So you want to become wealthy? Whether you’re an investor, saver, or stock market trader, there are countless resources out there to help you achieve financial independence. But which books are truly worth your time and investment? Here, I’ve compiled a list of some of the best wealth building books to guide you on your journey to financial success.
1. The Only Investment Guide You’ll Ever Need.
The Only Investment Guide You’ll Ever Need is a classic by Andrew Tobias. This book has been around since the 1970s and has helped countless people improve their financial literacy and knowledge. This book doesn’t generally make the “best of” lists due the fact that it predates the internet age. It is however an unknown classic and is generally viewed as comprehensive, practical and inexpensive. You can find it used for about 6 dollars on Amazon, here.
2. Rich Dad, Poor Dad by Robert Kiyosaki.
This book has been a bestseller for years and is known for its unconventional financial advice. Kiyosaki illustrates the concept of a “rich dad” who teaches him to acquire assets (like businesses and real estate), while contrasting it with the financial mindset of his “poor dad.”, who buys liabilities he believes are assets. Kiyosaki struggled a lot in his early years, but his work is a classic in personal finance because it conveys complex concepts in a simple, accessible manner. You can get it for under $7 dollars on Amazon.
3. The Richest Man in Babylon by George S. Clason.
Published in 1926, this book is still relevant today. The Richest Man In Babylon tells the story of a Babylonian man who becomes the wealthiest man in the city by practicing timeless rules of financial success. The book provides an easy-to-understand guide to money management and investment strategies through short stories. This makes it an excellent read for anyone seeking wealth. The book has over 186,000 reviews on Goodreads, making it one of the most widely read books in personal finance, ever. You can get it on Amazon. The Kindle version is $2 and you can get a paperback for 6 or 7 bucks, here.
4. The Millionaire Next Door by Thomas J. Stanley and William D. Danko.
The Millionaire Next Door is the only book on this list which based on valid scientific data. Written by a pair of marketing professors, the book debunks the misconception that millionaires are flashy spenders and luxury buyers. In fact, most millionaires are frugal and save their money. The authors provide an accurate description of the habits and lifestyles of millionaires, which is useful for anyone trying to build wealth. You can get get it on Amazon for between $2 and $10 dollars. Its worth every penny.
5. The Simple Path to Wealth by JL Collins.
I’m including Collin’s book due to its popularity, if not its freshness or originality of thought.
This book emphasizes the importance of investing in low-cost index funds and avoiding the pitfalls of the stock market, such as active trading, high fees and complex investing. Collin’s appeal is that he provides simple and easy-to-follow advice on building wealth through hands-off investing strategies. It is however, less suitable for investors who already have substantial assets or are looking for a discussion beyond the mediocre run of the mill advice. Its available on Amazon, here.
6. The Bogleheads’ Guide to Investing by John C. Bogle, Taylor Larimore, and Mel Lindauer.
Written by the late John Bogle, the father of index fund investing, and various coauthors. This book is the ultimate guide for those interested in investing in index funds and low-cost investing strategies. The authors provide detailed advice on portfolio construction, retirement planning, and tax-efficient investing. It’s a must-read for anyone looking to take control of their financial future through smart investing.
While this book is good for basic index fund investors, serious students of finance should read more broadly in Bogle’s work, specifically his 2005 book, The Battle for the Soul of Capitalism which more fully fleshes out his investing philosophy and necessary to fully understand Bogle’s thinking.
You can get The Boglehead’s Guide To Investing here.
Which Book To Read? Get Them All And Have Patience
Becoming wealthy is not an overnight process, but these books can provide valuable guidance and instruction on how to achieve financial success. Whether you’re a beginner or an experienced investor, these books offer timeless advice and strategies for building wealth. So, grab a copy of (at least) one of these books and take the first step towards mastering your money and securing your financial independence.
For More Great Thousandaire Reads, check out these articles:
Everything You Always Wanted to Know About Decamillionares, but Were Afraid To Ask
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James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.