Wednesday, August 20, 2014

My favorite Money/Building Wealth books

I have been reading everything I can get my hands on in the FINANCE and Building Wealth category at my very LIMITED library (one of the "perks" of living in a small town)! I've learned so much over this past month! I want to share some of my favorites and let you know which ones you can't afford not to read too!
(side note: It bugs me that they often have millionaire in the title of most good money books! I guess that's what sells though.) 

1) The Money Makeover by Dave Ramsey 
 This book will change your life! You will look at money, spending, debt, and building wealth completely different. He literally gives you 6 easy to follow baby steps to take to save, get out of debt, and build wealth.
This book is what created a desire in me to learn everything I could about money management, budgeting, and building retirement funds, mutual funds, and many more! This was the first book I ever read on money that actually told you simply what to do and it made complete and perfect sense. You finish the book thinking "Duh I already knew that! Why have I not been doing this my whole life?!!" If you don't read the rest of this post you would be totally fine having learned about this book alone! It is everything you need.

2) The 5 Lessons A Millionaire taught me by Richard Paul Evans
This book is an easy read and gives a look into your average millionaire's life. It also gives you 5 lessons to follow. I think Dave's steps are better but this book has a lot of good insight and tips. It basically teaches you how millionaires aren't the flashy ones you see walking around. They aren't the ones with flashy rolex, huge mansion, flashy cars, and designer clothes. They are typically average looking people with decent priced everything, how do you think they got so wealthy?! They spend their money wisely! It's an interesting and fun read and I recommend it for anyone. You could probably read it in an hour.

3) The Automatic Millionaire by David Bach 
This is another easy read. I love easy reads about finance! This book talks about making everything automatic as in automatically withdrawn from your account. So your bills are set on auto pay, your savings transfers into your savings, retirement, and mutual funds automatically. So you don't ever have the chance to accidentally decide to spend the money. His theory is you decide once and it's done for you from now on. So when you are weak, lazy, or busy you don't have to think about it. Now while I thought this was a great idea for our savings, retirement and other accounts. I still think it's EXTREMELY important to learn to budget. He says you don't need one. I think that's a joke. Even if it all came out automatically you'd be left with no money if you spent all your food money on clothes. And then what would you do? Pull all your savings out to get more money. Budgeting is important and that's the one thing I disagreed with. But his other tips are awesome. He has a lot of funny money stories and I think making things automatic is a great idea!

4) Stop Acting Rich and start living like a real millionaire by Thomas J. Stanley, PHD
This is the author of the Millionaire next door which I loved. But this book to be honest was kind of a snore! It's mostly data about millionaires vs over spenders who act like "rich" people. And how those who are acting rich are actually poor, in debt, and end up with no retirement living a life of  debt and chasing bills. The first couple chapters were very interesting and eye opening. But after a while I felt like " Okay I get it, real millionaires don't blow their money and the stats show it." I still recommend reading it. But you won't get any real step by step advice on how to NOT be one of the "BIG HAT NO CATTLE" types he talks about for 250 pages.
If you like stats you can read this

I hope you find this list helpful! More on how we budget, stay debt free, and manage our money coming soon.


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