6 Books That Will Help You Destroy Debt and Live a Rich Life
I like to read. A lot. And by “I like to read”, I mean If I could spend all of my time reading and never go hungry I would. Heck, I even invested thousands of dollars into a college degree that would allow me to read more and even write about reading (English majors of the world – unite!).
But with all that love of reading, there’s one thing that has never crossed my mind – reading books about personal finance. Blog posts and articles? Yes! Books? Never. In my wildest dreams it never occurred to me that a book could help me improve my financial situation.
Maybe it’s a natural feeling of mine that words and numbers are like oil and water. Or maybe it’s just a strange disconnect in my brain. But once I started writing about personal finance, I realized just how many books on the subject existed – and that some are pretty good! If only the younger me had realized this, I could now be a lot further along in my student loan debt payoff and retirement savings.
Are you late to the game like I am? Or perhaps you’re just looking for some inspiration to kick your finances into high gear. Either way, I’ve compiled a list of books to help you get going. Words and numbers can work together – and bring some powerful results to your finances!
1 – Confessions of a Shopaholic by Sophie Kinsella
Confessions of a Shopaholic is a great book to start with if you’d like a few laughs before you dive deep into the world of serious personal finance books. The story follows a protagonist who should know how to manage her money, given her day job working for a money saving magazine. However, her work doesn’t translate into her life as Rebecca Bloomwood pursues a lifestyle of glamour and privilege (regardless of her low pay).
Of course, Rebecca’s spending catches up to her as she gets chased down by creditors day and night. This tongue-in-cheek novel follows Rebecca as she tries and fails to change her ways time and time again. While the protagonist’s habits can be cringeworthy at times, this novel is a great way to have a laugh at some serious financial blunders while realizing your own blunders might not be so bad!
2 – How to Get Out of Debt, Stay Out of Debt, and Live Prosperously by Jerrold Mundis
After you’re finished chuckling at Confessions of a Shopaholic, tip toe into the realm of financial self-help with How to Get Out of Debt, Stay Out of Debt, and Live Prosperously. This book offers real world advice that’s easy to understand and easy to apply to your own life. You’ll learn how to handle debt and how to cope with it, all the while taking in principles learned by people who’ve been in situations just like yours.
A good read if you’re deep in debt and don’t know how to get out. The tips won’t fix your financial situation overnight, but they will provide you with simple strategies to start working towards achieving your goals now.
3 – Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth by T. Harv Eker
Reading How to Get Out of Debt, Stay Out of Debt, and Live Prosperously will introduce you to thought processes that can help you change your relationship with personal finance. Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth will do the same, but also teach you to think the way a millionaire does.
Using what’s called the “money and success blueprint,” Eker helps you gain a true understanding of your current approach to money – something that greatly impacts your financial future. From there, you can learn ways to optimize or even change your blueprint through lessons learned in case studies of multiple millionaires. You’ll learn how to think like a millionaire and use that strategy to reach your financial goals!
4 – Think and Grow Rich: Your Key to Financial Wealth and Power by Napoleon Hill
If you enjoy reading Secrets of the Millionaire Mind and crave some more, then don’t miss Think and Grow Rich: Your Key to Financial Wealth and Power. In this book, Hill shares research on more than 40 millionaires to show readers the principles they too can follow to reach financial success.
Written in the height of American industrial power, this book examines the minds of millionaires who helped shaped our country. Equally as importantly, Hill shares what he learned after interviewing millionaires who started out with nothing and rose to the top. An empowering way to reminisce on some of the great self-starters who helped shape the United States and learn how to prosper yourself.
5 – Switch: How to Change Things When Change is Hard by Chip and Dan Heath
Once you’ve read Secrets of the Millionaire Mind and Think and Grow Rich: Your Key to Financial Wealth and Power, you’ll probably understand well enough the importance of changing your mindset in order to reach success. But changing your mindset is much easier said than done! That’s where Switch: How to Change Things When Change is Hard comes in.
A personal favorite of mine, this book explores why it’s so hard to change the way we make decisions. As the Heath brothers are known to do, they’ve filled this book with a useful blend of data and anecdotes that will help you both understand and relate to the information. Particularly, they refer to the battle between emotions and logic in the metaphor of the elephant and the rider (as seen in one of our recent blog posts). The precarious balance between logic and emotions is what tips us over to making less than ideal decisions. This book will teach you how to harness the power of both to switch your mindset and make choices that serve your goals.
6 – The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferriss
ReadyForZero: A Comprehensive Guide to Getting Out of Debt will highlight everything you need to know about creating and managing a debt payoff strategy so you can finally reach financial freedom. But all debt payoff journeys are long and you may need some serious motivation along the way. Enter The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich.
In this book, Ferriss outlines how you can earn more money for less work and create the life of your dreams. You’ll learn the strategy the author used to achieve his dreams and you’ll have templates and tools at your disposal to start building this dream in your own life. Not only can the techniques highlighted in The 4-Hour Workweek help you plan for a future of financial freedom, they may even help you earn more now so you can reach your debt payoff goals even faster. A win/win!
Reading Your Way to Financial Empowerment
The best part of this great selection? Many of these books are available used on Amazon for under $5 – some even less at just $1! Of course, there’s always the option of your local library if you don’t want to spend a dime while broadening your financial knowledge. No matter how you acquire the books, let this be just the beginning of your journey. The more you learn, the more advanced your financial reading can go – taking you well on your way to financial empowerment!