Allow me to recommend 20 titles that have made an impact on my life over the 20 years that I’ve been building a library of personal finance, business, and career development.
- Personal Finance for Dummies by Eric Tyson. This is the first personal finance book I ever read, back in 1996, and it just opened my eyes to the world of money – my money. If you can only read just one book on personal finance in your life, get this.
- Die Broke by Stephen Pollan and Mark Levine. Planning to die broke, i.e. not leaving anything behind that would be subject to estate tax, is a radical notion. Yet it makes perfect sense. Giving away your wealth while you’re still alive is a lot more meaningful and practical. It changed the way I thought about inheritance.
- The Millionaire Next Door by Thomas Stanley and William Danko. I was floored when I read this in 1997, discovering who the real millionaires are. If you easily fall for get-rich-quick schemes, grab this book. Solid research, excellent writing, and surprising findings, this book gave readers a look into the background of real millionaires in the U.S. – not the fancy corporate types and professionals with “big hat and no cattle” but business owners running boring enterprises and living modest lifestyles.
- Rich Dad, Poor Dad by Robert Kiyosaki and Sharon Lecter. Love him or hate him, I admit I got hooked when I read Kiyosaki’s best-seller in 2000. Despite some bad financial advice, this and subsequent titles will introduce you to useful conceptual tools like the cash flow quadrant.
- The Automatic Millionaire by David Bach. This is his first book I read, back in 2003, and these same phrases resonated with me. Paying yourself first is not a unique personal finance principle, but the keyword in David Bach’s book (and succeeding titles) is “automatic.” It is a powerful and practical concept.
- The Total Money Makeover by Dave Ramsey. If there is one thing that Dave Ramsey cannot stress enough, it is to be debt-free. Some of his recommendations, like buying a car with cash, may not be easily achieved, but his earnest advice to get out of debt, even “good” debt like your mortgage, comes from his own experience of becoming bankrupt and from Biblical principles he often cites. While I do see the usefulness of leverage in building wealth, Dave Ramsey reminds me of the danger of debt.
- Multiple Streams of Income by Robert Allen. I read the book in 2007, but the idea of having multiple income streams has something I’ve been practicing even before. You can get some good ideas for your own income streams here.
- Getting Things Done by David Allen. There are a number of productivity and time management gurus out there (Stephen Covey being my favorite) but David Allen has spawned a loyal following, including myself, after reading this in 2003, thanks to his model that actually works and that I still use.
- Now, Discover Your Strengths by Marcus Buckingham. I read this in 2006, and I’ve become a strengths devotee ever since. Read this to get a grip on what your mission in life is.
- Rule #1 by Phil Town. I’ve read excellent stock market investing books from Peter Lynch, John Bogle, Burton Malkiel, David and Tom Gardner, Andrew Tobias, and others, but this is the book that has reignited by interest in stocks. Following the value investing strategy of Benjamin Graham and Warrant Buffet, self-made multimillionaire investor Phil Graham offers easy-to-follow steps to investing in the stock market.
- The 4-Hour Workweek by Timothy Ferriss. I just got excited reading this back in 2007, with its radical approach to work and career (outsourcing, selective ignorance, mini-retirements), some helpful, others just unrealistic for most, but definitely lots of fun.
- Secrets of the Millionaire Mind by T. Harv Eker. The idea that we have a money blueprint, i.e. our mindset about money, is pretty helpful in understanding how the rich think differently from the rich and the middle class. I read this in 2005 and attended his seminar shortly after. Stick with the book.
- The 9 Steps to Financial Freedom by Suze Orman. This is a Suze Orman classic back in 1997, which I read a decade after. Her inspiring backstory, earnest tone, and sound advice will turn you into a fan.
- Your Money or Your Life by Vicki Robin and Joe Dominguez. How much is your time worth? This book changed the way I thought about the value of my time – time that is either wasted or used productively. It also gave me a way to estimate my financial value in the marketplace, a very useful tool in deciding what projects to accept and pursue.
- Common Sense on Mutual Funds by John Bogle. I got this book in 2005. One of my heroes in the financial world, John Bogle invented index funds and grew his company Vanguard into a behemoth. Yet he never stopped advocating for the little people, regular folks like us.
- The E-Myth Revisited by Michael Gerber. If you’re an entrepreneur, you should definitely read this classic. You will learn the difference between being your own employee and being truly your own boss. It helped me when I first read in 2004.
- The Millionaire Fast Lane by MJ deMarco. This is an exciting book to read, which came out in 2011. The ideas on building a business with scale and magnitude for wealth acceleration are solid.
- Money: Master the Game by Tony Robbins. Can you believe I got this book for free when Tony Robbins gave free copies (I just paid for shipping) when he launched it in 2014? He doesn’t pretend to be a financial guru. Instead, he interviews very credible ones and lays out a plan that is very sound and practical.
- Money, Possessions, and Eternity by Randy Alcorn. No other book offers the most comprehensive dissertation on Biblical stewardship than Randy Alcorn’s life-changing book. More doctrinal in method than Larry Burkett’s practical approach to money management, this book will change the way you view your relationship with money. It has mine.
- The Bible by God. If you’re scratching your head, the Word of God talks about money more than any other topic. To zero in on the most practical passages, read King Solomon’s financial advice in Proverbs and Jesus’ parables in the Gospels. Planning, saving, avoiding debt, stewardship, handling wealth, giving, it’s all here.
And aside from books, of course, read personal finance magazines like Money, Kiplinger’s Personal Finance, and – for something more applicable to Filipinos – MoneySense.
Photo by Pj Accetturo on Unsplash
