There’s something inherently difficult in having a “top ____” list/set/group/etc.
Yes, they are full of great “whatever you’re ranking”, but each list is also very limiting.
For instance, the famous Top Ten list. Good stuff, right? Of course.
But what about #11? So close to the top and yet left out in the cold.
Is #10 really that much better than #11? Probably not.
And yet one makes the list and the other is destined for obscurity.
College Football Woes
I’m writing this in November and as I do there’s plenty of debate about who makes the college football playoffs (which is limited to the top four teams).
The problem is that whoever ends up as #5 is out of the championship race.
And yet, could #5 win it all? Could #6 or #7? We will never know. Because if you’re not in the top four you might as well be unranked.
Ok, so maybe it’s not that bad, but you get the idea.
Top Money Books
I have the same issue with my list of The Only Five Money Books You’ll Ever Need.
Yes, they are great books.
Yes, if you forced me to pick five books to read in order to become wealthy, I’d list these five.
But that said, are these the only worthwhile money books to read?
Is there any sort of magic in only five?
What about the others that just missed the boat?
Other Great Money Books
In this post I’m going to list the next best books IMO that didn’t make my top five because:
- There are lots of great money books just out or coming out soon.
- This time of year is when people are thinking about resolutions and getting their money problems sorted out. These books can help.
- You may want a last minute Christmas present idea or a suggestion for spending Christmas gift money.
- The truth is, #6+ can be just as good (or better) than the top five based on the reader’s specific needs.
So with that said, here are some other great money books I would recommend to anyone:
- You know how I love interviewing and learning from millionaires so The Next Millionaire Next Door has to be on this list. It’s an update of my all-time favorite The Millionaire Next Door and just as powerful/useful. To get more book-specific thoughts from me, see The Next Millionaire Next Door.
- Just as good as the above is Everyday Millionaires, a book scheduled to come out soon. I’ll be posting on it several times after it’s released, but just let me say that 1) it’s the largest survey of millionaires ever and 2) it offers very practical advice — two things I LOVE!
- The Simple Path to Wealth could be (and probably is) a better version of The Bogleheads’ Guide to Investing (which made my top five list) so it has to be here. You can buy either of these two great investing books, follow what they say, and you’ll do very well.
- If you’re just starting out and wondering what to do to get your money straightened out The Total Money Makeover is perfect for you. Personal finance 101 IMO.
- I love Rich Habits – The Daily Success Habits of Wealthy Individuals. The reasons: 1) it’s a short book, 2) it’s an easy read, and 3) it’s filled with practical learnings from the wealthy. What’s not to love?
- Coming out early next year is a great book called Financial Freedom: A Proven Path to All the Money You Will Ever Need. I would consider this “The Millennial’s Guide to Wealth”. I’ll be posting on it a few times here, but wanted to include it now as it’s certainly worth this list.
- I’m a BIG believer in the power of a side hustle to help you achieve financial independence and the best book I’ve read on this topic is Side Hustle: From Idea to Income in 27 Days. I’m not so sure about the “27 days” part, but the book is full of thought-provoking, practical tips designed to help you start and develop a side hustle.
- I sometimes get asked what books I recommend for real estate investors. I always used to say Building Wealth One House at a Time but recently How to Invest in Real Estate: The Ultimate Beginner’s Guide to Getting Started came out and it’s equally impressive. I would recommend either one.
- I wondered whether or not to include The Automatic Millionaire in this list but I’m going to. The reason: it’s a classic and deserves recognition. The reason it might not be worth the read: it’s key point can be boiled down to a sentence — automate your finances and become wealthy.
- While not a typical money book, The Miracle Morning makes my list because it tells you how to achieve your goals by getting up early. I firmly believe that if you get up a bit earlier each day and work on your finances, you can become wealthy over time.
Those are the books I would add to my “best money books” list.
Are there any I missed that you would recommend?
Xrayvsn says
I have read several of these books (Millionaire Next Door, Simple Path to Wealth, and the Total Money Makeover) and they do belong in any financial library.
I try to make it a goal to read one or two financial books a year just to get different perspectives. Accomplish a similar feat by regularly visiting blogs I enjoy
PFI says
I struggle the same way when thinking about The Automatic Millionaire! It was the first book I read that opened up the possibility of financial independence. And, the “automatic’ part is a key strategy. Yet, when compared to other books I’ve read since it seems simple and unsophisticated. Still, I include it in my recommendations too.
Atomic Habits by James Clear is not strictly a financial book, but I’ve recommended it several times lately. The behavioral aspects definitely relate to financial health and controlling spending.
Laurel says
Is there one you recommend for someone who just retired (65yo) and is no longer in the accumulation phase? Thanks
ESI says
What specifically are you interested in? How to withdraw your assets? How to produce income? Something else?
Laurel says
How, when and what fund to withdraw from especially when market is down; when to consider Roth conversions; sequence of return risk when market is down (like now); how to get used to spending from portfolio vs saving when you’ve always been such a good saver (that’s a biggy for me)! I guess when I have to start taking RMD’s I can reinvest and start saving again (see my problem. I’m a good saver)!!! I’ve read lots of articles, but a comprehensive book geared specifically to retirees would be nice. By the way, I’m confident in the amount we’ve saved and unless something catastrophic happens, it’s very unlikely my husband and I will ever be destitute. It’s just a totally different mindset going from getting a paycheck to creating a paycheck. I’ve only been retired for two weeks and there will be no direct deposit this week! I know I could get Social Security, but I like the idea of waiting until 67 to get that extra 8%, since I’m not sure my funds will earn that, but who knows. I’ll be 66 (FRA) this month. Hubby will wait until 70. My husband jokes my retirement plan is he keeps working! Does a book even exist that covers all of this? Thanks.
ESI says
I doubt a book exists that covers ALL of that. LOL!
The retirement book on my top five list may help with some of these issues though.
MI81 says
Laurel,
If you haven’t plugged your #’s into social security calculators, take a look at this one https://opensocialsecurity.com/.
It might help your decision on how best to optimize.
Jon says
I find myself recommending and gifting The Millionaire Real Estate Investor by Gary Keller. I’ve read dozens of books on real estate investing and worked with some of the best investors in the US. All the other books on real estate investing have some sort of “after product” or “coaching” or some such thing to sell you. Not this one. It’s great information, presented in a way that a novice can easily understand. My favorite part is the profiles of the successful investors in the back. You should be able to get a used copy for cheap on eBay or Amazon.
Jeanne says
A great book for anyone is “Smart Women Finish Rich” by David Bach.
RE@54 says
This book, “How to Retire Happy” by Stan Hinden, is about someone who retired about over 15 years ago and how the decisions played out over time. It was informative. It talks about losing one’s work identity when they retire. It gave examples of financial decisions that were good and other decisions that were not so great(wishing he could change them). Sometime we don’t think of the financial ramification of decisions we make in the past, especially in dealing with spouses.
Greenbacks Magnet says
I think Master the Money Game by Tony Robbins is excellent. I would recommend that book. It’s a tough read as it is at least 500 pages long, but so comprehensive.
Thanks,
Miriam