5 Awesome Books For Building Wealth


Want to know the secrets to building wealth? These five books are the only resources you need! #wealth #personalfinancebooks #personalfinancejunkieHave you been trying to crack the code for building wealth?

Once upon a time you probably thought something like this, “if only I could make more money, then I could start building wealth”.

Let me guess, you started making more money but wealth still eluded you somehow.

I will let you in on a little secret…it is not difficult to build wealth. In fact, personal finance is very simple.

What is hard is cultivating the right mindset in order to persist to our desired goals.

Another factor that may be hindering you from building wealth is not knowing the right steps to take.

The good news is both of those barriers can be lifted fairly easily with the right resources. In this post, I will share with you the very best resources that I have come across in my personal finance journey.

Keep reading to discover the only personal finance books you truly need to read and follow to build wealth.  The books are presented in no particular order.

  • Related: 40+ Personal Finance Books (My collection of posts listing the best personal finance books for budgeting, investing, debt management, biographies of the wealthy and general personal finance).

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

I have to be honest, this is hands down my absolute favorite personal finance book! It is written as a parable which really appeals to my inner nerd need for an intellectual challenge.

Don’t get me wrong, the messages are easy to understand and you will walk away feeling like you know EXACTLY what to do in order to build wealth but I do admire the masterful storytelling in this book.

If you read this book and apply it’s principles consistently there is absolutely no way you won’t be wealthy one day!  I know that is a really strong promise but that is just how good (and timeless) the advice is.

2. The Millionaire Next Door by Thomas J. Stanley

This book is a must read to discover what Millionaires are really like.  If you want to become a millionaire then a good way to get started is to study the habits and traits of millionaires.

This book would be the best resource for just that.

Thomas J. Stanley has already done all of the hard work of studying America’s wealthy. His findings are contained in The Millionaire Next Door.

I don’t want to give any spoiler alerts but let me share a couple surprising facts from the book:

  • Surprising Fact 1 – Half of all millionaires surveyed lived in the same house for over 20 years.
  • Surprising Fact 2 – More than a third of millionaires surveyed reported buying used cars versus new cars.
  • Surprising Fact 3 – The average millionaire doesn’t discover their million dollar idea until age 45.

The Millionaire Next Door is packed with tons of pearls of wisdom that you can learn from and apply to your own life.

3. Total Money Makeover by Dave Ramsey

I included this book for its very STRONG caution against debt. I’m telling you, when you read this book you can feel the author’s hatred for debt leaping from the pages and into your spirit.

I also recommend this book for it’s easy to follow “baby steps” that the author created. The baby steps are a plan of action that you can begin right away to start building wealth.

Here’s a quick overview of the baby steps:

  • Baby Step 1 – $1,000 to start an Emergency Fund
  • Baby Step 2 – Pay off all debt using the Debt Snowball
  • Baby Step 3 – 3 to 6 months of expenses in savings
  • Baby Step 4 – Invest 15% of household income into Roth IRAs and pre-tax retirement
  • Baby Step 5 – College funding for children
  • Baby Step 6 – Pay off home early
  • Baby Step 7 – Build wealth and give!

Read The Total Money Makeover for more details on how to appropriately apply the baby steps in your personal finance journey.

4. The Bogleheads’ Guide To Investing by Taylor Larimore

Not too long ago I wrote about how easily I can get overwhelmed. In that post I revealed how I approach my personal finances to minimize overwhelm.

Even if you LOVE to learn like me, you can become a victim of information overload. This is why The Bogleheads’ Guide (and other resources that teach the Boglehead investment philosophy) is the only investing advice I chose to follow. You could say it’s my strategy of choice.

If you really want to build wealth, it is not going to happen by accident. You need strategies and a plan.

Start with the Boglehead’s Guide To Investing and see if it jives with you. If it doesn’t feel right for you then continue to do your research until you find a method that you feel confident following.

5. Rich Dad, Poor Dad by Robert Kiyosaki

Can I call Rich Dad, Poor Dad a classic? Is it old enough to be a classic yet?

I will always have a special place in my heart for this book because it is one of the very first personal finance books I ever read.

Rich Dad, Poor Dad is a very entertaining read but it teaches you so much!

Written in the form of a parable and presumably based on the author’s real life, this book is a very good cautionary tale against spending your life blindly dedicated to a job.

While nothing is wrong with working a job if you LOVE what you are doing but, Rich Dad, Poor Dad illustrates why traditional employment is not the best way to build wealth.

It is also the first book that taught me about the benefits of passive income which set the wheels in motion for me to eventually write and self-publish books to earn additional (passive) income.

Summing Things Up

Building wealth is essential for reaching financial freedom. If you want to control your time so that you have more of it to be creative, relax, spend it with family and friends or just to breathe then you have to start making sound financial decisions.

It all starts with educating yourself on the right steps and then consistently applying those steps. I hope these resources help you on your journey.

For a quick “cheat sheet” for building wealth, download my FREE Financial Freedom Checklist.

I’m curious, are there any other personal finance books that you would put in your own Top 5 list?  If so, let me know in the comments below.