Reading is an acquired taste.
It is often motivated by the need or desire to learn more about a specific subject matter.
When it comes to struggling with debt, consumers read.
This could come in the form of researching the debt snowball method online.
Or, you could pick up the latest book on budgeting.
Thankfully, there are multiple options in both categories.
Many great writers have weighed in on how to handle debt.
With modern technology, these books are usually available in electronic and audio versions. In addition, you can go to the more traditional paperbacks and hardcovers.
If you’d like to learn more about budgeting, expenses, or debt.
Or, if you’d like to know more about building a nest egg for retirement, we recommend the following:
These 5 Books Can Change the Way You Handle Your Debt
The Total Money Makeover by Dave Ramsey
Dave Ramsey is world-renowned for his simple approach to handling personal finances.
He’s a strong proponent of the debt snowball method for paying off debt. Indeed, Ramsey believes that you should pay cash whenever possible.
His debt reduction system is called “Baby Steps.”
Like the debt snowball, it recommends paying off your smallest balances first.
This book is written in a very readable style, and it’s easy to understand.
Maxed Out: Hard Times in the Age of Easy Credit by James Scurlock
Like Ramsey’s classic work, James Scurlock’s book is debt and how the credit industry works.
Incidentally, it appears on multiple lists as one of the top choices in this category.
Scurlock doesn’t just give the reader ideas.
He explains the background and motivation for credit and debt-based decisions. These are covered on the consumer side and the creditor side.
Do you know how credit card companies and lenders make money?
Maxed Out goes into extensive detail on the topic.
Money Rules by Jean Chatzky
It’s written as more of a workbook than a nighttime read.
Moreover, Money Rules is a call-to-action for individuals struggling with what to do next.
This is especially true in the realm of debt and personal finance.
Chatzky’s approach can be applied to face any financial problem or crisis. It’s not just about getting out of debt.
It also includes techniques for avoiding debt traps before you fall into them.
Also included are tips on how to cap borrowing and budget for the future.
The Richest Man in Babylon by George Clason
You can buy a hardcover of Clason’s classic on Amazon for $13.49. Or, you can buy a paperback for half of that.
It’s been called the “greatest of all works on the subject of thrift, financial planning, and personal wealth.”
It’s a short read. And, the author uses parables to help the reader understand the concepts he lays out.
Actually, Dave Ramsey claims that it’s his favorite book.
Also, he even wrote the forward for the new edition.
Money Master the Game: 7 Simple Steps to Financial Freedom by Tony Robbins
Would you like to know how to be financially successful?
Ask someone who’s already gotten there.
Indeed, that’s what Tony Robbins does.
In earnest, he has interviewed investors like Warren Buffet.
Then, he has used their input to put together a seven-step guide for taking control of your personal finances.
Moreover, it’s written in an easy-to-follow manner.
Further, it is sprinkled throughout with Tony’s unique motivational suggestions.
Truly, this book is another must-read if you’re struggling with money issues.
About the Author: Kevin Flynn
Kevin is a former fintech coach and financial services professional.
He loves to be on the golf course. And, he can also be found traveling with his wife.
In addition, he enjoys spending time with their nine wonderful grandchildren and two cats.
Sources:
https://www.moneycrashers.com/books-get-out-of-debt/
https://www.projectfinanciallyfree.com/best-books-on-getting-out-of-debt/
https://www.cnbc.com/2020/09/13/the-5-books-that-helped-this-millennial-pay-off-29000-in-debt-and-save-100000.html
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