The first time I opened a 401k, I had no idea what I was doing. I was lucky to have a very kind coworker of mine who encouraged me to sign up, and then he helped me get started. He literally came over to my computer and walked me through it. The problem many of us have with getting started with something new is that we have little to no foundational knowledge and we become overwhelmed, and as a result, we don’t start! Today I want to share a few favorite books of mine which can be a really valuable resource for your personal finance journey and make it less overwhelming. There are so many personal finance books but I am going to focus on my three favorites. If you don’t have time to sit down and read, I recommend audiobooks as that is how I do a lot of my “reading”!
1. The Automatic Millionaire
This is a great book for everyone! This book literally tells you what to do, and it isn’t very long so you can read it quickly. If you are just starting, then I would say The Automatic Millionaire is well worth your time and a great place to start! By the time I read this book, I was already doing the majority of the items in this book. With that said, it was still worth my time.
My biggest takeaway was that I really needed to pay off my mortgage. What I like about this book is that it is action-based. At the end of each chapter, David Bach lists out what you need to go and do. There are also good examples and stories that make this a pretty easy read.
2. A Simple Path to Wealth
If you are looking to learn more about investing, then this J L Collins book is for you. A Simple Path to Wealth is the perfect book to learn about investing with index funds. Index funds are a really easy way to have a simplified portfolio. This book will help you figure out what to pick in your investment accounts, such as your 401k or Roth IRA.
3. The Little Book of Common Sense Investing
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns by John C. Bogle is another great book for learning about investing with low-cost index funds. This book convinced me to simply my portfolio into this approach.
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What are your favorite personal finance books? Post a comment below.
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