Books that helped you develop financial skills?

The Emperor's Lounge
#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.

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Please recommend a great personal finance book
#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:

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#3

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

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#4

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

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#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:

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#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.

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#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.

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#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!

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#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.

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#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.

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#11

where can this be played?

#12

It’s at www.richdad.com, at the top of the page. They call this online version Cashflow Classic.

But the gain I experienced myself was playing the boardgame Cashflow 101 (and 202 later) with 2 others in person. It’s the same game, and being with others made it real for me. When Covid hit, we stopped playing. One guy’s wife is still overly neurotic, so nothing ever restarted. I just really miss playing it with others. Ideas and real-life possibilities were considered constantly.

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#13

This thread was created in late 2019, and I took time to remember where I was mentally and emotionally. I’m presently ending my 3 months of a custom DR St1 in ZP, heading towards St2.

I spent a lot of energy protecting myself from things that scared me. I found others with similar mindsets (mostly in money arenas) so my intentions were allowed and encouraged even. My world actually got very small.

And just stepping back into this reality is a whirlwind. I put off everything to find safe areas in life. … I think DR is helping me see such escapes weren’t all that bad. But insisting on denying reality vs. facing fears presently is a major life change for me.

It’s good to reflect back to make better decisions now. I just look at the results now. Nice.

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#14

I went on the richdad site and played 2 games back to back. What I originally thought uncomfortable–choosing to play with others–actually motivated me to play and plan in a good way. I followed an old strategy of buying up loads of a $1 stock and cashing out big soon after. I even started chatting (I initiated it), making me feel more involved and connected.

My time using subs here at SC is changing my life for the better. I say that since a year ago I’d have gone in with a load of negative emotions and negative assumptions. I was aware of that choice of realities going in, but I didn’t CHOOSE it!

SC’s products help me in real life. I truly enjoy this growth.

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#15

thanks man appreciate it! I may be free once i move out to play if you ever fancy it and if we can online.

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#16

can you summarise how SC products have helped you… i think I missed it so a short quick summary is fine if thats ok. thanks

#17

Yeah, I could write a book, and I normally do. Just a summary. (not my norm so I ask for some grace :wink: ) I’ll try to keep my focus on recent gains.

I’m on DR, running all 4 stages for a year. The objectives speak of confidence, ambition, losing fear, and releasing old hangups. This morning I actually came to write to admit knowing I’m in a new spot, and feeling scared and unsure what I’m supposed to do.

That is evidence of growth from using DR. 99% of my life I’ve just followed the fear and kept my mouth shut, often submitting to others’ desires and examples to avoid rejection. That long-held fear of rejection is being battled at its roots, and I find it ultimately freeing to share who I am here more and more.

I am sensing that breaking away from fearing rejection by men, which has been with me since childhood. I experienced a physical abandonment by my brother, my main caretaker, and I’ve been dancing around almost 40 years, fearing it again with all other males as I’ve gotten close to them. My easiest and most common reaction? I pull away. I’ve abandoned countless good men in my years.

Lots of fear has been torn down gracefully on DR Stage 1. I’ll start Stage 2 in over a week, and that stage says it’ll heal every wound I’ve ever experienced and make future wounds less traumatic for me!

My summary of gains:

Hope felt, often during down times
Increasing joy and daily laughter
Freedom from daily and lifelong fears
Increasing ambition!
Feeling more and more like an adult male than a little boy
Feeling more comfortable in my body
Feeling more willing to be who I am in the moment
Feeling less held back by lifelong fears
Realizing that life doesn’t have to be so “hard”
Being willing to give up the fronts and masks more (since those make life hard)
I’m feeling more comfortable being me.

And since I’m only in Stage 1, I expect more major changes and transitions to happen. I have many more chapters of life to discover and share. Thank you for asking.

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SubliminalGuy's DR Journey
#18

Thank you so much for sharing that. Im a little confused, you have been using the Dragons Rebirth sub for over a year and just stage 1?

The results you shared have taken how long to attain and just by being on stage 1?

Either way that’s really awesome!!

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#19

Nah. 3 months for each stage. So I’ll start stage 2 in a week.

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#20

Ah wow so much in 3 months then is awesome!! I was hoping it was less than a year haha

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