Settling down and starting a family can prove to be one of life’s most exciting adventures. However, like all things, it does not come without its fair share of hardships. For young families that are expanding, an especially large pain point is, without a doubt, getting a grip on and managing household finances.
Fortunately, those who fall under this category are not alone, as their parents and even grandparents can pass on helpful advice from time to time. Additionally, there is a wealth of information available in digital magazines, podcasts, and especially books.
With that in mind, let us highlight some of the best personal finance books for young families.
Why Didn’t They Teach Me This in School? by Carl Siegal
As we already know, financial literacy is a crucial skill that many Americans do not possess. Therefore, the author began writing this book with the intention of bettering the next generation’s comprehension of budgeting, investing, and managing everyday financial hurdles.
However, as the book progressed, Siegal found himself speaking more to the general public than a niche audience of children and teens. As such, Why Didn’t They Teach Me This in School? became a helpful money management guide for people of all ages.
Thinking, Fast and Slow by Daniel Kahneman
In spite of the advice we have received over the years, it is rather difficult to keep our emotions out of our finances. After all, we each work hard to earn our money, and seeing it being squandered through mismanagement can often be painful. Therefore, it is imperative we do not make snap decisions with our finances, but align ourselves with a slower, more deliberative, and logical process of thinking.
Throughout his book, Kahneman highlights the ways in which we can achieve that exact feat — from remaining wary even when approaching our own intuitions, to guarding ourselves against mental glitches that could land us in trouble.
Rich Habits: The Daily Success Habits of Wealthy Individuals by Thomas Corley
Similar to the bestseller Rich Dad, Poor Dad, Rich Habits puts an emphasis on how the wealthy manage their money on a daily basis. Although Corley’s work required five years’ worth of exhaustive research, the end result was well worth the wait, as the public can now glean pertinent insights on money management that we may have never had access to otherwise.
Regardless of your annual income or age, Rich Habits proves to be a concise and helpful field guide to achieving long-term financial success.
Of course, we are merely scratching the surface of useful finance books geared toward young families. If you have any recommendations of your own, please feel free to leave them in the comments below. Or, start a conversation with Saagar Gupta on Twitter.