5 Essential Books and Resources for Financial Planning Enthusiasts
Written by
Laura Bogart
Edited by
Jenna Klaverweiden
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You might think that you need an expensive education, or at least hours of formal training, to become knowledgeable about financial planning. And who has time for all of that, especially if you’re locked in to your current job, your family life and your other responsibilities?
However, you don’t have to spend hundreds of dollars on financial planning certifications, or even head back to school to learn more. After all, you’re reading this GOBankingRates article, hoping to learn more about personal finance issues that are relevant to you and your loved ones and explore the worlds of smart saving and growing your wealth.
There are myriad resources out there that can help you boost your own financial literacy at very little personal cost, from books you can check out from your local library to podcasts that will inspire you on your next long walk.
GOBankingRates talked to some financial planners and professionals to get their recommendations for the books and resources that are essential to your financial growth.
‘The Total Money Makeover’ by Dave Ramsey
Tyler Meyer, CFP, founder of Retire to Abundance, recommended this popular title by Dave Ramsey as a terrific entry point for people who need a plainspoken and practical approach to money management. This book focuses on paying off debt, building an emergency fund and living on a budget.
“His ‘Baby Steps’ strategy breaks personal finance down into easy-to-follow stages, making it less overwhelming for people who are just starting out,” he said. “While his advice is more rigid than some other approaches, especially when it comes to debt, the fundamentals of disciplined budgeting and saving are timeless.”
‘Simple Wealth, Inevitable Wealth’ by Nick Murray
Meyer also suggested that people hoping to rethink their relationship with wealth and money check out this title by Nick Murray. According to Meyer, the book is powerful because it emphasizes the mindset behind wealth building rather than just the financial strategies alone. The author focuses on a message that long-term investing and staying the course are important, as is understanding that accumulating wealth is all about patience and perseverance.
“His insights into human behavior and how it impacts investing make this a must-read for anyone serious about growing their wealth. It’s particularly relevant for those nearing or in retirement, as it helps readers see the bigger picture of how time in the market creates success,” Meyer said.
‘The Millionaire Next Door’ by Thomas J. Stanley and William D. Danko
Meyer called this book a classic, praising its ability to debunk the myth that wealth is about only fancy cars and flashy bling. This book focuses on showing that most millionaires are everyday people who save money by living below their means, make wise investments and emphasize their financial independence.
“This book shifts perspectives and helps people understand that building wealth is more about habits and discipline than luck or high salaries,” he said.
‘The Retirement Answer Man’ Podcast
Chad Gammon, CFP, owner of Custom Fit Financial, credits this podcast with helping him transition out of his IT career and into financial planning. The podcast covers a variety of retirement and financial-related topics in common sense yet comprehensive ways that make it accessible to all listeners.
Gammon is a member of the podcast’s Rock Retirement Club, which he said has been a great resource to help understand retirement and money concepts.
‘The Stacking Benjamins Show’
If you’re looking for a fun podcast that takes the boring and stuffy side out of finance, Gammon said that you might like “The Stacking Benjamins Show.”
“It is a very entertaining show that gets off topic very easily, but that is OK, as you’ll pick up some very good financial information in a fun way,” he said.
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