As I am now in my young 30’s, I have increased my personal drive for more education, more knowledge, and an extensive list of books I’ve just gotta get my hands on! I dove right into the deep end of personal finance and haven’t left!
Over the course of the last 3 years, I’ve read several personal finance books and the only problem is with any of them is, I wish I would have started reading them earlier!
But, because I do not dwell on the should have’s, I will pick up from exactly where I am now and continue to learn from here.
Below are my TOP 6 recommendations if you are motivated to learn more about all things money! My list compiles some OG Money books as well as some more recently written ones that I think will also blow your mind!
1. The Millionaire Next Door by Thomas Stanley, Ph.D & William Danko, Ph.D
This book was one of the first financial books I got my hands on! It was released in 1996 so the statistics are somewhat out of date, but that doesn’t stop you from retaining so many truth bombs about who the actual wealthiest people are in America! It’s not always your doctors and lawyers even though they are America’s top earners.
The book takes you through 7 common traits and habits associated with the wealthy. This breaks it down to how ordinary people, like your neighbors, can become wealthy. The authors identify exact numbers, expenses, and data collected from a survey of millionaires. I promise you after reading this book, you will never look at someone driving a fancy BMW the same. I know I don’t!
What’s best about this book is that his daughter just recently published an updated version of this book called The Next Millionaire Next Door in order to update most statistics from what her father was able to collect! I can’t wait to get my hands on that one next!
2. Broke Millennial: Stop Scraping By and Get Your Financial Life Together by Erin Lowry
Broke Millennial is just the personal financial book you need in your life if, of course, you are a millennial! Erin Lowry does an excellent job of breaking down credit cards, unpaid debts, the “dread B-word” budgeting, and does so in a quirky way that completely relates to our generation.
Lowry gives the ultimate tip of switching to a High Yield Savings Account with an internet only bank in which she explains, making this move alone, will pay for the book itself! Not only did she convince me to switch from a brick and mortar bank, but she also instilled in me ways to advance my knowledge in the world of investing.
This book is so easily relatable because she is a millennial herself. She knows the struggles many millennials are facing, whether it be a mountain of school loans or being told you can afford a house you really shouldn’t be buying! What I love most, is Lowry gives step by step directions in order to resolve many situations and doesn’t just give a quick overview.
As of this writing, Erin released a new book specific to investing! I haven’t had a chance to read it yet, but you know it’s sitting in my Amazon cart! I’ll link both books below.
3. Rich Dad Poor Dad by Robert T. Kiyosaki
You might be thinking, okay already we get it, this book is literally listed on all Must Read Personal Finance Books and I’m here to tell you, everyone is right! This is a must! I have to admit, I passed on this book on several trips through Barnes & Noble solely due to the cover. It was not appealing at all to the eye and then I was re taught to never judge a book by the cover!
The author goes through two different scenarios in which he learns about money from his biological father, a college professor, the said Poor Dad, and also his best friends dad, an entrepreneur, the said Rich Dad. This book challenges the way we are all taught about money: You go to school, some move on to a higher education, buy a house, and work for somebody else, never getting financially ahead!
He discusses how because so many people are financially illiterate, they often blame others, the economy, or technology rather than being bold and finding new opportunities and overcoming obstacles that are presented in life!
4. The Simple Path to Wealth by JL Collins
This is truly a road map to living a rich & free life! JL Collins tackles the “scaries” of investing and educates the average American how to invest with big returns for your future. He presents the entire book in a simple yet powerful way, where you can begin to understand basic financial principles.
One of his key guidelines is “Spend less than you earn — invest the surplus –avoid debt.” Although this sounds too easy to be true, I promise you it’s possible. And JL Collins shows you exactly how. He discusses where to invest, how to create an investment account, even what investment options he chose in order to become financially independent.
This will be a book I will continue to turn to for guidance as I reach different stages in my financial life. As we are still in the accumulation phase of saving and investing, I will want to revisit the chapters later in life on beginning to withdraw for our early retirement days.
5. The Automatic Millionaire by David Bach
This is my second book I’ve read by the author David Bach and the simplicity to his writing truly makes you believe that you, too, can become wealthy! What Bach means about being an “automatic millionaire” is he guides the reader to automate all savings into different retirement accounts so it’s not accessible to spend! Instead, it’s now working for you and compounding for your future millionaire status!
Bach coaches the reader through easy accessible steps on each step of your financial journey, whether you’re currently paying off debt, how to set up your 401K plan, and how to begin investing. He uses real life stories to help show how small changes can have big impact! The author believes that every one is capable of cleaning up their financial future and that I think is the most powerful part! He challenges excuses people have on why they can’t get ahead and turns it into actionable steps to take NOW!
David understands that just because his approach is simple, he knows not many Americans follow this course because it is not a concept that always comes naturally. But if you’re like me and ready to take control of your future, this is a go to book!
6. Playing with FIRE by Scott Rieckens
My 6th and final book recommendation is my most recent money book! It is the only biography that has made the list. For those who are unfamiliar with what the FIRE Community let me explain. FIRE stands for Financial Independence Retire Early and there is a community out there who is saving aggressively now to avoid working till 65! Scott Rieckens and his wife being one of the couples in the community.
In this book, Rieckens shares his emotional and honest journey from living an extravagant lifestyle in California, but feeling like they could never get ahead to stumbling upon a podcast which changed the course of his life forever! He takes us through the sacrifices made, the challenges his family faced, and the gratefulness of this journey and the new community he has found his niche in!
Rieckens, who is also a film producer, has recently released a documentary of his story to be showcased for others to learn and hopefully be inspired to ultimately make some changes in their lives to be set up down the road for a healthier financial future!
Okay, well there they are! You now have access to what I believe are some of the most inspiring , easy to follow, step by step guides on how to improve your financial future effective immediately! It doesn’t matter if you started late. What’s important is that you start making changes now! Today, you can evaluate your day to see where you can save $5!
What do you think of my picks? Have you had a chance to read them? I’d love to do an updated version of this post as I continue educating myself in the world of personal finance! Let me know in the comments below what I should read next!