7 Must Read Personal Finance Books For Canadians
Taking control of your money and life can be significantly aided thanks to the wise, inspiring and concise words of an author. These 7 must read personal finance books for Canadians have helped hundreds of thousands (if not millions) of combined readers get on the path to financial betterment.
“Reading is to the mind, what exercise is to the body.” – Joseph Addison.
Whether you’re just starting your financial journey or approaching the end, the knowledge in these books covers all areas of money. From investing and retirement to saving money and growing your income, this collection hits on the whole spectrum.
There are dozens of amazing personal finance books but these are 7 of the best for Canadians.
1. Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School
The first book on the list is one of the most popular, highly-rated personal finance books anywhere, not just in Canada. This great piece of literature was penned by Andrew Hallam, a Canadian and former high school English teacher.
Millionaire Teacher was first released in November 2011 but has since been updated and re-published in January 2017.
The revised second edition has been updated to better reflect the financial markets and landscape of present day. This includes sections on robo-advisors, passive investing and an overall refresh to ensure the content best fits modern money versus that of 2011.
From cover to cover, Millionaire Teacher is a holistic overview aimed to help readers take control of their money and lives by building wealth the right way.
It’s a must-read for any Canadian looking to better their financial situation.
2. The Value of Simple: A Practical Guide to Taking the Complexity Out of Investing
This next book focuses on investing and in particular, removing the stress and difficulty from investing.
The Value of Simple is written by Canadian blogger and author John Robertson. The book was released with a revised, second edition in February 2018.
The book description on Amazon lays it out perfectly:
Putting your money to work can look suspiciously like math at times, but this book lays out a simple approach that anyone can follow. Inside you will find tools and templates, along with easy suggestions and rules-of-thumb to help prevent analysis paralysis and get you started fast.
Control what can be controlled; minimize fees and effort. Investing doesn’t have to be complex to be successful. Keep it simple and you will succeed.
This book does everything as described above and more.
In terms of building a foundation of smart investing practices in Canada, The Value of Simple nails it.
3. Wealthing Like Rabbits: An Original Introduction to Personal Finance
Robert R. Brown is the man behind Wealthing Like Rabbits. This personal finance book for Canadians brings together a framework of fundamental money knowledge in a fun, light-hearted manner.
The books covers the full spectrum of money management, from mortgages and credit cards to TFSAs and all facets of retirement saving.
As described on Amazon:
Combining a unique blend of humour and perspective with common sense, Robert R. Brown takes you through the basics of financial planning by using anecdotes and pop culture to shed light on some of the most important, yet often mismanaged aspects of personal finance.
If you’re looking for a book with a more down-to-earth, entertaining approach to personal finances, this is the one for you.
4. I Will Teach You To Be Rich
This next book has helped changed the financial journey of hundreds of thousands of readers. The author, Ramit Sethi, might be American but the money lessons included here are relevant to all Canadians.
I Will Teach You To Be Rich is a no BS, straight to the point approach to bettering your personal finances.
The book is laid out in framework built around four financial pillars: banking, saving, budgeting and investing. Plus sheds light on the importance of personal entrepreneurship. It’s intended to be a 6-week program that navigates readers down a series of lessons.
With over 1,200+ reviews and an average rating of 4.5/5 it’s one of the most popular and frequently read personal finance books.
5. The Millionaire Next Door: The Surprising Secrets of America’s Wealthy
What common traits and habits do the millionaires of America have in common? Are there specific lessons we can learn from those best managing their financial situations? Can the everyday person put in place any of these strategies?
Thomas J. Stanley answers these questions in the New York Times bestselling The Millionaire Next Door. This new release was published in 2010 (the original was first available in 1998).
It’s a life-changing read to realize how those prospering financially approach their money. The focus here isn’t multi-millionaire athletes or high-level executives. These are the millionaires next door. The stealth wealth who are mastering their money and personal finances.
The book highlights seven different traits that are frequently seen over and over again. These are data driven realizations that can truly shift how you manage your money.
6. Your Money or Your Life: 9 Steps To Transforming Your Relationship With Money and Achieving Financial Independence
Your Money or Your Life is a stalwart of the personal finance community. We’re talking over a million copies sold globally type of stalwart.
Originally released in 1992 and it has since been updated in 2018 to better fit the modern world of money. Whether you’re just beginning your financial life or heading towards retirement, this book will show you how to:
- Get out of debt and develop savings
- Save money through mindfulness and good habits, rather than strict budgeting
- Declutter your life and live well for less
- Invest your savings and begin creating wealth
- Save the planet while saving money
Vicki Robin and Joe Dominguez penned this book at a time when the masses weren’t talking about or even aware of the concept of financial independence. It helped shift the mindset on the role money plays in your life.
Now with the recent 2018 update, the FIRE continues to spread to new generations. It was a classic, is a classic and will remain a classic.
7. Principles: Life and Work
This final book isn’t a personal finance book in the traditional sense per se. However, the fundamental lessons ingrained in this book can be transcended across all areas of your life, including your money.
Principles is written by Ray Dalio, one of Time magazine’s 100 most influential people in the world and one of the most successful entrepreneurs and investors ever.
This book shares what he’s learned over the course of his career heading up Bridgewater Associates. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines.
From habits and routines to growth and success, Principles can help shift your personal finance journey.
In Closing…Must Read Personal Finance Books For Canadians
The 7 must read personal finance books for Canadians above are only a small sample of the amazing pieces of literature available.
Whether you’re just starting out and looking to get on the right path or further along on your journey, you can gain knowledge from the great books available on money and life. One sentence or chapter might shift your entire financial trajectory.
“The only important thing in a book is the meaning that it has for you.” – W. Somerset Maugham.
Every reader is unique and the type of content that will benefit them differs from person to person.
What’s your must read personal finance book? Which books have helped change your financial life?
Let me know in the comments below.
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