Please recommend a great personal finance book

The Emperor's Lounge
#1

Please recommend a great personal finance book for someone who knows very little about how money works.

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#2

Money: Master The Game, by Tony Robbins is fantastic.

Otherwise, are you looking for making money? investing? budgeting? a general idea of how financial systems work?

For the latter, here’s a great primer: How The Economic Machine Works by Ray Dalio - YouTube

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#3

You may want to take a look at the Books that helped you develop financial skills? thread.

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#4

Oh I completely forgot about this one. That’s the one I’m starting with!

Budgeting and investing is what I’m looking for.

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#5

2 books. “The Slight Edge” by Jeff Olson. “The Compound Effect” by Darren Hardy

These will help with anything.

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#6

Nice. It’s good.

Check out Playing with FIRE and Quit Like a Millionaire, and I Will Teach You To Be Rich also has some good stuff.

What most personal finance books tend to ignore is… generating additional income. Trimming a budget is important, as is investing, but building up additional income streams greatly accelerates both debt reduction and investing. Even an extra $1k/mo is quite substantial for many people.

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#7

I Will Teach You To Be Rich by Ramit Sethi is my personal favorite.

Ramit covers the basics everyone needs to get started. His approach with automating your finances was a game changer for me. I don’t need to worry about ever missing a bill because my money goes to specific accounts and is automatically taken out when the bill is due.

I’ve been following that system for a couple of years now.

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#8

Which edition have you got? I’ve got the original one; I’ve heard the newer versions have been changed quite a bit.
Automating finances = essential. :+1:t2:

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#9

I have the latest one. I don’t know what the differences are between the first edition and the current one. I’m glad I committed to following the program. It’s made a huge difference.

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#10

I’m getting it. That one and Tony Robbins’ book are going to be what I’ll read this spring.

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#11

The only part I’d suggest adding is something about additional income. There are some great “side hustle” books by Chris Guillebeau, and I particularly like " Financial Freedom: A Proven Path to All the Money You Will Ever Need" by Grant Sabatier as an intro.

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#12

Great choices! IWTYTBR by Ramit Sethi is pretty much the perfect introductory to personal finance. Robbin’s Money book is on my list also.

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