Blogs are awesome, this I know, because I write my own BUT for me learning how to be better with money all started with books. But if the thought of reading a book on money makes you want to yawn, well maybe it’s time to reset your thinking. Authors know this is a potentially mind numbingly boring topic so they do their utmost to make it more interesting because they WANT you to be better with money and have more success in life. So, head to your library, your local bookstore, your online bookstore or the second hand bookstore and track down a few of these favourites of mine. Each has taught me a lesson that I’m thankful I learned.
In no particular order here are my six of the best….
The Barefoot Investor: The Only Money Guide You’ll Ever Need - Scott Pape (2017)
The title is a bold claim - and he is just about right. If only he were a Kiwi and not an Aussie we would have been sweet. I have given this book as a gift many many times and the recipient never fails to make some pretty significant changes to their financial lives. He walks you through how to create an entire financial plan for your situation giving you key information that you can put into action. Yes, he does talk about some Australian specific stuff, but Kiwi’s are a clever bunch and you can also make it relatable here. Honestly, you HAVE to read this book.
Twenty Good Summers: Work Less, Live More and Make the Most of Your Money (2013) - Martin Hawes
The first money book I ever read cover to cover and I thought “crikey, when I measure my life out by the summers I have remaining, I had better get cracking”! This New Zealand authorised financial advisor revised his original book to teach you how to free up your lifestyle and organise your money to get the income you need so you can get on with the rest of your life.
Total Money Makeover: A Proven Plan for Financial Fitness - Dave Ramsey (2013)
An American book written by a debt hating author who has helped millions of people get their financial houses in order. His plan is designed to help you pay off ALL debt in a systematic way and create a nest egg for emergencies and then sort out your retirement or anything else you might be planning for. And if you need to slash your spending and live on rice and beans while you do it, well, that’s what you need to do! Giving advice that your Grandma would give you he manages to make complex financial messes pretty simple to sort out, on paper at least!
The Great NZ Work, Money and Retirement Puzzle: And How to Solve it - Alan Clarke (2014)
Another Kiwi author whose point that “most Kiwi’s spend far more time planning their annual holiday than their retirement” is probably quite spot on. An authorised financial advisor he talks through how to reduce mortgage costs, manage debt, where to put your money and how to allocate it as you move through the different stages of life. His book is written in short bullet points with stick figure diagrams to back up his practical and useful advice where he teaches the things we need to know for each stage of life.
The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life - JL Collins (2016)
When I discovered this book it blew away all of my uncertainties about how an where to invest and it gave me a clear path to head down. Not everything in this book is relevant to NZ, as he is American BUT a lot of it is. He drew on his years of investing and compiled letters and then a book to his daughter so she didn’t repeat his mistakes. She didn’t want to have to spend her life thinking about money so he offers lots of great simple advice and then a practical guide for how to invest in the share market and not lose your shirt. Two words...Index Funds. In one simple book he made investing simple.
Your Money or Your Life - Vicki Robin (2018)
This book is a revised classic in the world of personal finance and will help you regain control of the money in your life by looking at your earning, spending and saving. In it she talks about trading the hours of your life for the money in your wallet and how to get that balance right and she has a process to walk you through this. I found this to be quite a holistic book and it will help you move from “more is better” to “how much is enough” and will help you remove the clutter from your life and find out if what you are doing is making you happy? Whether just starting out or close to retirement her sage advice helps you move into what she refers to as a financially independent thinking space.
The information contained in this article is of a general nature and should not be taken as advice. It reflects the opinions of the writer only and does not necessarily reflect the opinions of NZHL (New Zealand Home Loans).
