Wandering with a Purpose

Tag: good books

5 Personal Finance Books Everyone Should Read

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!

My Takeaways

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.

Summer Reading List – 2017 Edition

Summer is a time for things to slow down. Every year since I was a kid (probably 9 years old), I’ve had a summer reading list. Whether it was a challenge at the local library or one assigned for school, I love to read through a list of books at the pool or on the boat. Many of these books are books I’ve wanted to read for awhile but now I’m making it happen! It may be heavy reading for some weekend getaways, but this is what I’ve been focusing on this first quarter and need some inspiration for new ideas. I’ve already finished two and liked them so much I bought them (I usually check out books at the library). The rest will help me research and prepare for future wanderings.

1. The 4-Hour Workweek

Author Tim Ferriss updated this book in 2009, and the only reason I had to put it down is to have time to process his ideas. I don’t agree with everything he says but love the concept. My main disagreement is believing one can be an effective and inspirational leader at their company without being present, but other than that, he has great suggestions for improving efficiencies so you can spend time doing other things. I originally rented this book from the library but bought it because it actually makes for a good guide. If you want to do more by having more time – make sure to check out this book!

2. Never Eat Alone

I’m an introvert and do not feel comfortable in large social situations. This book has been recommended to me at a dozen of training sessions, and after reading it, I understand why! Keith Ferrazzi is a master networker and has documented many of his practices he has used to help leverage his career forward. I also bought this one since it is a good guide with actionable steps. I would recommend this book to anyone – regardless of whether you’re an introvert or extrovert.

3. The 7 Habits of Highly Successful People

This is my third time reading Steven Covey’s classic, and I believe there is a reason why it has been reprinted so many times. If you haven’t read this book, you must do so. I get new ideas each time I read it and find it very motivational.

4. The Millionaire Next Door

This is on my list since it is recommended in many money blogs and from financial experts. Essentially, Thomas Stanley studied the behaviors of millionaires to determine what these individuals have in common – and the traits are more common than what would be expected! Since I am working to financial independence so I can travel more, this is on the top of my list.

5. Finishing Eisenhower in War and Peace

I love history and have been reading biographies of US presidents. I started with George Washington at the end of 2013, and am about to finish my audiobook on Eisenhower. Jean Edward Smith has carefully documented Eisenhower’s career through the army, WWII, and his presidency. I believe Eisenhower is one of the best leaders our country has had and learning the details of his life bring it to color. I visited his birthplace in Abilene, KS, and it is a great example of the American dream. A farm boy from a relatively poor family can work hard and become the leader of the Allied forces and President of the United States.

6. Born to Run

One of my running friends recommended this as motivation. Christopher McDougall researches a tribe in Africa and inspires anyone who wants to run. Don’t know much of the details, but I am looking forward to the motivation.

7. Turn Right at Machu Picchu

My next big travel adventure is to hike to Machu Picchu. I enjoy reading and researching so before big adventures, I need to research. Mark Adams, the author, was interviewed on one of my favorite podcasts, Travel with Rick Steves. This is his adventure in re-creating the original discovery of Machu Picchu.

Well, that makes for my summer! What about you? I love cheesy beach reads if anyone has suggestions.

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