Editor’s note: This article was first published in October 2017. The article was updated in January 2021; its descriptions of Money: Master the Game as the most recent book on the list and Tony Robbins’s latest, and of Warren Buffett as the best investor on the planet today, reflect that time.
For those who have been asking us about books on financial education or personal finance, here is a ranking of the ones we consider the best on the subject to help you achieve financial freedom and build wealth.
That said, let me point out that many people expect to find in a book the secrets and concrete steps needed to achieve financial independence or get rich, and that’s not what these books are for, mainly because every person has different knowledge and skills from the next (which doesn’t make anyone better or worse).
We updated this list in January 2021.
(Also read: The 2 best books for getting rich are more than 70 years old)
Let’s say that if you read any of these books, you should try to grasp the main idea and apply it to your own talent. I think our article “How to figure out what to do with your life” will help you before anything else; it could be the starting point for putting to good use the message these writers pass on to us through their experiences.
What are the best books on financial education?
0. Money: Master the Game: 7 Simple Steps to Financial Freedom, by Tony Robbins
The most recent book on the list and Tony Robbins’s latest. This time Tony Robbins does something different, with an enjoyable, easy-to-understand book on achieving financial freedom. To find out whether this book is for you, I’ve written a full review of Money: Master the Game, where I explain its strengths and weaknesses.
1. The Millionaire Next Door, by Thomas J. Stanley
This book breaks a belief that is very popular among the poor and middle class: that millionaires spend their money on luxury cars and live it up. But the truth is that, following a saying we have here in Spain, “if you want to be a millionaire, don’t live like a millionaire”, the millionaire could be a neighbor of yours who leads a low-key life, and in many cases, as the author explains, the children of these families sometimes don’t even know they belong to the wealthiest class.
It’s probably the best financial education book, because of how useful its ideas are, above all on psychology, for understanding how wealthy people really think, breaking with popular belief. It’s an entertaining, enjoyable read with plenty of financial advice that never hurts to know. I recommend it.
2. Secrets of the Millionaire Mind, by T. Harv Eker
This is one of those financial education books that starts from the premise that one person fails while another succeeds solely because the person who succeeds has habits that the person who fails lacks. Here you will find very concrete steps to change the habits and thoughts that hold back our financial goals. Highly recommended.
See also: How you’re hurting your children’s financial future without realizing it, by Alberto Mera
3. The Richest Man in Babylon, by George S. Clason
A timeless classic that will help you reach your financial goals and build wealth, starting, of course, from effort, dedication and taking action on our part. It gives you a set of rules for success that are as old as they are valid today. It’s also written in very simple language and is very quick to read. Without a doubt, one of the best financial education books ever written. In fact, many other books have been written based on this one.
The ideas George S. Clason explains have been widely used by other authors in many other financial education books.
4. Rich Dad Poor Dad, by Robert T. Kiyosaki
We’ve mentioned this book several times already. In fact, I think it should be required reading at school instead of the famous The Little Prince, because it covers financial education in such a basic way that even a child would feel motivated to go out and take on the world.
The book basically explains the difference between the thinking of someone whose dream is to work as a civil servant or for a company, and people who truly want purchasing power and financial freedom. As the book goes on, even people who have spent 20 years working at the same company will feel tempted to change.
5. The Tao of Warren Buffett
This book shows the investment habits of the best investor on the planet today, not from the technical side but through the lens of his thinking and analysis. It also traces the beginnings of the great Warren Buffett, from earning his first dollars selling newspapers and bottles all the way to the Berkshire Hathaway empire. Highly recommended as an appetizer before reading the last book we’ll recommend.
6. El código del dinero (The Money Code), by Raimon Samsó Queraltó
From managing your time to achieve financial freedom to generating passive income, this book is full of practical advice that is very easy to understand. For someone who hasn’t read any personal finance books, it’s definitely one of the best financial education books to start understanding how money works.
See also: Financial education for our children: the sooner the better (and yes, money does matter)
7. The Winning Investment Habits of Warren Buffett & George Soros
I looked for this book in Spanish and had no luck so far, so it’s probably only available in English for now. I haven’t read it, but I’m sure it’s well worth it, since both Soros and Buffett are long-term investors who have had a minimal margin of error for decades. They turn their investments into a lucrative business while minimizing risk as far as possible, thanks to the research they do before investing.
8. The Intelligent Investor, by Benjamin Graham
This book is already a legend in the investing world, above all because it was written by an investing legend, Benjamin Graham, Warren Buffett’s teacher. Although it isn’t strictly a financial education book, it’s a must for anyone who at some point in life needs or wants to invest. It’s the most advanced of all the books on this list.
9. Dinero y conciencia: ¿A quién sirve nuestro dinero? (Money and Conscience: Whom Does Our Money Serve?)
As its title suggests, this book tries to raise awareness of how much it matters where we direct our spending habits. It isn’t a financial education book as such, but you’ll find some very interesting ideas about the importance of money and of our habits.
Featured image: Randy Stewart, CC BY-SA 2.0, via Wikimedia Commons.
