If you want to read up on personal finance or money, there are hundreds of material available online that speak elaborately on those topics. And each one claims to be better than the other. A lot of such content espouses the virtue of personal money management, and how wise and smart people swear by it. Then there are also free courses offered on educational platform and on social media platforms, such as TikTok, YouTube, and Instagram. But then you would probably prefer to read authentic nuggets of wisdom from experts on books rather than from amateur social media influencers with maybe questionable knowledge of personal finance.
So, here are four recommendations and the favourite books of some leading personal finance experts
Yogic Wealth: Yogic Wealth by Gaurav Mashruwala is a personal favourite book of Hemant Beniwal, certified financial planner and director at Ark Primary Advisors, a financial planning firm. “I personally enjoyed reading this book and I would recommend this to anybody looking to get smarter about money. This book begins with a discussion on some emotions that the mind experiences in the context of situations concerning money. Unfortunately, these emotions do not allow us to enjoy our wealth. The concluding section of the book contains advice from our scriptures, which guides us on how to enjoy our wealth and make sure it stays with us for generations,” says Beniwal. The book also explains various facets of wealth – physical, emotional, social and financial – and the crucial need for a balance between them. Always maintaining the implicit distinction between Laxmi and money, it brings out the relevance of enjoying wealth in absolute terms, i.e., not relative to others. The author also concludes that our scriptures are not against wealth; they advocate the enjoyment of wealth in an absolute, calm, serene and respectful way – the Yogic Way.
Rich Dad Poor Dad: Rich Dad Poor Dad by Robert Kiyosaki is a personal favourite book of Anant Ladha, founder, Invest Aaj For Kal, a financial planning firm. “This book teaches basic stuff, which is not being taught in school. It explains in simple language about assets, liabilities, income, and expenses. This is a must-read book for all,” says Ladha. This book tells the story of the author growing up with two dads – his real father and the father of his best friend – and the ways in which both men shaped his thoughts about money and investing. This book explodes the myth that you need to earn a high income to be rich, and explains the difference between working for money and having your money work for you. This book also challenges the belief that your house is an asset. It shows parents why they can’t rely on the school system to teach their children about money. It defines once and for all an asset and a liability, and it teaches you what to teach your children about money for their future financial success.
A Wealth of Common Sense: Why simplicity trumps complexity in any investment plan: A Wealth of Common Sense by Ben Carlson is a personal favourite book of Shweta Jain, financial planner, CEO and founder of Investography, a financial planning firm. “Ben Carlson’s A Wealth of Common Sense was one of the first books I read on investing, and till date, it remains one of my favourites. Its simple, straightforward content, and its completeness at that point, touched me immensely. It’s a great read for investors starting their journey, and for everyone wanting to get smarter about money,” says Jain. This book sheds light on investing, and how a simplicity-based framework can lead to better investment decisions. This book further explains that while information is important, understanding and perspectives are the keys to better decision-making. This book describes the proper way to view the market and your portfolio, and show you the simple strategies that make investing more profitable, less confusing, and less time-consuming.
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness: This book by Morgan Housel is a personal favourite of Arijit Sen, a Sebi-registered investment advisor and co-founder of Merry Mind, a Kolkata-based financial advisory firm. “Unlike many financial success books, this book does not revolve around complex strategies or formulae for one’s financial success in life. It explains in a very straightforward manner how our behaviour can lead us towards financial well-being,” says Sen. In this book, the author shares 19 interesting short stories exploring the strange ways people think about money, and teaches us how to make better sense of life’s most important topics.