Buzz
Balancing a career, student loans, and possibly a mortgage doesn’t automatically mean you’ve mastered personal finance. The reality for Millennials is stark: While 75% of those aged 23 to 35 rate their financial knowledge highly, only 7% scored well on a financial literacy test, as revealed in a 2015 study by the Financial Industry Regulatory Authority’s Investor Education Foundation [PDF]. Fewer than 25% demonstrated a solid grasp of money management. For the rest? It’s time to hit the books. We consulted top financial planners to recommend engaging reads that will boost your financial skills without putting you to sleep.
1. HOW TO BE A FINANCIAL GROWNUP // BOBBI REBELL
Recommended by: Shannah Compton Game, CFP, host of the podcast Millennial Money
If financial jargon tends to bore you, Compton Game recommends this book, which uses real-life case studies instead of dry theories. “I enjoy learning from financial role models who openly discuss their money challenges, victories, and advice,” she explains.
Discussing finances and seeking advice remains somewhat taboo, often leaving people feeling isolated and hesitant to ask questions. Reading about others’ candid money struggles can make it easier to address your own financial concerns, she adds.
Find it: Amazon
2. THE ONE-PAGE FINANCIAL PLAN // CARL RICHARDS
Recommended by: Cathy Derus, CPA, founder of Brightwater Financial
“This book is perfect for anyone feeling daunted by organizing their finances,” says Derus. The author simplifies financial planning by having you jot down your core values on a single sheet of paper, ensuring your money strategy aligns with your life goals.
Find it: Amazon
3. MONEY: MASTER THE GAME // TONY ROBBINS
Recommended by: Farnoosh Torabi, financial planner, author of So Money
While the idea of an “investment portfolio” might seem intimidating, understanding where your money goes is crucial. “This book opened my eyes to the massive losses I could face due to unnecessary investment fees,” Torabi shares. “I immediately instructed my financial advisor to replace high-fee funds with low-cost index funds.” Later, she switched to an automated platform, saving over $7000 annually.
Find it: Amazon
4. WORK YOUR WEALTH // MARY BETH STORJOHANN
Recommended by: Sophia Bera, CFP, founder of Gen Y Planning
Looking for a comprehensive guide before tackling specific financial topics? “This book is ideal for young adults in their 20s or 30s who recognize the need to understand personal finance but don’t know where to begin,” says Bera. The author, a financial planner, caters to a diverse audience, including military families, students, entrepreneurs, and stay-at-home parents, without assuming significant wealth. “She excels at breaking down everything from basic concepts to advanced topics, all while avoiding confusing jargon,” Bera adds.
Find it: Amazon
5. SMART WOMEN LOVE MONEY // ALICE FINN
Recommended by: Manisha Thakor, CFA, director of wealth strategies for women at Buckingham & BAM Alliance
“There are only a few essential rules to becoming a successful investor,” says Thakor. (As a certified financial advisor, she speaks from experience!) This book simplifies those rules in straightforward language. “It provides a clear, step-by-step guide to investing like a pro,” she explains. Thakor has relied on these principles for years.
Find it: Amazon
