Friday, December 3rd, 2022
From time to time, we review books that have had an impact on us. Today is a little different. In the course of our lives, we fulfill different roles. In the book, The Charlois Manifesto, it speaks of eight of those roles, roles that everyone fills to a certain extent. One of those roles is, we need to be resource managers. In trying to give guidance in handling that role let me share some resources I’ve found helpful.
Probably the most influential resource is finances. How we handle money determines, to a certain extent, all the other resources at our disposal. However, in most peoples lives there seems to be little or no education in how to manage finances and those tasks related to it. It would serve us well to study up on the subject ourselves. To help avoid a lot of the material I’ll review four books that I believe cover the topic very well.
The first book, Personal Finance for Dummies, is a good basic introduction to personal finance. It covers all the different aspects that a person might encounter when trying to get a handle on their money. Everything from goal setting, budgeting, and the like to investing for the future. Just a good, no nonsense, introduction.
The next three is where the depth comes in. In “The 9 Steps To Financial Freedom,” by Suze Orman we get the heart of finance. In this book, Suze talks of having a relationship with our money. She believes that money is a living entity that craves attention, and should be treated with respect. The book is broken down into three sections: the mental power of money, the handling of money, and how to deal with money. There is some real practical advice but the biggest takeaway is its focus on the spiritual side of the issue.
In Dave Ramsey’s, “Total Money Makeover,” the focus is getting control of your money. He gives a nine-step process of getting out of debt and living without credit. While he quotes scripture, this is not a religious book; he does preach, however. If a person is struggling financially this is the book to put you in control.
The last book we will look at is “I Will Teach You To Be Rich.” This book from the new finance guru on the block, Ramit Sethi challenges the status quo. He believes that we don’t need financial experts to manage our money, instead he teaches a 6-week process that if followed will lead to a “rich life,” whatever that means to you. He takes us through a step-by-step process that is really easy and simple to implement. Start early, if not when you’re young then now. Use time and consistency to build the life you desire.
All of these books emphasize starting early but their principles can be useful at any age. The key for all of them is don’t delay, act now, before it’s too late.
There are countless other books available but I have found these four to be very beneficial. They, together, form the bedrock on which I’m building my financial plan.
Buy them, read them, and then build your own plan.
Robert A. Charlois III