Whether your friends are just starting their careers, nearing retirement or somewhere in the middle, consider buying them some personal finance books this holiday season to provide a lasting gift. Your college friends can benefit from advice on tackling student loans and getting a good job, while your mid-career friends might need help with paying for their children's college and reducing their debt. Your retiring friends can probably benefit from advice on maximizing their retirement income and accumulating some last-minute savings. Check out this list of the best personal finance books for these different life stages.
Finance Books for Recent College Grads
1. "Broke Millennial: Stop Scraping By and Get Your Financial Life Together" by Erin Lowry
Erin Lowry's guide aims to help those in their 20s and 30s avoid struggling with a tight income and taking on high debt. It helps reframe the young adult's relationship with money so that they can effectively budget and avoid impulse purchases. Recent grads will also learn strategies for getting rid of student debt, managing money within a relationship, choosing the right banking products, achieving a high credit score, beginning retirement planning and negotiating higher salaries. This guide also tackles handling money issues when recent grads find the need to move back home. You can get this personal finance book on Amazon.
2. "The Automatic Millionaire, Expanded and Updated: A Powerful One-Step Plan to Live and Finish Rich" by David Bach
Written by the New York Times bestseller David Bach, this is one of the best finance books for preparing young adults to develop wealth and retire well. It recommends some more non-traditional forms of money management such as achieving wealth with just a few dollars invested a day, buying a home without debt, automating streams of income and not even having to worry about creating a budget. While providing tips along the way, Bach uses the story of a middle-class family who successfully retires early, avoids debt and saves up $1 million in the process. You can buy this book on Amazon.
Read More: How to Attract Wealth and Money
Finance Books for Your Mid-Career Friends
3. "The Total Money Makeover: A Proven Plan for Financial Fitness" by Dave Ramsey
Known as one of the most popular and best personal finance books, Dave Ramsey's guide offers a plan to help your mid-career friends become debt-free, establish a healthy emergency fund and plan for an easier retirement. This book begins by discussing myths about debt and wealth and addresses common problems that keep people from achieving financial freedom. Steps mentioned involve setting up a $1,000 emergency fund quickly, following a debt snowball strategy, saving for children's college costs, paying off mortgages and using wealth-building strategies. You can find this book on Amazon.
4. "Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!" by Robert T. Kiyosaki
This personal finance book has become a hit worldwide and shines a light on how two fathers have shaped the author's views and beliefs on financial management. It aims to help your mid-career friends become wealthy without needing a very high income as well as put their children on a good path toward financial health. Some of the takeaways from the book include the importance of avoiding liabilities, saving money regardless of income, avoiding high taxation, paying attention to emotions and habits and using intelligence for obtaining wealth. You can buy this book on Amazon.
Finance Books for Your Retiring Friends
5. "How to Make Your Money Last: The Indispensable Retirement Guide" by Jane Bryant Quinn
Whether your friends have already retired or are nearing it, this guide will help them better understand common sources of retirement income and provide strategies so that they can make their money last as long as possible. It discusses topics such as purchasing pensions, investing Social Security income, minimizing retirement spending, accessing life insurance benefits and getting an income using home equity. It also offers some general advice on choosing the right health insurance plans and finding a passion that will serve your friend well after they stop working. You can get this book on Amazon.
Read More: The Retirement Process
6. "The 5 Years Before You Retire: Retirement Planning When You Need It the Most" by Emily Guy Birken
Since many don't realize how much they need to retire until they're nearing that life stage, this guide can help your retiring friends catch up on saving money as well as prepare for decisions about health insurance, housing and estate planning. Birken helps readers make a five-year budgeting and saving plan with consideration for Social Security income and pensions. She also explains how taxation will impact retirement income and offers some options if retirees end up falling short and struggling with their expenses. This book uses an easy-to-read format with actionable steps for taking action. You can buy it on Amazon.
- Amazon: How to Make Your Money Last: The Indispensable Retirement Guide (Thorndike Press Large Print Lifestyles)
- Amazon: The 5 Years Before You Retire: Retirement Planning When You Need It the Most
- Amazon: Broke Millennial: Stop Scraping By and Get Your Financial Life Together
- Amazon: The Automatic Millionaire, Expanded and Updated: A Powerful One-Step Plan to Live and Finish Rich
- Amazon: The Total Money Makeover: A Proven Plan for Financial Fitness
- Amazon: Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!