If you truly want to get out of debt, then you MUST MAKE TIME to read as many of these books as possible. You are reading them for two reasons: 1) to learn the principles, ideas, and actions necessary to get out of debt; 2) to continually motivate and inspire you that getting out of debt is absolutely possible.
These are the greatest of the great books on the subject, including not only best-sellers but the most highly reviewed, recommended, and read books of all-time. There are books on topics ranging from: basic personal finance and money management, frugality and saving, getting out of debt, investing, changing your mentality about money and life, and achieving financial success.
Start with one book, and then keep reading more and more. If you read and apply what these experts teach, you will get out of debt. Commit to doing it, and make it happen.
1. The Money Book for the Young, Fabulous & Broke by Suze Orman
If you are struggling to make ends meet, or are broke, then you can’t afford to be without this book. Get a personalized and clear action plan to eliminate debt, learn money management, preparing a budget, and start investing to turn your financial situation around.
2. Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money – That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
This book is an absolute must. It literally changed my life, and mentality about money, and will do the same for you. Written in an entertaining and engaging novel format, this book actually uses a real-life example to teach principles about how to get (and stay) rich.
3. The Total Money Makeover: A Proven Plan for Financial Fitness by Dave Ramsey
Bestselling author and personal finance guru Dave Ramsey teaches a necessary 7-step plan (what he calls ‘baby steps’) on how to become debt free and achieve financial security. It is a must-read for anyone facing debt or money management problems.
4. The Richest Man in Babylon by George Clason
This best-selling classic has been bought and read by millions, and that fact alone should say something about the value of what this book contains. Clason uses ancient ‘Babylonian principles’ to teach basic money-management secrets that are still applicable today. It is the greatest work on the subject of thrift and financial planning.
5. The Millionaire Next Door by Thomas J. Stanley
Seven secrets are revealed in this best-selling book, ranging from topics like: how to live below your means, allocating funds to build wealth, fighting consumption, changing your mentality about money, balancing risk, and getting out of debt to achieve financial independence. If you are disciplined and determined enough to apply these seven secrets, you will achieve wealth.
6. Your Money or Your Life by Vicki Robin and Joe Dominguez
Stop ‘making a living’ and make a life. This book teaches you to stop making a dying and start making a living. Do you spend more than you earn? Do you hate your job but can’t afford to leave it? Do you live paycheck to paycheck? Do you wish you had more time for family or friends? If you answered yes to any of these questions, you need to read this book.
7. How to Get Out of Debt, Stay Out of Debt, and Live Prosperously by Jerrold Mundis
Have you become trapped in a spiral of debt? Mundis knows how to help you get out of debt, because he was there once too. Being thousands of dollars of in debt, it was not bankruptcy nor debt settlement, but simple money management skills that got him out of debt (and that he’ll teach you how to do this in a fun and personal way).
8. Think and Grow Rich by Napolean Hill
This book is the landmark best-seller on personal finance, accomplishing dreams, and achieving success in ANYTHING. This book will literally change your life, and your approach to life. Hill teaches the law of success, and how applying fundamental principles will allow us to achieve any goal (even getting out of debt). Learning to control the power of our mind, believing in ourselves and our dreams, and persisting in action and learning from failure will result in the realization of our dreams being achieved.
9. Debt is Slavery: and 9 Other Things I Wish My Dad Had Taught Me About Money by Michael Mihalik
Anyone who is in debt and wants a simple, practical plan to get out of debt, this book is the answer. By changing how you think about money, Mihalik uses his own personal examples of how anyone can apply 10 simple principles and get out of debt.
10. Secrets of the Millionaire Mind by T. Harv Eker
You must change your mentality about money, and about the ‘rich.’ The multi-millionaire and best-selling author Eker describes how thoughts literally can lead to actions, and how wealth is achieved first in the mind. Through 17 powerful (and life-changing) principles, Eker teaches how the rich create their life while the poor believe ‘life happens’ to them. Thinking big and overcoming the plague of mediocrity is crucial for your path of getting out of debt.
Getting out of debt requires not only constant education and application, but also motivation. Continually educate and motivate yourself by reading each of these books listed above; but more importantly, in order to get out (and stay out) of debt, you need to apply what these experts teach.
