As much as this is not always the case, a substantial number of people of color have inherited generational debt, poverty, and the paycheck-to-paycheck survival lifestyle. This might be due to inadequate access to wealth-generating channels, lack of money management skills, racial inequality, and/or financial illiteracy.
We may have tried to create awareness for this by leveraging social media hashtags, online media campaigns, and the like, but we shouldn’t stop there. This is a cultural and systematic problem and won’t go away with just a social approach. Knowing fully well that mindsets are the biggest hindrances to the financial success of any group of people (black, white, Asian, etc.), an effort has to be put into financial education. Financial literacy helps break mental hindrances and the result is attainable financial freedom.
The black community really needs hard work and a good understanding of how money works. This is the ultimate key to financial freedom. To help get you started on your journey, we have curated this list of the best financial books to read.
These are some of the best financial books black people should read…
#1. The Millionaire Next Door by Thomas J. Stanley
For this book, Thomas J. Stanley profiled a slew of America’s wealthy citizens and found that they’re more similar than they are different. In his research on millionaires, he discovers seven not-so-surprising habits they have in common, including living below their means and rejecting traditional consumerism. This book has over 5,300 five-star reviews.
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#2. I Will Teach You to Be Rich by Ramit Sethi
One of the best financial books colored people should read in 2023 is definitely this. “I Will Teach You to Be Rich” is a New York Times and Wall Street Journal bestseller now in its second edition. The book focuses on individuals who are beginning their financial journeys, such as college graduates and newlyweds. But the tips shared are easily applicable to all. Sethi offers readers an abundance of easy-to-integrate money management tools. The book also contains stories of how readers of the first edition implemented its advice to resounding success.
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#3. Broke Millennial by Erin Lowry
If you’re looking for a financial book that’s written for 20- and 30-somethings, Broke Millennial by Erin Lowry is your best bet. In this book, Lowry uses real talk and true stories to address tricky money matters and situations. It also gives implementable advice on financial matters such as student loan debt, splitting bills with friends, and communicating financial health with new partners. Plus, it boasts a conversational and humorous tone you’ll find entertaining. Broke Millennial was a Washington Post Color of Money Book Club pick.
#4. The Smartest Investment Book You’ll Ever Read by Daniel R. Solin
Solin doesn’t mince words in this concise financial book. As an investment expert with years of proven records, he uses this book to make it easy for anyone to get started with investment and sets an investment plan that takes simply 90 minutes a year. It might sound too simplistic, but it definitely will help you create a diversified portfolio.
#5. Complete Guide To Money by Dave Ramsey
This is the perfect financial book for you, especially if you’re looking to have a grip on your money and have it produce results in your life. Dave Ramsey’s book will teach you how to budget and stay debt-free in a system that wants to keep you in perpetual debt. This is definitely a must-have.
#6. Rich Dad, Poor Dad by Robert T. Kiyosaki
If you’re still of the opinion that you need a high-paying job to become rich, then you need to sit under the tutelage of this personal finance classic book. It will show you the difference between working for money and having money work for you. It’s not always about piling up more degrees to beef up your CV.
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#7. Think And Grow Rich: A Black Choice by Dennis Kimbro
This classic rewriting of the renowned author Napoleon Hill’s Think and Grow Rich has been tailored for a black audience as it addresses issues like racism and poverty. Dennis Kimbro pours his wealth of experience into this book making it a must-read success guide for any person of color.
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#8. The Richest Man In Babylon by George S. Clason
Never in the history of financial books have you seen financial advice broken down into interesting, intriguing, but insightful parables. This is one book you should read annually to remind yourself to remain on the wise financial path. A principle you’ll learn from this book is owning your own property, and that’s exactly one of the things people of color around the world should really put their minds to doing.
#9. The 21 Financial Fast by Michelle Singletary
Fasting is not only for the health-conscious and/or the spiritually aware. Michelle shows us that it’s also a smart financial move to delay gratification in this 21-day challenge. The Washington Post columnist challenges us to buy only the bare necessities and halt credit card use. This will succinctly lead to financial freedom and a debt-free life because a debtor is “always sad and looking behind their backs.“
Being financially literate is the foundation for people of color to own properties, stay debt-free, plan for retirement, and break the paycheck-to-paycheck cycle. “Once you learn to read, you will be forever free” – Frederick Douglass.
Featured image: Daniel de la Hoz/iStock
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