The gift of creating wealth:
To become really good at handling money and getting out of debt and getting on the road to becoming wealthy, read one or more of favorite financial books :
“I Will Teach You To Be Rich” by Ramit Sethi: This book is hugely popular with millennials and anyone who wants to learn more about personal finance without the boring parts. Sethi’s easy-to read and approachable style includes chapters like how to “Open high interest, low hassle accounts and negotiate like an Indian,” or “How to save hundreds per month (and still buy what you love.)”
“The Millionaire Next Door” by Thomas J. Stanley and William D. Danko: This book is a great guide to the habits that build wealth. Based on the principal that wealthy people didn’t become wealthy by acting that way, Stanley and Danko lay out the seven simple rules to follow to become wealthy.
It’s a must read for anyone just starting out and earning his first real paycheck because it teaches the basics of personal finance and helps the reader to develop good money habits right from the start.
“You’re So Money: Live Rich Even When You’re Not” by Farnoosh Torabi: Weaning off benevolent benefactors (parents, that’ you) and learning to live on an entry-level income, may come as a big shock to your grad’s preferred lifestyle. But if your graduate doesn’t learn to live within his means, especially when just starting out, he may quickly rack up even more debt on those new credit cards.
Torabi, a savvy financial reporter and 20-something herself, gives grads sensible advice to help them successfully adjust to their new disposable income level, and still enjoy some of the finer things in life.
“Why Didn’t They Teach Me This in School?: 99 Personal Money Management Principles to Live By” by Cary Siegal: The author originally wrote this book to pass on good money management skills to his five children. Since most high schools and colleges do not teach students even the basics of money management, this book features eight important lessons focusing on 99 principles that will quickly and memorably enhance any individual’s money management acumen. I like this book because it’s easy to understand and the principles are ready to use.
