5 Personal Finance Books That Changed My Life
Play • 45 min

In this week's episode, I talk about my favorite personal finance books and how they improved my life. If you need help getting your money right, these books are a great place to start!
Disclaimer: I am not a financial advisor or CPA. The details of this podcast are shared for informational purposes only. Please seek assistance from a certified finance professional who can help you with your unique situation.
Show Notes:

  1. Financial Peace Revisited/The Total Money Makeover by Dave Ramsey 
    • Dave Ramsey is one of the most well-known personal finance experts in our generation. I took his Financial Peace University course and read his book, Financial Peace Revisited, when I was in my early 20's.
    • I haven't read The Total Money Makeover, but since that's his most popular book and most of the principles overlap with Financial Peace Revisited, I included both here.
    • Dave Ramsey is best known for creating the Baby Steps to help people get out of debt and build wealth.
    • I don't agree with all of Dave Ramsey's teachings (particularly about eliminating debt), but his materials provide a solid foundation in personal finance overall.
  2. Rich Dad, Poor Dad by Robert Kiyosaki
    • Robert Kiyosaki is another well-known personal finance expert whose teachings are on the opposite end of the spectrum as Dave Ramsey. 
    • One of the major takeaways for me in this book was the idea that "the poor work for money, while the rich make money work for them". 
    • Kiyosaki is also known for his argument that "your house is not an asset." Assets, according to him, are things that put money in your pocket, while liabilities take money out. Therefore, the fastest way to build wealth is to buy as many assets as possible. 
  3. The Cashflow Quadrant by Robert Kiyosaki
    • In this book, Robert Kiyosaki takes a lot of the ideas he explained in Rich Dad, Poor Dad and expands on them. The Cashflow Quadrant is a helpful visual for these new ideas.
    • In summary, the "E Quadrant" (which stands for "Employee") and the "S Quadrant" (which stands for "Small Business") are on the left side of the quadrant. It is generally more difficult to build wealth from these quadrants.
    • The "B Quadrant" (which stands for "Business Owner") and the "I Quadrant" (which stands for "Investor") are on the right side of the quadrant. Most wealth is built from these quadrants.
  4. The Millionaire Next Door by Thomas J. Stanley
    • Here in the U.S., we associate wealthy people with lavish lifestyles, like actors, musicians and athletes. I love the way Thomas Stanley turns this notion on its head.
    • Based on detailed research, Stanley describes how the "average" American millionaire  looks, thinks and behaves, and the results are often quite surprising.
  5. Family Wealth: Keeping it in the Family by James E. Hughes, Jr.
    • Hughes describes how families keep their wealth from one generation to the next.
    • He also explains the details of trusts, intergenerational family meetings and limiting taxes.
  6. Action Step: Read or listen to the audio version of one of the books on this list.
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