Financial planning is referred to as the process of controlling your finances to attain personal economic contentment. This process sanctions you to be able to manage your financial status. An individual or a family unit must do cautious financial planning to meet certain objectives and needs.
Broad financial planning can help increase the quality of life and personal contentment by minimizing doubts about your forthcoming necessities and resources. Some of the benefits of financial planning are enhanced effectiveness in acquiring, employing, and safeguarding financial resources and increased management of your finances.
Financial planning is a six-step process that involves
- Assessing your recent financial status
- Establishing financial objectives and goals
- Identification of different options
- Evaluation of the different options
- Designing and implementation of a financial action plan, and
- Review and revision of the action plan.
Financial planning books are the best source to get information about financial planning. These books assist you to have deeper insights on how to save, how to plan for insurance, how to plan a budget, how to invest, and how to plan your financial affairs generally.
Here are five Financial planning books you can consider reading.
The total money makeover by Dave Ramsey
It is one of the best books to read when it comes to learning about debt payment. Dave Ramsey, in this book, shares his experience of how he managed to get out of his debt state. As depicted in this book, determining the importance of the situation, designing a practical budget, learning the flow of finances, and acknowledging the harmful myths regarding money can help you stay out of debts. In addition, for heavily indebted individuals reading this book would be a game-changer.
The million-Dollar financial advisor by David J Mullen Jr
David J Mullen Jr wrote the book “The Million-Dollar Financial Advisor” with reference to the 15 interviews he had with the top 15 financial advisors, each running businesses worth million dollars. He then put together the 13 practical lessons in a step-by-step process for fast implementation. The lessons were centered on the essential principles of the industry, like establishing and maintaining good customer rapport.
I am Net worthy by Chris Smith
I am Net worthy by Chris Smith – This book gives an actionable step–by–step procedure to handle personal monetary affairs among the current youths. The book talks about long-term investment and the fundamentals of finances from investing in savings. The author, Chris Smith, and nine other co-writers wrote the book after gathering various perspectives of individuals with the same objective and goal for financial freedom. In addition, the book also coaches on how to end expenditures on non-priority things and putting the finances to work a beneficial financial future.
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Private Wealth Management by G. Victor Hallman, Jerry S. Rosenbloom
This book gives you an understanding and all that you require to work with sophistication and intelligence in the current market, from setting monetary goals and objectives and carrying out the step-by-step planning procedure to putting money into equities and fixed income securities such as savings bonds and treasury bills to retirement wage planning to strategies for lifespan wealth shifts, Real Estate, Insurance, education planning, and others.
Beyond Blessed by Robert Morris and Dave Ramsey – Financial Planning
This book is recommended to anyone who desires to do away with all the monetary stress they are currently experiencing and delight in what the Almighty Creator has planned for us. Robert Morris talks about the significance of being a trustworthy steward in managing your finances and in all aspects of your life.
In this book, the authors have plainly described how to conquer such monetary stress and be delighted. In addition, the book also shared personal stories, actual insights, and the Biblical tenets to assist you in conquering debt, achieve your financial objectives and goals, and encounter the joy the Almighty God plans for you. Reading this book will inspire you to be the best controller of your finances and provide actual step-by-step lessons on getting hold of your money to the next stage.
Conclusion :
When it comes to learning and understanding more about financial planning, there is no substitute for these ancient books. These five books listed above will assist you in commencing your journey into financial planning.