Developing a “Money Mindset”
I believe that a large factor in managing your money well is simply developing a positive mindset about your finances. When you develop the right mindset, and work on developing good financial habits, over time you will see things take a turn for the better. A number of these books aren’t specifically about finances, but rather just about developing good habits in general.
A classic. While some of the content will seem dated, for the most part the concepts in Napoleon Hill’s “Think & Grow Rich” still stand the test of time and is a book that I think everyone should read at least once (if not several times).
Although not quite as old Napoleon Hill’s classic, Stephen Covey’s “7 Habits of Highly Effective People” is also a book that I think should be on everyone’s bookshelf, dogeared and well read.
While on the topic of habits, these next two books will help you formulate good habits in all aspects of your life:
Gretchen Rubin’s “Better than Before“ is an excellent, simple guide to finding ways to break old habits and develop positive new habits using a framework that is based on understanding yourself more fully.
Cue, routine, and reward. Charles Duhigg explains in his book “The Power of Habit“ how understanding how these 3 elements formulate our habits and by understanding them we can take control of our habits to better suit our lives.
There’s a lot of misconceptions around the word “millionaire”. Many people visualize the mustachioed, top hat wearing character from the board game Monopoly, or the uber-rich celebrities that are splashed about in the media. In reality, the “average” millionaire is much more ordinary (and more common) than one might expect. Stanley and Danko’s “The Millionaire Next Door“ breaks down the stereotypical images we’re accustomed too.