money habits Archives — Beating Broke

Reading the right books can transform your mindset and skills, giving you tools to manage money with confidence. If you’ve been searching for ways to build financial literacy, these game-changing books will provide practical advice. Each book offers unique strategies, from budgeting basics to investing like a pro. Start your journey today to gain the knowledge you need for financial success.

Mastering Personal Finance with “Rich Dad Poor Dad”

“Rich Dad Poor Dad” by Robert Kiyosaki introduces readers to two contrasting views of money and wealth. This book encourages you to question traditional beliefs about earning, saving, and spending. It’s an eye-opener for those seeking to improve financial literacy and shift to wealth-building habits. With real-life lessons, it breaks down complex ideas, making them easy to understand.

Build Wealth Gradually with “The Total Money Makeover”

Dave Ramsey’s “The Total Money Makeover” is a step-by-step guide to getting out of debt and saving for the future. Ramsey’s methods emphasize discipline, budgeting, and avoiding credit, helping you take control of your finances. As you adopt these habits, your financial literacy will naturally grow. This book equips readers to stay on track with proven strategies for long-term financial health.

Invest Smarter with “The Intelligent Investor”

Benjamin Graham’s “The Intelligent Investor” dives into investment principles that withstand market changes. It’s a must-read for anyone wanting to enhance their financial literacy and grow wealth sustainably. Graham’s focus on value investing helps readers avoid emotional decisions. Whether you’re new to investing or experienced, this book offers timeless wisdom.

Develop Positive Money Habits with “Atomic Habits”

James Clear’s “Atomic Habits” isn’t just about personal development—it also touches on how small changes affect financial outcomes. Learning how to create good habits is crucial to building financial literacy and staying consistent with your financial goals. Clear’s practical advice applies to money management, savings, and debt reduction. This book teaches that even minor adjustments can have a significant impact over time.

Manage Money Effectively with “Your Money or Your Life”

“Your Money or Your Life” by Vicki Robin and Joe Dominguez offers a fresh perspective on how to align your finances with your values. This book encourages readers to rethink their relationship with money, focusing on purpose over materialism. It provides essential lessons for boosting financial literacy and achieving financial independence. Practical tips on budgeting and cutting expenses make it a useful guide for all stages of life.

Take Control with “I Will Teach You to Be Rich”

Ramit Sethi’s “I Will Teach You to Be Rich” lays out simple strategies for managing personal finances. This book helps readers improve financial literacy by focusing on automation and making smart financial choices. Sethi’s writing style makes complicated topics accessible and enjoyable. It’s packed with actionable steps you can take immediately to boost savings and reduce debt.

Unlock Freedom with “The Barefoot Investor”

Scott Pape’s “The Barefoot Investor” provides a straightforward plan for managing money and preparing for the future. It emphasizes practical steps, from setting up bank accounts to investing in index funds. Readers working on their financial literacy will find this book especially helpful. Pape’s approach promotes long-term thinking, making financial security achievable.

Shift Your Money Mindset with “Think and Grow Rich”

Napoleon Hill’s “Think and Grow Rich” focuses on the mindset needed to achieve financial success. This book explores the connection between thoughts, actions, and financial outcomes. It offers readers valuable insights to improve their financial literacy and adopt positive money habits. Hill’s principles remain relevant today, inspiring generations to pursue financial goals.

Strengthen Your Foundations with “Broke Millennial”

Erin Lowry’s “Broke Millennial” is tailored for young adults trying to navigate personal finance. It covers the basics, from budgeting to paying off debt and building credit. This book makes financial literacy accessible for beginners and provides real-world advice. Lowry’s relatable tone makes it easy to connect with her lessons and apply them to daily life.

Elevate Your Money Skills Today

Investing time in books that focus on personal finance and investing can help you build the skills you need. Each book on this list offers insights into areas like budgeting, saving, and growing wealth. Financial literacy is not just about numbers—it’s about creating habits that lead to long-term financial security. Start reading today and watch your money management skills reach new heights.

Latrice Perez

Latrice is a dedicated professional with a rich background in social work, complemented by an Associate Degree in the field. Her journey has been uniquely shaped by the rewarding experience of being a stay-at-home mom to her two children, aged 13 and 5. This role has not only been a testament to her commitment to family but has also provided her with invaluable life lessons and insights.

As a mother, Latrice has embraced the opportunity to educate her children on essential life skills, with a special focus on financial literacy, the nuances of life, and the importance of inner peace.

My oldest is 10, and he does chores around the house to earn an allowance. He works hard, and we’ve taught him to set aside a percentage for investing (10%), for saving (20%), and for giving (10%). That leaves him to spend 60% of everything he earns.

And spend he does!

He finds it extremely difficult to let his spend money sit and grow so that he can buy something bigger. Instead, as soon as the money hits his hands, he wants to spend it even if it’s a fairly insubstantial amount and can’t buy him much.

He just can’t seem to save up for the things he wants.

Instead, he’s enticed by advertisements. He reads the newspaper and magazines to find free catalogs to send away for, and then he wants to spend his money on any little thing.

It’s driving me crazy.

His money, his life. I should let him spend the money and be disappointed when he has no money to spend later.

Actually, that’s already happened. When we first moved to Arizona, he saw a 2015 calendar at Costco for $15. This calendar had scenic landscapes of Arizona and was quite pretty. I told him to wait because as 2014 came to a close, he could get calendars cheaper. But he couldn’t wait, and then in December and January, he was disgusted to find how cheap calendars got.

Still, his behavior hasn’t changed.

As a parent, I wonder how much I should interfere.

You see, when I was young, I was just like my son. I spent every Saturday at the mall, my money burning a hole in my pocket. I HAD to buy something, even if it was just a pair of socks I didn’t need. Every week, I walked through the same stores, buying stuff I didn’t need, just like my son buys the stuff he doesn’t need now.

However, my mom never stepped in. She gave me a wide amount of freedom. Whatever money I earned was mine to spend how I liked. She didn’t even ask that I set aside a portion of it for savings.

I was a responsible kid and bought my own car, paid my insurance, paid for gas, and also bought my own clothes. I think she figured that I was handling my money well, so it was up to me to decide what to do with the rest.

When I was a teenager, my friend and I used our money from our job to go out to eat and see a movie every Friday. Sometimes we’d go out to eat on the weekdays, too.

What a waste!

Imagine if I had instead invested just a small portion of that in a Roth IRA. Or if I had saved it to pay for part of my college education. Maybe I wouldn’t have graduated with $25,000 in student loan debt.

Even now, I have a hard time saving, though I am getting much better. I’m finally able to stick to a budget and make saving a priority. It’s taken me 40 years to break bad spending habits that I learned in childhood. Let’s be honest, getting a hot deal isn’t really a deal if you don’t need the item and it robs you of the ability to save.

I want to teach my son this lesson now, so he can be more financially responsible than I was for many years. But that lesson is oh so hard to teach.

How much do you guide and interfere in the way your child chooses to spend money?

For More Great Reads, consider checking out Kidwealth.com and kidsaintcheap.com.

MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

9 Game-Changing Books to Elevate Your Financial Literacy