The North American Financial landscape is constantly shifting and changing. There are some really great books out there that will teach you the fundamentals of investing and personal finance, and they’ve been around a long time for a reason.
That said, most of them haven’t been updated to look at new realities of the world. In Canada, for example, we’ve got a full-blown housing affordability crisis on our hands, to the point that a full generation has all but given up on the dream of owning a home. We’ve also got the government’s attempt to help with that, in the form of the First Home Savings Account (FHSA).
Older finance books sometimes miss out on modern concepts, and so I’ve got an updated list of recommended reading for you today. Not all of them are current as of this year, but they’re definitely all here for a reason 😉
Broke Millennial, by Erin Lowry
Broke Millennial is a witty and relatable guide to personal finance for young adults navigating the financial landscape. Lowry breaks down topics like budgeting, saving, investing, and tackling debt into bite-sized pieces, offering advice you can use alongside real-life examples.
With humor and empathy, she addresses common financial dilemmas faced by millennials, empowering readers to take control of their money and build a solid financial foundation for the future.
Whether you’re clueless about finances or just need a refresher, this book is like having a savvy friend to guide you through the ins and outs of money management. And don’t let the title fool you; you don’t need to be a millennial to get tons of value from this book.
A note to Canadian readers: Erin writes out of New York, so some of the financial terms are American. The principles are all equally relevant no matter where you’re from though!
I Will Teach You to Be Rich, by Ramit Sethi
If you have Netflix, you may have seen Ramit’s show How to Get Rich, which is based off the principles in this book. I Will Teach You to Be Rich is a no-nonsense, step-by-step roadmap to mastering your finances and living your richest life. What I like about his approach is that it doesn’t assume that we all want the same things from life, and it very specifically doesn’t shame you if you’re the type who wants lots of nice things.
That’s pretty rare in this day and age; when so many finance books tell you that you MUST cut those things out in order to make it in this world, IWTYTBR is a breath of fresh air that shows you another way.
Sethi delivers practical strategies for automating your finances, optimizing credit cards and bank accounts, and investing wisely without being overwhelmed by jargon. He focuses on psychology and behavioural change, showing you how to lose outdated money myths and adopt a mindset of abundance.
Your Money or Your Life, by Vicki Robin & Joe Dominguez
This one’s a refresh of an old classic. Your Money or Your Life takes you through a nine-step program, that challenges you to rethink your relationship with money, and align your spending with your values and life goals.
What I like about this book is that it takes a holistic approach to personal finance advice, going beyond dollars and cents and into things like how our spending impacts the sustainability of the planet. It’s a unique and important twist on the topic of money, which is why this one makes the list.
Based on the rails of good ol’ fundamentals, this is a great pick for your first personal finance book, if you’re looking for a place to start your journey.
The Psychology of Money, by Morgan Housel
The Psychology of Money is another oldie-but-goodie that makes the list for a reason. One of the biggest myths that some personal finance books assume is that people are always capable of making logical money decisions in total absence of emotion.
Well guess what? We’re human, and we’re anything but 100% logical all the time when it comes to money. This book acknowledges that, and then gets into how our emotions affect our choices in life.
From the allure of instant gratification to the power of compounding and the unpredictability of markets, Housel reveals the psychological quirks that can lead to both financial success and failure. Drawing on lessons from history, psychology, and personal finance, he offers timeless wisdom and practical advice for building wealth and living a fulfilling life.
Whether you’re a seasoned investor or a novice saver, this book will challenge your assumptions, expand your understanding, and inspire you to make smarter choices with your money. I don’t necessarily recommend it as your starting point if you’ve never picked up a personal finance book before, but that’s only because you might get even more value out of it once you’ve got the basics under your belt!
Retire Before Mom & Dad, by Rob Berger
This one is near and dear to my heart, as a Financially Independent, Retire Early (FIRE) enthusiast. Retire Before Mom and Dad is a straightforward and empowering guide to achieving financial independence, and doing it young.
Berger uses plain language in this book, cutting through the crap to offer up a straightforward roadmap to early retirement. He breaks down the essentials of budgeting, saving, and investing, showing you how to crunch the numbers and craft a FIRE plan that works for you.
This is another one that maybe isn’t for complete beginners, but I’m a fan because it gets into the math of how to actually know whether you’re on track for FIRE or not, and what you need to do differently in order to make it happen.
If you’re looking for a book that will guide you on how to break free from the nine-to-five grind and live life on your own terms, look no further.
Wrapping it Up
The world of personal finance is an evolving tapestry. Some of the books I’ve recommended previously are still as relevant today as they’ve ever been; others have been updated to stay relevant. Then there are some books that have sadly become a little bit outdated.
With today’s list, you can be confident knowing that you’re going to be getting insights that wisdom that’s super-useful in the here and now, and will help set you up for the future you envision for yourself. Happy reading!
