Looking for personal finance books that will get you out of debt?
Learning new things can be exhilarating but also super intimidating, especially in the world of personal finance.
When you walk down the finance aisle at bookstores, it’s hard to know which personal finance book to choose. With such little time on our hands, we can’t squander it away reading every finance book. We’ve got to pick the right ones that bring us the most bang for our buck.
In this article, I’ve included 5 personal finance books that are classic, easy to read, shifted my perspective, and will help you get out of debt for good!
1. Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence
Your Money or Your Life (audible) holds a little special place in my heart. Vicki Robin’s and Joe Dominguez’s voice is straightforward yet comforting and funny. I found myself chuckling a few times and maybe had a few tears here and there. Their message goes beyond practical money management; they dive deeper into your relationship with money.
The duo authors refer to money as energy—your life force. They help you understand the trade you make to earn money and the trade you make when you spend money.
Healing your finances is one hundred percent a spiritual process. If you have had a rocky relationship with money, and most of your suffering comes from how you handle it. I recommend first to give this book a read and also pay attention to your self-care as you heal.
2. Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That Poor and Middle Class Do Not!
Author Robert Kiyosaki’s title is so catchy, Rich Dad Poor Dad (audible).
It’s a simple read, but you walk away learning so much about mindset and the importance of having a financial IQ (as he calls it.) He discusses the importance of your environment, family upbringing, and the critical role it plays in your financial life today.
Kiyosaki helps you understand money by cleverly teaching lessons pulled from his childhood. He illustrates the difference in learning about money from his biological dad, who had a poor mindset, and his best friend’s dad, who had a rich mindset.
All in all, a quick, informative read that helps give you perspective on your financial mindset. He also champions real estate investing. If you are interested in real estate, check out his other books.
Kiyosaki seemed to have stirred up some controversy in the past; check out this article by Trent Hamm, founder of the Simple Dollar. So take everything with a grain of salt and choose what you can learn from the book.
3. Millionaire Next Door: The Surprising Secrets of America’s Wealthy
American media loves to glamorize the all-so-addicting lifestyles of the rich and famous. There was even a show named Lifestyles of the Rich and Famous back then.
Millionaire Next Door (audible), co-authored by Thomas J. Stanley and William D. Danko almost feel like a response to America’s cultural wealth conversation—not all millionaires look like what you see on television. They are most likely your next-door neighbor Bob who refuses to update his Corolla.
Stanley and Danko spent twenty years on research, interviewed five hundred millionaires, and surveyed eleven thousand high net-worth individuals.
Twenty years of financial research shows some serious dedication from the pair. They walked away with a handful of timeless money principles and shared in the book seven similarities the eleven thousand people have in common.
I walked away from their book, understanding the difference between wanting to become rich versus wanting to become financially independent, why the latter is the fulfillment of a lifetime, and got a mental shift that is well worth the two-hundred and forty-five pages. Check it out!
4. Dave Ramsey: The Total Money Makeover
Dave Ramsey needs no introduction. He’s one of those guys; even if you are not emersed in the personal finance world, you’ve come across his name. He has amassed a substantial following from his hit radio show, The Dave Ramsey Show.
Let me share something with you. I cringed the day I bought The Total Money Makeover (audible). I cringed because I knew I was in deep shit.
A well-respected finance podcaster, Rob Berger of The Dough Roller, once said, your goal is never to have to read Dave Ramsey’s book. Well, too late for that, Rob!
Ramsey caters to the percentage of America who has trouble saving a thousand dollars. So buying his book was a massive reality check.
Side note: let me put this book in perspective for you.
I used to live in New York City and would ride the subway. Most of the time, I bring along a book to read. I’ve had my fair share of books on the train, but this one in particular—The Total Money Makeover—received a lot of attention.
I’m not sure what kind of fairy dust Mr. Ramsey sprinkles on his books, but about six people asked about the book. All quietly and meekly, as though they didn’t want to bring attention to the fact that we share a dirty little secret—we’re in debt.
I could argue that it received so much attention because, seriously, guys, this book is ginormous and red. You can spot his face from a mile away. He’s screaming: GET OUT OF DEBT NOW.
Or it’s just that, maybe, Mr. Ramsey is on to something. Perhaps he is a genius at what he does. The man just knows how to get people of debt, especially people with the lowest willpower imaginable. So what can I say?
If that’s you, read this book. Don’t worry; no one’s judging.
5. You are a Badass at Making Money: Master the Mindset of Wealth
You are a Badass at Making Money (audible) is not a classic, but it may be in 30 years.
Sorry for not sticking to the promises of the title, but I had to include this one. Jen Sincero’s voice is so funny, fresh, and entertaining. She’ll lift your spirits and have you ready to go out there and make that dough in no time.
Seriously, you feel like she’s a kindred spirit of some sort— your long-lost sister, a best friend, the cool aunt that everyone has but you. She gets you. She’s been there. She’s lived that creative artist life which means you are supposed to be poor and broke.
And she’s here to tell you that no honey, you ain’t gotta be broke! She takes you through a series of exercises, gets the gunk out of your mind, and uploads a new wealth mindset.
A quick uplifting read. A must-read.