By Samantha Hopkins 
Table of Contents
According to Business Insider, the top personal finance books for 2024, including “I Will Teach You To Be Rich” by Ramit Sethi, “The Simple Path to Wealth” by JL Collins, and “The Psychology of Money” by Morgan Housel, provide practical and accessible advice on managing finances, investing, and understanding the psychological aspects of money, making them essential reads for those seeking to improve their financial literacy and achieve long-term wealth.
I Will Teach You To Be Rich
“I Will Teach You To Be Rich” by Ramit Sethi is widely regarded as one of the best personal finance books available, particularly for young adults in their 20s and 30s. The book provides a practical, step-by-step approach to managing finances, covering topics such as optimizing credit cards, setting up high-interest bank accounts, automating finances, and investing. Sethi’s writing style is engaging and irreverent, making complex financial concepts accessible to readers.
The book’s core message emphasizes living a “Rich Life” by focusing on what truly matters to the individual, rather than simply accumulating wealth. Many readers appreciate Sethi’s no-nonsense advice and the actionable steps provided, which have helped them become debt-free and improve their financial situations. While some critics note that the book may not fully address income inequality issues, it remains a valuable resource for those looking to take control of their finances and build long-term wealth.
The Simple Path to Wealth
“The Simple Path to Wealth” by JL Collins is widely regarded as a comprehensive and accessible guide to personal finance and investing. The book emphasizes a straightforward approach to building wealth through low-cost index fund investing, primarily focusing on Vanguard’s Total Stock Market Index Fund (VTSAX). Collins advocates for a simple two-fund portfolio: stocks for growth during the wealth accumulation phase, and adding bonds for stability during the preservation phase.
The author stresses the importance of living below one’s means, avoiding debt, and saving aggressively – ideally 50% or more of one’s income. Collins’ writing style is conversational and easy to understand, making complex financial concepts accessible to readers of all levels. While the book is primarily aimed at U.S. investors, its principles can be adapted for international readers. Critics note that the book may not cover all aspects of personal finance, such as real estate investing, but it remains a highly recommended resource for those seeking a straightforward path to financial independence
The Psychology of Money
“The Psychology of Money” by Morgan Housel offers a unique perspective on personal finance by exploring the psychological aspects that influence our financial decisions. Rather than focusing solely on numbers and formulas, Housel emphasizes the importance of behavior and mindset in achieving financial success. The book presents 19 short stories that illustrate various aspects of human psychology related to money, such as the role of luck, the impact of personal history, and the importance of long-term thinking. Housel’s engaging writing style and use of real-life examples make complex financial concepts accessible to readers of all backgrounds.
The book challenges traditional assumptions about wealth-building and encourages readers to think critically about their financial goals and priorities. Key takeaways include the importance of saving, the power of compound interest, and the value of controlling one’s time as the ultimate dividend money can pay. While some critics note that the book may not provide detailed, step-by-step financial advice, it is widely praised for its thought-provoking insights and potential to reshape readers’ approaches to money and wealth
Retire Before Mom and Dad
“Retire Before Mom and Dad” by Rob Berger is a highly regarded personal finance book that offers a practical roadmap to achieving financial freedom and early retirement. Berger, a Forbes Deputy Editor and personal finance expert, presents a compelling case that financial independence is attainable for most people, regardless of their income level. The book challenges common money myths and provides actionable strategies for saving, investing, and building wealth.Key aspects of the book include:
- Debunking financial misconceptions, such as the belief that high salaries are necessary for financial freedom.
- Introducing the concept of “AutoPilot investing” to simplify the investment process.
- Explaining the “Rule of 857” which demonstrates how small savings can accumulate over time.
- Outlining the “7 Levels of Financial Freedom” to help readers understand and track their progress.
Readers appreciate Berger’s accessible writing style, which makes complex financial concepts easy to understand. The book is structured with short, digestible chapters and includes practical examples and tips throughout. While some critics note that the book may not cover all aspects of personal finance in depth, it is widely recommended for its motivational approach and clear guidance on achieving financial independence
The Financial Diet
The Financial Diet” by Chelsea Fagan and Lauren Ver Hage is a beginner-friendly guide to personal finance that offers practical advice in an accessible and engaging format. The book covers a wide range of topics, including budgeting, investing, career development, and lifestyle choices that impact financial health. Fagan’s relatable tone and humorous anecdotes make complex financial concepts more approachable for young adults and financial novices.Key features of the book include:
- A mix of personal narratives, expert interviews, and practical resources like checklists and how-to guides.
- Emphasis on the “career lattice” concept, encouraging readers to embrace unconventional career paths.
- Advice on creating a budget-friendly kitchen and developing essential life skills.
- Tips for discussing money with friends and negotiating salary increases.
While many readers appreciate the book’s approachable style and motivational content, some critics note that it may not provide in-depth financial strategies for more advanced readers. Overall, “The Financial Diet” serves as a solid primer for those looking to improve their financial literacy and develop healthier money habits.
Get Good with Money
“Get Good with Money” by Tiffany Aliche, also known as “The Budgetnista,” is a comprehensive guide to achieving financial wholeness through a practical ten-step process. The book introduces the concept of building wealth through financial wholeness, offering a realistic and achievable alternative to get-rich-quick schemes. Aliche’s approach is based on her personal experience of overcoming financial struggles, making her advice relatable and accessible to readers from various backgrounds.
The book covers essential topics such as budgeting, saving, debt management, investing, and estate planning. Readers appreciate Aliche’s conversational tone and ability to break down complex financial concepts into easy-to-understand language. Many reviewers praise the book for its thorough and organized approach, with some calling it the best financial book they have ever read.
The inclusion of worksheets and practical tools further enhances the book’s value, allowing readers to apply the concepts directly to their financial situations.While primarily aimed at beginners, “Get Good with Money” offers insights for individuals at various stages of their financial journey. Its emphasis on creating a solid financial foundation and developing healthy money habits makes it a valuable resource for those seeking long-term financial security and peace of mind