Like most young people, I watch my fair share of Netflix but I also read a lot. I think a lot of people my age forget about the value of reading nonfiction books. You can learn so much from books at an extremely low cost. I swear the lessons I’ve learned from $15 books have been far more impactful than most of what I learned in college for tens of thousands of dollars. Crazy.
Here are a few of my favorite books on personal finance – how to save more, invest wisely, and enjoy the freedom of financial independence.
Your Money or Your Life
I can’t recommend this book enough. It takes you through the history of marketing and consumerism, explaining why we live in a materialistic culture. Vicki Robin then takes you through a series of exercises to assess your financial position and makes the case for saving more and spending less. I now find more joy in saving and working towards financial independence than from spending money on shopping and entertainment. This book has the power to change your whole mindset around money. Shop on Amazon.
I talk a lot about this book in my previous blog post: How I saved nearly 40% of my income last year.
Set for Life
This is the most recent book I finished. It’s about both personal finance and real estate. It gives easily actionable steps for someone who makes an average salary to go from being in debt to complete financial independence. The steps are simple but require sacrifices that most young people aren’t willing to make. It’s an inspiring read that will force you to rethink lifestyle decisions. Shop on Amazon.
A Random Walk Down Wall Street
This one is all about investing. If you know nothing about investing or where to start, this is a must-read. I believe that everything you need to know about investing for retirement is in this one book. It takes you through a brief financial history of the world, then makes an irrefutable case against trying to beat the market by stock picking. Malkiel tells you what Wall Street doesn’t want you to know and does a great job of demystifying finance. Shop on Amazon.
The Richest Man in Babylon
I read this a long time ago in a high school class I keep seeing people recommend it. The book was originally published in 1926 – almost 100 years ago and shares tales of ancient Babylonians who were the first to discover the universal laws of prosperity. One of which is the basic but important idea of “paying yourself first.” Shop on Amazon.
Let me know if you read any of these books or have an additional one to recommend. I’m always adding to my reading list.
