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Read These Personal Finance Books to Increase Your Net Worth (Without Get-Rich-Quick Schemes)

by | Nov 16, 2022 | Money, Personal Finance

Books can make you filthy rich.

Only if you implement what you learn from them though. Back in 2011 I was a bum with no money and shattered dreams.

A friend told me to start reading finance books. The first one he gave me to read was “One Up On Wall Street.”

I got addicted to finance books like crack.

Since then I’ve read every popular money book you can name. Most of them suck but there are a few gems.

If you read these books it’s hard not to end up wealthy.

The Almanack of Naval Ravikant by Eric Jorgenson

This is not the cliche book you’d expect me to start with.

I love this book because it was inspired by a tweet thread called “How to Get Rich (without getting lucky).

It’s one of the best tweets I’ve ever read.

Naval is a disruptive thinker. He takes common ideas and chucks a nuke at them. His thinking on money is by far the best I’ve heard.

This tweet thread inspired a fan named Eric Jorgenson to write a book on it with Naval’s blessing. It’s an easy book to digest and a must-read.

Best quote:

Seek wealth, not money or status. Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth. Status is your place in the social hierarchy — Naval

The Psychology of Money by Morgan Housel

Many finance books tell you how to invest as if you’re a dumbass.

They almost all peddle the “buy the index fund” BS you’ve heard a million times. This book is different.

It’s about the psychology you need to actually make money. Because any fool can get rich and drunk on their ego. Few can make money and hold onto it long term.

Each chapter is like a short blog post. And one chapter is only a single page long which breaks all the book publishing rules.

Best quote:

Spending money to show people how much money you have is the fastest way to have less money — Morgan Housel

The Simple Path to Wealth by J.L. Collins

There’s a pattern with most of the best books on money — they came from people who wrote blogs for years.

JL Collins is one of those bloggers. He wrote this book for his daughter which is why it’s such an easy read.

If you’ve heard the term “F You Money” it’s because this book made it famous. The idea is if you have enough money in your bank account and investment portfolio, it allows you to say F You a lot more.

For example, you could have a terrible boss. Instead of sticking around to endure his wrath, you can say, “nah, sorry, I’m outta here mate.”

Then you can sit at home and look for another job with the comfort of your financial position backing you. The freedom of mind it gives is powerful according to JL.

Best quote:

You own the things you own and they in turn own you — J.L. Collins

Unshakeable by Tony Robbins

Tony is my man crush. I get wet jocks just thinking about this book (joking).

Tony runs around the world interviewing the top people in finance. He manages to get conversations with people who never do interviews.

The best thing this book taught me is the all-weather portfolio. It’s a way to invest money in different asset classes no matter if it’s good times, bad times, a recession, or a depression.

Here’s what it looks like:

Image Credit-RayDalio/OptimizedPortfolio

Investing isn’t about buying one big winner — that’s gambling. It’s about investing in a diversified portfolio of assets.

Best quote:

The best opportunities come in times of maximum pessimism — Tony Robbins

The Intelligent Investor by Benjamin Graham

One of the key lessons I learned from this book is the difference between a spectator and an investor.

Spectators are those knobheads who run about town screaming “crypto will die” “NFTs will die” or “XYZ platform is dead.”

These are the tourists. They’re just hanging around for the attention and to say I told you so. They look at the short term and try to make long term predictions as if they’re fortunetellers. LOL. Idiots.

Benjamin Graham will teach you to be an investor and act smart. You’ll buy an asset once and hold it for a long time. And you’ll use simple techniques like dollar-cost averaging to be confident in recessions.

Best quote:

Those who do not remember the past are condemned to repeat it. — Benjamin Graham

Think and Grow Rich by Napoleon Hill

This book is a classic because it laid the foundation for modern-day self-help with the idea of positive thinking.

You can’t increase your net worth and become wealthy by being a lazy pessimist. It just won’t happen.

“Our thoughts create our reality” says Napoleon.

It’s no surprise that he talks a lot in this book about obsession and focus. They are the fastest ways to make more money which can then be invested into assets that protect your time and wealth.

Best quote:

The starting point of all achievement is DESIRE. Keep this constantly in mind. Weak desire brings weak results, just as a small fire makes a small amount of heat — Napoleon Hill

I Will Teach You To Be Rich by Ramit Sethi

Most of this book is great. The part about credit cards is trash.

Stay the F away from the temptation of credit cards. I don’t give a fudge how good their stupid airline points are.

This book teaches you to master the basics of money (that many people screw up) then automate the hell out of it so your monkey brain doesn’t take over and ruin your financial future.

There are even some great negotiation tactics in the book to help you earn more money from the same investment of time.

Best quote:

The 85 Percent Solution: Getting started is more important than becoming an expert — Ramit Sethi

The Automatic Millionaire by David Bach

I’m sure you’ve met someone who earns a 6 or 7-figure salary and is flat broke. All their money is gone on BS stuff like cars before they get to it.

This is because how much money you make isn’t as important as what you do with that money. David teaches you how to automate your earnings so they make more earnings for you.

Once investing is automated the magic of compounding can kick in. That’s what makes you wealthy.

His strategy takes the luck out of getting wealthy and turns it into a formula that (almost) guarantees millionaire status.

Best quote:

Every time you earn one dollar, make sure to pay yourself first — David Bach

The Millionaire Next Door by Thomas J. Stanley

Thomas will shatter your definition of a wealthy person.

He spends a good chunk of the book highlighting the traits of millionaires that he spent decades studying.

The result is a wealthy person is a quiet person you’d never know had any money. They don’t necessarily earn a lot of money at all or drive some lame-ass BMW piece of garbage.

Thomas will give you all the math you need to get on this path yourself (if you choose).

Best quote:

I am not impressed with what people own. But I’m impressed with what they achieve. I’m proud to be a physician. Always strive to be the best in your field…. Don’t chase money. If you are the best in your field, money will find you. — Thomas J. Stanley

Die With Zero by Bill Perkins

Let’s end with one last book.

Old mate Bill pissed a lot of people off with this book. He argues that we spend way too much time saving for retirement and then die with loads of money in the bank. That money in the bank is hours of our life that we can never get back.

Maybe the money can go to your grandkids. The problem is when kids inherit lots of money it teaches them to be lazy, entitled, a-holes.

Bill wants us to spend the money we have while we’re alive on experiences that add the most value to our lives. And stop hoarding cash like monkeys playing a monopoly game.

Best quote:

You should be focusing on maximizing your life enjoyment rather than on maximizing your wealth. Those are two very different goals. Money is just a means to an end: Having money helps you to achieve the more important goal of enjoying your life. But trying to maximize money actually gets in the way of achieving the more important goal — Bill Perkins

This article is for informational purposes only, it should not be considered financial, tax or legal advice. Consult a financial professional before making any major financial decisions.

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