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In the current economic climate, there is increasing number of people struggling to cope with managing their own personal finances. However, such people can find help in the form of numerous books in the reference section of bookshops and libraries that provide advice on how best to deal with issues about money. One problem is that it is extremely difficult to select the best and most useful books from such a wide selection. That is why this selection of the top five books on financial management should be helpful.

All of them have been written in an easy-to-understand style, with very little of the jargon that can make some books barely understandable. The books provide a good overview of the many aspects of personal finance that people have trouble with, such as savings, loans, credit cards, mortgages, investments and overdrafts.

The Millionaire Next Door, by Stanley and Danko
 A number of millionaires were interviewed for this book and it is apparent that many of them live below their means and are very good at budgeting. This may surprise some people, but just because someone has substantial wealth it does not mean to say that they will flaunt it. Indeed, many wealthy families allow their adult children to discover for themselves. If this means that they learn the hard way, then so be it. It has to be said that the book is a little dull in parts, but it covers both making and saving money and still makes an overall excellent and intriguing read.

The Total Money Makeover, by Dave Ramsey
Ramsey is totally against credit. By his mid-twenties, he had amassed a $4 million fortune but regrettably then lost it and was finally made bankrupt. If you are in the unfortunate position of being in financial difficulty, there is no better starting place than this book.

Complete Idiot`s Guide to Managing Your Money
Don`t be put off by the title. This book, which is simply written, reveals that anybody is capable of learning to manage his or her finances effectively. The book is full of tips for the consumer, advice about mortgages, car loans, bank charges, credit cards and many other money-related matters.

Your Money or Your Life: Transforming Your Relationship with Money & Achieving Financial Independence
Are you over-committed? In other words, does your monthly expenditure exceed your monthly income? Are you unhappy in your highly paid job but could not afford to leave it for a job that you would love because you would be earning a much lower monthly salary? Are you falling out with your spouse over money issues? It does not matter whether you are financially well off or deep in debt because this book could change your life. You won`t regret taking the time to read it.

The Unofficial Guide to Managing Your Personal Finances
This is a clearly stated, practical guide to managing your personal finances. It includes simple information about borrowing http://www.simplyfinance.co.uk saving money, investments, credit cards, school-fees planning, retirement planning, credit cards and banks.

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With savings accounts providing such poor returns, more and more people are opting to try their hand investing in stocks to get a return for their money.

However, whilst you might consider yourself fairly clued up on financial matters, it`s worth taking a few things into consideration before you plunge right in.

Practice, practice, practice

You might be keen to dive straight in but it`s worth spending some time following the market and making dummy investments. Working out whether you would have made a profit or a loss will help you gauge where you need to improve. There are plenty of programmes you can buy to help you carry out this exercise but a simple spreadsheet or even pen and paper will suffice.

Stick to what you enjoy

In order to be successful you need to be prepared to research your subject and keep up to date with market developments. This means ploughing through the latest financial literature on a regular basis and subscribing to news feeds. If your chosen investment bores you rigid you will find reading the latest updates tedious and won`t put in the hours that you need to.

As well as what you know

If you have particular knowledge about an industry, investing in stocks in this sector will give you a heads up on the rest of the field. An understanding of the subtle nuances which can affect stock price is difficult to learn and cannot always be gleaned from news and market updates.

Find a good one

Speaking of news feeds, finding a good source of information and signing up is essential to keeping up to date with market movements. This will take the legwork out of following what`s going on but finding one that sends out information on an `as it happens` basis rather than just once a day will give you an extra advantage.

Prepare to lose

People talk about a `winning mentality` but if you expect to make megabucks you will hit the ground with an almighty bump when you start to lose money. And you will lose money when you first begin trading no matter how much you have practiced as the initial learning curve for all traders is steep.

Don`t trade with money you can`t afford to lose

This advice is equally applicable to experienced investors and novices alike. The stock market is a volatile place and there are never any guarantees. It only takes one swing in the wrong direction to wipe out an account. Professionals suggest never placing more than 5% of your account balance on any given trade and only using surplus money to invest in the stock market. Investing in stocks and shares is not an appropriate vehicle for money you can`t afford to lose as the risks are simply too high.

Master your emotions

One of the most common mistakes that newcomers make is trading with their gut or getting carried away with a loss or a win. Devise a strategy which takes into account the amount you can afford to invest and stick to it. Allowing yourself to deviate from your plan might occasionally be a success but overall you will lose far more money than you win.

See failure as an opportunity

It can be easy to feel punctured by a series of bad trades and lose confidence. However, losing money is simply part of the cycle and rather than viewing it as a failure, the best investors see it as a lesson and a chance to learn how to be more successful in the future.

With the right approach it`s possible to secure decent returns for an investment in the stock market or with associated ventures such as http://www.forexlore.com forex currency trading. However whilst anyone can be successful it takes the right approach, patience and the willingness to put in plenty of hard graft to have a good chance of making a profit.

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