Let’s face it, debt is something we are all familiar with. Most of us have credit card debt, car loans, a mortgage, or some combination of all three. But debt is not all bad! Debt can help you buy a home or a car, go to college, or even start a small business. The problem comes when the debt becomes so great it becomes difficult to pay it off.
Reading personal finance books can be an excellent way to learn how to get out of debt and save money for the future. Listed below are 4 books that have been recommended by other readers and bloggers as being great to help you get on the right track and stay there. The Millionaire Next Door The Millionaire Next Door is an amazing book that can help you to see that millionaires are actually very different from what most people think. Most people think that millionaires drive fancy cars, live in huge houses, and wear expensive clothes. This book will help you to see that the millionaires that have been studied by the authors actually do none of these things. What they do do is live below their means, save as much money as they can, and
The goal of financial independence is to be debt free. However, becoming debt free is not always easy. When it comes to financial independence, there are a lot of great books out there that can help you. Here are some of the top personal finance books that can help you get out of debt and become financially independent.
This article may contain affiliate links. Click here to read my disclosure policy. Getting out of debt requires determination, motivation and a good strategy. It takes time and perseverance. I should know. Readers who have been reading this blog for a long time know that while my path to paying off my debts seemed stable, it has had many ups and downs over the past two years. I have changed goals and directions several times regarding debt repayment, and there have been times when I felt utterly defeated and lacked the motivation to continue. To rekindle your motivation and determination to pay off your debts, there are many books on personal finance that can help. Some of them can even help you with your repayment strategy. People prefer different forms of learning. So if you like to read books, this common hobby can help you tremendously in paying off your debts. Here are 4 books on personal finance that you should read if you want to get rid of debt.
1. Debt clearance
I love this book! Hustle Away Debt was written by David Carlson, who blogs about personal finance Young Adult Money. David and his wife have a lot of student debt, but he works like crazy on the side and wrote this book to talk about some of the best side jobs you can try to increase your income. One of the best ways to pay off your debts faster is to earn extra money with side jobs. The first year I paid off my debts, I was only making $15 an hour. I’ve never shared this openly on the blog until now, because I think it’s an important part of my story. Still, I paid off $11,000 in debt, largely through my side job. In the Hustle Away Debtarticle, I like how David reiterates that you don’t have to be satisfied with the income you get from your job and that you can increase your salary and start earning more as a side income. It provides information on several unique sideline activities, as well as numerous anecdotes and detailed examples, so there is something for everyone, regardless of their interests or skills. Knowing which side income best suits you is essential to keeping it long enough to pay off your debts, and this book will help you do just that.
2. You only live once (YOLO)
You Only Live Once is another one of my favorite books by Jason Vituga. This is a great book on personal finance, but I especially recommend it if you are in debt because it makes you think about life after debt and what you really want to do with your money. Many of us have heard the phrase YOLO before, and unfortunately people use it as an excuse to do stupid and impulsive things because they only live once, and why not, right? Wrong. This book explains how to improve your finances and use money as a tool to live the most fulfilling life possible. We only live once on this earth, so why not handle money well and use it to live the life of your dreams? Jason is the founder of the personal finance website Phroogal and the founder of the national Path to Financial Wellness event. This book is divided into three main categories: Become aware, make a plan and take control. Jason talks about his past and his dealings with money, like wanting more and more, trying to keep up with the Jones, but feeling dissatisfied with his life. Paying off debts is often just the beginning of your financial journey. Often you need to change your money habits, develop a vision for your life and set the right goals to move forward in the long run. This book will help you do just that.
3. How to get out of debt and live well
How to Get Out Of Debt, Stay Out Of Debt, and Live Prosperously is a great book to read if you dream of getting out of debt, but don’t know how to do it yet. If you’re sitting with a mountain of debt right now and don’t know where to start, you’re not the only one. Many of us think that paying off debt is an uphill battle, but this book will help you manage your debts and create a plan to get out of debt. This book, written by Jerrold Mundis, offers practical tips and advice to help you deal with debt and apply simple strategies to get rid of it once and for all.
4. Debt relief plan: How to get rid of your credit card balance, improve your credit score and live debt free
The Debt Escape Plan Beverly Harzog is a very accessible book that motivates you to take concrete steps to pay off your debt. Beverly describes herself as a former drug addict who accumulated thousands of dollars in credit card debt over a decade of overspending. Yes, you read that right. She overspent for over 10 years and still managed to solve her money problems and get rid of her debts, all in 2 years. You can do it too, and if you’re drowning in credit card debt, this book is a must! Credit card debt is the worst, in my opinion, because it comes with high interest rates and lots of attractions. Unlike student loans, it’s very easy to get back into debt with a credit card, especially if you don’t know how to control your spending. Associated: The best tips and strategies for dealing with credit card debt How I improved my credit score by 150 points In this book, you will learn, among other things:
- Why doesn’t a one-size-fits-all solution for managing credit card debt work?
- How do you use the Financial Personality Test to develop your own debt plan?
- The nine biggest debt mistakes and how to overcome them
- The secrets to rapid credit enhancement
- How to protect your future from debt so it never happens to you again.
In her book, Beverly takes conventional financial advice to the next level, as she uses her story and lessons learned to help readers create a plan to fight credit card debt and get back on top.
How much would you be willing to lose to get rid of your debt?
Is that what it comes down to? If you really want to get rid of your debts, you already have the determination to do so. All you need is motivation and a strategy that works for you. These 4 books can help you. Like I said, everyone learns differently and finds resonance in different materials. Many people have paid thousands of dollars in debt because they picked up a useful book that spurred them to action. Books are just one of the many resources that can help you pay off debt. Whatever solution you choose to improve your financial situation, know that it won’t work if you don’t implement it, so make sure you take action. Have you ever heard of any of these books? What resources have helped you pay off your debts so far?
Saying goodbye to debts
Sign up today to receive free printables, like my student loan repayment checklist that helped me pay off $10,000 in student loans last year, and receive weekly email updates. Good luck! Please check your email now to confirm your registration.As a young adult, you may still be dealing with student loan debt, credit card debt, and other loans. You’ve likely been told you need to read a personal finance book to help you get out of debt and start saving money. There are a lot of personal finance books out there for you to consume. So, which ones should you choose? Consider these four books will help you take the first steps towards financial freedom.. Read more about personal finance books for beginners and let us know what you think.
Frequently Asked Questions
How do I become a debt free book?
When it comes to saving money, we’ve all got good intentions. But the truth is that you’re probably not saving as much as you’d like. So what’s the secret to getting out of debt? Should you cut up your credit cards? Start saving for retirement? Pay off your student loans? Not everyone is going to agree on what the best way to be debt free is, but there are some powerful lessons that can be learned from personal finance experts. Here are 4 books to read if you want to become debt free. In his new book “How to Get Out of Debt, Stay Out of Debt, and Live Prosperously”, financial planner Marshall D. Harris suggests that there is no one-size-fits-all solution to becoming debt free. What works for one person may not work for you, since our situations are different. That’s why Harris guides the reader through the three main methods of debt elimination, such as the snowball method, and explains how they work, and when you should use each one.
What are the best books to start learning about finance?
If you’re looking to become financially savvy, the first thing you should do is read a book. And not just any book. These days there is a lot of information on the web, yet you need to know which book to read first. Some books are written for beginners, while some are for experts. Some will give you advice, while others will teach you. Some will give you just the theories, while others will show you how to apply the principles to your life. And some are just plain boring. The personal finance genre has become quite popular these days. There is a seemingly endless supply of books, workshops, and courses on the subject. So, how do you know which to choose? If you’re looking to start learning about how to manage your money properly, it can be overwhelming to decide where to begin. This post will try to help you out by recommending 4 different personal finance books for beginners.
What is the number one personal finance book of all time?
The Money Book for the Young, Fabulous and Broke by Suze Orman is the number one personal finance book of all time. It is a New York Times bestseller and a must-read for any young adult who is starting their financial journey. Why? Because Suze Orman understands what it’s like to be young and broke. Before becoming a financial advisor she was a dancer at the Bolshoi Ballet and she had debt. She understands the challenges of being young and the challenges of being broke. Although there are countless personal finance books in existence, the one book that many experts agree is the best of all time is Dave Ramsey’s “The Total Money Makeover.” The book is based on the Dave Ramsey Show, a radio show on which Ramsey helps people get out of debt and start saving money, and it walks you through an easy-to-follow plan that helps you start saving money and pay off all your debt as quickly as possible.
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