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In this day and age financial literacy is a must to gain long term freedom. Whether that means leaving a corporate job to make your own path or an earlier retirement date these books will help you get there.
#1 Rich Dad Poor Dad
Robert Kyosaki grew up with a poor biological father and a rich “father” who was really the father of his best friend. The fundamental difference in attitudes towards money that the rich focus on is the idea of financial literacy. Giving invaluable real life implications on how to invest, run a business and achieve the proper mindset, Kyosaki gives the raw advice on how to achieve financial freedom.
Key takeaway: Upper class citizens make their money work for them while middle and lower class folks do not. There will be inherent risks to make money and the upper class take those opportunities and makes money off of them. Quote of the book: “The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth in what seems to be an instant.” #2 The Psychology of Money
In economics 101, students are taught that humans are rational, optimizing beings. However, that is not the case and we often need the help of psychology to truly tap into better financial decision making. Morgan Housel has a fresh take on the age old finance books that flood local libraries by taking the focus away from “how to pick the best stocks” to a focus on relationships between people and money. With her minimalist style, Housel explores chapters on why we do silly things with our money to advice for novice investors.
Key takeaway: Financial wealth requires discipline, patience, and constructive behavior. You don’t have to be a genius to make money. Quote of the book: “Napoleon’s definition of a military genius was, “The man who can do the average thing when all those around him are going crazy.” #3 Die With Zero
We all have once pondered why we work so hard while having little time to spend that money. Bill Perkins, famed hedge fund manager, unique philosophy is that once you’ve saved enough to fund your retirement the focus should shift to creating memorable life experiences (not material objects). Through his rules he explains the optimal way to live and save,
#1. Maximize positive experiences – don’t wait to retirement to start checking off your “bucket list” items #9. Take big risks early, not later – the younger you are the more risks and bolder you should be with opportunities that come your way An overall interesting read that provides an opportunity to reflect on your values and life to make sure they are trending in the right direction. Key takeaway: If you die with out spending all of your money then you have wasted hours in your life. Make sure that you have a clear goal and timeline on when you will stop working. There are no prizes for being the richest person in the cemetery. Quote of the book: “You might think that as people get older, they spend money more freely out of the sheer desire to make the most of it before it’s truly too late. But the opposite tends to happen. In general, spending among American households declines as people age.“ #4 Smarter Faster Better
New York times best selling author, Charles Duhigg writes another slam dunk hit in his new book on becoming more productive. Duhigg succinctly explains why some get so much done in 24 hours while others toil away in mediocrity. Through his eight key concepts – goal setting, decision making etc... – drawing on science, psychology and behavioral economics Duhigg gives readers an insightful and pragmatic look into how to live a faster, better, smarter life.
Key takeaway: Motivation is not something you are born with but rather a skill that can be worked on. One easy way to improve that skill is finding a choice that allows you to exert control. This choice regardless of size allows you to turn motivation into a self-directed habit. Quote of the book: “The choices that are most powerful in generating motivation, in other words, are decisions that do two things: They convince us we’re in control and they endow our actions with larger meaning.” #5 13 Things Mentally Strong People Don't Do
Increasing mental strength is the root to improve your career, financial wellbeing and most importantly your mental health. Amy Morin a clinical social worker, college psychology instructor, and psychotherapist has observed hundreds of people succeed and decided to write this best selling novel based off of her experiences. As is often the case, this book was initially posted as a web post that went viral, got picked up by Forbes and turned into a full length book.
Key takeaway: There are always two different ways to react to a situation. Example – Best friend aces his exam
Quote of the book: “If you want to avoid repeating a mistake, spend some time studying it. Set any negative feelings you might have aside, acknowledge the factors that led up to your misstep, and learn from it.” #6 I Will Teach You to Be Rich
Down to earth no nonsense basic finance tips to put your personal finances on auto pilot. In another blog turned book, Ramit Sethi gives advice on taking ownership of your own finances and getting the ball rolling even if it’s only $1. Automate where the money in your paycheck goes (10% 401k, 20% for vacations etc…) and use the power of the market to make your money work for you.
Key takeaway: Finances are a taboo topic that some get scared away from. Start now. Don’t just take our word for it, “If you invest $5,000 every year (which is $417/month) for 10 years, from age 25 to age 35 and then never invest again, you’d still have more money at retirement, than someone who starts at age 35 and invests $5,000 every year UNTIL they retire.” Quote of the book: “The 85 Percent Solution: Getting started is more important than becoming an expert.” #7 Principles
Ray Dalio, famed American billionaire investor and hedge fund manager, shares his unique approach to life and management. His unconventional approach has led him to believe that life and business can be synthesized into rules and understood like machines. Dalio lays out his book through practical lessons that help organizations make decisions, approach challenges, and build solid teams. Gain an inside scoop from an all time business tycoon in his best selling book.
Key takeaway: One core principle that Dalio preaches is being open minded. Those who are open minded are able to explore possibilities that others came up with. Change your mindset from being “right” to finding out what is “true”. Quote of the book: “Look for people who have lots of great questions. Smart people are the ones who ask the most thoughtful questions, as opposed to thinking they have all the answers. Great questions are a much better indicator of future success than great answers.” #8 Atlas of the Heart
Ever thought about what the emotions and experiences that define us as humans mean? Well, Brene Brown in her NY Times best selling book Atlas of the Heart explores the necessary skills and framework to have meaningful connections. Brown draws on her research to allow readers to accurately understand their emotions and experiences by easily breaking down them down into four elements: biology, biography, behavior, and backstory.
Key takeaway: One topic that Brown discusses related to success is the idea of “intellectual humility”. Intellectual humility allows us to ultimately settle on the right answer and ignore our ego by considering that someone else’s opinion may indeed be correct even if it differs with our initial viewpoint. Think about how many times you have stuck with your ego over admitting to the true answer. Quote of the book: When we don’t understand how our emotions shape our thoughts and decisions, we become disembodied from our own experiences and disconnected from each other. #9 The High 5 Habit
Every Sunday millions of people cheer for their favorite football team. Every Monday millions cheer for their favorite reality star. You know who is sorely lacking a well deserved, crisp high five? Yourself.
Coming from best selling author Mel Robbins The High 5 Habit teaches the important habit of loving oneself. If you could use a kick in the butt and some confidence in your day to day life (and who couldn’t) then this book is for you. Key takeaway: Stand in the mirror every morning and take a moment to appreciate all that you have in your life before all the distractions fill your day. Be introspective and gracious and it will pay dividends. Quote of the book: “How you see yourself is how you see the world.” Comments are closed.
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