Why Is Financial Literacy Important?
Before we get into the specific books, let's look at why financial literacy is critical. Simply put, if you want to achieve success in life, you need to be able to manage your money effectively. Financial literacy allows you to do just that – it gives you the skills and knowledge necessary to make sound financial decisions that will benefit you both now and in the future.
The Money Game by Adam Smith
The Money Game is one of the oldest and most iconic personal finance books. First published in 1968, this book provides a comprehensive overview of financial concepts and strategies. It's an excellent read for anyone who wants to learn more about personal finance, and it's beneficial for people who are just starting on their financial journey.
What I Learned Losing 1 Million Dollars by Jim Paul and Brendan Moynihan
What I Learned Losing One Million Dollars is a memoir of sorts written by Jim Paul and Brendan Moynihan. In the book, Paul and Moynihan recount their experiences as traders on Wall Street, and they discuss the mistakes that led to them losing a million dollars.
The Investor's Manifesto by William Bernstein
The Investor's Manifesto is a more recent book. However, that doesn't make it any less valuable for personal finance. I would argue that The Investor's Manifesto is one of the most critical personal finance books ever written.