Want to become financially savvy? Read.

The greatest lesson I ever learned was to never stop learning.  Unfortunately, I was well into my thirties before I heard this and actually took it to heart.  I attribute much of my growth, professionally and personally, to the books I have read.  You want to be a better parent?  There is a book for that.  Are you interested in cracking the code on how money works?  There are many books for that.  We do live in a world of “self-help”, but it is hard to sift through all the resources to determine what is actually worth the read.  I have made a list of my top five books on finances and why I love them.

  • The Millionaire Next Door by Thomas J. Stanley and William D. Danko
    • This was incredibly eye-opening. The wealthiest Americans are not who you think they are.  They are thrifty and lead modest lifestyles.  They live in the same house for a majority of their lives and drive used cars.  They believe in accumulating appreciable assets far more than living a high-consumption lifestyle.  They care more about building wealth for the future over impressing people with material things.
  • Love Your Life Not Theirs by Rachel Cruze
    • We are all too familiar with the term, “keeping up with the Joneses’”. But this phenomenon is leading us down a path of financial ruin.  Stop spending money on material things just because someone else did.  Practice delayed gratification by waiting until you have the money saved before making the purchase.  Who knows, by that time you may decide it isn’t worth buying.  Now that’s money well saved.
  • Your New Money Mindset by Brad Hewitt and James Moline
    • The way you think about money dictates your behaviors and attitudes toward money. The book explains the 5S attitudes toward money from unhealthy to healthy.  Is your money mindset holding you back from living the life you want?  It also drives home another important concept that all too often gets missed, giving.  Living with contentment in all that you have will put your financial situation in perspective.  Giving always comes back to you in some form.  I love the mantra, “The more you give, the more you get.”
  • Think and Grow Rich by Napoleon Hill
    • Every financial guru’s favorite read. Written in 1937, Hill explains the principles behind success.  The key is applying small actions each day that contribute to your goals.  Over time, the results are exponential.  To get serious about changing things in your life, you must change your way of thinking.  This book perfectly outlines just how to accomplish that.
  • Money Doesn’t Grow on Trees – A Parent’s Guide to Raising Financially Responsible Children by Neale. S. Godfrey
    • You may not be discussing money with your children, but they are still learning from you each and every day. They learn behaviors simply by watching yours.  Swiping the debit card at every store might be sending the message that there is an unlimited amount of money available to spend.  Take the time to explain what you are doing, how debit cards work, and that you have to put money into the account first.  Researchers believe that money mindsets are formed by the age of seven.  Now they are debating that it might even be sooner.  They are not too young to start learning about smart money habits today.

Have you read a great book that inspired growth and change for a better you?  I want to hear about it.  List it on my Facebook page, https://www.facebook.com/GSFinWell/