Household debt in American is more than 13 trillion dollars. That’s a staggering amount of money. One of the main reasons for that is we just aren’t given the practical tools we need to succeed financially in school.
The average adult struggles with debt because they don’t believe there’s an alternative. Here are 4 books that will help you take control of your personal finance and rid yourself of your household debt.
Rich Dad Poor Dad
In Rich Dad Poor Dad: What the Rich Teach Their Kids About Money author Robert T. Kiyosaki explores his childhood and he learned about finance from two very different men – his dad and his friends dad. These men helped Kiyosaki learn about finance, both good and bad. His dad struggled debt, but his friend’s dad was one of the richest men in the neighborhood.
He learned a lot form the different habits of these two men and how their decisions affected their wealth. In the updated 2017 version, he makes some great comparisons between life 20 years ago when he first wrote the book and what things are like today. The main lesson in this book is that you don’t need much money to get started on the right financial path.
The Automatic Millionaire
The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich is a practical book with some simple, easy to follow ideas about how to get ahead. The big take away from this work is that by automating your finances you can make your money begin to work for you.
It’s about changing your habits, better understanding your priorities and creating a financial plan that fits. In the book he uses the example of a couple with modest means that are a financial success, explains how they got there and shows you how you can follow in their footsteps.
The Total Money Makeover
Celebrity advise isn’t always sound, but when it comes from Dave Ramsey, a weekly financial radio host with millions of listeners, it’s worth listening to.
He’s written numerous Best Sellers and The Total Money Makover: A Proven Plan for Financial Fitness is a great choice. His writing is practical and relevant and if you are just getting started on your financial journey and you would like to know where to start this is one of the first books you should pick up.
Your Money or Your Life
Some books make you step back and re-examine your outlook on life. Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence is one of those books. Authors Robin and Dominguez encourage us to think about our ultimate goals and how much money we need to get there, before trading the moments of our life for them.
Are we willing to invest the time an energy necessary? If the answer’s no, it’s time to take another look at those goals and develop a plan we can truly live with.
If you are on the road to personal growth in your finance journey, we encourage you to check out our Personal Finance workshop below: