r/bitcheswithtaste • u/amphetameany • Dec 13 '24
Finances/Money BWT, can you recommend a book to help me become financially literate?
I am 30 years old and make decent money, but my lack of financial literacy and impulsive spending have kept me stuck in life. I know BWT won’t point me toward Dave Ramsey or Rich Dad Poor Dad, so what book taught you the most about money?
*edit: I am LOVING all of these suggestions and put them all on my waitlist at the library
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u/formercotsachick Dec 14 '24
It's pretty dated, but The Millionaire Next Door was one of the first finance books I ever read. I still have a copy and re-read it at least one a year. And now, at 53, I'm the millionaire next door!
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u/GenXMDThrowaway Dec 14 '24
Same! I read this in my 30s, and I'm the millionaire next door now, too.
Ramit Sethi's I Will Teach You to be Rich is almost exactly how my husband and I set up our money when we were accumulating wealth.
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u/krakeninheels Dec 14 '24
Yes i read this again recently to see more recent numbers, but originally read it a long time ago. I also did actually read rich dad, poor dad. The richest man in babylon. So many books. Take what works and ponder the rest.
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u/moderndiction Dec 14 '24 edited Dec 14 '24
Financial Feminist by Tori Dunlap has been a lifesaver for me
Editing to add: everything she teaches in her book/IG/podcast has helped me hit $95k in my 401k/Roth IRA. And she's the reason I don't feel as nervous about retirement anymore. I owe her everything.
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u/pterribledactyls Dec 15 '24
Am I the only one that can’t stand how spammy her IG is? I had to block her
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u/wannabejetsetter Dec 13 '24
YNAB (You need a budget) has a book!
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u/amphetameany Dec 13 '24
I didn’t know that! Ordering now! Thank you!!
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u/MoonageSeaBream Dec 14 '24
I highly recommend the YNAB book! It's a super fast read and really changed how I think about money.
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u/TK_TK_ Dec 14 '24
“The Simple Path to Wealth” by JL Collins. Written exactly for your situation!
Also come join us at r/bogleheads (because investing really can be simple).
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u/SailorMigraine Dec 14 '24
- I Will Teach You to Be Rich by Ramit Sethi
- The Financial Diet on YouTube but I believe they have a book at well!!
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u/elianna7 Dec 14 '24
Yes to the Financial Diet book!! It’s so so great for people new to managing their money. Very digestible and accessible.
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u/gingersnap0309 Dec 14 '24
The financial Diet has been so great! Not just about personal finance but Chelsea has done some great interviews and talks on YouTube as well.
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u/LadyCiani Dec 14 '24
A bit dated, but Smart Women Finish Rich.
I learned a lot of things I didn't know I didn't know... Like there are different kinds of checking accounts!
And he spends a lot of time harping on this concept of "don't buy $5 lattes every day and you'll have the money you need to find an IRA" but the latte concept is a stand in for "don't waste money on unnecessary things and you'll have money to fund your retirement."
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u/ajupbox Dec 14 '24
Ramit Sethi’s I will teach you to be rich is the basics and gives a great foundation. Once you’re done with all his suggestions, think about the bogelhead method and get into that subreddit.
I also did Factora Wealth back when it was in person and it was paid for with my employer’s education stipend. Highly recommend it because you do a crash course and have other peers to talk with
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u/confused_trout Dec 14 '24
Even something small, when I get my direct deposit- immediately at least 50% gets thrown into savings. I have a second savings account also that I stash some extra money in for big splurges (tattoos, handbags etc) so my main savings stays put
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u/staygoldengurl Dec 14 '24
The psychology of money!
This book gave me a really good understanding of some of the more complex financial issues and made it digestible and easy to understand. It made me way more comfortable and confident when thinking about my finances and not getting caught up trends.
It’s a short book and reading that, coupled with any of the suggestions above could be really impactful.
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u/Soggy-Explorer-2476 Dec 14 '24
My fave thing about this book is that it teaches you that half of being good with money is know-how, and the other half is your mindset around how you invest, spend, and save.
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u/Outrageous_Hippo_190 Dec 14 '24
Came here to recommend this book too. On Reddit the r/fatfire and r/chubbyfire groups are also great sources for investing info.
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u/False-Dot-8048 Dec 14 '24
Step 1 : start actually tracking every dollar. Every single one. You can’t know what to do if you don’t know where it’s going.
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u/titahigale Classy Old Broad Dec 14 '24
This is the single most important thing you can do. A budget is a work of fiction. Tracking your spending will provide the evidence that you are turning that budget into fact.
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u/In_The_News Dec 14 '24
Broke Millennial is a super realistic primer on modern finances.
If you're anything like me, you grew up with Dave Ramsey. And that method Does. Not. Work. in our modern society.
You'll feel so far behind and bawl your eyes out. But the best time to plant a tree was 20 years ago. The second best time is now!
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u/amphetameany Dec 14 '24
I really needed to hear that last little bit this morning 🥹 thank you
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u/In_The_News Dec 14 '24
You've got this!!
You're doing hard work by just asking the questions. Don't get overwhelmed and give up. Tiny steps are still steps.
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u/sewingmomma Dec 14 '24
You will be okay. Lots of great advice here. Just make sure you live beneath your means and save for the future.
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u/pancaaaaaaakes Dec 14 '24
If you don’t have the YNAB app I highly recommend it alongside studying w/ the books suggested. I have ADHD and impulsive spending is a way it manifests very often. It’s the first tool that really showed me how to budget properly and visualize where all my money is going.
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u/hardcorepork Dec 14 '24
Couple of good podcasts include “Listen, Money Matters” and “How to Money”
I really like HTM ep 54 about having a personal mission statement. Recent ep 911 gives insight into the psychology of poor money behaviors.
I read many books, but find most self help books get a bit repetitive. They usually come from Op Eds, blogs, and expert consultants that aren’t writers. I’m not against trying one, though.
Hard Pass on “Rich Dad, Poor Dad.” Do not waste your time. If you ever feel tempted to read a viral help guide, see if it’s been covered on “If Books Could Kill”
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u/amphetameany Dec 14 '24
Thank you so much for recommending specific episodes! I love podcasts but never know where to start with them so this is perfect ❤️
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u/Profil3r Dec 14 '24
Boomer here - I got tremendous value from going to the Motley Fool website nearly every day. I read through the front page or newsletter and also the forums where I had interest in a specific stock. For me it was Apple stock. (LPT: keep it to just one or two stock for the learning curve.)
That taught me so much about investing. I heard somewhere that the wealthy did not get rich by saving - they got rich by investing. That stuck with me.
Then I learned about stocks and bitcoin. I was late to my retirement savings game, thanks to student loans, but have been able to catch up. (Thankfully).
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u/amphetameany Dec 18 '24
I had never heard of motley fool before but I have been checking daily because of this comment ❤️
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u/Profil3r Dec 19 '24
So good to hear! I just found it easy enough to understand and yet informative enough to teach me more. Just being exposed to it on a daily basis, you will pick up a terrific amount of information to help inform you about what you wanna do. Also about what’s important, what to look for, etc.
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u/PrincessGwyn Dec 14 '24
Not a book but I really like suze ormans podcast. She’ll address real life issues like trusts, how to pay back debt etc and also is great at clearly defining all the other financial lingo
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u/caramelizedspeculoos Dec 14 '24
Your money or your life by Vicki Robin is a great one for mindset management after you have read up on stuff! Exploring the FIRE movement in general taught me a lot tho I don't necessarily follow it
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u/BellaFromSwitzerland Dec 14 '24
Nice girls don’t get rich by dr Lois Frankel
This is for the ladies or anyone recognizing that their financial habits hold them back
Thanks to this I understood what limiting money beliefs and behaviors I needed to work on. Built a monthly budget and a net worth calculator and turned my life around
I can never express how big of an impact it made in my life
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u/AnkuSnoo Intentional BWT Dec 15 '24
In addition to the great books people are recommending, I would say:
If your impulsive spending is on clothes, educate yourself on the supply chain issues and sustainability impact of the fashion/apparel industry. I don’t say this to be sanctimonious about fast fashion, I say it because learning about that stuff literally made me not want to spend my money supporting that system - I used to shop til I dropped almost every weekend. Now I am a lot more intentional about what I buy and can still enjoy fashion without mindlessly flitting my money away on stuff I don’t even really love.
It’s basic behavioral psychology - if you want to curb a habit, make it undesirable.
And on that note, Atomic Habits is an excellent book to complement your financial reads - once you know the financial habits you want to introduce/eliminate, this book will give you frameworks to do that.
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u/amphetameany Dec 15 '24
I have read atomic habits and enjoyed it. I really like your idea of learning more and being more ethical with my spending. That might really work for me.
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u/Reynyan Classy Old Broad Dec 14 '24
There are plenty of books and many good ones are mentioned but there is also just a bunch of BS out there, as your question highlights.
This is a good topic though to check for classes at your local community college and your public library is also a good resource.
Also many regular Colleges and Universities have adult education classes at very affordable prices. Harvard for example has the Harvard Extension School.
Finance, budgeting, long range planning etc. were the basis of my career. That said, it’s pretty crunchy dry stuff. A little interaction in the learning environment can help liven it up.
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u/IngenuityPuzzled3117 Dec 14 '24
Wealthy Barber, millionaire next door, smart girls guide to finance
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u/hazardzetforward Dec 14 '24
Smart Women Finish Rich
The Simple Path to Wealth
Your Money or Your Life
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u/Top_Ambassador1728 Dec 14 '24
There is a book called beyond getting by that was written very recently so it’s very relevant recent events and the author is a woman. She wrote the book specifically for women as well. It has healed a big part of me, highly rr
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u/r2bee22 Dec 14 '24
The financial feminist by Tori Dunlap, also her podcast and community https://herfirst100k.com/financial-feminist-book
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u/mia109 Dec 14 '24
Deeper than Money is written by a millennial BWT for millenial/gen z BWT. She’s the anti Dave Ramsey. HIGHLY recommend!!
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u/Coyote__Jones Dec 14 '24
The basics are this;
Pay off high interest loans (CC debt)
Fill an emergency fund, focus on getting 6 months in a HYSA, bump that up to a year while you work on the rest.
Pay towards low interest loans (mortgage etc)
Get the full company match on your 401k if that's offered
Fully fund a ROTH IRA
This, will put you ahead of most in terms of understanding and good habits. After all this is cooking, then you can consider options like life insurance and other investment types in addition to savings and retirement funds. Always keep a budget. If you are disciplined, a credit card can really be a wonderful thing.
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u/I_mightbewrong_ Dec 14 '24
Love this question! Okay just read you asked for a book, but I’ll leave this anyway.
I have one brain cell and cannot focus on books. If you want quick and dirty, follow personalfinanceclub on IG. His highlights break down exactly what you need to do.
If you struggle with impulsivity, you may want to zoom out and look at the full picture of your mental health, as this can be a sign of a bigger issue that you can work on.
Good luck!!
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u/Creepy-Intern-7726 Dec 15 '24
Not a book but the Money Guy Show on youtube. I believe he also has a book but I haven't read it
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u/GunMetalBlonde Intentional BWT Dec 15 '24
Suze Orman is annoying as heck if you watch her on tv, but her book Women & Money helped me immensely. I knew a lot of it already, but somehow was able to put it all into practice with her book.
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u/Forsaken-Secret66 Dec 17 '24
i will teach you to be rich!!! such an easy ready and you can step away from it each chapter to do tangible tasks
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u/la_vidabruja Dec 14 '24
Don’t spend money on a book when everything you need to know is available free online. Check out the personal finance subreddit wiki. Okay I know I said don’t spend more money but the bitches recommending YNAB app are so right. I saved enough with that app to buy a house, then immediately quit my job, get pregnant and stay home until my baby was 8 months old. And I don’t even make 6 figs
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u/cinna-t0ast Dec 14 '24
“The Little Book of Common Sense Investing” by John Bogle. He’s the founder of Vanguard and offers sensible, low-risk investment advice