Sure, it’s very easy to get lured into get-rich-quick schemes, everyone is tempted to a degree; yet personal finance revolves around basic fundamentals that have been proven to be effective. So many people have become wealthy before you and yet the same principles hold true for all of us. There isn’t a highway to wealth—slow and steady will win the race.
To increase wealth remember one method that has always held true—we can spend less and/or make more. These books should be on everyone’s reading list as each will give you advice on how to tackle those two fundamental goals.
Each book takes a fresh approach to a specific topic within the personal finance space and their guidance will put you on the road to financial freedom.
1. The Total Money Makeover by Dave Ramsey
You may have heard Dave Ramsey’s syndicated radio show or seen his program on Fox News. He’s earned his spot at the top of the list by teaching millions of people to be debt free and investing instead of paying high interest rates on credit cards, car loans or other forms of debt (commonly referred to as his “stupid tax”).
The Total Money Makeover gives actionable and direct steps to follow in order to free yourself by eliminating debt through the snowball approach. The book is written in a conversational approach and busts many myths many of us have about how to handle our money making it a must-read for everyone.
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2. I Will Teach You To Be Rich by Ramit Sethi
Ramit Sethi lays out a 6 week personal finance program geared towards millennials yet his advice is helpful for everyone. He provides four main areas of focus—banking, saving, budgeting and investing. You’ll definitely chuckle while reading his book and will learn the simple plans to become wealthy.
It is too easy to be overwhelmed by financial choices! What do you do when you have some money in your hand? A great investment would be to buy Ramit’s book and put his guidance to work.
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3. Side Hustle: From Idea to Income in 27 Days by Chris Guillebeau
New York Times best-selling author Chris Guillebeau has one main goal in this fantastically easy read. Everyone needs a side hustle.
The library is full of books on how to move up the corporate ladder or invest in a myriad of ways to increase your income. Chris takes a simpler approach by showing how to take your hobbies and interests and turn them into ways to make money while keeping your full-time job. What you’ll find is that many of these side hustles actually make enough money that entrepreneurs leave their full-time jobs to become their own boss.
Chris leads by example as his podcast (Side Hustle) tops the iTunes charts.
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4. The Automatic Millionaire by David Bach
Wow, this sounds easy and it is. There’s one catch though; even the author named his strategy the “tortoise approach.”
We all know we need a budget to be successful in the personal finance world but what many people don’t think of is that the budget is the end-game and not the beginning. David Bach teaches readers to pay yourself first by investing and only then using what is left over to pay the monthly bills. What if there isn’t enough? Chances are, you do make enough but if the money is there temptation will win.
David will teach you proven ways of investing instead of spending by keeping your money out of your hands.
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5. Start Late, Finish Rich: A No-Fail Plan for Achieving Financial Freedom at Any Age by David Bach
David gets a second nomination for tackling the common problem of starting the personal finance journey later in life. It’s an issue too many of us will face by not saving when we’re young.
Before deciding you’re past your personal finance prime, take a look at these ways of catching up. You may not be in your twenties but you are likely in a higher income bracket than you were before. Your dollars need a plan and David will put you on that path regardless of the age you begin your journey.
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6. Rich Dad Poor Dad by Robert Kiyosaki
Rich Dad Poor Dad is one of my favorite books and is a tale of two fathers. The Poor Dad, who is actually highly educated but has low business and financial knowledge that leads him to increases his liabilities while decreasing his assets and the Rich Dad, which is essentially the opposite – strong business and finance sense with a asset building mindset.
This book’s premise is all about increasing your financial literacy and applying it to the real world. Robert Kiyosaki keeps it simple, wealthy people invest in assets that provide passive income while poor people tend to invest in liabilities that bring with them a monthly bill.
Reading this book will help bring clarity to a ThinkRich mindset.
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Q: Have any other books we should add to this list??