Personal Finance Book Reviews
If you're someone who is in a lot of debt, especially credit card debt and student loan debt, one thing you may need is some motivational self-help from a good personal finance book. I was once personally in $40,000 of debt, but I was able to eliminate all of this debt in just 2 1/2 years. I was able to do this by living well below my means and investing smart in the stock market. However, I would have never been able to accomplish this without the motivation and help of several great books.
What Are the Best Books That Will Help You Get Out of Debt
The books you choose to read which will help you on your journey should be encouraging. They should not discourage you in any way, no matter what your circumstance. They should make you feel like anything is possible - which is!
The Top 3 Books That Will Motivate You To Get Out of Debt
These three books or e-books have helped me personally.
3) "Destroy Student Debt: A Combat Guide to Freedom" by the blog author of "No More Harvard Debt" - This e-book written by the "No More Harvard Debt" author. This blog gained a tremendous amount of popularity as the author appeared on several television news networks as well as CNN Money and other publications. "B-school grad Joe Mihalic went on an extreme financial diet to pay down over $90,000 in debt in just seven months and charted his story through an anonymous blogging project."
The criticism of the blog and the e-books is that Mihalic had a great-paying job, which many people out there can't say for themselves. However, despite this fact, there is a lot to be learned from Mihalic. He gives great tips and advice on getting out of debt and his anti-consumerism viewpoints really struck a chord with me. Mihalic used to be money-obsessed and materialistic - in college his only focus was on earning a six-figure income. But he changes dramatically for a number of reasons. His journey is very inspiring and fun to read, and he can really serve as an example for Americans out there who are perhaps trying to hard to "keep up with the Joneses."
By the way, this E-Book is only $3 on Amazon. Click the link above to buy it, and trust me, it is worth every penny.
2)The Richest Man in Babylon by George S. Clason - This is an absolute must-read, plain and simple. Despite being set thousands of years ago in the city of Babylon and despite being written in the early 1900's, the lessons that this book teaches are timeless! This book will teach you the importance of living below your means and the importance of investing in assets that produce passive income. Read this book to learn more on the "secrets" to "acquiring money, keeping money, and making money earn more money." To put it simply, you must have your money work for you - not the other way around. Learning these priceless lessons helped me get out of debt faster than I could have ever imagined.
1) A Million Bucks By 30 by Alan Corey - I have written numerous times about this book, which chronicles the journey of a 20-something average Joe who dreams of being a millionaire by 30. Well wouldn't you know, Mr. Corey is able to achieve his goals of being a millionaire - all while earning just $50,000 a year from his job.
This book is extremely motivating for a number of reasons. First, Corey starts out at 22 years of age and is a normal person just like you and me. He doesn't have much money to begin and he doesn't have any special skills or anything like that. He lives well below his means and invests his money VERY wisely, compounding his money every year for about 8 years.
The best part about this book is how it's written - Corey tracks his progress every year and provides readers with exact updates, giving us his total net worth each year, his cash balances, equity in homes, etc. He gives us his blueprint for success.
The one criticism with this book is the belief some have that Corey got "lucky" because he invested in the real estate market when it was booming and before the real estate market bubble burst. I think that's a little off the point. First, you have to put yourself in the position to be lucky, which Corey did. Second, it took a great amount of effort and sacrifice for Corey to accomplish this goal. I have nothing but respect for what he was able to accomplish. My message for people is this - don't hate, emulate! Buy this book on Amazon now, read it and thank me later.
Things You Will Learn from Personal Finance Books
As a college graduate in 2009, I left school with $40,000 in debt. But like I said above, I was able to pay this down completely. It wasn't easy and it took some sacrificies, but it was worth it. I couldn't have done it without these amazing books that helped motivate me and keep me on my target.
From these books and others, I learned how to live on a budget, how to invest in stocks and real estate, the importance of living below your means and living frugally, etc. I also came to realize what the things that make me happy in life are - my family and friends and the experiences I share with them. Material possessions will never make me happy. So by eliminating my debt, I won't have to work as much in the future and I am able to spend more time with the people I love, which makes me happier as a person.
I hope you enjoyed this article on personal finance book reviews. I really do think these books will help you get out of debt faster and motivate you to make a change in your life. These books helped me out tremendously in my own journey, and I think they will help you as well! Best of luck.