The road toward financial stability and independence is not an easy one. However, with these resources at your fingertips, that goal is not just wishful thinking anymore.
Managing your own finances can be challenging, especially if you are an adult with a spouse, properties, and loans in your name. According to recent reports, only 30% of US households have a long-term financial plan. In addition, Americans with low levels of financial literacy are late on their mortgage payments 25% of the time. This is a cause for concern since managing a household and keeping finances in check is essential for a stable life.
Additional financial literacy data indicates that only 55% of adults are financially literate on average, with 25% of parents never discussing household finances with children. While making up for missed financial literacy can be difficult, it most certainly isn’t impossible with today’s technology, resources, and learning platforms. Let’s take a look at some of the outstanding books and resources which you can refer to for your financial literacy in 2021.
The Slight Edge – Jeff Olson
Starting down the path of financial literacy and learning about budgeting, investment and savings can be a very daunting task for many. With books such as “The Slight Edge” by Jeff Olson, the path toward financial independence can be that much easier. This title is not so much about how to manage finance as much as it is about coaching the reader into being more self-confident. The author presents readers with undisputable statistical data in regards to financial literacy and how building personal wealth is not about where you come from. “The Slight Edge” is empowering, inspiring, and, most importantly – a great entry point for financial literacy.
Gaining real-world knowledge of how to manage bills, rent, tuition, and other life-related expenses is essential for financially stable adulthood. The people behind Cash Course, a real-life money management platform, know this. The service is designed with customizable learning about financial literacy, which will enable you to catch up on personal finance management skills you may lack. The tool also features extensive student resources for managing university loans, tuition, and related expenses.
Discover – Financial Literacy
The upside of relying on digital technology for learning is that you have access to a rich repository of blogs to learn from. Discover’s Financial Literacy is a resource for gaining insight into personal finance, the best tools to use, and how to cut down your costs effectively. The platform covers topics of debt, finance planning, nest fund management, as well as tips for parents who want to plan their child’s education. Discover is a great resource for both novices and professionals in personal finance management.
I Will Teach You to Be Rich – Ramit Sethi
Books that focus on life skills are a dime a dozen, and choosing the right one can be tricky. “I Will Teach You to Be Rich” by Ramit Sethi takes a different approach to personal finance coaching than most books in the genre. Instead of delivering motivational and inspiring writing, the author instead focuses on creating a practical formula for saving and spending money. Ramit Sethi uses his own experience in stock investment and budgeting to help the reader manage their own finances without feeling guilty about personal expenses. This book is especially useful for younger readers who may not have had the opportunity to learn about finance through academia yet.
Khan Academy – Personal Finance
If you are looking for a resource which both you and your children can learn from, look no further than Khan Academy. The non-profit platform has made it its mission to provide people around the world with high-quality learning materials, including an extensive course on personal finances. Khan Academy’s personal finance section covers a plethora of topics such as tracking and saving money, buying or renting properties, and credit and loan basics. In addition, you can delve into topics of micro and macroeconomy to learn about investment, stock, and topics adjacent to personal finances.
Happy Money: The Science of Happier Spending – Elizabeth Dunn, Michael Norton
The unfortunate reality of earning a little bit of extra income through smart investment or savings means that you will find yourself lost very quickly. People who have not had the opportunity to manage financial resources for a while will often spend what they’ve earned just to feel safe again. “Happy Money: The Science of Happier Spending” addresses that topic head on and aims to educate the reader on how not to spend money impulsively. Authors Dun and Norton are academic professionals with insight into psychology and economy, and they’ve combined their knowledge to write a book about financial literacy. Specifically, when is spending money “wrong,” when is it “right,” and how do you get more satisfaction from saving rather than compulsively spending money.
360 Degrees of Financial Literacy
As a platform managed by the American Institute of CPAs, 360 Degrees of Financial Literacy has a lot of merits. The resource is focused on an assortment of courses, tutorials, and how-to guides in the field of personal finance management for students and adults alike. Their educational materials are suitable for anyone from youngest children to retirees looking for ways to manage their pension funds properly. 360 Degrees of Financial Literacy also features calculators for loans, student savings, mortgages, and financing. In addition, you can ask CPAs direct questions if your areas of interest are not covered in the platform’s standard assortment of courses.
The Only Investment Guide You’ll Ever Need – Andrew Tobias
“The Only Investment Guide You’ll Ever Need” by Andrew Tobias is an interesting finance book in the sense that it received updates over the years. This speaks volumes of its appeal and practical use in the hands of readers looking for tips on how to manage their finances properly. The author Andrew Tobias did a good job of bridging the gap between niche financial terminology and day-to-day needs of adults looking for financial literacy. He covers the standard assortment of topics like savings, retirement planning, investment as well as children’s college fund savings. The book is highly engaging and practical, forgoing complex terms and abbreviations for actionable tips.
Gamification has become a staple of modern learning, making apps such as Duolingo more enjoyable to use continuously. Consumer Jungle is a platform dedicated to financial literacy games, quizzes, and learning through gamification. Consumer Jungle offers a range of bite-sized games about managing financial resources, loans, learning how to buy a car or a property, etc. The platform is officially sponsored by the University of Arizona, lending credence to its legitimacy. Young adults and parents can learn more about financial literacy by heading to Consumer Jungle and checking out some of its resources in their spare time.
The Total Money Makeover – Dave Ramsey
Managing credit card loans and debt can be taxing, both psychologically and financially. This is why having books such as “The Total Money Makeover” on the market shouldn’t come as a surprise. Author Dave Ramsey set out to write a guidebook on how you can make the most out of your loans while still staying afloat financially. The book offers small guides and tips on car and house payments, dangerous money myths to avoid, and nest egg management. Dave Ramsey goes into great detail on how you can prepare for retirement and even on how to be prepared for unpredictable events and expenses. Like most books in its category, it forgoes technical jargon and wording for everyday advice which can drastically improve your finances while avoiding common mistakes.
Kick-Starting your Personal Financial Literacy
The road toward financial stability and independence is not an easy one. However, with these resources at your fingertips, that goal is not just wishful thinking anymore. Take a closer look at each of the books and resources we’ve covered to see how they fit into your financial situation. Whether you’re a student, an entrepreneur, or a parent, boosting your financial literacy today can pay off in spades a few years down the line.
Martin is a writer, editor, and business development advisor at Writeload content writing service. Dorian holds academic degrees in mass communication and computer science and is passionate about sales, digital marketing, and all things IT related. He writes articles, case studies and often delves into working on quality academic papers given his own background in academia. In his spare time, Dorian contributes to his personal blog.