In 2017, I really took the time to invest in myself. One of the ways that I choose to invest in myself was to read more books. Some of the books were personal finance books; however, others were about personal development.
When I learned that 85% of millionaires read 2 or more books per month I increased the number of books I read by month. Reading books is a cost-effective way to grow mentally and push yourself. The 8 personal finance books I have listed will help you achieve many of your financial goals like:
Check out these 8 books to help you become better with money in 2018.
– Napoleon Hill
Think and grow rich was originally published by Napoleon Hill in 1937 but all of the philosophies can be applied to current day life. Hill spent over 20 years researching successful people of his time like Henry Ford, Charles Schwab, and Alexander Graham Bell. Two of the key concepts discussed in the book include having a positive mindset and surrounding yourself with like-minded people.
The term mastermind group was first coined in the book. A mastermind group is a like a peer to peer mentoring group where like-minded people bounce ideas off each other and help each other to reach goals.
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Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money That The Poor and Middle Class Do Not! – Robert Kiyosaki
Rich Dad, Poor Dad is a book that should be read by everyone! Like the title suggestions, the book teaches key philosophies that affluent families teach their children and poor and middle class do not.
The first time I read the book I was in high school. I strongly encourage you to read the book if you haven’t yet and to consider gifting the book to a younger friend or family member. Anyone in high school or above can understand the key topics discussed.
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Bonus: In addition to writing books about money management, Robert Kiyosaki has other activities to help you manage money better. One of my favorite games is by his franchise, called Cash Flow. Cash Flow is a board game that simulates the everyday struggle of Americans with the goal of getting out of the rat race and building wealth through passive income. It is almost like real-world Monopoly on steroids. My friends and I play Cash Flow for fun but it also has helped us to consider real estate investing as a method to building wealth.
Link: Cash Flow Board Game by Robert Kiyosaki
The Secret – Rhonda Byrne
The Secret is a book that you won’t see on many lists like this one. It doesn’t specifically focus on money management habits. Instead, the secret focuses on mindset in order to achieve your overall life goals. It is important prior to reframe your mindset. I always say that if you say you are broke, then you will always be broke. The Secret trains you to envision the life that you want and deserve. Once you envision that life it will come to fruition.
The Secret is a super quick read. I read the book for the first time in college after it was recommended by a few friends. Now, I reread the book every couple of years to ensure my mindset Is on track. In addition, each time I reread the book I find new takeaways.
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The Millionaire Next Door: The Surprising Secrets of Americas Wealthy – Thomas J Stanley & William D Danko
The Millionaire Next Door was written over 20 years ago. The two authors chronicled the lives of millionaires (or those with new worths exceeding one million). Although you may think that millionaires are mostly those who live in big houses and have advanced degrees, that isn’t the case. The book teaches fundamental habits of spending less than you earn, saving for retirement early, and being dedicated to your future. This book taught me that anyone can become a millionaire.
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Bonus: The original book primarily focuses on the habits of millionaire men. The authors came out with a book geared toward women titled, The Woman Millionaire Next Door. Overall, the woman millionaire next door teaches the same philosophies as the original book but it focuses on women that have gained wealth.
Suzie Orman’s book Young, Fabulous, and Broke was one of the first books personal finance books that I read. After watching Suzie Orman’s no-nonsense approach to money for so many years, I had to check out this book. It takes an introductory approach to personal finance focusing on the basics of spending less than you make, separating needs from wants, budgeting, and debt.
It is an extremely quick read and I finished it only a few days. Suzie also makes the book conversational and easy to understand. This book would be great for college students and anyone in their 20s looking to lay the foundations for financial wellness.
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- Baby Step 1: Save $1000
- Baby Step 2: Pay off all debt except primary mortgage using the Debt Snowball method
- Baby Step 3: Save 3-6 months expenses in an emergency fund
- Baby Step 4: Contribute 15% to your retirement fund
- Baby Step 5: Save for Children’s College
- Baby Step 6: Pay Off Mortgage
- Baby Step 7: Build Wealth
Until I read the book, I never really understood the order of the baby steps. For example, the book focuses on the debt snowball method. The debt snowball method means that you list all of your debts in order to balance (ignoring the interest rate). Then you start by paying off the lowest balance debt and paying the minimum payment on all of your other bills. Once the lowest balance debt is paid off, you move on to the next lowest debt.
Personally, I feel like that is a one size fits all solution to personal finance and we know that personal finance is personal! However, there are mindset benefits to following his methods. He promotes focus and paying off debt aggressively. Using the debt snowball method as an example, once you pay off the smallest debt you receive confidence that you can succeed and continue at paying off the larger debts.
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You are a badass at making money was one of my favorite personal finance books that I read in 2017. The book focuses on money mindset – meaning you can achieve even more than you think you can achieve. It all starts with your thoughts. Jen walks through how she changed her mindset in order to earn hundreds of thousands of dollars more than she originally thought she could. If you are into inspirational books, it should take you no time to finish this personal finance book.
This book is great for anyone that wants to earn more income in 2018 – whether it is through your 9-5, your own business, or different side hustles.
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The Book on Investing in Real Estate with No (and low) Money Down: Real-Life Strategies for Investing Using Other People’s Money – Maher Abaid & Brandon Turner
The book on Investing in Real Estate with No (and low) Money Down is a book that you aren’t going to see on many lists of personal finance books. However, I think that everyone should read it. I have written about homeownership quite a bit since I purchased my first home in 2016. I never really thought about investing in real estate until 2017. There is an awesome blog called Bigger Pockets that answers almost all of your questions about real estate. The guys that started the blog wrote this book to explain how to invest in real estate with low or no money down. If you have an interest in investing in real estate, then you need to read this book. Don’t let lack of cash flow stop you from achieving your dreams.
This book breaks down the different ways that you can invest in real estate – wholesaling, buy and hold, flipping houses, etc. It also addresses strategies that will help you invest with OPM or other people’s money. It is a super quick read too! I finished the book in less than a week.
Click here for more information.
Pro Tip
Overall, reading personal finance books is a cost-effective way to invest in yourself and improve your money management habits. Lately, I have been listening to books on audio through Audible. I love audiobooks because I can listen while I am driving to work each morning or doing other tasks. In addition, certain audio books provide bonus content that is not found in the written book! Without audiobooks, there is no way that I would have been able to complete the 20 books that I finished in 2017. Click here to try Audible this month and get your first book for free.
I have listened to personal finance books and books in other genres on Audible. A few of the books I listened to on audible this year include:
- The Year of Yes: How to Dance It Out, Stand in the Sun and Be your Own Person by Shonda Rhymes
- Unshakeable: Your Financial Freedom Playbook by Tony Robbins
Without audiobooks, there is no way that I would have been able to complete the 20 books that I finished in 2017. Click here to try Audible this month and get your first book for free.
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What personal finance books helped you manage money better?
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