9 Responses

1. Chief Family Officer

   November 16th, 2007 at 3:34 pm

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   The Millionaire Next Door really helped me internalize the concept of living below my means and using the difference to build wealth. I don’t know if it would have the same impact on everyone, but I read it in my mid-20’s and have applied the LBYM principle ever since.

2. author

   November 16th, 2007 at 5:28 pm

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   good one CFO! I meant to put that on my list, but it slipped my mind. Actually, I think i’m going to edit the post to include that one. it is a great book to help people figure out to start thinking and acting like millionaires.

3. moneymonk

   November 16th, 2007 at 7:52 pm

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   I also agree, Millionaire is my favorite, It taught me that the rich take it slow when it comes to wealth building

4. Minimum Wage

   November 17th, 2007 at 1:00 pm

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   Sorry to be a naysayer, but I find PF books often flunk the “reality test” for people with low incomes.

   For example, Dave Ramsey’s budget allocates 38 percent of income to housing. Sorry, Dave, but in my state, 20 percent of all renters are paying at least 50% of income just for rent (not incl utilities). Thus, Ramsey as a PF author flunks the reality test.

   Similarly, The Millionaire Next Door is hardly relevant to a hamburger flipper.

   p.s. isn’t “40 Days…” really 48 Days?

5. Jan D

   November 17th, 2007 at 3:39 pm

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   I like the list!

   I would add for small business owners these titles.

   “Good to Great” by Collins -Learn how companies became industry leaders

   “QBQ The Question Behind the Question” by Miller - Learn how to deal with complaining, procrastinating and take action

   “The World is Flat” by Friedman - Learn how we created a global market.

   “Getting Things Done” by Allen - Learn how to be more productive.

6. Entrepreneur Blog

   November 19th, 2007 at 2:06 am

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   I absolutely loved the analysis that Thomas Stanley went into in his book the millionaire next door. It gives a great overview into the standard american millionaire.

7. Minimum Wage

   November 20th, 2007 at 12:31 am

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   I’m looking for a book that gives a great overview into the standard american proletarian.

8. Rick W

   December 5th, 2007 at 7:26 pm

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   I appreciate all that I have read in these blogs and although I am new to actually researching pf “methods” I have always heard that the will power required to keep a personal budget is greater than trying to stick to a diet, because you still have control of your money and can cheat. This was reaffirmed when I read David Bach’s “Automatic Millionaire”. I found this to be very informative in traditional money managment as well as the “Automatic” system that is laid out.

   Are any of the above books geared away from traditional budgeting? I am not a strong willed person when it comes to money or dieting.

   Thanks!

9. author

   December 6th, 2007 at 4:38 pm

   9

   Rick,

   I am not sure what you are looking for in a non-traditional budgeting method. I think if there was a way to budget your money without it taking a level of will power and personal responsibility, that would be one of the best-selling finance books of all time.

   I would try to look at this way: Dieting and budgetng are very similar in the sense that it will always be tough at first, because you have no formed a habit of eating turkey instead of pork, or spending $100 a month on entertainment rather than doing whatever you want for entertainment in a month. It will hurt to change your eating habits or spending habitst at first, but once it starts becom, ing second nature to you, the level of will power it takes to maintain a budget is much less significant.

   I would challenge you to write out a budget and stick to it as best as possible for the next 3 months. If it’s still really tough for you to stick to it after you see all of the money you are saving, then I dont know what to tell ya. Thanks for reading!