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How Not to Be Broke—10 Powerful Books to Learn about Money Management

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How Not to Be Broke—10 Powerful Books to Learn about Money Management

Let’s face it: only few people in the world actually know how to manage money. We think we know how to do it, but if we actually did, banks wouldn’t have created credit cards. I was curious to know more about the things that matter in life, and given that money can enhance how we experience our lives, I started reading books related to money management. The following 10 books are certainly worth reading before you pick up your next novel.

Let’s take a look at these 10 books.

1. The Richest Man in Babylon by George S. Clason

    This is undoubtedly a book that will make you re-think what you do with each coin you earn. If you make a small investment in this book and apply each of the “6 laws of wealth,” it will take you down the road to financial success.

    This book takes place in Ancient Babylon. You may think, “What? A money-management book about Babylon?” Well, it turns out that Babylon was one of the richest civilizations that has existed.

    If you have ever read or listened to Jim Rohn, he mentions that this book was a great part of him becoming millionaire. Jim Rohn also has an awesome book that you will see as part of these top 10.

    So, what can you expect of this book? You will learn to keep more of what you earn, earn from your savings, get out of debt, invest wisely, earn more, and keep your fortune safe.

    2. Rich Dad’s CASHFLOW Quadrant: Rich Dad’s Guide to Financial Freedom by Robert T. Kiyosaki

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      This is a classic, and it blew my mind when I was in high school. I read the Spanish translation of course, and I’ve read it again in English, and it just doesn’t stop making sense. Now, you will find this book very easy to read and you may get lost in the story and forget to take in the great message.

      Robert Kiyosaki is famous for his book Rich Dad Poor Dad in which he talks about two people giving him different advice. One of them advises him on entrepreneurship and how to be financially independent, and another one teaches him how stay financially safe.

      In this book, he expands on the rich dad’s advice to become financially independent, touching on the difference between being a business-owner and being self-employment, and how to accelerate the cash flow to breakthrough to financial independence.

      This is a highly recommended book for those looking to start a business or thinking of investing their money wisely.

      3. Think and Grow Rich by Napoleon Hill

        I read this book when I was starting up my business. It was one of the best books I’ve ever read. This book provides research on over 40 millionaires and how they got there. I’ve read this book twice simply because, as with anything else in life, what this book teaches is a process.

        Think and Grow Rich will lay out for you the steps to becoming a millionaire. Now, I should say this: it is not easy at all. If it was easy, everybody who read this book would be rich. It takes consistency and hard work, but reading this book is the first step.

        4. 7 Strategies for Wealth & Happiness: Power Ideas from America’s Foremost Business Philosopher by Jim Rohn

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          If you’ve never heard of Jim Rohn, it’s probably because he hasn’t been involved in entrepreneurship much lately. Well, Jim Rohn was a great public speaker, motivator and the mentor of Tony Robbins. He is a self-made millionaire who, after being broke, put all he had into making himself rich and happy.

          In this book, Jim Rohn shows the steps you need to take to live a better life—not just financially. This book will teach you how to set goals, seek the right path for yourself, seek knowledge and finally, control your finances the right way.

          This book is a great, all-around opportunity for life improvement. See, life is not all about money; money just enhances life, and that’s why you must learn how to manage it properly. Your personal improvement is what will take you to where you want to be.

          5. The Compound Effect by Darren Hardy

            Just like Tony Robbins, Darren Hardy mentions Jim Rohn as a mentor. Given that Jim Rohn (cited above) wrote one of the best books regarding money management and life, I don’t wonder how Darren Hardy came up with this great success-related book full of easy, small hacks that will get your life on the right path to wealth and improvement.

            If you are looking for a grounded opinion on how to manage money and achieve success, this is the right book for you.

            6. 925 Ideas to Help You Save Money, Get Out of Debt and Retire A Millionaire: So You Can Leave Your Mark on the World by Devin Thorpe

              There is a saying that you shouldn’t judge a book by its cover. Well, this what I did with this one, and it was well-worth the judgement.

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              This is a great book full of easy-to-follow ideas that you can really get to work. It has great tips, like coming to an understanding with your family regarding money matters, teaching your kids how to use it properly, etc.

              This is a great book for those with families (like me). It’s definitely worth the read.

              7. The One Week Budget: Learn to Create Your Money Management System in 7 Days or Less! by Tiffany The Budgetnista Aliche

                OK, this one is a real taking-action book. It shows you how, in seven days, you can get things out of the way and get onto the road of money management. This will take you by the hand on getting things done.

                This is not a good read—it’s a good money-management manual. If you want to start from anywhere, start from here.

                8. How to Manage Your Money When You Don’t Have Any by Erik Wecks

                  All the books up to number 5 were about how to get money and manage it, whereas number 7 was about getting to manage what you have in 7 days. But, what if you don’t have any money?

                  This is where this book comes in. It is a great read when you are struggling to get by on a monthly basis. This book works on your beliefs more than your actions. So, if you are looking to really change your perspective and get your finances right, this is the place to start.

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                  9. The 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying by Suze Orman

                    Financial freedom is the final goal and worrying is the usual struggle. Here, they meet together. Suze Orman sets out a plan for financial freedom and an ease for your worries. What else could you want?

                    The author uses 9 steps for you to work on your finances, starting with your understanding of behavior, family and money. This book will create a great mindset and help you understand how you use money in your life and how it affects almost everything you do.

                    10. Why Didn’t They Teach Me This in School?: 99 Personal Money Management Principles to Live By by Cary Siegel

                      This is a question I’ve asked myself many times. Why is it that in school, they never teach you anything about money management? Everything starts from, as the author says, marrying the right person—they don’t need to be wealthy or a genius, but rather, someone who uses money effectively. Another option is to, of course, become educated together as you go. This is a great read for those in relationships or with a family.

                      There you have it: 10 powerful books that will teach you and help you achieve your financial goals in life.

                      Now, everything won’t fix itself just by reading; you have to, in fact, take action. As I always mention to any of my students, this is what makes the difference in everything we do in life. Action! It doesn’t need to be perfect—and never will be—but it will surely make a difference once you start applying some these teachings.

                      Over to you.

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                      Featured photo credit: Klein Nicks via farm4.staticflickr.com

                      More by this author

                      Jorge Gasca

                      Entrepreneur, Digital Marketing, Project Management, Planning Hacker

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                      Last Updated on January 5, 2022

                      33 Painless Ways to Save Money Now

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                      33 Painless Ways to Save Money Now

                      In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

                      Some easy ways to save money:

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                      1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
                      2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
                      3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
                      4. Turn off power strips and electronic devices when not in use.
                      5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
                      6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
                      7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
                      8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
                      9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
                      10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
                      11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
                      12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
                      13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
                          a reusable water bottle and refill it.
                        • Avoid vending machines: The items are usually over-priced.
                        • Take in a matinee. Afternoon movie showings are cheaper than evening times.
                        • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
                        • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
                        • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
                        • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
                        • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
                        • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
                        • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
                        • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
                        • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
                        • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
                        • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
                        • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
                        • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
                        • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
                        • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
                        • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
                        • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
                        • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

                        Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

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                        Featured photo credit: Damir Spanic via unsplash.com

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