I’ll break down key points from many of these books in upcoming posts, but for the overachievers out there that want to get ahead, here are some of the best books on personal finance for people in their 20s. The links lead you to Amazon.com but in true Beyond Beer Money style, I’d suggest you head over to the library.
- Your Money or Your Life – Dominguez & Robin. A class that presents a holistic view of money focusing on simplicity. Great ideas such include how to figure out your real hourly wage (including travel time, miscellaneous expenses- warning: it can be really horrifying). Time is money.
- Millionaire Next Door – Thomas J. Stanley. A fascinating study of millionaires and how they earn and spend their money (How much do they spend on suits? What cars do they buy?). Shatters the myth of millionaire wallpapering their bathrooms with $100 bills by demonstrating they get rich the same way everyone else does – hard work, understanding their finances, saving, and a little luck.
- A Million Bucks by Thirty – Alan Corey. Funny (how many personal finance books can you say that about?). Although Corey’s millions are the result of smart (and somewhat lucky) real estate decisions, the advice he presents on saving and making smart money choices are timeless. Also, any man who starts out eating nothing but Ramen for an extended period of time and living in the Spanish Harlem and ends up a millionaire is doing something right.
- Get a Financial Life: Personal Finance in 20s & 30s –Beth Kobliner. Nuts and bolts guide to basic financial tools including taxes, credit cards, mutual funds, and much, much more. Presented in a concise, engaging way.
- The Wealthy Barber – David Chilton. Presented as a novel. Includes commonsense wealth advice such as saving 10% of your income for long term wealth building.
- Millionaire by Thirty – Douglas Andrew. Includes fairly unconventional advice about buying a home early with no down payment and investing in life insurance to build assets tax free. Interesting book written by 2 brothers that built net worths over $1.5 million before their 30th birthday.
- The Joy of Simple Living – Jeff Davidson. Thousands of specific tips on decluttering, organizing, and living simply.
- Rich by Thirty – Lesley Scorgie. Offers a wide range of advice and worksheets on credit cards, investing, budgeting.
- For the Young, Fabulous & Broke – Suze Orman. The typical range of advice with the “you can do it” attitude Suze Orman is famous for.
- Wealth on Minimal Wage – James Steamer. Demonstrates how to build wealth even at a starter salary. Encouraging.
Did I miss something good? Write me and tell me.