I’m starting this year off with new savings goals and objectives. I also have a small group of friends I text with about investments, savings, and financial freedom. Weekly I give them up-to-date information about promising stocks and encourage them to put money into their savings, even if it’s only $5 a month. I also challenge them to work toward financial freedom. This week I purchased them a book to help them get a better start on their journey in the new year. That got me thinking, what are the best first-step financial books for everyday people trying to get out of debt and secure their financial future?
A Simple Path to Wealth
I am in many groups on Facebook, and I see this book recommended many times a day. Commenters often give this book praise and maintain it helps beginners. The book is written by J. L. Collins. He talks about the importance of investing your money so that it works for you. Collins presents relatable data and makes recommendations on great mutual funds and ETF’s. He also discusses different types of retirement accounts.
I Will Teach You To Be Rich
Recently I came across this title from one of my FIRE groups via Facebook. After ordering the book I sent it to eight ladies in my financial text chat group. The book discusses many things in relatable, bite-size pieces and promises to get you in a better financial framework in 6 weeks. You learn about credit cards and interest rates, the best bank accounts, automatic savings, and conscious spending.
This is a book I found while shopping at Barnes & Noble. The cover was attractive to me, and it seemed like a simple title. The book talks about automating your savings, investments, and bills. It talks about paying yourself and bills first so that you never have to worry about them. This book inspired me to use recurring investments across my five investment portfolios. It also inspired me to put all my bills on automatic payment, so I never have to worry about them again.
The Millionaire Next Door
This is one of my personal favorite reads. I have shared many of the quotes and perspectives in this book with others. It highlights what we think is wealth and the true picture of wealth. Many people associate a large salary, fancy car, and celebrity status with being wealthy. This book highlights that while some people may be rich in terms of a paycheck, that does not define wealth. Instead, it takes a look at the lifestyles and habits of the wealthy and compares them to the flashy professionals who we aspire to be like.
While this list is not exhaustive, these are some of the best reads I have come across. If you have any personal favorite best first-step financial books, leave us a comment.