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Whatever your 2020 financial goals are, there's a personal finance book for that.
Diving into a book is a great way to learn more about the financial topics you're interested in, whether you want to retire early, build wealth for the long term, start conversations about money with your family, or just see money from a different point of view. These titles were handpicked by the Personal Finance Insider team: some of our personal favorites, some we're always talking about, and some with truly impressive Amazon reviews and ratings.
From timeless advice to detailed budgeting breakdowns for millennials, here are Business Insider's top 15 personal finance books for 2020.
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Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.
'The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life,' by JL Collins
Best for:
Investors
People who want to retire early
The principles of "The Simple Path to Wealth" were first laid out in a series of letters by the author to his daughter, and there's no shortage of accessible and actionable advice on investing throughout the book. It takes on a light and casual tone in some chapters, but doesn't shy away from explanations of more complicated topics, either. It's the highest-rated personal finance book on the list, with over 800 Amazon reviews and an average rating of 4.8 stars.
Personal finance author Ramit Sethi outlines a six-week plan for living out your "rich life" as you define it. "I Will Teach You To Be Rich" walks readers through how to use credit cards and maximize rewards, opening a high-yield savings account to earn interest, and even automating accounts to save with no effort every month. This easy-to-read and highly actionable book goes from reading to returns quickly.
Though it was written in 1937, well before the advent of 401ks and just after the Great Depression, this personal finance classic still offers timeless advice. It focuses on the mindset behind building wealth — with chapters on "desire" and "persistence" — rather than on the strategy and management of money itself. But, it incorporates stories of some the wealthiest men of the late 19th and early 20th centuries, stringing together lessons that have held up even into 2020.
This personal finance book has become a favorite among millennials for its simple and relatable language. It touches on all of the unique challenges of today's young adults, from living with your parents in your 20s, to dealing with student loan debt, to dealing with the overlap of friendships and finances. While it might not be a good fit for older readers, it's a great starting point for young readers who want a broad overview from your first time checking your credit score to buying your first home.
For anyone considering early retirement through the FIRE (Financially Independent, Retire Early) movement, this book is a quintessential primer on the principles of getting started on this path. But, it also looks at principles that make financial independence and retirement attainable, even if retiring early isn't on your list.
'The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich,' by David Bach
Best for:
Making a plan
Setting up systems to build wealth
This book by financial writer David Bach teaches one simple principal: automating your finances. From saving to paying off debt, this book posits that setting up your finances to manage themselves could help grow wealth over many years. This book lays out a plan that can be put into action in an afternoon and make a lasting impact.
"When She Makes More" author and personal finance expert Farnoosh Torabi explores a reality she lives with every day: being a breadwinner and a woman in a different-sex relationship. She looks at the realities and the rules she's made with her partner, and discusses ways to maximize earnings and minimize conflict.
'You Are a Badass at Making Money: Master the Mindset of Wealth,' by Jen Sincero
Best for:
Inspiration
Jen Sincero comes at money from a lighthearted angle in this book, and looks at the mindset it takes to earn and keep money. What it lacks in actionable financial advice it makes up for in inspiration. It's an ideal book for anyone wanting a new perspective on earning and a motivation boost.
'Financially Fearless: The LearnVest Program for Taking Control of Your Money,' by Alexa Von Tobel
Best for:
Budgeters
Personal finance beginners
"Financially Fearless" focuses on the 50/30/20 budgeting method, which divides your money into percentages for necessities, disposable income, and saving for the future. This book teaches a practical budgeting method and up-to-date advice that has garnered it 4.4 stars on Amazon.
'Get A Financial Life: Personal Finance in Your Twenties and Thirties,' by Beth Kobliner
Best for:
Young professionals
Personal finance beginners
Another book aimed at millennials and young adults, "Get a Financial Life" focuses on the basics. From doing taxes to debt repayment strategies, Beth Kobliner gives a thorough foundation for anyone wanting to establish a financial life for themselves.
Suze Orman gives frank and detailed money advice in her latest book, "Women & Money." This book focuses on how women earn, invest, and save, and gives pointed advice for retirement, marriage, and more. Orman's advice in "Women & Money" is often as applicable to a 20-year-old as it is to a 60-year-old, making it a good choice for anyone wanting to learn more.
Thomas J. Stanley's profile of America's wealthy citizens finds that they're more similar than they are different, and they're not all the people you'd expect. Stanley looks at millionaires and finds seven habits that they have in common, including living below their means and rejecting traditional consumerism. Stanley's insights have earned this book over 1,700 five-star reviews.
'The Financial Diet: A Total Beginner's Guide to Getting Good with Money,' by Chelsea Fagan and Lauren Ver Hage
Best for:
Young Professionals
Budgeters
Personal finance beginners
Another great book for beginners, "The Financial Diet" lays a groundwork for anyone wanting to learn more about money and life. Best for young adults, Fagan dives into starting to invest and saving for retirement, as well as budgeting and debt repayment plans. The advice here is no-frills and easy to put into practice.
'Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence,' by Vicki Robin
Best for:
People who want to retire early
Setting up systems to build wealth
Financial Independence is at the core of "Your Money or Your Life," and it lays out a plan to get to that goal. While the book is fairly long (368 pages long, to be exact) it does give advice for every aspect of becoming financially independent, from the mindset it requires to the investment moves you should be making. It offers specific advice that can be applied whether or not you're aiming to retire early.
'Spend Well, Live Rich: How to Get What You Want with the Money You Have,' by Michelle Singletary
Best for:
Budgeters
Personal finance beginners
Inspiration
Author Michelle Singletary reflects on her life with her grandmother, who raised five children (including the author) on a modest salary. Singletary looks into the principals that her grandmother used with her own finances to make the most of what she had. It's best for anyone wanting inspiration on making the most of the money they already have.
