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The Best Books to Help Develop Financial Literacy for Students

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Updated on August 15, 2022 by
Best Books to Help Develop Financial Literacy

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Groucho Marx, an American comedian, had it right. He once said, “Outside of a dog, a book is a man's best friend. Inside of a dog it's too dark to read”. Although it was said humorously, there is a truth behind the matter. Books indeed are a man’s best friend.

And in current times, financial literacy is one of the hottest topics around. Not only as a trend of sorts but rather, as a necessity to utilize one’s monetary status to its greatest capability. And what form of education is better than books?

Even with the advent of modern technology and various educational mediums, the popularity of books still hasn’t dwindled. Alongside books, writing services also provide students with a decent insight into financial literacy. One such professional help service is Writix which provides students with financial writings from qualified writers among other topics. With the help of these essays and a set of decent books, one can develop a sense of financial literacy and one’s insight into the monetary world. This article will provide you with a list of such books.

List of the Best Books for Financial Literacy

As stated above, a financial strategy is a must in the current day and time. Not only that, it is good foresight to start learning from an early stage in life. There are several books to help you with gaining this knowledge. I will list a few of them below.

The Average Household Income in the...
The Average Household Income in the United States

“The Psychology of Money” by Morgan Housel:

The fact that our money habits have a significant emotional and psychological component is one of the most misunderstood parts of financial freedom. None of these things happen by accident: maintaining a budget, obtaining a higher-paying job, looking for investment possibilities. And before we can take these steps, those of us who grew up in less privileged situations require assistance getting past mental obstacles.

“The Year of Less” by Cait Flanders:

Flanders is forthright about her habit of overspending on her credit cards. She describes how a one-year buying restriction taught her to appreciate what she already had, both in terms of money and tangible belongings. Anyone may benefit from the mentality change she describes in this book. Whether you have a problem with spending too much money or desire to lead a simpler life.

“The Simple Path to Wealth” by J.L. Collins:

A stock investing blog series served as the basis for this book. As it gained popularity, the decision was made to collect the posts into a single book and transform it into a letter for his young adult daughter, who had no interest in money. J.L. Collins states that his goal was to assist her in leading the least stressful life concerning money by adopting the simplest feasible steps.

“Rich Dad Poor Dad” by Robert Kiyosaki:

The book is a humorous account of the author's lessons learned from his two fathers, one of whom he dubbed the “Poor Dad,” and the other whom he dubbed the “Rich Dad.” Through this book, Robert promotes the value of financial literacy and offers fundamental guidelines for achieving financial freedom.

“The Richest Man in Babylon” by George S. Clason:

The book is a captivating tale that takes place in ancient Babylon and teaches the keys to success and material abundance. Although the classic was first published in 1926, its ideas and lessons still hold today.

These are only a couple of books available to start learning about financial literacy. If you search for a while you will find tons more. But these are some of the best. So it’s encouraged to start with these books.

Benefits of Financial Literacy

Being sound with how you earn, spend, and utilize your money is a valuable skill that will not only help you become successful in life but will also drive you toward a state of freedom. But it is a matter of regret that we don’t talk about it enough. Below are a few benefits of financial literacy.

Benefits of a Financial Literacy:

  1. It gives people a sense of empowerment and increases confidence.
  2. Helps people tackle emergencies better.
  3. Helps to quit bad financial habits.
  4. Gives people a better understanding of some of the most common financial concepts. Such as debt, insurance, saving, credit, etc.
  5. Sufficient monetary knowledge helps people save money.
  6. It helps people get a better understanding of where they should invest their money.
  7. It also helps with taxes.
  8. Gives people a better understanding of loans and liabilities.

Conclusion

Money is a valuable asset. But it is not the only benefit to be had from financial literacy. Without it, people lack decent financial skills. It helps people get a better understanding of their surrounding world from a monetary point of view.

So, it is highly encouraged, to start learning as early as possible. The sooner you start; the better chance you have to make it in life. And to start early, the books mentioned above will help you greatly.

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