It’s easy to say that money isn’t everything, but it's undeniable that the more you have, the easier many aspects of modern life become.
We’re not just talking about the extravagant stuff like designer clothes, dining out every night and lavish holidays but the basics like funding school trips, keeping the fridge stocked up and the heating on.
With the cost of living crisis showing no signs of easing, more people than ever are worried about their personal wealth, tucking whatever they can into a savings account despite lacklustre interest rates. But there is another route to nurturing your money tree: by DIY investing in stocks and shares.
Founder and CEO of Boring Money Holly Mackay points out the benefits of shares versus a savings account: “Cash is a known deal. There’s an interest rate we get, full stop.
With shares it’s uncertain; we have great years and bad years. Over the last five years, a mixed bag of shares from around the world would have turned £10,000 into about £14,000. Cash might have gone from £10,000 to about £10,500.” She concludes: “Cash just doesn’t do as well as shares in the longer term.”
A major obstacle? The world of money is bogged down by jargon and numbers. To an outsider, it can feel incredibly alienating but the crucial thing to remember is everyone starts at square one. Like learning about anything new, research is key.
Luckily there are plenty of tools to open your eyes to a smarter way of playing the money game - by investing. Social media is packed with finfluencers (that’s financial influencers) who offer helpful pointers, while books and helpful guides give practical, step-by-step advice on growing capital through investing faster than savings accounts like ISAs ever will.
If you’re curious about how to grow your savings more effectively, we’ve rounded up the best books to help widen your knowledge and put you on the path to getting started.
It’s important to remember that there are no guarantees in investing and money can be at risk, especially if you’re expecting an overnight windfall. Plan for a timeline of 5 - 10 years to see real growth. The longer timeline means that younger people are prime candidates for DIY investing, although you can start at any age.
Camilla Falkenberg and Anna-Sophie Hartvigsen of Female Invest, a global financial educator and investment community, leave us with this: “DIY investing does take time and dedication, especially building a foundation understanding of how the market works and filtering through trading platforms.”
In other words? Do your homework before anything else.
Rich Dad Poor Dad, Robert T. Kiyosaki
One of the most regularly cited and recommended personal finance books, Robert Kiyosaki’s Rich Dad Poor Dad has been a hit since it was published 25 years ago.
The book details the author's childhood and experiences growing up with two dads: his biological one and his best friend's, who was rich and the lessons they both taught him about money and investing. Each chapter finished with recaps and exercises for the reader to really drive home the lessons. If you've ever wondered how to make the money you have work for you then don't miss RDPD.
The latest edition includes updates on the last 20 years and the lessons learned during this tumultuous time for global and personal finance.
Buy now £3.25, Amazon
The Psychology of Money, Morgan Housel
Highly rated by the Wall Street Journal and Sunday Times, The Psychology of Money delves into our collective behaviour with cash through a collection of 19 short stories. Each one offers a new lesson, fresh perspectives and how to make better financial decisions in the future. In easy language, it breaks down complex concepts like compounding, how to become 'financially unbreakable' and what real wealth means. A great read for beginners.
Buy now £10.97, Amazon
Black Girl Finance, Selina Flavius
Black and ethnic minority women have less money to invest than their white peers and men. In straightforward language, author Selina Flavius discusses damaging money mindsets and how to change them for the better plus tips on creating an emergency fund and steps to budgeting, investing and saving. The short book is brimming with tips, tricks and tools to making financial freedom a reality.
Buy now £9.89, Amazon
Girls Just Wanna Have Funds, Female Invest
Penned by the trio behind the financial education platform Female Invest, Girls Just Wanna Have Funds addresses the investment gap between genders and shows women how to take charge of their financial freedom.
The authors explain you don't have to be an expert or millions in the bank to create personal wealth: anyone can do it. The book explains, minus confusing jargon and stats, the golden rules to personal wealth and how to start investing, no matter how small your pot.
Consider it a feminist guide to investing.
Buy now £10.19, Amazon
Girls That Invest, Simran Kaur
The spin-off book from the podcast of the same name, former TedX speaker Simran Kaur leads the charge for more women to join the investing game. Perfect for beginners, millennials and Gen Z, the manual decodes the essential rules of stock market investing, which can be applied to any global market. Starting off the financial block? Girls That Invest is essential reading.
Buy now £11.99, Amazon
What They Don't Teach You About Money, Claer Barrett
Bad money habits stay with you for life and perpetuate poor financies. In this book, Claer Barrett unpicks the emotional relationship many of us have with money and offers seven new habits to adopt to put you on the path to financial independence. Whether it's lack of confidence, understanding jargon, dealing with debt or securing a pay rise, this guide helps pull average-earning readers out of financial paralysis. It helps that it's funny and humble too, making it an easier experience to read.
Buy now £10.75, Amazon
Rich AF: The Money Mindset That Will Change Your Life, Vivian Tu
The best time to invest is when you start earning, but when you’re in your teens or twenties, most folks are just ecstatic to be out of their overdraft.
Former Wall Street trader Vivian Tu who has 2.5m followers on Instagram is on hand to speak to this particular audience about better money management and improving financial situations, peppering the book with pop culture references and humour along the way. While offering a solid basic understanding of personal finance, this book may not appeal as much to older readers. That said, if you’re starting from square one there’s still plenty to learn and apply straight away, even for those in the UK.
Buy now £14.59, Amazon
A Teenager's Guide on How to Get Rich, Ashley Royce
Managing money is a life skill that rarely gets discussed in a classroom. If you've got an ambitious teen on your hands or want them to learn better financial habits, give them this book by Ashley Royce.
Designed for a young Internet-savvy audience who dreams of financial security instead of relying on the Bank of Mum and Dad, the guide is an education in adopting a better mindset, savings and investing options, the pitfalls to avoid and the habits to build. There's even a section on Cryptocurrency, explaining how the online currency works.
A galvanising guide for kids to help them appreciate the true value of money.
Buy now £9.99, Amazon
The Money Diet, Martin Lewis
While this isn't a guide to investing, TV finance expert Martin Lewis offers ways to cut bills and save money on everyday expenses, leaving more disposable income in your pocket to do with as you will. This practical guide shows you how to organise credit card bills, how to shop around for household utilities and how to save cash in generally every aspect of modern life. Written in the Moneysaving Expert's trademark straight-talking style, the book offers helpful tips to help you save and get your finances back in control.
Buy now £12.35, Amazon
