Morgan Housel's The Psychology of Money has been popular of late, sitting on the list of bestsellers at MPH. Perhaps one major draw is Housel's perspectives on money, and when your views on something that's neglected, avoided, or taken for granted are profoundly altered, the experience can be life-changing.
If you've enjoyed that book, perhaps you should look at these titles next...
Your Money or Your Life by Vicki Robin and Joe Dominguez
Penguin Books
9780143115762
Like how Housel aims to change how you see money, this book is about changing your relationship with it, ultimately helping you take control of your life. First published in the early 1990s, this revised and updated edition covers more topics to make the authors' nine-step programme more relevant with the times. While some advice, like investing in funds, may not apply to some readers, the book has enough to kick-start your journey towards better financial management.
The Wisdom of Finance by Mihir Desai
Profile Books
9781788160056
Drawing from his knowledge of film, literature, history, art and theatre, Mihir Desai explains concepts and ideas in finance that cuts through the murk that obscures its inner workings. Stories and case studies make financial concepts more human and reveal their importance in life. Non-finance types will find this book's refreshing takes on the subject accessible, while insiders and professionals can see their industry in a new light.
The Millionaire Next Door by Thomas J. Stanley and William D. Danko
Taylor Trade Publishing
9781589795471
Not all millionaires live in neightbourhoods like Sri Hartamas or Bukit Tunku – you might find a few in humble residential tamans, or maybe even next door! Though this classic is based on observations of self-made and economically successful Americans, your millionaire neighbour might share some, if not all of, the seven traits described in the book that made them who they are. Adopting these traits may not make you a millionaire, but they should help you get a better rein on your finances.
The Simple Path to Wealth by J.L. Collins
CreateSpace Independent Publishing Platform
9781533667922
This book is said to have grown out of the author's series of letters to his daughter that mostly talked about money and investing. So it would make sense for him to put it in terms that are (relatively) easier to understand. With advice on debt, investing, building and preserving wealth and more, Collins drives home the point that one cannot be complacent where one's finances are concerned, and being financially competent doesn't require guru-levels of knowledge. (The Malay edition from Acepremier.com can be found here.)
The Behavior Gap by Carl Richards
Portfolio
9781591844648
Another book that aims to rewire our thinking when it comes to money. As a financial planner, Carl Richards grew frustrated watching people he cared about repeating the same mistakes, driven by emotion and avoiding smart financial decisions. With simple drawings, he illustrates this "behavior gap" and explains how to narrow it, bringing us closer to what we should do to improve our finances. His book will teach you how to rethink all kinds of situations where your natural instincts can cost you money and peace of mind.
What do you think of our suggestions? We hope they will be of some help. As many of us feel the crunch, arming ourselves with some financial knowledge is a good idea. Happy reading, stay safe, and spend smart.
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