner, I would still suggest you read these books as a refresher course. All I can assure you is that your time spent reading these books will be time well spent. In fact, #1 and #2 are very close to my heart and I have read them multiple times over the past couple of years. #1 Rich Dad Poor Dad by Robert Kiyosaki What is it about I read this book first almost 20 years back. Since then, I have read this book 3 times. Cover to cover. Whether you are new to personal finance or are a veteran, you will enjoy reading this book. Remember, this book is not about how to make money. Rather, it gives you multiple approaches which you should follow in life when it comes to building wealth. Approaches like how to handle money, how to grow it, how to spend your time learning new stuff, how to put that learning into practice, how to practice financial prudence etc. However, you will find few stories mentioned by Robert Kiyosaki which will sound like fairytales. One such instance is where he mentions that he made USD 40,000 in flat 5 hours by cracking a home deal. Idea is not that he is asking you to crack home deals. Instead, he is asking you to stay awake and sense opportunities. That\u2019s what rich people do. This book is written in plain, simple English with little to no reference to financial terms. What to expect after reading this book Expect a complete shift in the way you look at money right now. You will also learn few financial habits that you can inculcate in your day to day life. (Editor\u2019s Note: This is one of my personal favorites and an early Personal Finance reads for me too. You can hop over and read my detailed take on the book right here) #2 Early Retirement Extreme by Jacob L Fisker What is it about Retirement is one topic which is dear to everyone\u2019s heart. Most of us view retirement as something that happens when we turn 60. Fisker instead questions why can\u2019t this retirement happen early, say in your 30s or 40s. Do note that his view of retirement is not to stop working but to build passive sources of income where your time is not directly proportional to the returns that your assets generate. If you are successful to create such assets, you will attain financial independence and that\u2019s what the concept of retirement is all about. You can accelerate this process but it happens only if you practice discipline, simple living, self sufficiency and increased financial prudence in your life. But the most important aspect is to move from consumption based lifestyle to production based lifestyle. This book offers you theoretical frameworks and methodologies towards early retirement and how to build a meaningful life. What to expect after reading this book Once you have completed this book, you will have a whole new perspective of the concept of financial freedom and retirement. You will also sense an increased awareness around why it\u2019s so important to build passive sources of income and move out of the rat race. #3. You Can Be Rich Too with Goal Based Investing by P V Subramanyam What is it about I haven\u2019t read this book but I have read each and every blog of Subbu sir, the author of this book. He writes on healthy financial habits, disciplined investing and keeping money matters simple. Given the positive reviews that the book has generated, I am sure it\u2019s a great read. Also, the author has more than 40 years of experience in the field of personal finance and is a big preacher of healthy money habits. The best part is that all examples\/references\/case studies are from Indian context so its super easy to digest the content of the book. What to expect after reading this book This book is for pure beginners. Pick this book only if you are starting fresh and have zero knowledge related to personal finance. If you are already saving & investing, you can give this book a miss and pick any of the other titles I have reviewed. #4. Let\u2019s talk Money by Monika Halan What is it about Very much like the P V Subramanyam\u2019s book, \u2018Let\u2019s talk Money\u2019 is written with Indian context in mind. It\u2019s written in very simple language and is free from all the complex financial terms. Instead, it builds a perspective for the beginners on how to approach and manage money in their life. Especially if you are a beginner or have teenage kids at home, I would strongly suggest you to order this book. It will give you a financial blueprint on which you can base your entire life. What to expect after reading this book Pick this book only if you are a beginner and don\u2019t have much knowledge on the concepts of saving, investment, insurance etc. This book is written from the perspective of a middle class, salaried person so ensure you are in that category before you pick the book. Else you will find this book unrelatable. #5 The Secrets of the Millionaire Mind by T. Harv Eker What is it about If you wonder why some people get rich so quickly while others toil hard but are still not rich, this book gives you an answer. The central idea of \u2018The Secrets of Millionnaire Mind\u201d is that we all have pre-conceived notions when it comes to money (called our money blueprint). Our money blueprint is the result of our upbringing and a major deciding factor whether we will achieve financial success or not. Even if we achieve financial success, our money blueprint defines whether we will be able to maintain our riches or not. Read my detailed review of \u201cThe Secrets of Millionnaire Mind\u201d to explore this concept of money blueprint. What to expect after reading the book T Harv Eker is a motivational speaker and through this book, he is also trying to sell you his classroom training course. Just ignore that aspect of the book and you will actually unlock lot of wisdom as you read this book. You will come face to face with 20 bad behaviors which most of us are into, knowingly or unknowingly. These behaviors pull us down and prevent us from reaching our full potential. Conclusion Which of the above 5 books have your read? And do you have your all time favorite book which set things right for you in your personal finance journey? If yes, don\u2019t forget to mention the title in comments below and help fellow readers. About the author Tushar is a personal finance enthusiast who loves to write on income, savings, investments and spending. Through his writings on www.jaintushar.com, his vision is to make personal finance easy and comprehensible for his audience. He is a proponent of healthy financial habits with a strong focus towards income generation.<\/p>\n","protected":false},"author":1,"featured_media":622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[551],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/elementummoney.com\/blog\/wp-json\/wp\/v2\/posts\/621"}],"collection":[{"href":"https:\/\/elementummoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/elementummoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/elementummoney.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/elementummoney.com\/blog\/wp-json\/wp\/v2\/comments?post=621"}],"version-history":[{"count":2,"href":"https:\/\/elementummoney.com\/blog\/wp-json\/wp\/v2\/posts\/621\/revisions"}],"predecessor-version":[{"id":2036,"href":"https:\/\/elementummoney.com\/blog\/wp-json\/wp\/v2\/posts\/621\/revisions\/2036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/elementummoney.com\/blog\/wp-json\/wp\/v2\/media\/622"}],"wp:attachment":[{"href":"https:\/\/elementummoney.com\/blog\/wp-json\/wp\/v2\/media?parent=621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/elementummoney.com\/blog\/wp-json\/wp\/v2\/categories?post=621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elementummoney.com\/blog\/wp-json\/wp\/v2\/tags?post=621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}