I followed my daughter into a bookstore today. She was hunting for the latest YA graphic novel and the next book in her Keeper of the Lost Cities series. I have a rule that I will always spend money on books for her. I’d rather not buy the books since there are public libraries and school libraries and “free little libraries” full of them but the books she is interested in are the new releases and best sellers, so even if the library has them, there is a huge and ridiculously long waitlist. I want to keep her desire to read fueled and the momentum going so I am willing to pay for that. Education is one of the biggest foundations of future wealth and the ability to read the fine print, understand subtext and decode documents is a sure fire way to be able to understand contracts, financial reports, banking information to build and safeguard wealth. So there we were off to get books about dragons and fairies that will translate into future earnings! Plus it makes her happy.
As we meandered to the YA section, I couldn’t resist stopping at the display table of personal finance books. There was no shortage of titles. Some new, some classics: The Wealthy Barber by David Chilton (my mother gave me this book in my late teens - shaped how I saved my money when I was young - I ended up blowing it all on a film career but at least I had some to blow); Rich Dad, Poor Dad by Robert Kiyosaki (not a fan of this one but it is a must read); The Millionaire Next Door by Thomas J. Stanley & William D. Danko (love this one! It’s all about look poor but be rich - my mother bought it and lent it to me); The Psychology of Money by Morgan Housel (I actually bought this one - loved it - I have it on my classroom bookshelf now and love watching students read it); Money and Sense by Dan Ariely (bought this one and gave it to my mother - blew my mind about how I think about money and how it affects how much or how little I have) and several I hadn’t heard of but all promising they had money all figured out. I don’t look at these books like they are either gospel truth or trying to bamboozle me. Instead, I see them more like study material, like lectures back in school, each offering a different lens on money: psychology, investing, frugality. (Ultimately, they are lessons in marketing since they are all products with flashy covers trying to get your money which is really what is making some of the authors rich, not the tips and tricks in the books.)
I will read any book on personal finance but unlike my daughter, I almost never buy them from the bookstore. I will wait and get them from the library since I know the wealth building game is a long one. I’m in no rush. In fact, the slower I go, the more money I grow since I’m not risking it, gambling it or spending it. I usually listen to audiobooks when I’m doing chores around the house or driving or waiting somewhere and I really burn through books that way. I don’t think it is about which book you read, but rather that you read as many as you can. I look at them all and take what I like, leave what I don’t but I see how they all fit together, fit into the world of finance, history, the current economy and my life. The more voices I sample, the more I can see patterns between them and connect the dots across my life, my money, and bigger financial systems.
So while I spent fifty bucks on my daughter’s brightly colored teen tomes, I thoroughly enjoyed my frugal window shopping and promptly added three new titles to my library audiobook holds list. Any day now, one of them will pop up and instead of costing me money, they’ll help me make more.
Personal Finance Books on my Already Read and Must Read Lists
Already Read:
You Are a Badass at Making Money by Jen Sincero
Meet the Frugalwoods by Elizabeth Willard Thames
Invested by Danielle Town
Financial Feminist by Tori Dunlap
Your Money or Your Life – Vicki Robin
Straight Talk On Your Money - Doug Hoyes
The Wealthy Barber by David Chilton
The Millionaire Next Door by Thomas J. Stanley & William D. Danko
The Psychology of Money by Morgan Housel
Money and Sense by Dan Ariely
Quit Like a Millionaire – Kristy Shen & Bryce Leung
Happy Go Money – Melissa Leong
We Should All Be Millionaires – Rachel Rodgers
The Index Card: Why Personal Finance Doesn't Have to Be Complicated by Helaine Olen and Harold Pollack
Enough Bull: How to Retire Well Without the Stock Market, Mutual Funds, or Even an Investment Advisor by David Trahair
To Read:
The Barefoot Investor – Scott Pape
The Richest Man in Babylon – George S. Clason
Stop Over-Thinking Your Money! – Preet Banerjee
Moolala: Why Smart People Do Dumb Things With Their Money – Bruce Sellery
Wealthing Like Rabbits – Robert R. Brown
The Intelligent Investor – Benjamin Graham
How Not To Move Back in With Your Parents by Rob Carrick
The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb
Antifragile: Things That Gain from Disorder by Nassim Nicholas Taleb
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