With the summer drawing to a close, regretfully I will have to read more textbooks (senior year of college!) and fewer personal finance ones. In order to remember the ones I read that were worth the time, I compiled this list.
Personal finance boils down to a few tried-and-true principles, so many say the same things, jut in different ways. If you read these 3, you’ll get the best of the best, and avoid all the fluff and copycats.
The Total Money Makeover
The principles in this book should be the foundation for everyone’s personal finance plan. The teachings in this book form the base for my money philosophy. Dave Ramsey is the expert on helping people get out of debt and create an emergency fund.
Read it first and follow Dave’s baby steps. He will show you why what you believe about money has been keeping you from achieving your potential. This book will change your relationship with money and get your money working for you instead of the other way around.
After you have gotten out of debt and established 3-6 months worth of savings, move on to the next book.
I Will Teach You To Be Rich
Ramit Sethi is the freshest voice on personal finance. Whereas Dave Ramsey has the principles of personal finance, Ramit has the techniques for the 21st century. His teachings on automating your finances have saved me hours per week in handling bills and investing.
His investment strategy, getting the best results with the least amount of effort, is the best investment plan for the everyday person that I have ever read. He got me off my butt, opening my Roth IRA and setting up automatic monthly deposits when countless other books couldn’t.
The Millionaire Next Door
Just what does the average millionaire look like? Dress like? Think like? This book will dispel all the myths we are fed by the media about the lifestyles of the rich. Once you understand how the average millionaire spends and saves his/her money, you can begin to implement their philosophies yourself and speed up the time it takes you to join them.
Where The Total Money Makeover changes the way you think about debt, this book will change the way you think about wealth. Read the previous two books first, as they will give you the specific tactics to form and implement your personal finance strategy. Then read this one to understand the psychology of becoming wealthy.
Get To It!
These three books will give you everything you need to get out of debt, become wealthy and improve your relationship with money. This all the substance you need for a lifetime of financial security. And, should you choose to read anything after, it will just be icing on the cake!
Tags: Featured, I Will Teach You To Be Rich, Millionare Next Door, The Total Money Makeover
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I'm Damien Olenslager. I recently graduated debt-free from college and now work in the tax industry.
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