Personal finance matters involve some of the most important decisions one makes. But, unfortunately, personal finance also happens to be one of the most neglected issues for most people as it is not a part of most education systems across the world, even though it should most definitely be.
Some of the most common advice for personal finance is building consistent savings habits and starting young. However, the subject is more complicated than just that. Personal finance goes deeper than just investments; there are other factors to consider, just as taxation, inflation, etcetera.
In today’s world, individuals are more empowered than they ever have been when it comes to financial literacy and wealth creation due to the abundance of information, various assets to choose from, and easily available high-quality guidance. Luckily understanding the subject is of personal finance very easy; the challenge is its application.
Here are Some of the Best Personal Finance Books for Canadians
The Wealthy Barber – Everybody’s Common Sense Guide to Becoming Financially Independent
- Author – David Chilton
- Pages – 224
In the Wealthy Barber, author David Chilton takes us through all the tips and tricks of wealth creation through a fictional barber character, Roy, who teaches financial planning. This book is not about getting rich quickly but rather about building wealth over time. The book covers a series of topics across 54 short chapters that include how much you should save, tax planning, insurance planning, taxation, buying a house, implications of debt, and building a retirement corpus.
Millionaire Teacher – Nine Rules of Wealth That You Should Have Learnt In School
- Author – Andrew Hallam
- Pages – 256
Andrew Hallam wrote this book, and a former high school teacher turned a millionaire, aiming to simplify wealth creation into 9 simple rules that anybody can learn. First, the book takes readers through the basics of finance, like compounding and types of investments. Then, the book teaches readers the magic of compounding and how much money can be made by investing in index funds (ETFs) that track major indexes. It also teaches readers how investments should be cost averaged consistently rather than made in lump sums and the long-term impact of fees on your corpus.
Wealthing Like Rabbits – An Original and Occasionally Hilarious Introduction to the World Of Personal Finance
- Author – Robert Brown
- Pages – 216
Wealthing Rabbits is one of the most successful books on Personal Finance in Canada. This book uses anecdotes and references to popular culture to teach people the fundamentals of personal finance in a relatable manner. It covers retirement, mortgages, credit cards, taxation, debt management, insurance, and most importantly, savings. The book is famous for being one of the most accessible and engaging guides to the otherwise boring genre of personal finance.
Stop Overthinking Money – Five Simple Rules Of Financial Success
- Author – Preet Banerjee
- Pages – 224
This book teaches readers the basics and importance of personal finance by equating it to fitness. The author explains that financial fitness is a lot like physical fitness, both figuratively and literally, because of its tremendous impact on one’s life. The book explains the financial equivalents of dieting and exercising that one needs to maintain great financial health. Preet explains in his book that the 80-20 rule, by which 80% of the outcome is affected by just 20% of actions, is heavily applicable to personal finance and that its correct application can put you ahead of most of the population.
Debt-Free Forever – Take Control of Your Money and Your Life
- Author – Gail Vaz-Oxlade
- Pages – 336
This book deals with debt, one of the biggest and most important personal finance issues. Excess debt or unnecessary debt happens to be the most common mistake made by people regarding personal finance, as most don’t understand its long-term implications. The book claims to have been used by over 100,000 Canadian Families to get out of debt. The author preaches three simple rules – don’t spend money you don’t have, save consistently, one’s first financial priority should be debt-reduction and eventually debt-freedom. The book takes readers through to common debt missteps and how to get get out of them.
Worry-Free Money – The guilt-free approach to managing money and your life
- Author – Shannon Lee Simons
- Pages – 328
Worry-Free Money is one of the most relevant books on this list as the author considers the social landscape of today and how that influences one’s personal finance decisions. The author understands the effects and pressures of social media and other parts of today’s society and explains how those lead to poor financial decisions. In addition, the book takes on a psychological perspective to explain why we overspend or make financial decisions that we shouldn’t and explains how we can find a middle ground between our desires and having strong personal finances—a must-read for millennials.
Happy Go Money – Spend Smart, Save Right and Enjoy Life
- Author – Melissa Leong
- Pages – 288
Happy Go Money has a unique take on Personal Finance. Author Melissa Leong uses a combination of the psychology of money and finance fundamentals to change the reader’s relationship with money. The book brings together the subjects of tax, saving, budgeting, spending, psychology, and investing simply to take readers through the subject of personal finance. The content of the book is a mix of psychological research, anecdotes, and exercises.
Beat The Bank – The Canadian Guide to Simply Successful Investing
- Author – Larry Bates
- Pages – 225
After a long and successful career in investment banking, author Larry Bates wrote Beat the Bank to break down the world of finance for readers. The book explains how fees charged by big financial institutions affect regular savers and investors over the long term. The essential teaching of the book is how fees that seem very trivial at first glance compound over time and erode returns. The book also breaks down the working of the best financial products for long-term wealth creation to its readers.
The Value of Simple: A Practical Guide To Taking The Complexity Out Of Investing
- Author – John Robertson
- Pages – 204
John Robertson wrote the Value of Simple to teach inexperienced investors the art of wealth creation. Given that Canada has the highest financial products fees globally and that even trivial amounts of fees snowball into large amounts over time, Canadians must invest prudently. The author teaches readers about ETFs, the most effective investment product in the world, work and how they can use them to create wealth. In addition, it contains chapters on savings, automation of one’s investment plan, tracking and management of investments, and taxation.
Moolala – Why Smart People Do Dumb Things With Their Money
- Author – Bruce Sellery
- Pages – 344
Moolala aims to change a reader’s perspective of money. The book starts with asking a straightforward question: why are competent professionals for various fields so ineffective when it comes to wealth creation? The answer is straightforward; they don’t make an effort to understand the simple art of wealth creation. This book is written to improve a reader’s financial wellbeing through five simple steps delivered through a series of stories, exercises, and practical, actionable advice.
Victory Lap Retirement – Work While You Play, Play While You Work
- Author – Mike Drak
- Pages – 213
Mike Drak coined Victory Lap Retirement, which is the phase between retirement from full-time work and complete retirement. The book starts by laying down some fascinating data that shows that inflation is now higher than ever. The life expectancy of people has dramatically improved over time, which means that the age-old formula of working and saving till 60 followed by complete retirement doesn’t work anymore. This data is really worrying because that is what most people have in mind regarding retirement planning. In this book, the author lays down a roadmap for people, laying a foundation for creating passive income streams that will serve readers between post-professional retirement and complete retirement. The aim is to help people create a sustainable, thriving lifestyle that will serve them throughout their lives.
The Year of Less
- Author – Cait Flanders
- Pages – 216
The Year of Less is a mix of biography and financial self-help aimed at teaching people the value of what actually matters. The author uses her life story to highlight to readers the root cause behind today’s consumerism culture. The author explains how throwing the unnecessary expenses out of her life, which most of us don’t even understand, is unnecessary, taught her a lot about herself and today’s society—a must-read for today’s generation and anyone who wants to improve their mental health and financial well-being.
What’s Your Favourite Personal Finance Book?
Prudent financial decisions can pay dividends throughout one’s life, and poor ones lead to the exact opposite. In the current economic environment, inflation is high, bank savings rates are low, and debt is cheap, which means that traditional savings and bonds are actually net negative assets due to inflation being higher than the returns offered. In addition, recent economic uncertainty means that Personal Finance is more important now than ever. We hope that the books on this list help you build a better life for yourself.
If you are just starting in personal finance, I strongly recommend that you read this if you are just starting. If you feel like a junkie, trust me, make a budget for the first time, or decipher stocks and bonds, ask yourself: Wherever you are on your money journey, there are many other options worth reading. Today I present you a list of 10 personal finance books that you should read and give away. These five books are by far my personal favourite books in the field of finance and, in my opinion, one of the best books you will ever read – financial books. Sources: 1, 2, 4, 11
The book Millionaire Next Door, which I would recommend to anyone interested in wealth creation and becoming a millionaire. It is a great introduction to the world of personal finance and the importance of financial planning. Finally, the last book I would recommend as one of my personal favourite books in finance is my accidental Walk Down Wall Street. This is another great entry point to my list of the best Canadian books on personal finance. The book by the millionaire next door is an excellent introduction to the world of money, wealth and personal finance. Sources: 7
It is an excellent introduction to the world of money, wealth and personal finance, and the importance of financial planning. I would recommend it to anyone interested in building wealth and becoming a millionaire. Sources: 7
Way to Wealth, which I later read as one of the best personal finance books I can read this year. See my most desired – Personal Finance Books for ideas to read about personal finance, and gogo on my top 10 list of best Canadian books on personal finance. Sources: 7, 10
This list includes the best money books written by Canadians to improve financial literacy and even two oldies ranked in the “Best of all – Time” category. The list included some of Canada’s most popular personal finance books, as well as several “good money” books written by Canadians in recent years as part of broader efforts to improve financial literacy, such as this year’s “Best Personal Canadian Finance Books” list, or even the two “oldies” that were ranked as the “Best – of – of – all time.” This list includes some of the worst money books in Canadian history and a selection of good money books in other countries, so it is not a complete list. Sources: 7
Finally, my random walk through Wall Street is the last book I would recommend as “Best Personal Canadian Finance Book of the Year.” This book was written by several financial bloggers, including myself, and offers a great overview of the book’s book and some tips and tricks for personal finance. Sources: 0, 7
Overall, “Will Teach You to be Rich” is a great book for personal finance starters who want to be smart with their money. This book can help you take a leap – starting a personal financial news item or someone who feels they need to spend less than they earn to save. Sources: 2, 3
You won’t find any money that changes your life for free, but you will find proven personal finance books that are reliable and sound advice. If you’re looking for a comprehensive book on personal finance that captures your interest from cover to cover, David Chilton’s The Wealthy Barber is for you. Think and Grow Rich “is a must-read for anyone interested in personal finance, and you’ll find it’s a great resource for those interested in the financial world. The book was published after Hill immersed himself intensively in the financial world for more than two decades. Sources: 5, 9, 11
Since topping the bestseller list, Jim has published six more books on personal finance, including 10 of these things. After all, the last book I would recommend to anyone interested in personal finance and financial planning in Canada is this random Walk Down Wall Street. I have read countless personal finance and investment books in my life, but this is one of the most entertaining books I have read. What major financial books have really changed your life and the absolute best life you’ve lived? Someone told me about ideas for retirement, and I wish I’d told you about them. Sources: 6, 7, 9, 12
Note: This book has focused on Americans, but I think there are still many books on personal finance and financial planning in Canada. In reflecting on what I think is the best book for beginners and those interested in personal finance, I have compiled this list of must-read books – read personal finance books for beginners and investors. This is one of my favourite books of the year, as it will be out in the coming months while I reflect on how I found it a great resource for any beginner or interested individual. It was also pointed out that this book focuses on both Canadians and Americans (Note: I refer to this book as a book that focuses on Americans). Sources: 7, 8
- https://lsminsurance.ca/life-insurance-canada/2015/04/the-books-personal-finance-authorities-are-reading 0
- https://nymag.com/strategist/article/best-personal-finance-books.html 1
- https://youngandthrifty.ca/top-five-personal-finance-books-you-should-read/ 2
- https://cansumer.ca/personal-finance-books/ 3
- https://www.hoyes.com/blog/10-personal-finance-books-that-make-great-gifts/ 4
- https://www.creditcanada.com/blog/top-ten-canadian-books-on-personal-finance 5
- https://frugalasianfinance.com/list-asian-personal-finance-bloggers/ 6
- https://agnewswire.com/wp-content/uploads/2013/07/17rge85/article.php?page=canadian-personal-finance-books-004f5f 7
- https://www.moneywehave.com/top-personal-finance-books-for-canadians/ 8
- https://www.debtfreeforties.com/blog/best-personal-finance-books/ 9
- https://moneyinyourtea.com/personal-finance-resolutions/ 10
- https://www.listenmoneymatters.com/must-read-personal-finance-books/ 11
- https://www.besmartrich.com/10-best-personal-finance-and-investing-books-everyone-must-read-to-be-millionaire/ 12