Jake Tuff 
Personal finance is about more than just saving, investing and spending wisely. It’s about protecting yourself and your loved ones from life’s unexpected hiccups.
To that end, Yale financial economist James Choi recently combed through the top-50 best-selling personal finance books and lined their advice up against economic theory. Here’s what he found.
Rich Dad Poor Dad by Robert Kiyosaki
Robert Kiyosaki is a businessman, investor, and author. He is well known for his book Rich Dad Poor Dad, which has sold over thirty-two million copies worldwide. He also created a series of educational videos and has a company that offers financial education courses.
Kiyosaki’s book is based on the lessons he learned from his father and his friend’s father about money and wealth. He describes how his poor father, who worked as a teacher, emphasized academic success and job security, while his rich dad was an entrepreneur who believed in building assets and investing wisely.
Throughout the book, Kiyosaki discusses the importance of having an asset-based mindset and becoming financially literate. He uses fable-like storytelling to illustrate his points, including how people should be wary of debt and should consider buying real estate. He also stresses the importance of understanding taxes and making smart investments. He encourages readers to be entrepreneurs and to invest in businesses that generate passive income.
The Millionaire Next Door by David Bach
The national bestseller that has sold millions of copies, this updated book offers a realistic and time-tested system to help readers build wealth through everyday choices and simple habits. Author David Bach reveals that it is possible to be a millionaire by following his easy-to-follow steps in this guide to financial freedom.
This New York Times bestseller challenges conventional notions of wealth by interviewing self-made millionaires and delving into their lifestyle choices. The authors uncover common behaviors and habits among wealthy people and contrast them with the stereotypes of ostentatious spending that are often seen in popular culture.
The most significant lesson in this book is to start saving before paying bills, a simple concept that can have powerful results over the long term. One of the best ways to do this is by setting up automatic payments from your checking account into a savings or investment account. This will force you to make the savings a priority and help you achieve your financial goals.
The Millionaire Mind by Ramit Sethi
Personal finance books that use stories and real-life examples to teach financial principles are a great way to make them more relatable. These books can help you master your finances and learn how to achieve your financial goals.
In this book, Ramit explains how to live a rich life by making simple changes that will add up over time. He covers topics such as budgeting, saving money, investing in stocks and real estate, and automating your finances. He also discusses how to make more money and how to get out of debt.
Ramit Sethi is a personal finance expert who has built up a large following on his blog and online courses over the past decade. He has helped tens of millions of people save more, invest wisely, and build wealth. He writes about personal finance, business, and psychology for a million readers each month at iwillteachyoutoberich. He studied technology and psychology at Stanford and lives in New York City.
The Complete Idiot’s Guide to Investing
The authors of this book provide readers with a step-by-step guide to financial stability, including how to set up and manage an emergency fund, how to minimize credit card debt and start saving for retirement. They also explain how to invest hard-earned money. The book is easy to read, and it offers real-life examples that can help readers understand the tips and strategies presented.
Some personal finance books include online resources or tools that can help readers track their progress or manage their finances better. These tools might include calculators, worksheets, or journal templates. It is important to look for books that offer these features to ensure they are a good investment.
A Yale University professor recently created a new course that taught his students the lessons from popular best-selling personal finance books, then lined them up against the conclusions of technical economics papers. He found that while economists and best-selling writers offer different advice on saving, spending and investing, they both agree on some key principles like the importance of an emergency fund and avoiding credit card debt.
