Best Personal Finance Books
I love a good book. There are a lot of good books out there but below are the top 5 best personal finance books. The information presented is honest, provocative, and motivating. I highly recommend picking up a copy of each.
Rich Dad, Poor Dad
The first personal finance book I ever read was Rich Dad, Poor Dad. This book originally came out in 1997 and each concept is still applicable today. This book describes the difference between the millionaires and billionaires such as Warren Buffet, The Kardashians, and Jeff Bezos to the average w-2 Joe.
The lessons and money mindset the w-2 worker receives forces them into a position of following a path that leads them and their family into a perpetual cycle never really getting ahead.
Similarly, the lessons and money mindset of millionaires and billionaires allows these people to pass on knowledge where their families continue to amass vast fortunes.
Rich Dad, Poor Dad dives into the money mindset differences and leaves the reader feeling like a light bulb just went off. It opens the mind to a world of possibilities.
The Simple Path to Wealth
The Simple Path to Wealth is a step-by-step guide to growing wealth for the average person. The author, JL Collins, is a well known and respected thought leader in the Financial Independence community.
This is an excellent book for someone who is an investing beginner. The author describes the fundamentals of investing in an easy to understand manner and provides instructions for how to be successful.
The Millionaire Next Door
The Millionaire Next Door first came out in 1996 and documents the findings of the largest study ever conducted on millionaires living in the United States.
The reader learns the concepts of what makes a PAW (Prestigious Accumulator of Wealth) and UAW (Under Accumulator of Wealth).
There are numerous case studies describing how millionaires manage their money and grow their wealth (they live below their means).
This is a fascinating novel that motivates the reader to continue on their saving and investing journey which is why The Millionaire Next Door makes it onto my top 5 personal finance books.
Quit Like a Millionaire
Quit Like a Millionaire was written in 2019 by a Chinese-Canadian woman who happens to be the youngest person ever to retire in Canada. At the ripe old age of 31, Kristy Shen goes from living in abject poverty to millionaire status.
The book describes the author’s life story, both good and bad. Its an uplifting, motivating true story of what can be achieved in a relatively short amount of time.
The author goes into detail on what she invests in, why, and provides detailed instructions on how to manage a retirement portfolio.
I cannot say enough good things about this book. It is a fantastic read for all.
Set For Life
Last, but certainly not least, Set For Life describes what it takes to be financially independent early in life (before age 59 1/2).
The author, Scott Trench, describes how to become financially free from nothing, not even a college education.
Therefore, this is a great book for someone just getting started. Regardless of whether you are in High School or in your mid 30s, or even later – this book is a straight shooter. No sugar coating.
I highly recommend checking this novel out if you are starting from scratch or even in debt. There are three phases of financial wellness. The author describes each one and lets you know when its time to move onto each phase.
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