Top 10 best personal finance books to read in 2020

The economic turmoil caused by the coronavirus pandemic has left more than 30 million people jobless. A large part of the country’s population is locked down in their homes, trying to figure out how to make ends meet, get back in the workforce, learn new skills, or simply enjoy time with family. The Great Lockdown has also exposed how unprepared we are financially. Just when we were borrowing heavily, maxing out our credit cards, and spending extravagantly, a virus almost instantly reduced or stopped our income. The lockdown has given us plenty of free time to introspect, learn, and get better at managing our money. These are the ten best personal finance books to read this year.

The name of this book sounds scammy, but ignore the name. I've read it twice because it's jam-packed with actionable and no-nonsense tips on how to earn more, save more, get rid of debt, and live a rich life. If you are a beginner, this is the book you should start with. Ramit also shares the script you can use to talk your way out of late fees.

The Millionaire Fastlane by MJ DeMarco

The traditional path to wealth is to graduate from college, get a job, save 10% of paycheck, and keep brutally cutting expenses. This book by MJ DeMarco is all about getting from the slowlane to fastlane to create massive wealth. The Millionaire Fastlane is for people who want to get rich young instead of getting rich when they are in a wheelchair.

The Millionaire Next Door by Thomas Stanley and William Danko

First published in 1996, this is one of the best personal finance books of all time. Authors William Danko and Thomas Stanley compare the behaviors of the Under Accumulators of Wealth (UAW) and Prodigious Accumulators of Wealth (PAW). The book shows that most millionaires work hard, live a simple life, and invest their money in appreciable assets. They don't always spend money on designer clothes and luxury cars.

This is one of the most influential personal finance books out there. Author Vicki Robin shifts your focus from strict budgeting to good habits and mindful living to declutter your life, cut expenses, and live happily. The book's nine-step program is useful to people across all age groups - whether you are just starting out or nearing your retirement.

Broke Millennial by Erin Lowry

Broke Millennial is one of the best personal finance books for cash-strapped 20- or 30-somethings. Financial expert Erin Lowry not only addresses your most pressing money concerns, but also shows you how to go from "flat-broke to financial badass." Unlike many other authors, Erin Lowry doesn't look down upon millennials and the financial mess they are in.

Total Money Makeover by Dave Ramsey

Dave Ramsey's Total Money Makeover is all about common sense money management. This is no get-rich-quick scheme. The book dives into how to avoid buying on credit, getting rid of debt, building an emergency fund, and paying cash for almost everything possible. Ramsey also shares the stories of how people transformed their financial lives.

The Automatic Millionaire

This New York Times bestseller begins with the story of an average American couple who put two kids through college, own two homes debt-free, and manage to retire at 55. They did it all on a modest income. The Automatic Millionaire focuses on a one-step process to pay yourself first. It doesn't involve budgeting, a strong willpower, or a sky-high income.

Rich Dad, Poor Dad by Robert Kiyosaki

Rich Dad, Poor Dad is a memoir filled with personal finance lessons. Through his stories, Kiyosaki makes us realize that working for a paycheck is not going to create wealth. The key to great wealth is converting earned income into passive income by investing in stocks, real estate, and other assets. This book deserves to be on everyone's bookshelves. Period.

Think and Grow Rich by Napoleon Hill

Napoleon Hill's Think and Grow Rich was originally published in 1937. Around the same time America was grappling with the Great Depression, Napoleon Hill interviewed a number of wealthy individuals and philanthropists including Andrew Carnegie, Charles Schwab, John D. Rockefeller, and Henry Ford. Hill compiled their ideas and lessons into a book that remains a best-seller decades later.

The Richest Man in Babylon by George Clason

George Clason's classic The Richest Man in Babylon is by far the best personal finance book you can read. Originally published in 1926, it is based on Babylonian parables. It enlightens us on financial planning, saving for rainy days, building wealth, and charitable giving. The concepts are simple and easy to understand, and the book itself is only about a hundred pages.