![]() Having a solid understanding of personal finance can help you make wiser decisions about your money. Here are some of the key reasons why financial literacy is so important. Many students graduate from university with rose-coloured glasses, having little knowledge of how money works or even how to handle their student loan debts.īecoming financially literate can save you and your wallet a lot of trouble and confusion, allowing you to get a head start on your financial goals. ![]() ![]() Unfortunately, secondary (and even post-secondary) schools often don’t do a great job of preparing us for the real world. But do note that there is happiness and joy that comes with each of these stages, and you do not have to be at level 5 in order to lead a comfortable life. I know that many people are hungry to make it there, and that level 5 is attractive. You can work away at becoming fully financially independent with the knowledge you can gain in the books on this list, as well as the content on my website. Complete financial independence from jobs, people or institutions.Savings can cover not working for the rest of one’s life.A steady income stream from investments.Savings can cover large periods of time without employment.Ability to put aside money for long-term investments.Ability to pay back debt at a faster rate.Enough savings to cover unforeseen or emergency events.Income sufficient to cover monthly costs of living.Dependency on others for large expenses.Savings insufficient to cover any unexpected or emergency situations.Here are the five levels of personal finance, ending with full financial independence. This term seems to be the end-all-be-all of personal finance, and indeed, it may be. How to buy: Buy it online on Amazon What are the 5 levels of personal finance?Īs you may have noticed, many of the books in this list speak about, and market themselves as, helping readers get to “financial independence”. Also suitable for you if you find that you are buying more than you truly need and spending unnecessary amounts of money in the process, hindering your financial success. Get this book if: you’re looking for a personal finance book that’s intertwined with lifestyle tidbits and unlike other traditional finance books out there. That’s what Cait Flanders talks about in this book how she stopped spending her money on things in a consumerist world that encourages everyone to spend more and how spending less can lead to a more prosperous financial life (or life in general). Step 2 in having more money? Spend less money. Millennial Money: How Young Investors Can Build a Fortune by Patrick O’Shaughnessy These range a variety of topics, from investments, saving, budgeting, becoming financially independent, and raising a family and touch on subjects accessible to readers from all over the world. American personal finance booksĪnd here are the top-ranked personal finance books written by authors to the south of the Canadian border. How to buy: Buy the TFSA book on Amazon as well as on the RRSP. Get this book if: you’re a Canadian who’s not yet taking full advantage of the Tax-Free Savings Account. It might be a bit dated, but it’ll teach you the basics of the TFSA. He also has a book on RRSPs, which I’ll link below.Īlso note that this book was published in 2010, right when the TFSA came out. I know that the sole topic of TFSAs may not be the most riveting of topics, but being literate in this type of saving and investment is an important step in growing wealth as a Canadian. In this book, Gordon Pape goes through everything you need to know about the TFSA and gives you investment tips on how to build your wealth in a tax-free way. If you are a Canadian, the Tax-Free Savings Account is a crucial investment vehicle that you should know more about to maximize your earnings, save on tax, and build your wealth.
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