Managing your wealth goes beyond just crunching the numbers. Of course, there’s quite a bit of mathematics that goes into play but there’s also an element of art that goes into making sure your wealth works for your specific goals. The whole point of managing your wealth is maximizing the value of your capital so you can apply it to your goals. In order to effectively manage your wealth, you need to understand why you’re managing it and what you want your money to do.
You also need a clear understanding of all the assets that make up your wealth. Take your time to gather and organize all your financial information in a way that gives you a wide view of what’s going on. Books on wealth management are great because they help you handle your money better. At the most basic level, you can learn why paying yourself first pays off or how to manage and pay off debt so that you can become smarter and more confident when handling your finances.
But there’s more to them than that. These books teach you to finance, how to invest, manage a mortgage, create a nest egg, save for retirement, and ultimately help you overcome common mistakes and form a healthy relationship with your money. Below are some of the books on wealth and finance management that you’ll find useful.
1. Capital Without Borders: Wealth Managers and the One Percent By Brooke Harrington
This book talks in detail about the tactics and strategies used by high-profile wealth managers to help the ultra-rich secure their wealth. The author tries to unravel the hidden world of wealth with the intention of finding ways and means of protecting billion dollars’ worth of wealth from legal entanglements such as taxation laws. This wealth, not always acquired by conventional means, is kept safe in foreign tax havens away from local laws or hidden away in offshore accounts or shell corporations that are created solely for this purpose.
Harrington spent years researching this topic and it shows in the manner in which she details how meticulously these professionals do their jobs ensuring their clients don’t land in any trouble legally.
2. Why Didn’t They Teach Me This in School? By Cary Siegel
Money is always the thing most people wish they learned more about in school. The author who is a retired business exec divides the book into ninety-nine principles and eight money lessons that you should have been taught in high school or college but weren’t. Initially, the author intended this book to be for his kids when he realized they didn’t learn how to manage finances prior to entering the real world. It later turned out to be a successful guide that anyone can use to gain first-hand experience and advice on wealth management from the author.
3. Richest Man in Babylon By George Clason
This isn’t your typical book on wealth management. It’s actually a collection of fairy tales on finance that otherwise apply in the real world. The author tries to help readers grasp the how and why it’s important to save, invest and grow wealth. Although the book was written in the twenties, it still applies in the world we currently live in. What makes the book unique is the simplicity of the language and the context in which some fellow struggle to find their footing in the world in the ancient city of Babylon.
The book helps modern investors become aware of their power and realize the simple mistakes they might be making while making financial choices. It’s fascinating how this book has inspired many others that are similar to it.
4. Rich Dad Poor Dad By Robert Kiyosaki
This is a well-known book that has stuck around for more than two decades. Kiyosaki shares what he learned while growing up from his father and his friend’s father, who is in fact the rich dad being referred to in the title, and the ways in which both men shaped his thoughts about money and investing. The book busts the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you.
Rich Dad Poor Dad also challenges the belief that your house is an asset. He defines once and for all the difference between an asset and a liability, and explains to parents why schools won’t teach their kids what they need to know about personal finance and also what to teach them about money for their future financial success.
5. The Millionaire Next Door: The Surprising Secrets of America’s Wealthy By Stanley Thomas
This is a guide on how to build wealth in America focusing on stories of everyday people who went on to become millionaires by simply working hard and persevering. The author goes on to debunk several myths about wealth and explains how in most scenarios it’s not the inheritance, education or even intelligence that matter most when it comes to success but rather one’s ability to persevere.
He emphasizes that your saving habits, making effort, and even living below your means are what hold the key to becoming wealthy. The book takes us through wealth management and attaining financial freedom. Who better to take advice from than two renowned social scientists who have been studying the habits of affluent people for over three decades?
In this book, they unpack the millionaire next door profile, his or her financial practices, and what we can learn from a frugal mindset. Ultimately your typical millionaire lives a modest life and budgets wisely.
6. The Automatic Millionaire By David Bach
The Automatic Millionaire tells the story of an average American couple whose joint income of about fifty-five thousand dollars managed to own two homes debt-free, put two kids through college and retire at the age of fifty-five with more than a million dollars in savings. Readers get to learn that sticking to a budget is no way to become rich. You have to put a plan in place that will pay you first that is totally automatic, securing your future.
What makes the book stand out is that you don’t need a budget, willpower, lots of money, or even be interested in money. The author uses principles that tell you everything you need to know to become an automatic millionaire. Some of the lessons you can pick from this are that small purchases add up, pay yourself first, savings and investments compound over time and you can automate almost every aspect of your money.
7. Private Wealth Management By G. Victor Hallman and Jerry Rosenbloom
The book details the various aspects of financial planning and offers both a theoretical and practical foundation upon which professionals can work. This work addresses most of the critical issues such as setting up financial objectives and creating a wealth and investment strategy that is suitable for a particular client. The book ensures today’s professional investors and financial stewards have reliable guidance on the latest legislation, economic developments, and wealth management trends and techniques.
The latest edition provides everything you need to operate with sophistication and savvy in today’s markets from setting financial objectives and executing the planning process to investing in equities and fixed-income securities to retirement income planning to methods for lifetime wealth transfers and more. Written for serious practitioners, this one-of-a-kind guide gives you a solid foundation for planning a prosperous financial future in the real world.
8. I Will Teach You to be Rich By Ramit Sethi
Many young people are simply getting by living from paycheck to paycheck with no savings or a financial plan for their future. The book offers insights that are valuable to those in their twenties and thirties in America but can also be used by anyone who wants to have a better handle on their finances. You don’t need to be a financial guru to become rich.
You only need to know the basic financial management principles which are budgeting, conscious spending, sensible banking and buy and hold investment strategies. The book presents a six-week program that’ll help you begin to manage your finances better and live a life that’s more fulfilling. They involve managing your credit, optimizing your bank accounts, preparing to invest, adopting conscious spending, automating your money transfers, and knowing what to invest and how.
9. Wealth Management Unwrapped By Charlotte B. Beyer
This wealth management book was written with the intention of helping the reader make wise financial decisions. A lot of information is displayed for the reader to have the ability to choose their own financial advisors and eventually come to the realization that they themselves are responsible for their finances. Investors learn how to ask the right questions before requesting the services of an advisor and more so find out the type of investor they are.
This helps them make a better choice of financial services they might need or adopt suitable investment strategies as an investor on their own.
10. The Total Money Makeover By Dave Ramsey
The book is a guide on money management that explains how to be financially independent and live a life free of debt. A lot of information is provided regarding emergency funds and dealing with all manners of liabilities with a streamlined approach to money management. Quite a number of myths surrounding money that prevent people from realizing their financial potential are also tackled.
The book basically addresses various financial issues which include liabilities, how to keep track of your financial progress, and finally regaining control of your financial life. There’s also some solid advice on how to start an emergency fund, saving for college, and how to utilize the snowball method as a way to pay off debt. This New York Times best seller explains in a straightforward way how to get out of debt and improve your financial picture by avoiding pitfalls like cash advances, rent-to-own, and using credit.
One of the most important things you can do to prepare for your future is to start saving now. There are many different strategies that you can use to save money but one thing that might work especially well for you is reading books on wealth management. The books mentioned above are but a few out of many books you’ll find helpful. Others include Behaviour Finance and Wealth Management by Michael Pompeian, Get Good with Money by Tiffany Aliche, The Intelligent Investor by Benjamin Graham, The Simple Path to Wealth by J.L. Collins, and many more.
Wealth management not only helps us understand the underlying concepts of wealth creation but also deals with the efficient management of resources. So be sure to pick up some of these books and you’ll be on your way to becoming an expert at managing wealth.
Disclaimer: I do not claim to be a financial advisor. This article is just meant to be informational. There is no official financial guidance provided. Please consult a professional before making any financial or investing decisions. Your investments are entirely your responsibility; I’m just sharing my own ideas here with no assurance of profit or loss.