What's your favority personal finance book?

[buildmybudget]

When I was about 12 years old, a family member told me to read "The Richest Man in Babylon," by George Clason and it forever changed my life. I love how the book integrates fundamental financial principles with interesting parables that I was really able to appreciate. I'm looking for similar books that are fun to read but also fundamental, that I can read and write about.

Do you have any suggestions for a book to read? Do you have a favorite? Thanks in advance for any feedback!

[am_vanquish]

I'm not sure if it qualifies as Personal Finance, but The Millionaire Mind and The Millionaire Next Door forever changed the way I view money. I'm lucky I read that book at the time I did, in college right as I was preparing to start my career and make "real" money.

The author, Thomas Stanley, is a college professor and he makes no effort to provide a guideline for how people should manage their own money (one of my favorite aspects!). Instead he presents different perspectives of money based on information he has gathered from focus groups with largely affluent/wealthy people over several years. He classifies "rich" people in two categories (1) Balance-Sheet rich (consistently accumulate wealth over time) or (2) Income-Statement rich (make lots of money & spend it all immediately). Without reading this book, I'd be giving in to the American concept of consumerism right now and spending a much larger chunk of the money I make right now.

[scfr]

Originally Posted by am_vanquish

He classifies "rich" people in two categories (1) Balance-Sheet rich (make lots of money & spend it all immediately) or (2) Income-Statement rich (consistently accumulate wealth over time).

I too am a fan of the books! I hate to nitpick, but the definitions are reversed.

[zetta]

Yes You Can Achieve Financial Independence

All Your Worth

[am_vanquish]

Originally Posted by scfr

I too am a fan of the books! I hate to nitpick, but the definitions are reversed.

Thanks for pointing that out! I put them back where they were supposed to be.

[olga1311]

Total Money Makeover by Dave Ramsey

[mrvirgo]

Your Money or Your LIfe by Joe Dominguez and Vicki Robin.

[sarah]

The Tightwad Gazette

[buildmybudget]

Thank you all for the great suggestions! Being in grad school and working full time, it can be pretty difficult to find time to scout out a good read. Much appreciated!

[EEinNJ]

The Millionaire Next Door and Your Money or Your Life were financial life changers for me, must have been 10 years ago already that I first read them.
There are many others that get into the "hows" of personal finance, but these books will change the way you think about the "whys"

[karenkc]

I just recently read "The Richest Man in Babylong" and I'm 37. (My parents would have censored that book when I was 12 so I'm actually quite jealous yours actually gave it to you... I actually am jealous. )

Anyway right now my favorite book about money is "The Dynamic Laws of Prosperity." I was wondering what other members think of it- if they've read it.

[irmanator]

How about "The wealthy barber"?

[kanjoh]

Learn to Earn is an amazing read; written by Peter Lynch, the legendary fund manager, it gives a comprehensive overview of saving, investing, and the economy

[sandrark]

I've read a lot. The ones I've purchased and passed along to others:

* The Total Money Makeover, by Dave Ramsey. Good for people whoi want a plan to follow, instead of thinking it up themselves.

* Your Money or Your Life, by Joe Dominguez & Vicki Robinson. Great for an overview of how to think about life effort and priorities, and how frittering away $$ on miscellaneous junk will rob you of a life doing the things you WANT to do.

* Making the Most of Your Money, by Jane Bryant Quinn. She's old school, and not as flashy (thank G*D!) as Suze Orman, but she's RATIONAL and writes well. She also has clear instructions about what you should be doing at various life stages. My edition of this book is from ~ 1995. I think she updated it again in 2005 or so.

Sandi

[jasonnoguchi]

Retire Young Retire Rich

[arthurb999]

All good.

Automatic millionare is a good one too...