What Are the Top Financial Literacy Books?

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Being financially literate means you are able to make smart choices regarding purchases, investments, savings, loans and more. It is a skill that helps you avoid financial pitfalls that can leave you in debt and ruin your credit.

Although the importance of financial literacy is undeniable, most Americans are financially illiterate. They are unable to make the most basic decisions involving investing, saving, debt and other financial issues.

Because financial illiteracy is so problematic, steps are being taken to educate people so that they have the skills to make better decisions regarding their finances. Schools are changing their curriculums to start teaching financial literacy at a young age and financial experts are offering resources like podcasts, blogs and books to ensure people are better educated.

If you are looking for books that will help you or someone you know become more financially literate, here are a few we recommend. 

The Richest Man in Babylon by George S. Clason

Even though this book was published back in 1926, it has valuable financial life lessons that are still relevant today. It teaches by using stories, a method that keeps the book engaging and interesting to young readers. It advocates the overall message that being financially independent is not based on stock picking or market timing but personal decisions as well. 

The Opposite of Spoiled: Raising Kids Who are Grounded, Generous and Smart About Money by Ron Lieber

Written by New York Times columnist Ron Lieber, this book is made for parents looking to raise kids who have the skills to make wise financial decisions. It offers advice on how parents can help their children handle everything from their cell phone accounts to paying for college. Parents that read this book will not only have a valuable resource they can use to educate their children, but they may learn a thing or two in the process.

O.M.G. Official Money Guide for Teenagers by Susan Beacham and Michael Beacham

Winner of the 2015 EIFLE (Excellence in Financial Literacy Education), this book was written by banker Susan Beacham and her husband Michael. The Beachams are founders of Money Savvy Generation, a financial education company geared towards youth. The book provides information to help teens avoid financial pitfalls like identity theft while providing tips and money charts to help them make wise financial decisions. With just 48 pages, OMG is tailored for young readers that may have shorter attention spans.

The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money by Carl Richards

This book works on the theory that it is people’s behavioral patterns that makes them continue to make unwise decisions regarding their finances. It helps beginners get into the right mind set to understand more about money and investing and avoiding pitfalls that can have devastating consequences.

The Wealthy Barber by David Chilton

The Wealthy Barber is presented in a story like form that makes it relatable for teens and readers of all ages. In the book, three young protagonists are sent to a fictional barber who tells them how he was able to turn his low wage job into a lucrative business. It includes advice on financial matters ranging from wills to taxes and beyond.

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To Conclude

If you are looking to become more financially literate, resources could be as close as your local bookstore or library. These books can help you attain the knowledge you need to make wise financial decisions and protect yourself against identity theft, fraud and other scams and predators.

Read up to gain the knowledge you need to keep your bank accounts thriving for years to come.

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