Best Personal Finance Books

How can you create wealth for yourself and your family? There are thousands of talking heads out there who will freely give financial advice whether people ask for it or not. Some of the advice or information seems contradictory to other advice.

Like other things in life, it is up to the individual to find out which savings and investment plans are right for them. Some personal finance books and experts seem to recognize this. Either they provide advice that can be used in different situations or qualify their insights by saying that they will only work in such and such as situation. Or, they provide timeless advice that can be applied to any situation.

Here are some of the best books and most reliable gurus with straightforward advice that can help you plan your own financial future.

Financial expert Suze Orman is one of the most respected personal finance gurus. She regularly writes books and stars in specials that air on cable and PBS. She is known for her straightforward presentation of information and for describing the ins and outs of investment and banking clearly. She often tailors her how-tos for women and is probably best known for championing female financial independence.

Rule #1 has stood the test of time. Investor Phil Town has made millions following a simple principle of researching companies thoroughly and buying stocks that he finds to be undervalued. This is not a “get rich quick” style of investing, but Town claims that in an ideal situation, you can find stocks that may double, triple or even quadruple in value over the course of ten years.

Ed Slott is a tax expert who promotes the use of Roth IRAs. He explains these unique investment and retirement vehicles in a series of books and TV specials. He clearly explains the ins and outs of this type of investment and the tax advantages that it provides (many people overlook Roths because they require payment of taxes on the amount invested up front). Slott also explains things like how to protect your estate from taxes and how to shelter other investments from Uncle Sam. This makes him a good guru to look to if you want tax advice, even if your investment strategies come from another source.

Jim Cramer is known for his manic, energetic demeanor on his CNBC TV show Mad Money. He is the best expert to look to when it comes to investing in the stock market independently. He himself is a successful money manager, but gains credibility with conservative investors because of his no nonsense approach to investing and his openness about the risks of stocks. His highly recommended series of books, including Mad Money, tells investors how to make money in the stock market, but he prefaces the advice by saying that it should only be done with extra money (“mad money,” as it were) and only after more conservative savings plans have been put in place. His also stresses the importance of research and hard work that are hallmarks of all serious investors.

Andrew Tobias wrote an uniquely titled book “The Only Investment Guide You Will Ever Need.” This book explains the ins and outs of saving and managing money in plain language. Tobias explains the element of luck involved in investing in the stock market and offers practical advice for casual investors. He explains basic principles like compound interest and value investing that are useful for everyone, stock trader wannabe and conservative CD savers. Best of all, he gives advice about saving money on everything from entertainment to groceries to wine. This practical info makes this the one book for anyone from stock market junkies to stay at home moms.

Mark Rodgers has been in personal finance for 4 years. He currently gives advice on how people can maximize their savings and how to utilize a budget calculator.