There is so much to learn.
Money can be a taboo topic for many. I get it. It’s highly personal and no one can really evaluate the choices of others because we don’t have a great understanding of their: upbringing, family, debts, income, etc.
But none of these factors should stop you from getting educated on the topic of money. After all, it’s the #1 cause of stress in households in 2015 (by a landslide) says CNBC.
So what can we do about it? Make a choice. Get educated!
To begin, I’ll confirm to all of my readers that I’ve read each of these books. Each more than one time. Secondly, I’m recommending these books specifically because they offer contradictory recommendations (what did you think I’d just tell you what to do?).
I want you to be able to use your brain and figure out your own financial path. It was already expressed that we’re all in different situations financially, so why offer one cookie cutter answer? Get intelligent, and use this intelligence the rest of your life to evaluate opportunities. When you complete these five books, you will understand there are guiding principles to create your unique financial foundation.
Five Books About Money
The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness
Dave offers a very no nonsense approach to money through his book and nationally syndicated radio show. The foundation revolves around elimination of debt (all debt). I encourage you to learn Dave’s Seven Baby Steps. A person has to understand they can’t get ahead by battling a mountain of debt. Dave also outlines simple strategies to live by a budget and save for retirement. To put this in my own words, “Stop buying shit you can’t afford!” I don’t care what the neighbors are driving or wearing.
Ramit is a Stanford grad educated in personal behavior and his book is great for those starting out. There is a ton of actionable info in this book. His six-week action plan will lay a solid strategy for anyone getting started in the money game. He talks debt reduction, credit cards, 401K/Roth IRAs, asset allocation, and living a truly “rich life”. Here’s a hint – rich isn’t just a number, it’s a lifestyle choice. You can also follow Ramit’s blog at I Will Teach You To Be Rich.com. I get emails from Ramit daily.
Rich Dad’s Guide to Investing: What the Rich Invest in, That the Poor and the Middle Class Do Not!
This book will help you think about money in a very non-traditional “go to work and get paid” linear way. Earlier, I told you I’d provide contradicting advice in this post to get that noodle of yours working. Check out what Ramit thought of Rich Dad Poor Dad here on his blog No book is perfect, but I do love the angles Rich Dad Poor Dad presented to me when I first read it. It made me think about money differently. It makes you take a step back and ask yourself, “What am I really doing to improve my financial picture?”
MONEY Master the Game: 7 Simple Steps to Financial Freedom
This book was just released in the latter part of 2014. I got it for Christmas and it took a while to devour its 600+ pages of material. You may be thinking, “Tony Robbins? Isn’t he the life-coach/self-help author?” Yup! He tapped some of the most unreal relationships anyone could ever imagine to strip down the topic of money. He takes some of the strategies of the ultra-rich and makes them available to you and I. If you’re putting this in order, I think this is more of a master’s level book. Not only is it 600+ pages, it offers many contradicting investment strategies from the world’s most accomplished investors and investment strategists (once again there isn’t only one right answer here folks). If you’re into audio, I love listening to Tony’s interview with Tim Ferriss on his Four Hour Workweek podcast regarding the release of the book.
Think and Grow Rich: The Landmark Bestseller – Now Revised and Updated for the 21st Century
This book was written nearly 80 years ago. How could it possibly be relevant today? Hill’s book helps to answer the question, “What makes a winner?” The reason I’d like you to read this book is because it creates a spark. There are hundreds of stories of people retiring rich who didn’t have large incomes to begin with. I think that’s wonderful. I also think a little bit of motivation and focus goes a long way to achieving one’s goals and this will help you get started. I’ve probably picked this book up 20+ times and read it cover to cover three times.
Okay, so I left out a few books. If you’re hungry for more, there are a few you can dive into:
The Richest Man in Babylon
The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy
Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth
ACTION ITEM: The worst choice you can make is to do nothing. And yes, it is a choice. Don’t try to eat the whole elephant either. Choose to pick up one book and start learning. Pick up another and challenge what you’ve just learned. Tell me where you are a year from now.
~Here’s to a rich life
