Rich Dad Poor Dad by Robert Kiyosaki: I first read this book in high school, and it’s the first money book I ever read. It’s a bit apropos since Kiyosaki seeks to challenge some of the basic career/money principals most of us grew up with such as “Stay in school and get good grades so you can find a safe, secure job.â€
Kiyosaki weaves in financial lessons he learned from his “rich dad,â€ an entrepreneur, with an 8th grade education who eventually became one of the richest men in Hawaii, and his “poor dad,â€ a highly educated professor with little financial savvy.
He argues that part of the reason we’re told to do well in school with the plan of getting a job is out of fear. He delves into the psychology of a successful business person versus that of a middle class employee. Entrepreneurs think differently in that it takes a certain level of fearlessness to strike out into the unknown and build a business scratch.
If you’re still in school, reading this along with your regular course studies is a great way to reevaluate your current work and analyze how it fits in to the grand scheme of your short-term and long-term goals.
Personal Finance for Dummies by Eric Tyson: If you’ve read my past blog posts you know I’m a huge fan of the … for Dummies franchise. From Small Business Kit for Dummies to Investing for Dummies, these books are phenomenal at breaking down complex subjects into the simplest of terms. Personal Finance for Dummies is no different.
For any young person trying to decipher financial jargon, this book is perfect. Like The Money Guide for the Young Fabulous & Broke, it’s broken down like a reference guide. It covers different forms of investments including stocks and real estate investment trusts (REITs), or diversified real estate investment companies that purchase and manage rental real estate for investors. This may be a good investment for someone who doesn’t want to be a landlord but is interested investing in real estate. The book also includes worksheets to help you figure out your spending habits, where you can trim expenses, and what action you can take to set personal finance goals.
If you’ve read any of these books, share your thoughts. Also, feel free to recommend your favorite personal finance book.
Renita Burns is the editorial assistant at BlackEnterprise.com.