Episode 250: Top 5 Books About Money You Must Read
Money is a terrible master. It will drive you into the ground if it’s running your life. But it’s also an amazing servant if you tell it where to go and you understand how to use it.
If you're just dipping your toes into the world of money and you feel intimidated or it feels like it's this hard, weird, complicated thing, I want you to understand, first and foremost, your confusion is by design.
But honestly, managing your money well isn't really that complicated.
Five books to transform your relationship with money
I consider it my job to put more money in the hands of more women. I like to deconstruct the scary and make it super simple.
In today's episode, I want to share with you the top five books I really think can make a massive difference in your financial journey, and also in helping you create a new relationship to money.
Book 1: The Psychology of Money
The Psychology of Money by Morgan Housel talks about very specific stocks that you can purchase or decide to invest in through Vanguard. (I am not an affiliate of Vanguard, but everybody that works with me knows I am a huge fan and I am actually invested in my own funds inside of Vanguard).
He really breaks down exactly where their money is, how they've decided to divide it up inside of retirement and before they retired. And it's that simple breakdown that makes this book so valuable.
The other thing I think you're really going to love about this book is the first opening chapter. It talks about how nobody on this earth decides one day to wake up and mess themselves up financially.
So if you've been beating yourself up for where you are financially or judging others, think of family members, spouses, your children, anybody and the way that they're using money, it's probably either a fear they haven't dealt with or something they just don't know.
Book 2: Quit Like a Millionaire
There are two authors for Quit Like a Millionaire, and they are actually romantic partners, and it's so great to watch their journey. It's Kristy Shen and Bryce Leung now, their journey together, you guys, they started their investment journey right before one of the biggest stock market crashes we've all ever experienced. And I so appreciate her honesty about this journey.
These two beautiful humans are part of the fire generation. If you don't know what that means, it stands for Financially Independent Retire Early the fire generation. So what they do is they share how they were able to retire, well, in their 30s. And this is not like some crazy scheme.
What I appreciate about this book is the practical approach. These are two regular human beings who have figured out exactly how to invest in the market in a healthy, consistent, sustainable way, and the sustainable piece, I think, is the most important.
This is one book I recommend you get an actual hard copy of in your world, because she goes into great detail about IRS rules, and how you can pull out your money without creating taxable events. All legally.
Book 3: The Soul of Money
The Soul of Money by Lynne Twist debunks the myth that money is somehow intrinsically evil, or that we can't control it, or that we don't understand it fully. If you've struggled with desiring money, felt guilty about wanting more money, or like you shouldn't want more money, this book will absolutely help.
Money is simply a magnifying glass. If you are wonderful and amazing, money allows you to be even more wonderful and more amazing and more generous on this planet. If you're an asshat, well, it can let you be a bigger one of those, too.
Book 4: Profit First
I highly recommend Profit First by Mike Michalowicz for entrepreneurs because the desire to spend when you’re running a business is very high.
You want the best of everything. You want to look like your competitors. You want to be able to compete on the highest stages, and you've got to earn the right to actually be there, not just from a business perspective, but from a financial perspective.
The formula works so beautifully. If you remove the profit first, you will only deal with the operating expenses that are left, and that will have you consistently stay on track and never go into debt or risk the business crumbling.
Again, a common sense, totally normal approach. One of my favorite tips here is if you are selling a physical product, every time you make a sale, you then save inside your operating costs exactly how much it costs for you to create that product. And then the next time you go to order your supplies, you will already have the money. It's tips like that that will have you pick up this book again and again.
Book 5: Unshakeable
Last but not least is Unshakable by Tony Robbins. This book is like the Cliff Notes of Money Master. It goes into great detail on how to save and, most importantly, how to choose the right financial planner.
Tony rips the curtain wide open in this book to help you understand what all the titles mean, what they give financial planners the right to do and not do, and how they ends up robbing the American public of millions of dollars in fees.
If you just take a minute, really, you can read this book in a weekend and really understand who's managing your money and how. This is such a great book for you to pick up and really digest so that you can manage your money in a way that has it grow as fast as possible.
Bonus Book: The Bogleheads’ Guide to Investing
The Bogleheads’ Guide to Investing is about the founding of Vanguard, which I spoke about earlier, why this company was created, what happens inside of it, and why there are so many of us who are such huge fans.
If you tell your money what you want from it, if you tell it where to go and you understand funds like those funds that are available through Vanguard changes everything. It can really, really change where you go in this world, how you approach your money and how you allow it to grow for you so you can continue to enjoy your life even more in whatever way matters most to you.
Binge More Game On Girlfriend™ Podcast Episodes
Something Just for You
Freedom in your business is here. Make revenue that allows you to exhale. Grab my free Freedom Calculator below, and know exactly how much your business needs to make so you can be FREE.
Thanks for subscribing! Check your email for further instructions.