I really can't recommend educating yourself about your finances enough. Here are some great books to kick start you.
Recommendation Scale:
Don’t waste your time reading this book (Bad)
Probably not worth reading (Not good)
You’ll get some good takeaways (OK)
This is a good book and I recommend it (Good)
Make time to read this book (Amazing)
Millionaire Next Door: Two PhD’s walk you through their study of millionaires in America. Turns out millionaires are not what you’d expect. If you read this book, you’ll gain some insights about your lifestyle and whether you think like the millionaire next door. Overall rating: 4
Rich Dad Poor Dad: Kyosaki tells about growing up learning from his friend’s father (rich dad) and his own father (poor dad). If you read this book, you’ll experience a shift in how you think - whether everything you’ve always considered an asset really is one and what liabilities really cost you. 5
Your Money or Your Life: Robin outlines some exercises and activities you can do to understand your own financial position. If you read this book and go through the exercises, you will transform you’ll walk away thinking of money as a moral-neutral tool. 5
Set for Life: Trench walks the reader through how to develop a 1-year financial runway, then 6-figure wealth. You should read this book if you’re working on that first 6-figure net worth. I wish it was written sooner! 5
The Richest Man in Babylon: Clason goes through ancient parables to teach the reader about debt, saving, and wealth. This is an especially great read for a young person who would enjoy learning about money in story form. This is the first book I ever assigned my sister to read. 4
Your Money Ratios: 8 Simple Tools for Financial Security at Every Stage of Life: Farrell offers tangible advice in his book about how big your mortgage should be, how much debt you should carry, how much to save, and more. This book would be best suited for people in the middle of their life to check how you’re doing financially and course-correct if necessary. 3
The Four-Hour Work Week: Ferriss takes the reader through his journey to financial freedom. This book is about automating the money-making side of your life and maximizing the fulfilling parts. If you’re considering entrepreneurialism, you should read this book for a kick in the pants to get started. 4
Have you read any of these? Do you agree with my ratings? Disagree?
More book recommendations to come in business, sales, and real estate.