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Do you ever feel like you're stuck in a financial rut? Like you're working hard but never seem to get ahead? If so, you're not alone. Millions of people around the world struggle with their finances. But it doesn't have to be this way. Here are a few of the most inspirational personal finance books that can help you bridge the gap between your financial dreams and your financial reality.
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Personal Finance Books for Every Stage of Life
The Ruthless Elimination of Hurry by John Mark Comer
If you're struggling with the pressures of a busy and stressful life, I suggest reading "The Ruthless Elimination of Hurry." This book can guide you in slowing down, reestablishing your priorities, and achieving a more content and satisfying life.
Some of the spiritual disciplines that Comer discusses in the book are:
Silence and solitude: This practice involves setting aside time during the day to spend alone with yourself and God. It can be achieved through prayer, meditation, or sitting in nature. My daily exercise or yoga time is perfect for this.
Sabbath: This practice requires taking a break weekly to relax and think. It's a chance to detach from work, gadgets, and duties and concentrate on spending quality time with family and friends while focusing on spirituality. However, don't let your spirituality occur just once a week. Remember living a Godly life with a Christian worldview occurs daily and in everything you do.
Financial Changes: This practice involves taking a close look at your spending and identifying ways to cut back. It may require you to pay down debt, create a budget, automate your savings, and invest for the future. It's all about not being consumed by material possessions and living a life of simplicity.
Simplicity: This practice involves leading a more deliberate and less chaotic life. It may include simplifying your living space, organizing your schedule, and cultivating meaningful relationships. One way that I do this is by using my annual closet-clearing routine found here.
Slowing down: Practicing this discipline involves slowing down and appreciating each moment. It may require taking time with daily activities, speaking more relaxed, and calming your thoughts. I practiced driving the speed limit, not over, and was amazed at what I saw on my drive home to my rural neighborhood.
These are just a few of the spiritual disciplines that Comer discusses in the book. If you want to learn more about them, I encourage you to read The Ruthless Elimination of Hurry.
See my feature in Lovely Impact 7 Coaches Share What Books Inspired Them Most
The Why of Wealth by Cassandra Smalley
This book is designed to help women maximize their wealth and earning potential but can also assist men. It recognizes women's challenges in the workplace compared to their male counterparts, aiming to reduce the wealth gap between genders. Cassandra details the compensation decreases when women leave the workforce for various reasons, whether childbirth, taking a career gap, or finding a new career path.
One of the book's standout moments is when Cassandra advises women to safeguard their financial futures. "Proactively using your voice will enable you to work toward achieving financial freedom... Coordination with your partner and professionals will help you best accomplish the big and small goals along your journey."
Ultimately, the book aims to cultivate a wealth mindset, leading readers to financial security, success, and freedom.
Nudge: The Final Edition by Richard Thaler and Cass Sunstein
Are you ever in need of a little push to start a project or take a leap of faith? "Nudge: The Final Edition" by Richard H. Thaler and Cass R. Sunstein explores using "nudges" to influence behavior positively. For example, many people need a nudge to save money for a goal. When speaking with my clients, I often hear that they require someone to guide them in the right direction or to offer helpful resources.
The book is divided into three parts. The first part explains the science of choice architecture, which studies how the way choices are presented can influence people's decisions. The second part explores various types of nudges, and the third part provides examples of how nudges have been used in real-life scenarios.
What I found most inspiring about the book is the author's emphasis on the importance of choice architecture. They argue that the way choices are presented can significantly impact people's decisions. Therefore, we should be mindful of this when deciding how to live happier, healthier, and more fulfilling lives.
See my feature in Yahoo 10 Financial Books That Will Change Your Life (and Finances)
Predictably Irrational by Dan Ariely
Dan Ariely's "Predictably Irrational" book delves into the underlying factors that influence our decision-making. As a behavioral economist, Ariely conducts various experiments and shares anecdotes to demonstrate how our behavior is often more irrational than we realize. One experiment involves going to a restaurant and ordering your meal last to see if you change your choice based on the daily specials or others' orders. Interestingly, my husband always orders last and changes his selection based on mine, demonstrating his predictable irrationality.
Predictably Irrational Video Review
I found the book inspiring because it offers insights into how to make better decisions. Ariely explains how understanding our biases can lead to more rational choices. He suggests simple tricks that can improve our decision-making, like using checklists and avoiding decisions when tired or emotional. Have you ever shopped excessively or overeaten due to emotions? Identifying triggers can help you prevent these incidents and make better decisions.
I highly recommend reading "Predictably Irrational" as it was an enlightening and motivating book for me. It gave me a better understanding of the subconscious influences that impact my decision-making process and equipped me with practical techniques to make more informed choices. If you want to improve your decision-making skills and learn about the brain's inner workings, this book is worth checking out.
The Psychology of Money by Morgan Housel
The Psychology of Money by Morgan Housel explores money's emotional side. Housel, a former investment banker, uses short stories and anecdotes to show how our emotions can influence our financial decisions.
One of the things that I found most inspiring about the book is Housel's willingness to be honest about our financial weaknesses. He doesn't sugarcoat the fact that we are all susceptible to making irrational financial decisions, like purchasing Bitcoin or an unplanned vacation that wasn't in our budgets. However, he also shows us that we can learn to make better financial choices by understanding our emotions.
Another thing that I found inspiring about the book is Housel's emphasis on the importance of delayed gratification. He argues that the best way to build wealth is to save and invest for the long term. Housel explains that saving money for the future can create happiness and emotional well-being. He also shows us how our emotions can sabotage our efforts to save and invest.
Overall, the book is thought-provoking and engaging, with Housel doing an excellent job of explaining complex concepts in a way that is easy to understand. He also provides practical tips for overcoming emotional biases and making sound financial decisions. Housel's book inspires us to take control of our finances and make wise choices for our future.
I hope you find these books helpful on your financial journey and that one of them inspires you to master your wealth.