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Top Money Personal Finance Book Recommendations From Successful People

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  • Insider has spoken with dozens of highly successful individuals and rounded up their top books.
  • “Rich Dad Poor Dad” is a favorite among real estate investors and early retirees.
  • Super savers drew inspiration from “Set for Life” and “I Will Teach You to Be Rich.”

Books can be a helpful tool if you’re looking to build more wealth, save more money, or simply need a bit of inspiration. 

Insider has spoken to dozens of successful people, from CEOs of large companies to individuals who paid off large amounts of debt before achieving financial independence, and asked them to share the books that have helped get them to where they are today. 

Here are 12 of their favorites.

1. “The Simple Path to Wealth” by J.L. Collins

Ali and Josh Lupo, who paid off six-figures in debt and are on track to retire before 40, say that the principles laid out in “The Simple Path to Wealth” helped shape their investing mindset. 

Collins’ book taught them that investing “doesn’t need to be nearly as complicated as people often think it is,” Ali told Insider. She and Josh use a Roth IRA and a taxable brokerage account to invest their money in index funds and exchange-traded funds. 

The author also dives into how to avoid debt and what to do if you already have it, how to invest in a raging bull or bear market, and how to safely spend your wealth. 

2. “I Will Teach You to Be Rich” by Ramit Sethi

Another game-changer for the Lupos was “I Will Teach You to Be Rich,” which helped them become more intentional about how they spend their money.

“A few years ago, we thought we had a good idea of what we were making and spending, but when we started actually tracking it, we realized our numbers were completely off,” said Josh. “This book does a great job of identifying the importance of spending money on your values.”

The book emphasizes that saving money doesn’t have to mean living a life of deprivation, he added: “It’s about being clear on what you value, spending comfortably on the things that bring you joy or fulfillment, and then cutting out everything else. For the author, it comes down to intentionality and that was a big turning point for us.”

3. “Set for Life” by Scott Trench

Both the Lupos and super saver Avery Heilbron, who achieved financial freedom before 30, recommend “Set for Life.” 

It teaches readers how to save the majority of their income while also increasing their earnings in order to become financially free. A key strategy Trench highlights is finding ways to cut back on “the big three” expenses: housing, transportation, and food.

Ali and Josh Lupo are on track to retire early.

Courtesy of Ali and Josh Lupo

“We’re conditioned to cut out the smallest expenses, like Netflix or coffee or dining out, but the author explains that, for most people, about 70% of expenses are housing, food, and transportation,” Josh said. “If you learn how to master those big expenses, it will free up a ton of money so you don’t have to stress about the small stuff.”

4. “Retire on Real Estate” by Kai Anderson

Written by real estate investor and landlord Kai Anderson, “Retire on Real Estate” is what nudged Heilbron in the direction of owning property. “That book opened me up to the idea of using real estate as an investment and retirement vehicle,” said the 27-year-old property investor.

Heilbron set the goal of buying a place as soon as possible and started saving as much of his paycheck as he could. After reading Anderson’s guide and listening to episodes of the popular real estate podcast “BiggerPockets,” he decided to use a strategy known as “house hacking,” in which you rent out a portion of your home to offset your mortgage payment. 

If you want to build long-term wealth, “I think real estate is 100% the best thing,” he said. It requires time and patience, and some savings to get started, but if done correctly, “you can create cash flow, your properties will go up in value as long as you have a long-term view, and you get a lot of tax benefits.”

5. “Rich Dad Poor Dad” by Robert Kiyosaki

Robert Kiyosaki’s classic is a favorite among real estate investors and early retirees. 

Originally published in 1997, “Rich Dad Poor Dad” is considered one of the greatest personal finance books of all time. The author grew up with two father figures: “poor dad,” his real father who died with bills to pay, and “rich dad,” who started with little before becoming a wealthy man. Both fathers were successful in their careers and earned substantial incomes, but one always struggled financially.

Kiyosaki noticed fundamental differences in the way “rich dad” and “poor dad” thought, spoke, and acted. Throughout his book, he offers timeless lessons he learned from “rich dad” that will help you master your money and build long-term wealth.

6. “The Richest Man In Babylon” by George S. Clason

Another classic, “The Richest Man In Babylon” was originally published in 1926 but remains relevant today. 

Clason’s book underscores the importance of setting aside at least a portion of your income for your future self — even if it’s just 10%.

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Read More: Top Money Personal Finance Book Recommendations From Successful People

2022-08-09 17:04:33

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