For journal entry 10, I thought, instead of sharing steps I’ve taken recently towards financial freedom, I’d like to share some financial freedom books that have helped me gain more financial literacy.
I’ve read many financial books through the years that have helped me gain financial literacy. Recently, I started to read financial books again. The ones I list in this blog are books definitely worth mentioning, both old and new.
This post is all about the financial freedom books that have helped me and continue to help me along my financial freedom journey.
Below are six books worth mentioning:
Financial Freedom Books
Below is a brief review of each of the six books mentioned. They are some of my favorite financial freedom books so far.
My top three would be Money A Love Story, Financial Feminist, and Get Good with Money. I admit, I haven’t finished Get Good with Money, but the wealth of knowledge Tiffany Aliche has offered me so far has been priceless.
Get Good with Money by Tiffany Aliche (hardcopy recommended)
Like I said, Tiffany provides an abundance of advice, but what stuck out the most to me was when she said people may be good at saving, but they sometimes save to spend, and this defeats the purpose of saving.
For example, if they used a portion of their savings to purchase a big-ticket item like a TV or trip (non-essentials), this only proves that they can save but aren’t good at actually saving.
“To get good at saving, you’ve got to move from the habit of saving to spend money to saving to make money.”
Tiffany Aliche
This really hit home for me, like a real eye opener, because I noticed I was saving to spend money. I would frequently check my savings accounts/investments and think of my balance as how much I had to buy or pay for something I wanted that was not a nonessential.
As mentioned earlier, I haven’t finished her book yet, but already, there’s such a wealth of knowledge in it. She also recommended opening a second checking account. The first checking account is for your regular bills, like rent, utilities, etc. The second checking account is for all other expenses, like restaurants, haircuts, etc.
She inspired me to open a second checking account, which I did last week with a credit union (I think I forgot to mention this in my last post, Journal Entry 9: My Journey To Achieving Financial Freedom. Click here to read). I am slowly making deposits into it so I can use it as an actual spending account for things I want to do and buy. This second checking account will not be essential like my primary one is.
Tiffany breaks down the different types of accounts we should have and why. I definitely think this is a great book for someone who is trying to gain more financial literacy.
Money a Love Story by Kate Northrup (hardcopy recommended)
Now, I read this book many, many moons ago. I read it the first time I was on the road to financial abundance and literacy. She also helped me to open my eyes.
I remember in one part of her book, she mentions how we need to stop waiting for our knight in shining armor to save us from our debt. A knight in shining armor could mean our parents, potential trust fund, partner, or hopes of winning the lotto.
This resonated with me because for so long growing up, I had this feeling that somehow, some way, I would miraculously receive an abundance of cash to help me out of my situation, whether that be a man or the lotto. I obviously didn’t have my parents or a potential trust fund I could count on. I didn’t grow up with money. But in the back of my mind, I always felt like in my future I would get “lucky” and get bailed out of debt!
Reading her book was like having a really great friend tell you the truth in such a tactful and productive way. She also mentioned how we should look for low-hanging fruit.
Low-hanging fruit is considered monetary value that we wouldn’t necessarily put much effort in because we don’t necessarily see them as cash.
For instance, how many times have we purchased a clothing item, changed our minds, and instead of returning it, it sat at home until the window to return it expired? Something we can return would be a low-hanging fruit.
Or what about our purchase of contacts? All we needed to do was to fill out a form and mail it out along with a receipt of purchase for a rebate. Again, another low-hanging fruit.
She points this out because her goal is to have you think about money differently. What a lot of these financial books have in common is changing our habits. With Kate Northrup, her pointing out our low-hanging fruit is her way of saying, “Hey, it may not be actual money per se, but it really is money that could be in your bank account.”
She was one of the first women authors on financial books I read. Before her, I read a lot of other books on finances but was unable to absorb the information. Both Kate and Tiffany write in such an easy way that it makes retaining information about something that feels so overwhelming easy.
She was also the first book that ignited me to start my financial journey. I created spreadsheets based on her recommendations, tracked my expenses and spending, raised my credit, increased my income, and had a path to get out of debt within a year.
However, to my demise, after a few years of being financially responsible, I thought I already knew it all, and there was nothing more I needed to learn or continue practicing. I was sooo wrong!
This journey has made me realize that financial independence is a muscle. You need to continue to do the work to see continued benefits, like everything else in life, right? There is always action to take (like consistently reviewing our finances) and new things to learn, implement, and take responsibility for.
Adding to my library of financial freedom books is definitely Money a Love Story.
Financial Feminist by Tori Dunlap (hardcopy recommended)
I cannot stop recommending this book to other women. I’ve recommended it to all of my daughters, three of my girlfriends, and now here in this post. This is a recent read. When I was reading it, I couldn’t put it down. Not only did it provide a wealth of knowledge about getting your finances together, but it also provided history and reasoning as to why women may be in the situation we’re in.
This book has so much insight, empathy, and rawness that I very much appreciate. It’s not a book about victimizing, but instead one of education and confidence. If you’re feeling insecure about your current financial status, this is a great book that will boost your confidence, in my opinion.
While I was reading this book, there were a lot of ohhs and ahhs. It’s like I knew some of the things Tori Dunlap mentions in her book, but the way she writes and the additional wealth of knowledge she provides is pretty inspiring.
In her book, she also includes highlights from different people with different perspectives. There was one highlight from a woman talking about check cashing centers and how her mom used to work at one.
Growing up in Oakland, California, check cashing centers were abundant all over, same with liquor stores. I remember my daughters’ dad at the time would cash his paycheck at these centers and it would piss me off. He didn’t have any financial literacy, like most of us who grew up in the ghetto. Banks intimidated him for whatever reason. He never thought to open a bank account.
The fees to cash his checks were so high that it made me extremely upset. It was around 5-10%. And this was in the 90s!
In Tori’s book, during her highlight on check cashing centers, she writes about how these centers take advantage of low-income communities, and I can definitely vouch for that.
My daughter’s dad was a smart and hard-working man. However, he was intimidated by American institutions. He was a Cambodian refugee when he was only a teenager. They (him and his family) were literally dropped off in the projects of Oakland, California. He had to learn how to speak English quickly, as well as how to read and write, something he was insecure about.
Financial institutions intimidated him because of all the legal documents you had to read and sign to open a bank account. For him, it was much simpler to cash his checks at a check cashing center because the process of doing so didn’t feel so intensive. This also meant paying a lot more in fees.
Tori goes over America’s financial history in such an empathetic and interesting way. Even if you are responsible and don’t need direction with your finances, you should read this book. She provides so much insight, knowledge, encouragement, and inspiration.
Think and Grow Rich by Napolean Hill (audible recommended)
Another financial freedom books for the library is Think and Grow Rich. A lot of financial influencers highly recommend this book.
I’ve listened to this book twice and read it once. This book is outdated. There are antiquated stories and examples presented. However, it’s a great book that provides inspiration and motivation if you are on a journey of financial abundance.
I usually listen to this book when I’m getting ready in the mornings. The Secret by Rhona Byrne is a similar book because it also contains aspects of manifestation littered throughout the book.
Napoleon writes that your thoughts, coupled with persistent action, will bring about lucrative results if you practice what he preaches. He explains how he researched thousands of men (noting some very familiar names) for many years. He taught them the same principles he describes in his book, and these men continued bringing in results of abundance.
If I wasn’t listening to this book while I was getting ready, I’d bring Napoleon with me on my walks. He inspires you to take action and to learn how to reprogram your brain into thinking of abundance.
Rich Dad Poor Dad by Robert Kiyosaki (hardcopy recommended)
If you haven’t already, this should be added to your list of financial freedom books.
This is another book I read ages ago, so my memory of his message may be a bit distorted. If I remember correctly, this book is more about entrepreneurship and different forms of income versus budgeting and managing money.
Robert writes about his relationship with his real dad and his friend’s dad. I apologize in advance, but I don’t remember which dad he considered poor and which he considered rich. He considered the poor dad poor because this dad believed in working hard at a traditional job and saving. He considered the rich dad rich because this dad talked about investments and working for himself.
What I remember most about this book was his writing about how most people have an opportunity to get rich. We are inundated with a wealth of resources and knowledge. Robert asks us to select a book on entrepreneurship of our choice and follow the instructions from beginning to end.
Ever since I read that, I thought, “He’s right.” And from then on, I tried. I tried a lot with a lot of different resources.
What I found hardest wasn’t the direction provided to me by books or resources but the follow-through on my end. I wasn’t consistent. When the task or direction got hard, I would easily quit. Saying I didn’t have the time or energy when I just didn’t have the courage or discipline.
I should reread this book since it was so long ago since I last read it.
You Are a Badass at Making Money by Jen Sincero
Okay, I’ll be completely honest. I do not remember this book at all. What I do remember, though, is that I did read it and enjoyed it. After reading this one, I remember telling myself how much I enjoyed her other book much more, You Are a Badass: How to Stop Doubting Your Greatness and Start Living an Awesome Life.
You Are a Badass at Making Money is basically about our limiting beliefs around money and how we need to overcome them by developing a positive mindset towards financial abundance.
Again, this is another book I need to reread. I’ll report back when I do. I read some of these books almost 10 years ago, if not more!
There you have it, 6 books that have helped me along my journey towards financial freedom. In my next post, I’d love to share some influencers, YouTubers, and podcasters who have also helped me along with my financial journey.
Do you have any books you loved or enjoyed reading that have helped you toward your financial goals? If so, please share by commenting below! I’d love to hear your recommendations.
As always, thanks for reading.
Love, Sutivi.
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