Books that helped you develop financial skills?


#1

When it comes to financial stuff I’m not smart. I don’t spend like an idiot and I live within my means, but overall I feel like I’m kind of stumbling around in the dark. I’ve always been sort of conscious of spending habits. I went to a community college instead of a private one because I realized how badly that debt would impact me in the future. Despite the god awful advice of school counselors urging me to go anyway and not worry about the debt because “the degree will pay for itself”. What a load of bs.

So really what I’m looking for as far as recommendations go is books that help you develop more of a mindset when it comes to smart financial decisions. I want to be in control of this area of my life vs sort of winging it. Not so much investing and trading and all that, but just developing financial habits that guarantee I won’t screw myself in the long run.


#2

hmmm…i was realy thinking about all those books i red in the past but there was nothing i would recommend. Before i made a professional restart in medicine i was studying economics and was working at the university. I am familiar with all kind of buisness lecture including all those hyped books how to get rich in zero time. Thats true for the author if the book is a bestseller. But imho you have all you need to make smart decisions.
A healthy distrust and a calculator. Investing in your own education with common sense like you did. You didnt made tons of debts to go to a private school.
Except special literature that will teach you how to handle cfds for example or other invests i dont know any good book.
For my part i invested in my own house to get rid of the rental fee and so on.
Lowering the monthly costs while increasing the income is the way to go.
Its not rocket science :grinning:


#3

Start with Rich Dad Poor Dad from Robert T kiyosaki that would give you a great head start, :slight_smile:


#4

Not a book but check out r/financialindepenence on reddit. Some great resources there :slight_smile:


#5

Rich Dad Poor Dad was a motivator for me since it was story-like and not academic. It lead me to begin playing the game he made called Cashflow 101, which can be played online. I played it for 3 years with friends, and it focuses on growing assets, but in simple ways. The book The Cashflow Quadrant is his followup to RDPD, and it goes a little deeper, but he still does it in stories, which makes it digestible.

Both books can also be found in on YT too. I love a good story once in a while. :slight_smile:


#6

Not me, but someone close to me used this. They went through a kind of financial crisis and in the middle of it, discovered the work of Dave Ramsey. It really revolutionized their finances. They eliminated all debt and now have significant savings. This person went pretty intense on it, eliminating all credit. Even bought a car and rented a house without credit. So they went pretty hardcore with it. But I have to say, it worked.

He has an internet radio show and books.


#7

Smart Financial Advice

I read your original post, wrote my piece, then came back and read about Dave Ramsey. Ramsey is great for people needing to dig out of a hole. In my opinion, he’s one of the sanest and simplest on how to stop burying oneself financially. I’ve read Total Money Makeover, and I also did Financial Peace University, a small group/online training. Ramsey shows and proves it can be easy.

However, Ramsey’s focus is primarily on debt destruction, and you shared your contempt of such debt traps. Kiyosaki, among others, focuses on the value of asset acquisition and growth, and an asset isn’t only a rental house or large investment. An asset is ANYTHING which pays you, even if it’s 50 cents/month. Meanwhile, a liability is anything that takes money out of your pocket. He made a stir in the financial world by saying one’s home is NOT an asset since unless one rents it out, it never pays you. He’s spent his whole life promoting financial literacy and showing us how often we are lied to by financial bigwigs. His opposition to such destructive teachings led him to come out of retirement and begin the Rich Dad company.

I’m more informed now, maybe 4 years later. And I’m still looking for truths I’ve overlooked in my finances, as I’ve found some. Like it really doesn’t require my own money to make money. Other people’s money has more benefits to me vs. my own.

And in this short time, I’ve acquired some assets. It’s exciting growing through this.


#8

It depends which habits you’re looking to build. Very different suggestions for books for each one.

To start in general though, I’ll second (third?) Rich Dad Poor Dad, that was my first introduction to the world of financial literacy back when I was a teenager. I’d also suggest Money: Master The Game by Tony Robbins, and a newer one called Quit Like A Millionaire, by Kristy Shen.

Beyond that will depend on your goals. Invest? Build a business?

It was best described to me this way:

Poor mindset people spend money and then invest if they have anything left over. Then, they retire if/when they’re able to.

Rich mindset people invest money and then spend what’s left over. Then, they retire whenever they want to… however most don’t seem to, because they enjoy what they do and don’t want to stop!


#9

You are already not screwing yourself financially. :+1:t3:
I think Rich Dad Poor Dad and Cashflow Quadrant are essential books you have to read.
Beyond that, it depends on your goals. Since you say it’s not investing or trading, then don’t read those books. If it is just to be in control of your finances instead of winging it, then either start a business or develop a skill that is valuable in the marketplace. i.e Companies are willing to pay good money for your skills. Could be coding skills, or selling skills, etc.
I say this because a job can still be taken away. It’s not something you have full control of and if you lose it, that’s screwing yourself financially.


#10

Thanks for all the suggestions. Gonna pick up rich dad poor dad. Been thinking of reading it for a bit now after I had an Uber ride with a guy that brought it up.