These books have been very impactful to my own personal finance development and shift in mindset of my relationship with the topic. If you want to jump straight to practical I would suggest “I will teach you to be rich“, and “The Bogleheads’s Guide to Investing“. Otherwise, If you were to start from scratch I would recommend these in the following order:
Rich Dad Poor Dad– I would recommend this book as it’s very easy to read and teaches you the difference between an asset (e.g. real-estate), vs. liabilities (a car, tv, etc.). It also gives you a perspective on how the wealthy see the rest of society and how they utilize existing loopholes created to benefit them, to continue to do so. (I personally don’t like the author but I would still recommend the book).
The Power of Habit– Although this doesn’t have much to do with personal finance, it does contain some anecdotal stories about people being terrible with money. The takeaway here is that our whole lives are based around habits, and if we build good habits, specially with finances, then we’ll do a better job in savings and ultimately investing. Habits are hard, and money habits are much more difficult, but it’s a must!
Outliers -The story of success – The reason I include this book is that it crushes the privileged idea of “pick yourself up by your bootstraps” or “self-made-person”. Ultimately you realize that your favorite Facebook/Amazon/Microsoft/Telsa CEO’s were just lucky individuals that were born at the right time/right place/right family, and were given all the opportunities necessary to succeed. My takeaway is that even if you’re not born into privilege, you can understand your situation and attempt to improve it by getting help from everyone that cares about you, taking opportunities, and ultimately building generational wealth that goes beyond yourself.
I will teach you to be rich – This book is the most practical personal finance book I’ve ever read, and I will always recommend it to anyone as it is easy to read, has some personality to it, and ultimately includes real practical advise that you can start applying. It will literally change your life if you follow the steps.
The Bogleheads’s Guide to Investing – This book might be a bit on the advanced side (not really), but it will compliment the I will teach you to be rich book very well. It’ll touch more on Index funds/IRAs/Individual stocks, and other personal finance terminology that you will eventually have to learn. I would highly recommend it as well if you are committed to the topic.
Those are the few ones that I would start off with, I will update the post as I come across other worthy ones that I believe will help in both building the correct mindset (and habits) to applying the practical knowledge these books contain.
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