Books educate and use your imagination to take you somewhere that you’re not. People are smart and thankfully many people take their knowledge and put it in a book to share with other people. If you want to learn about personal finance, then I strongly believe you should read all of these books. They each have their key takeaways, yet play off each other and contradict each other. There is not one right way to manage your finances because it is personal finance. That being said, you should be aware of different thoughts and strategies so you can make the best decisions for you and your family.
- The Total Money Makeover by Dave Ramsey
- Rich Dad, Poor Dad by Robert Kiyosaki
- Set for Life by Scott Trench
- The Millionaire Next Door by Thomas Stanley
- Thou Shall Prosper by Daniel Lapin
Of course, I haven’t read all of the books out there! If you have any other suggestions, I would love to hear them!
The Total Money Makeover
Dave Ramsey is an icon in the personal finance space, and this is his flagship book that summarizes his seven baby steps. This is the model I used to create my personal finance plan. This book is incredibly important if you have any debt, but it also gives you a framework to grow wealth. Hands down a great place to start!
Rich Dad Poor Dad
Robert Kiyosaki is another iconic thought leader who can be somewhat controversial. That being said, if you talk to anyone who invests in real estate, I would guess almost 100% of inventors would tell you to read Rich Dad Poor Dad. This totally changed the way that I thought about investing and made me think bigger about my personal business! There is too much to discuss in a short summary, but make sure this is on your list!
Set For Life
Scott Trench, the author, is CEO of BiggerPockets and co-host of the BiggerPockets Money podcast. He wrote a book before starting the podcast to give young adults or people new to thinking about their finances advice on how they can do more and grow their wealth. This book is full of practical advice and many of the suggestions I implemented in my own life.
The Millionaire Next Door
Thomas Stanley wrote another classic that shows that looking like you have wealth doesn’t mean you actually do – and looking like you are normal may actually be what a real millionaire looks like. This well-researched book shows that you cannot judge a book by its cover. True wealth is not extravagant. Slow and steady wins the race. Live on less than you make. Anyone can build wealth regardless of their income. Building wealth is empowering, and you can do it!
Thou Shall Prosper
This is by no means a quick read, but I think it is an important read if you see wealth and money as negative. Much in our culture villainizes wealth and money, which in turn, makes people feel bad to have money or to be successful. If you believe wealth is bad or makes you a bad person, then how can you aspire to have wealth of your own? It is important to view wealth through a lens of good, and that is what Rabi Daniel Lapin does in this long but succinct argument. He takes a religious approach in showing that until you are successful, you cannot help other people. Wealth is not bad because it is those who are wealthy and secure who are able to help others. The Jewish people see that and that is why, traditionally, many Jews are very successful.