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Financial Literacy Month Books to Read

Financial Literacy Month: Books to Read

Financial Literacy Month is the perfect time to sharpen your money management skills and take control of your financial future. One of the best ways to improve your financial knowledge is through reading, and we’ve rounded up some of our favorite books offering insights, smart investing strategies, and real-world financial wisdom to help you avoid investment pitfalls, retire early, or build long-term wealth.

 

How Not to Invest by Barry Ritholtz

Many investment books focus on what you should do, but How Not to Invest takes the opposite approach, highlighting common mistakes investors make and how to avoid them. Barry Ritholtz, a respected financial expert, provides insights into behavioral biases, poor decision-making, and misleading investment trends that can negatively impact financial growth. By learning what not to do, investors can make more informed decisions and develop a stronger, more disciplined investment strategy.

This book is particularly useful for those who want to gain confidence in their investing approach and avoid costly missteps that can slow down wealth accumulation.

Quit Like a Millionaire by Kristy Shen and Bryce Leung

Many people believe building wealth and retiring early are only possible for high earners, but Quit Like a Millionaire challenges this notion. Kristy Shen and Bryce Leung share their real-life journey of achieving financial independence and retiring in their 30s despite growing up in poverty and without relying on an ultra-high salary.

The book provides a practical roadmap for achieving financial freedom, covering topics such as smart saving habits, investment strategies, and how to optimize expenses without sacrificing quality of life. The authors also explain why traditional financial advice doesn’t always apply to modern lifestyles and how to break free from outdated money myths. 

This book is ideal for anyone looking to take control of their financial future and explore alternative paths to financial independence.

Rich Dad Poor Dad by Robert T. Kiyosaki

This personal finance classic introduces two contrasting mindsets about money: one from a “rich dad” who understands how wealth is built, and one from a “poor dad” who follows traditional financial thinking. Robert Kiyosaki argues that financial success is not just about working hard but about making smart financial decisions, leveraging investments, and building assets that generate long-term income. 

Rich Dad Poor Dad breaks down key concepts like the difference between assets and liabilities, the importance of financial education, and why traditional schooling often fails to teach real-world financial skills. 

This book is a worthy read, whether you’re just starting your career or are looking for a fresh perspective on money, offering timeless lessons on wealth-building that challenge conventional financial wisdom.

Get a Financial Life by Beth Kobliner

Navigating personal finance can feel overwhelming, especially for young professionals balancing student loans, rent, credit card debt, and early-stage investing. Beth Kobliner’s Get a Financial Life provides a clear, straightforward guide to managing money in your 20s and 30s, covering essential topics like budgeting, debt repayment, investing, insurance, and retirement planning. 

Unlike some financial books that assume readers have a background in finance, this one breaks down complex financial concepts into easy-to-understand, practical advice. This book is especially helpful for those looking to establish strong financial habits early in life and create a foundation for long-term financial security. 

Principles by Ray Dalio

Ray Dalio, billionaire investor and founder of Bridgewater Associates, shares the core principles that have guided his career and investment philosophy. While Principles is not solely about finance, it shares valuable knowledge and advice on decision-making, risk assessment, and long-term strategic thinking – all of which are essential for building and maintaining wealth.

Dalio discusses the importance of developing clear financial and personal principles, using data-driven decision-making, and adapting to the changing world of finance. His principles are not just applicable to investing but also to business, leadership, and personal growth, making this a great read for anyone looking to refine their approach to financial and life success.

 

Reading is just the beginning of reaching financial literacy. Applying what you learn is what truly makes a difference! If you’re ready to take the next step in your financial journey, Blakely Financial is here to help. Our team will develop personalized strategies tailored to your goals, helping you make the most of your financial future. Contact us today to get started.

 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Quiz: How Financially Literate Are You?

Quiz: How Financially Literate Are You?

As we recognize Financial Literacy Month, we must assess our knowledge and understanding of key financial concepts that impact our daily lives such as budgeting, investing, borrowing, and more. Whether you’re a seasoned investor or just beginning your financial journey, this quiz offers an opportunity to reflect on your financial knowledge and take steps toward improving your financial literacy. Are you ready to see where you stand? Dive into our Financial Literacy Month quiz and put your knowledge to the test!

What is the effect of compound interest on an investment over time?

  1. Decreases the total amount of interest earned
  2. Increases the total amount of interest earned by adding interest to the principal and accumulated interest
  3. Has no effect on the total amount of interest earned
  4. Only applies to savings accounts

Correct Answer: 2

Compound interest allows you to earn interest not only on the initial principal amount invested but also on the accumulated interest from previous periods. Over time, this compounding effect results in the exponential growth of your investment, significantly increasing the total amount of interest earned.

Why is diversification important in an investment portfolio?

  1. It guarantees a fixed return on investment
  2. It reduces risk by spreading investments across various asset classes
  3. It focuses investment in one sector to maximize returns
  4. It ensures all investments will profit

Correct Answer: 2

The process of diversification involves spreading your investments across different asset classes to minimize risk. These may include stocks, bonds, and real estate. By diversifying your investment portfolio, you can mitigate the impact of adverse events affecting any single asset or sector. This will help stabilize returns and potentially improve long-term performance. If you’re struggling to diversify your investments, meet with your financial advisor to discuss your options.

Which of the following accounts offers tax-deferred growth?

  1. Checking account
  2. Certificate of Deposit (CD)
  3. 401(k) or Traditional IRA
  4. Brokerage Account

Correct Answer: 3

Tax-deferred growth refers to the ability of investments to grow without being taxed until withdrawal. Both 401(k) plans and Traditional IRAs offer tax-deferred growth, allowing your investments to compound over time without being subject to immediate taxation on earnings. Everyone’s financial situation is unique, so be sure to talk to your financial advisor to be sure you are taking advantage of the best plans and accounts for you.

What is a “bull market”?

  1. A market characterized by declining stock prices
  2. A market in which stock prices are remaining stable
  3. A market characterized by rising stock prices
  4. A market that exclusively trades in agricultural stocks

Correct Answer: 3

A bull market is a period characterized by rising stock prices and investor optimism. During a bull market, investor confidence is high, leading to increased buying activity and upward momentum in stock prices across the market.

What does a fixed-rate mortgage offer that a variable-rate mortgage does not?

  1. A mortgage rate that changes with the market
  2. Lower interest rates over the life of the loan
  3. The same interest rate and monthly payment throughout the life of the loan
  4. Higher borrowing limits

Correct Answer: 3

A fixed-rate mortgage offers borrowers the security of a consistent, or fixed, interest rate and monthly payment throughout the life of the loan. In contrast, a variable-rate mortgage will have interest rates that fluctuate with market conditions, resulting in varying monthly payments and potentially higher levels of financial uncertainty for borrowers. Talk to your financial advisor to sort out which option is best for you and your financial health. 

Whether you aced every question and passed with flying colors or found new areas to explore, taking the time to assess your financial literacy is a valuable step toward financial empowerment. Remember, financial literacy is an ongoing journey, and there’s always room to learn and grow. 

If you found any questions throughout the quiz challenging or would like to delve deeper into any topics, contact the Blakely Financial team today. We are ready to help you navigate your financial journey with confidence! For additional resources and insights designed to boost your financial understanding, check out the Blakely Financial website

 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Financial Literacy Month Our Favorite Podcasts

Financial Literacy Month: Our Favorite Podcasts

April is Financial Literacy Month, a time dedicated to empowering everyone with the knowledge necessary to make informed and effective financial decisions. There are many ways to improve your financial literacy, and we are thrilled to share some of our favorite resources to boost your financial wisdom. As a listener of the following podcasts, you’ll gain valuable insights from experts, hear real-life stories, and listen in on thought-provoking discussions on a wide range of financial topics. 

Planet Money

Financial Literacy Month Podcast: Planet Money

Our first highlight is Planet Money, a podcast by NPR that makes economics fun, understandable, and relevant. The podcast can take any topic and relate it back to the economy, helping you understand both the economy and the world as a whole. 

Episodes are typically around 30 minutes or less. Here are some recent examples of episodes we’ve enjoyed:

Planet Money can be found anywhere you listen to your podcasts!

BiggerPockets

Dive into the world of finance, entrepreneurship, and real estate with our next podcast pick: BiggerPockets. Whether you’re a seasoned investor or just getting started, BiggerPockets offers invaluable insights to help you build your wealth and navigate the complexities of real estate investment.

Most episodes are less than 1 hour long. Here are some recent episodes we enjoyed:

BiggerPockets is available anywhere you listen to your podcasts!

Bloomberg’s Masters in Business

Our next feature is Bloomberg’s Masters in Business. This podcast brings the insights of the world’s leading business minds right to your ears. Delve into deep conversations with industry pioneers in finance, economics, and beyond. Discover the strategies and stories behind successful business ventures, elevating your understanding and inspiring you with every episode. 

Episodes vary in length, ranging from just 5 minutes to over an hour long. Here are some episodes we’ve enjoyed recently:

Masters in Business is available wherever you listen to podcasts!

Exploring podcasts during Financial Literacy Month offers an engaging and accessible way to expand your financial knowledge and empower yourself to make informed decisions about your finances. Whether you’re looking to improve your budgeting skills, learn about investing, or gain a deeper understanding of economic concepts, these podcasts provide valuable resources to help you navigate your financial journey with confidence. Grab your headphones and start listening – your healthy financial future awaits!

For more personalized advice and insights, contact the Blakley Financial team today. Our advisors are available and ready to assist you in your journey toward strong financial literacy and well-being.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Books to Help You Improve Your Financial Literacy

Books to Help You Improve Your Financial Literacy

Financial literacy is an essential skill that can always be improved, regardless of your previous knowledge. Understanding how money works, how to manage it, and how to make it work for you are key to being financially literate. Luckily, there are plenty of resources to help improve your proficiency with personal finance.  Below are a few of the Blakely Financial Team’s favorite books to improve your financial literacy.

Mind Gym: An Athlete’s Guide to Inner Excellence by Gary Mack and David Casstevens

Although Mind Gym is not specifically about finance, it offers valuable insights into the mindset and attitudes required for success in any field. This book explores the psychology of winning, and how an athlete’s mindset can impact their performance. The lessons in this book can be applied to all aspects of life, including financial success. Mind Gym emphasizes the importance of focus, confidence, and visualization in achieving success, all of which can help you achieve fiscal success.

Think and Grow Rich by Napoleon Hill

Think and Grow Rich is a classic book on personal finance and self-improvement. Published in 1937, it has sold millions of copies worldwide and is a source of inspiration for many successful individuals. This book discusses the importance of mindset, persistence, and goal setting in achieving financial success. The book emphasizes the importance of having a clear financial goal and a plan for achieving that goal. It also discusses the power of positive thinking, visualization, and affirmations in achieving financial success. By applying the principles outlined in this book, readers can improve their understanding of finances and make more confident choices with their portfolio. 

Freakonomics by Steven Levitt and Stephen Dubner

Freakonomics explores the intersection of economics and everyday life. It presents a unique and unconventional perspective on a range of topics, including incentives, risk, and decision-making. This book challenges readers to think critically about the economics that influence their lives, and encourages readers to question common assumptions about personal finance.

Improving your financial literacy and your attitude towards money is essential for achieving financial success. Reading is a great way to familiarize yourself with personal finance, and to feel more confident about the choices you make with your own investments. These three books, Mind Gym: An Athlete’s Guide to Inner Excellence, Think and Grow Rich, and Freakonomics, can provide valuable insights into the mindset required for financial success. By reading and applying the principles outlined in these books, you can develop the skills and knowledge necessary to achieve your financial goals. 

The views and opinions expressed in these books are for general informational purposes only and are not intended to provide or be a substitute for specific professional financial, tax or legal advice or recommendations for any individuals. They should not be construed directly or indirectly, as an offer to buy or sell any securities that may be mentioned in these publications.
Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.