What are the best personal finance books for people who are actually poor?

[Petunia 100]

Any good savingadvice member isn't going to pay for a money book.

Keep rummaging through dumpsters and yard sales until you cabbage onto one for free.

There is a wonderful free resource called a library.

[scfr]

This is a tough question to answer, because of the uniqueness of each individual, but here are a few random thoughts:

1. The "best PF book for a person who is actually poor" may not be a PF book. For me the journey began when I read an advice column that got through to me about the need to grow up and take responsibility for my own life instead of blaming my past and others. (Then I went on to read a great book, but without first reading and internalizing that advice column I would not have been able to absorb and apply the information I got from the book.) Some people may find inspiration from religious texts (Bible, Quran, Sutras, etc). Some may find inspiration from reading biographies about people who have overcome obstacles. Some may find inspiration from general self-help books. I would encourage someone who wanted to take the reading route to learning to go to the library and spend some time browsing different sections, sampling books, reading the newspaper, just generally exploring, and finding out what appeals to them. They may not find immediate answers, but they may wind up enriched in ways that will benefit them down the road. Plus, they'll be spending their time on a productive activity that doesn't involve spending money.

2. Do math skills need improvement? Basic math is pretty important when it comes to PF. If someone's basic math skills could use some improvement, I'd make improving those a priority. There may be free resources available (check something like Khan Academy free online courses, or the local library's online tools).

3. Check out AmericaSaves.org - "motivates, encourages, and supports low- to moderate-income households to save money, reduce debt, and build wealth": https://americasaves.org/learn-more-...-america-saves

[prosper]

"Personal Finance for Dummies" and the like have great advice for people who are looking to better their finances, but what about individuals without the means or support to get started? Are there any tools for individuals who are flat broke and come from broken homes?

I ask because I've been in a place where I had nowhere to turn for advice or help. I was living paycheck-to-paycheck, couldn't get a loan from anyone, had no credit, and no savings. Are there PF help books and tools for these folks? What are they?

People that are actually poor need a "vision" and motivation. Most poor people are surrounded by other poor people. Survival is the daily goal. If someone lives at the poverty level, poor money management skills is not the problem. I would actually recommend a motivational book.

On the other hand, if you make 75K and live paycheck to paycheck, then a good hard look at what you are spending your money on is in order.

[Gailete]

I have read oodles of personal finance books. The first one that I remember hanging on to was Charles Long, How to Survive Without a Salary. Which took an entirely different approach to finances and even in the book he talked aobut how it is easier for him to live his lifestyle of no job and minimal income than a 'poor person', partly because his whole 'system' is you want to call it that revolves around what do you really want to do. Not everyone can do what he and his wife did, but it sure inpsired me.

I read your Money Or Your LIfe, which can also aid in getting you motivated as you need to figure out what is important to you. I was speaking via email with a friend today about tenants if you are a landlord with December being the worst month for tenants to pay their rent on time and they always blame Christmas as if the lanlord doesn't and has no need of their rent money in December! In Your Money or Your Life, the book helps you, if you follow the steps, and even someone poor can do this, you figure out what is important to you and how much of your working time and energy is worth so that maybe spending $500 on Christmas presents isn't the best way to spend your money. Or the poor person that still smokes a pack of cigarettes a day. If you use the system in this book they way it explains, after awhile you just can't justify forking out for something you are just going to burn up anyhow. You may also find that if you weren't spending money of cigarettes, you would actually have what you need for the basics.

Or in the book I already suggested, that book shares a lot of motivation, because a poor person can sit and read the book and think it is hogwash, but will still say to themselves, 'well maybe I will try just a change jar to save up for _______ "(fill in the blank of something fairly cheap but you don't think you can afford). Maybe a woman just wants once in her life to have a manicure. So she find out how much it costs and she starts saving until she has enough to go and get her nails done. As a poor person myself, I can tell you that a little pampering can make a woman feel wonderful and boost her spirits in a way that can become surprising. So she does it once and it worked, so now try to save a little bit more for a pedicure the next time and to do so, she starts looking at things that she can cut down on, such as pop.

After awhile these people that made a lot of baby steps to get to the point of being able to save a little bit or even when under what feels like a crushing load of debt, can start making changes to their lifestyle. Paying cash for splurges instead of charging them and they weren't planned. One small thing, when I worked it wasn't unusual to get a can of Pepsi each day. Then I got sick, and money was super tight and we didn't have any vending machines at home and I found that I was going a month at a time without a Pepsi. Maybe about 10 years ago I realized I didn't like the taste too much anymore and since it is hard to find the caffeine free kind as well, if i did buy a soft drink I got root beer. Anyhow I went from about 20+ cans of Pepsi a month to zero. I replaced it with water mostly I haven't a clue how much a vending machine Pepsi is these days, but that money wasn't going out anymore.

Once a poor person gains the confidence that they can save $5 over the course of a month, and in some cases it may mean not letting the spouse or significant other know or the money would disappear, then they maybe ready to start in on some of the more detailed personal finance books. Most libraries have a good shelf's worth as well as multiple finance magazines. I have found that Money is the easiest magazine to understand. Even before they have money to invest, etc. they can still be learning a lot that they need to know to get out of the hole. Suze Orman is fairly easy to understand the basics. Her basic books doesn't have someone with not much of anything trying to understand and figure out options and pork bellies.

Of course, forums like this are good learning area as well. Sometimes what you need first and foremost is a forum on stretching your dollars into two with cost saving advice so that you finances will improve, and then you might actually have some money to invest.

[FindingFreedom]

While I don't really like listening to him personally, I think Dave Ramsey's goal (besides raking in the millions) is to help people who are just starting out. He does the whole "baby step" thing and talks about debt, writing a budget, etc.

[annibe11e]

How about you write a book? Sounds like you've been there and see a need for information you probably found out the hard way. Sell it for .99 on Amazon. Help folks and make a tiny bit of money!

[ESMonitor]

Book

Rich Dad Poor Dad is a good book to help a poor person change their mindset about money and how to make money and assets work for you.

[Benderz]

but rich dad is the only book i would read by Kiyosaki. Be careful with the rest of his advice and he has gone bankrupt three times, latest was 2012.

[scfr]

Has anyone read "The Financial Diet: A Total Beginner's Guide to Getting Good With Money"? I haven't read it, but have seen and heard about it, and it looks like the kind of book that might have helped me back when I was starting out.