Fortunately, you don’t have to read hundreds of books on personal finance to seriously improve your wealth. It’s 2021 and I still think reading is the best way to learn. Tons of successful people (Buffet, Gates, and Matthis to name a few) are avid readers. I don’t care what anyone says, that’s not a coincidence. We are passionate about personal finance and have read many books on the subject. Some are good and others are the reason we are writing this article. You don’t have time for the okay books. These are the best we’ve seen so far. They will open your mind and inspire you to think differently.
Total Money Makeover by Dave Ramsey
There’s a reason he is one of the most revered names in personal finance. His books speak to the needs of most people: getting out of debt. Being a millionaire is cool, but you won’t be able to do that if you don’t tackle your debt first. This book is a key building block of financial success.
If you are in debt then start here.
I Will Teach You To Be Rich by Ramit Sethi
One of the greatest strengths of this book is that it smashes the fallacy of being frugal. We tend to associate being frugal with couponing or never leaving the house to save money. This book challenges you to self reflect on your spending and what things actually cause you joy. His takeaway? You should spend money on things that make you happy. After all, what’s the point of improving your finances if you can’t enjoy your life?
Learn to spend money and grow wealthy.
Rich Dad Poor Dad by Robert Kyosaki
This book is so damn motivating I bought not one, but two houses within a year of reading it. One of my favorite takeaways is that you should buy assets to fund your lifestyle. Want that new Tesla? Then buy an asset like a rental property that will make the car payments for you. If you’re ready to change your mindset this book is the one to read.
This book will instill you with the mindset of the wealthy.
The Millionaire Next Door By Thomas J Stanley and William D. Danko
What do you think the average millionaire looks like?
- The Wolf of Wall Street
- Professional Athlete
- That person with a small business that lives down the road
It’s the last one. This book is based on extensive research and interviews with real millionaires. It debunks the myth of what an actual millionaire looks like. We associate fancy cars, and big houses with wealth but the reality is the opposite. Most millionaires are discrete ordinary people. This book is both freeing and informational. Once you understand the reality of being a millionaire it feels a lot more attainable.
Learn how millionaires actually build wealth and the steps to get you there.
The Changing World Order by Ray Dalio
Imagine being such a good investor that people give you $160 billion to invest. That’s how much his company manages. The forward thinking and transparent culture of Bridgewater Associates allowed them to successfully predict the Great Recession in 2008. This book is their thoughts on how empires rise and fall and the current and future standing of China and the US. I love the unique data he is able to gather and display through visual charts. It breaks down complex topics into easy to understand principles. It also drives home that personal finance involves opening your mind to new perspectives and learning more about the world around you.
Learn how the US/China relationship will affect everything- including your wealth.