As the new year begins with a fresh start, you’re energized to start taking action on your resolutions. One of your goals for the new year might be to read more. Why? One common trait that many successful people share is that they make reading a part of their daily lives.
While there’s no shortage of great books, consider learning more about your personal finances. Here are five of the best finance books that will change the way you think about money.
1. Your Money or Your Life
If you’re looking for a seminal text on personal finance, “Your Money or Your Life” by Joe Dominguez and Vicki Robin is a great place to start.
The book brilliantly frames money in relation to your life, spending, and values, and was a precursor to the financial independence movement. It’s no wonder it’s one of the top finance books out there.
The book makes you think about money differently, and you’re encouraged to figure out your actual wage. (Hint: It’s not your salary.)
For example, let’s say you make $50,000 per year. But after taxes, paying for a car to get to work, professional clothes to wear to work, and other related costs, you’re not really making that amount. Suddenly, you may realize you aren’t getting paid all that much.
Not only is this book great at making you think differently about money, but it’s also a classic text that encourages financial independence — the idea that you don’t have to trade hours of your time to make money.
Instead, the authors talk about the “Crossover Point,” in which the passive income that you earn from investments equals your expenses. In other words, you can live off of your investments and do what you please. Seems like a lofty goal, but this book makes it sound possible.
2. Think and Grow Rich
Looking for an inspiring read to get motivated about your financial goals? “Think and Grow Rich” by Napoleon Hill has you covered. This 80-year-old book is chock-full of great advice and is considered to be one of the best finance books, selling millions of copies.
Hill studied the habits of successful people who broke through barriers and amassed a certain level of wealth, then outlined those wealth-building principles in the book.
“I recommend this book to new clients, blog readers, and podcast listeners all the time because more than showing you how to grow rich, it shows you the importance of setting goals and putting a plan in place to achieve them,” says Shannon McLay, founder of The Financial Gym.
Though it was written 80 years ago, the lessons are still relevant today. “This book forces you to set your financial destination, or your ‘rich goal,’ and put the plan in place to achieve it,” explains McLay.
3. Overcoming Underearning
Have you ever felt stuck in the low-income trap? Do you feel like you’re worth more, but you just don’t know how to go about it or ask for it? You’re probably an underearner.
Barbara Stanny’s “Overcoming Underearning” is for you. This is one of the best books about money for women, though anyone can benefit from its content.
No one wants to think of themselves as an underearner, but many people are living paycheck-to-paycheck, unable to get ahead. With this book, you can take action through the exercises and break free from underearning.
Stanny, the daughter of an H&R Block founder, never had to worry about money growing up. She didn’t learn how to manage her money until her gambling husband accrued tax bills amounting to over $1 million.
Her husband fled the country, her dad wouldn’t lend her money, and she had children to raise. This moment was the catalyst for Stanny to get financially smart.
Through her work as a journalist, she was able to interview successful, high-earning women. She found that what separates underearners and high-income earners is a way of thinking. The book is full of actionable exercises to help you learn (and earn!) more.
This book is a great read for anyone looking to shift their money mindset and ask for what they’re worth.
4. How to Win Friends and Influence People
You don’t have to read books about money to get financial lessons. Though not technically a financial book, “How to Win Friends and Influence People” can have a dramatic impact on your professional life, career, and earning potential.
The book, written by Dale Carnegie and published in 1936, offers techniques and tips for successfully dealing with people. But how exactly can it help you with money?
“It taught me to do the things I enjoy doing, listen more than I speak, and be genuinely interested in other people,” says Taylor Schulte, a financial advisor and the owner of Stay Wealthy San Diego. “If I did those three things well, my business would grow and money would eventually follow.”
For Schulte, using the steps listed in the book has worked. “Making money is the last thing on my agenda. But since reading the book and changing my priorities, my business has never grown faster,” he says.
In other words, learning how to be likable, influential, and charismatic can help you in your career and personal life, directly affecting your earning power.
5. Secrets of the Millionaire Mind
Do you dream of being a millionaire one day? Sure, you need to make more money and flex those saving muscles, but maybe you need to adjust your mindset first.
In T. Harv Eker’s book “Secrets of the Millionaire Mind,” you can learn about your money blueprint as well as the 17 things rich people do.
“The book changed the way I look, think, and feel about money. In a few chapters, I was given actionable steps to change the way I think about money, and began to view money in a more positive way,” says Andrew Daniels of Family Money Plan.
“Once you change the way you think about money, everything changes,” he adds.
When you think of books about money, you probably imagine pages of numbers, budgets, or stock picks. But the best finance books out there focus on changing mindset and behavior.
After all, money management should be as simple as spending less and earning more. Though it’s not always that easy, you can master your money mindset and start to build wealth with these top finance books.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.46% – 6.97%1||Undergrad & Graduate|
|2.57% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.50% – 7.24%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|