People I’ve met are always interested in taking control of their finances but they have no idea where to begin. I believe that if you read just two books on personal finance that you would probably know more than 80 percent of the population, it’s that easy. You obviously won’t understand everything right away after reading a book, but you’ll quickly realize how many of the fundamentals overlap. Things that seemed foreign to you before will all of a sudden make sense and you’ll understand how thing happening around the world affects your finance. To help you get started, here’s my list of the best personal finance books for Canadians.
Happy Go Money
As you scroll down my list of the best personal finances books in Canada, you’ll quickly realize that many of my picks have a strong focus on managing your money and investing, Melissa Leong of CTV’s the Social talks about how to invest too, but her book, Happy Go Money focuses more on your relationship with money. It’s an interesting take since she uses a lot of research to show that people aren’t necessarily happier when they have more money. Many people who were also trying to reach certain milestones are less happy once they reach their goal so this book really forces you to think about what matters to you and how money plays a role.
Hands up if you didn’t learn a single thing about personal finance in school? The author Andrew Hallam takes us on a personal journey and covers just about all the scenarios that we need to be prepared for. This book is a personal favourite of mine because I honestly agree that these rules should be taught in school. This is a very easy book to read and I consider it to be almost like a modern day version of The Wealthy Barber. It was recentlly updated with a ton of new information, read my full review of the book now.
Wealthing Like Rabbits
Robert R. Brown is a relatively new player to the personal finance world and I recently compared him to Star Lord in my book review. As the subtitle suggests, this really is an original introduction with references to zombies, the Toronto Maple Leafs and the Mario brothers. This is a good read for those who want to be entertained while learning about their personal finances.
This is a book I read and reviewed and I highly recommend it for anyone who is interested in learning more about personal finance. Do you find it difficult to take control of your finances because the fancy lingo intimidates you? Fear not as Preet Banerjee is able to breakdown all the terms in a conversational way. After reading this book you’ll have a clear understanding and you’ll be ready to tackle your finances. Preet is one of the original personal finance stars in Canada and continues to do a podcast so getting his insights on money isn’t a bad thing.
Certified Financial Planner, Shannon Lee Simmons has two books, but the one I read was Worry-Free Money. What makes this book unique is how Shannon is able to share stories that she has encountered with her clients (with their permission and names changed). It’s crazy to think that some of these things even happened, but they you quickly realize that it’s not hard to imagine yourself in a similar situation. Shannon talks about why we spend and why a traditional budget may not work for us. In the end, she shares how it’s about recognizing moments where you’ve screwed up and now you can get your money back in order.
Personal Finance for Canadians for Dummies
I consider this to be the ultimate primer when it comes to personal finance for Canadians. The Dummies series of books is often ignored for their name but I find they are simple reads. Eric Tyson covers literally everything you need to know, the book does come in at over 400 pages so use this more as a reference book. I didn’t read the most recent edition, but it was updated in 2018 so it likely covers all the recent trends such as robo-advisors.
The Millionaire Next Door
I read this book a few years back and haven’t touched it in a while but it had a pretty big impact on me. The book basically tells us that millionaires don’t drive fancy cars, have big houses or take expensive vacations; they became rich by simply living within their means. I’ve always been frugal with my money so it was nice to hear that I shared similar characteristics to millionaires. Spending less than you make is the key to financial success so don’t concern yourself over what other people are doing, there’s a good chance it’s just all appearances. Note that this book focuses on Americans but it’s still one of the best personal finance books for Canadians on my opinion.