I still remember the first personal finance book I ever read. It was Suze Orman’s The Money Book for the Young, Fabulous and Broke.
While I’m not sure I would recommend that book now, I do still credit Orman’s book for young adults for being the catalyst in helping me take my money more seriously. It also opened up an insatiable appetite for non-fiction books, particularly those of the business and finance variety.
Over the last few years I’ve probably read 100+ finance books as they pertain to managing money, running a business and getting my mindset right. Here are the ones that really stick out and, in my opinion, should be a part of everyone’s financial library.
1. Think and Grow Rich by Napoleon Hill
I know most people leave the best for last, but if there’s one book on this list you need to read it’s this one. Seriously, this is THE book on money and psychology.
Here’s a bit of background: Napoleon Hill was a journalist who was nudged by Andrew Carnegie to interview the greatest businesspeople and thinkers of the twentieth century to get their views on success and money.
Hill crossed paths with Carnegie during his career, and Carnegie was more than happy to share is secret formula for success and abundance. He then thought this should be made accessible to everyone and so Hill ended up interviewing 500 of the richest men of all time.
What resulted was a book about mindset, success, and money. This book was talking about how mindset affects your money way before The Secret was even a thing. It talked about mastermind groups before they were popular. It broke down all the psychological money barriers before bloggers and journalists even got the memo that money was indeed psychological.
That’s why this book will change your life. It doesn’t talk to you about stock options, instead it teaches you the psychology of money.
2. The Millionaire Next Door by Thomas J. Stanley
The Millionaire Next Door is also a research project interviewing several millionaires, but it does so in the context of how millionaires behave with their money.
The book came about when Stanley was hired by banks who couldn’t seem to get wealthy clientele. The banks would have a spread of caviar and the finest wine to try and entice the wealthy to do business with them, but the wealthy weren’t biting.
This set Stanley off on a research project to see why. What he found was that everything the media tells us about millionaires and how they spend their money is wrong. Best of all, he backs it up with stats.
3. Overcoming Underearning by Barbara Stanny
Barbara Stanny is the expert on women and money, but men can learn a lot from her, too. In particular, her book on helping people overcome the vicious cycle of underearning is a real game changer. At least it was for me.
After reading her book, I went from breaking even in my business in the beginning of 2015 to tripling my monthly revenue by the end of the year. This book helped me take my finances to a new level, which was something I’d been struggling with. She helped me to identify a bad habit of putting myself in positions of underearning.
This list of money books that will change your life is by no means exhaustive, but it is a good start. While there are at least ten other books I could recommend, these are the ones that have not just had the most impact on me, but also seem to have a huge impact on anyone who reads them.
Get thee to the library!