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You’re juggling a job, student loan debt, and maybe even a mortgage payment—but that doesn’t necessarily mean you know the ins and outs of your own money. The stats around Millennials and financial literacy are fairly grim: Though 75 percent of people ages 23 to 35 gave themselves high marks for financial know-how, only 7 percent actually aced a financial quiz, according to a 2015 study by the Financial Industry Regulatory Authority’s Investor Education Foundation [PDF]. Less than a quarter of respondents had a basic understanding of how to manage their money. The rest? Time to study up. We asked a handful of financial planners for the best books to seriously up your money game—without feeling like a total drag to get through.
1. HOW TO BE A FINANCIAL GROWNUP // BOBBI REBELL
Recommended by: Shannah Compton Game, CFP, host of the podcast Millennial Money
If reading about financial concepts makes your eyes glaze over, Compton Game suggests reaching for this book, which teaches more through case studies than boring explanations. “I love reading real-life stories from financial role models who share their own money struggles, success stories, and tips,” she says.
Talking about money—and asking questions—is still relatively taboo, but that can lead to a sense of isolation that makes it even harder to ask questions and get answers. Soaking up others’ transparent money woes may make it easier to seek out answers to your own questions, she says.
Find it: Amazon
2. THE ONE-PAGE FINANCIAL PLAN // CARL RICHARDS
Recommended by: Cathy Derus, CPA, founder of Brightwater Financial
“Anyone overwhelmed by the thought of getting their financial house in order could benefit from reading this,” says Derus. The author doesn’t only streamline the financial planning process, he asks you to grab one(!) piece of paper and a pen and prioritize all your values—so your money plan and your life goals are aligned.
Find it: Amazon
3. MONEY: MASTER THE GAME // TONY ROBBINS
Recommended by: Farnoosh Torabi, financial planner, author of So Money
Tempting as it is to bury your head in the sand at the first mention of an “investment portfolio,” it pays to study up on how your money is invested. “This book woke me up to the hundreds of thousands of dollars I would potentially lose over unnecessary investment fees,” says Torabi. “I promptly asked my financial advisor to swap out any funds with high expense ratios for low-fee index funds in my portfolio.” Eventually, Torabi even parted ways with her financial advisor in favor of an automated platform. She estimates those two moves save her more than $7000 a year.
Find it: Amazon
4. WORK YOUR WEALTH // MARY BETH STORJOHANN
Recommended by: Sophia Bera, CFP, founder of Gen Y Planning
Want a primer before you dive deep into any one topic? “This book is perfect for the 20- or 30-something that knows they should know more about personal finances but isn’t sure where to start,” says Bera. The author is a financial planner who works with everyone from military families to single students, hopeful entrepreneurs to stay-at-home parents, so there’s no assumption that you’ve got loads of wealth. “And she does a great job guiding you through—from financial basics to complex topics—without getting caught up in jargon,” says Bera.
Find it: Amazon
5. SMART WOMEN LOVE MONEY // ALICE FINN
Recommended by: Manisha Thakor, CFA, director of wealth strategies for women at Buckingham & BAM Alliance
“Turns out, there really are only a handful of rules you need to be aware of to be a truly top-notch investor,” says Thakor. (And as a certified financial advisor, she should know!) This book lays those rules out in plain English. “You’ll get a clear, crisp, and concise start-to-finish set of instructions for how to truly invest like the best,” she says. Thakor has been following them for years.
Find it: Amazon