Top 10 Financial Mindset Books Part I
Mar 18, 2024The financial mindset is the first step to having a life of abundance. The mindset can become honed my family values, experiences and or books. When I decided that I needed more than a fancy degree to become wealthy I turned to books. These are my top ten financial literacy mindset books.
1) Rich Dad, Poor Dad by Robert Kiyosaki
Debt-free Doctor wrote "Now, that I think about it, it’s really troubling and no wonder why so many of us get in student loan debt. Student loan DEBT cripples us. Because we learn nothing about financial literacy in schools, most of our financial literacy comes from our parents. In this book, Kiyosaki also learned how the rich getting richer and poor are losing money. Robert Kiyosaki is sharing his story about what he learned about wealth.
Interestingly, he learned it from two people, his “rich dad” who was actually his best friend’s dad and his “poor dad” who was his real father. His “poor dad” held a Ph.D in education, and like many educated people working jobs to pay the bills, still struggled with debt and money his entire career. Kiyosaki’s “rich dad” was a successful business owner (one of the wealthiest in Hawaii) with only an eighth grade education.
Growing up, he began noticing fundamental differences in both of his father figures.
He stated, “I noticed that my poor dad was poor, not because of the amount of money he earned, which was significant, but because of his thoughts and actions.“
I also think that too people are poor, not because of our income but because of our scarcity vs abundant mindset."
Read the 6 lessons from Rich Dad, Poor Dad @ https://www.debtfreedr.com/7-minute-read-rich-dad-poor-dad-summary/
2) Get Good with Money by Tiffany Aliche
Tiffany Aliche wrote "Getting good with money — whether back on track or organized for the first time — is about mastering the fundamentals, not magic. And the point isn't to get rich quick or retire on a private yacht off the coast of Monaco, but rather to become what I call financially whole. Being financially whole means that ten fundamental areas of your financial life are in working order and you have a realistic picture of where you are on the path to reaching your wildest dreams. You can achieve this state regardless of your current income, savings, debt, or credit score! Like me you can get good with money and become financially whole even if you are in a total financial hole, even if you've lost your job and have been thrown into debt by a scam artist. I speak from personal experience! Another way to think about the concept of financial wholeness is that it cracks the code on how to master your money and attain peace with your finances. It is both a journey and the destination. This is the road map and will help lead the way. Financial wholeness doesn't stabilize just one aspect of your financial life, but all aspects of your financial life. "
I love this book for the chapter on Net-worth. Most people measure wealth on income but wealth is measured by Net-worth. Tiffany explains net-worth in a simple, easy to use and easy to remember fashion. Measuring net-worth sets a GOAL for building wealth. That's why I think this chapter is important for a wealth building goal.
Read more @ https://summaries.com/blog/get-good-with-money
3) Cashing Out by Julian and Kristen Saunders
In the money magazine article written by and "We’ve all been taught the value of an education and the importance of a strong work ethic. The combination of both and following a strong moral code are supposedly the core ingredients for a good and successful life. Unfortunately, the data suggests, it’s simply not enough. According to a 2018 Pew Research Center study, “After adjusting for inflation, ... today’s average hourly wage has just about the same purchasing power it did in 1978, following a long slide in the 1980s and early 1990s and bumpy, inconsistent growth since then.” This means that despite advances in productivity, the average American is only slightly better off than they were almost forty years ago.
Conversely, over that same period of time, between 1980 and 2020, a $10,000 investment in a simple S&P 500 index fund would have grown into almost three-quarters of a million dollars requiring no work at all. So, while it’s admirable and virtuous to pride ourselves on our abilities to work hard, the potential value of our labor is unfulfilled when income isn’t converted to investments. It’s fine to work for money, but it’s far better to have your money work for you."
I love this book for the investor mindset and helping me put a budget on my food spending. The big three expenses are housing, transportation and food. I have been really good with housing and transportation but my food budget was off the chain! Read the entire article @ https://money.com/cashing-out-julien-kiersten-saunders-excerpt
4) You are a badass by Jen Sincero
Excerpt from the Lessons for living a fulfilling life, "The first lesson to living a fulfilling life is by embracing something new. Jen shares the story of the band she was in, Crotch. Yes, that was the name of the band. Crotch consisted of herself, her friend, and her younger brother who didn’t quite know how to play instruments, but they had excitement and enthusiasm that led them to several opportunities including managing, producing, and starring in a film; releasing an EP, and obtaining a demo deal. They did all this while having corporate jobs.
Jen and her band didn’t quite know what they were doing, but they took each obstacle as an opportunity to learn something new, to make themselves better. Jen says to let your beginner live along next to your expert - take the learning process seriously but always remember to have fun.
The second lesson is to give and let give. One of the greatest joys in life, a fearless and powerful gesture is giving. If you want to attract good vibes and feelings, then you need to send good out into the world. Some ways you can give are by donating to causes that have meaning to you regularly. Give one of your favorite things away to someone who might need it more. Leave more on your tip than you would normally give. Say yes to things you might not usually say yes to. Feel how good it is to not only give but to also receive.
The third lesson is gratitude. According to Jen, gratitude keeps the awesomeness flowing. It’s more than just being thankful for what you have, instead, it relies on your awareness of, and deep appreciation for the miracles in your daily life. The more consistently you stay grateful and focused on the good, the stronger your connection to Source Energy. If you choose to live in a state of gratitude, then when a desire exists, you are in the proper frequency to receive that desire. Practice gratitude by approaching anything that happens in life with the phrase “this is good because…” It’s important to become grateful in all situations, good or bad. You can also practice gratitude by reflecting on your day and writing down at least ten things that you are thankful for. Maybe you’re thankful the morning rain cleared to reveal a beautiful sunny day, or that you traveled to and from work safely.
The final lesson for living a fulfilling life is forgiveness. People betray us, but you may also believe that you have betrayed yourself. Allow yourself to let go of the conflicts and decide you’d rather be happy than harbor resentment. Look at betrayal as an opportunity to learn and grow and shift away from negative feelings. Accept yourself and your mistakes, wipe the slate clean and just forget about it." Read the entire 18 page summary @ https://quickread.com/book-summary/you-are-a-badass-321
