I didn’t move towards financial independence on my own, and I did it with help from many people, some from a distance, through books. Below are some personal finance books that helped me along the way.
I love this book because of its simplicity and detailed account of how to start your journey. It helps you reach your financial goals without budgeting, but instead “consciously” how you put your money towards a goal. Ramit focuses on automation and simplicity, and it’s a great book.
One con to this book is that it’s tough to wrap your mind around this philosophy if you are a planner. Another con is having a problem with credit cards (which most people do). It tells you some steps to ensure you never carry a balance on your credit card.
This was the first finance book I had ever read and the first financial guru I had listened to and studied. If you are in debt and need a plan to get out, this book is for you. And if you take his courses, he covers a wide swath of excellent finance topics. Most people have a problem with Dave’s approach because of his stance on credit cards. I don’t, and I’ll tell you why. More than half the people that use credit cards don’t pay them off at the end of the month. Most of us don’t need a credit card. It is too much of a temptation to overspend. If you overspend or don’t pay off your card every month, it takes away with interest (pun intended) any of the benefits you would gain.
Recently I went on a rant on credit cards in this article.
The one con is Dave Ramsey’s approach towards actively managed funds for investing. But everything else, good stuff.
This was the second book I read, and I loved it. It opened my eyes to Asset versus Liability, which was why I started investing in real estate; This book discusses the concepts of a balance sheet and income and expenses. Everyone should read it.
However, I didn’t want to list one because I questioned Robert Kiyosaki’s integrity. Especially around the “educational” programs, they offer. They use high-pressure sales tactics, asking you to put their expensive coaching and mentoring on credit cards as “good debt.” I know because I fell for it. I am not saying he shouldn’t charge for his programs, but they were a bit excessive, and asking people to go into debt just to pay for a class where I’m sure most folks drop out is like praying on the weak who a looking for a miracle.
Suppose you want to spend much money on a real estate course. Why not instead use that money to buy a house? You’ll get more education out of that, and you’ll have an asset in the end. Also, biggerpockets.com has a lot of free resources.
All that being said, this book is great, and I wouldn’t want to rob you of the opportunity to expand your mind by not reading it. His second book “Cashflow Quadrant” by Robert Kiyosakiis also excellent.
“Simple Path to Wealth” by JL Collin is the big one I didn’t include. That’s because I haven’t read it. I know *gasp. I plan to read it in the future, and it will most likely make my list.
“Freelance to Freedom” by Vincent Pugliese This one is an excellent book. Although it isn’t much about personal finance and more about becoming a freelancer, I think everyone should read it.
Some of these books will help you find the right path toward financial independence. This article isn’t an exhaustive list of books; there are more great ones. If you have a book that you recommend, please comment on the post or dm me on Twitter!
Consider becoming a Medium member for $5 a month and unlimited access to stories on Medium. I’ll earn a small commission if you sign up using my link. Check out my other work below.
As an Amazon Associate, I earn from qualifying purchases
This article is for informational purposes; it should not be considered Health, Financial or Legal Advice. Not all information will be accurate. Consult a health, financial, or legal professional before making any significant decisions
Follow me on Twitter!