Watch for future emails from Kathryn Lowe. Meanwhile, enjoy the reading recommendations below!
5 Books on Creating Financial Freedom You Need to Know About
How many of these incredible books do you know? I’m going to share 5 books from the personal finance/financial freedom industry that changed my life for the better.
By the end of the article you will have key takeaways from each book that, when combined, make up a list of money mantras you can use to upgrade your own money mindset.
So, let’s get started! Please note, this article contains affiliate links, which means if you make a purchase using one of these links I may receive a small commission at no extra cost to you.
Book #1 The Total Money Makeover by Dave Ramsey
One day in 2014 while shopping at Goodwill I came across the Total Money Makeover by Dave Ramsey. I had heard about it from people here and there, so I bought it.
Later that night I sat in bed and started reading it. Once I started it I could barely put it down.
Dave Ramsey has an abrasive, in your face style of writing (and personality) that I normally would be put off by, but in this case of this book it worked.
This is the only book on getting out of debt that not only got me to take action, but his system worked for me.
The Total Money Makeover was the kick in butt I needed to get my finances in order, get out of debt and “give every dollar a job.” We followed the steps, started digging out of debt, and when I struck it big with a bestseller in 2016 I knew exactly how to manage the influx of cash thanks to following the steps in this book. (I had come into a windfall before and blew it all, so I know first hand that coming into money doesn’t guarantee you’ll keep it). It had such an impact on my life that I completed the Financial Coach Mastery Training so I could help other women get control of their finances too. Here is a link to the Total Money Makeover.
Book #2: Quit Like a Millionaire by Kristy Shen and Bryce Leung
This is a newcomer to my library and it’s an eye opener. It could almost be three books in one because she packs so much information into it. And it’s likely worth its weight in gold with the information she provides on taxes alone!
I listened to it as an audio book but then took a look at the physical copy so I could see her charts and tables.
Don’t let that intimidate you though, because Kristy and Bryce make it all easy to understand.
It was refreshing to read a book on financial freedom written primarily by a woman (though her husband is co-author). Nonetheless, Quit Like a Millionaire is from her perspective.
Kristy is from China and moved to Canada when she was 9. Her stories of being a small child growing up in China were a real eye opener to me and I LOVED it – as and American it was a jarring but welcome peek into a very different world view.
The book covers everything from her parent’s perspective on money and success from living in communist China, how to live below your means, how to invest, how to strategize to avoid overpaying taxes and how to do location arbitrage.
This book is a classic in the freedom lifestyle space. While some of the information is a bit outdated, if the concepts in the book are new to you it open your eyes to a world of what’s possible. For that reason this book is still a must read.
Many people and businesses credit Ferriss’s book for helping them launch and grow, and I am no exception.
I would describe his style of writing as highly caffeinated and hyper-male, which (mostly) made it a fun and exhilarating read. Other times it felt a bit much (in later interviews Ferriss admits as much) and I needed to put it down and go for a walk to shake it off. But I kind of love that in a book – it’s not just a read but an experience. It’s a classic must-read and you can get a copy right here.
Book #4: Money is My Friend by Phil Laut
This is a short and obscure little book that had an unexpected and positive impact on me.
I found it in a dusty second hand bookshop and the pages were falling out. But I was intrigued by the title. So even though it was originally written in 1978 (!), because it’s about mindset and the energy of money, much of its timeless wisdom holds up. (Note, there is now a revised and expanded edition available).
Here’s the line from the book that really got me thinking: “Mastering laziness with self-esteem is an important factor in increasing your income. You can practice this by staying in bed for a whole day on regular intervals until you can do it without feeling guilty”. <<< I had never heard of anything like that before. Whoa!!
The main thrust of this book is that pleasure can lead to financial freedom, and freeing up our energy – of grudges, anger, guilt, etc. – is key to unlocking financial prosperity.
What is great about this book is that Collins shares a glimpse of what life is and can be like when you’re financially free.
And the other great thing about this book – this is really great! – is that he walks you through a very simple and effective way to invest in the stock market. He simplifies simple investing. It’s how I’ve invested for years and he confirmed a lot of why it’s viable and highly effective. In plain English.
He has a friendly and slightly contrarian writing style which I found easy to read. The book is packed with information, but he manages to make it understandable and palatable.
Note: The author is based in the US and talks about investing in the US Stock Market. But if you’re outside of the US, take a look at Quit Like a Millionaire by Kristy Shen (book #2 above) because she shares how to invest with the same simple framework outside of the US.
As you can see from these great authors, financial freedom is possible no matter who you are and where you started. Each of them found a way to make money work for them and create a lifestyle that’s not driven by the need to work a 9-5 job.
Each of them offers a pathway or a key piece of wisdom that can light your own path to financial freedom.
I created a quick summary/overview of the list, plus one key takeaway from each of the titles. It’s worth printing out where you can see it, because each key takeaway represents an empowering belief which you can adopt for yourself. Repeat them regularly to yourself to help ease your path to financial freedom.