The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Best books for money management?

Learn how to build wealth and win financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)
For any book discussion

thelastsurvivor

New Contributor
Feb 28, 2022
3
1
I’m working two jobs now and starting my fast lane business but don’t know how to manage my money. I’m 26 now and know tbh w habits I build up now will impact me for better or worse in the future. What are some books that will give me a good direction on money management?
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

AppMan

Bronze Contributor
Read Unscripted!
Speedway Pass
May 25, 2019
241
166
I’m working two jobs now and starting my fast lane business but don’t know how to manage my money. I’m 26 now and know tbh w habits I build up now will impact me for better or worse in the future. What are some books that will give me a good direction on money management?
I remember Personal finance for dummies was good
 

WJK

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
Oct 9, 2017
2,538
5,825
Alaska
I’m working two jobs now and starting my fast lane business but don’t know how to manage my money. I’m 26 now and know tbh w habits I build up now will impact me for better or worse in the future. What are some books that will give me a good direction on money management?

Do you need a book? There are just some basic rules:

1. Spend less than you make.
2. Track what you spend so you know where your money is going.
3. Save enough money to start investing -- at this point, it can be in your business
4. Don't take on long-term contracts or debt that will limit your future decisions.
5. Be smart-cheap. Spend your money carefully and thoughtfully. It's too hard to make to just throw it away.
 
Last edited:

Johnny boy

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
May 9, 2017
1,877
9,275
25
Washington State
How much you spend in a month?

I bet 99% chance you need to cut out BS activities, hanging out with friends wasting money doing dumb shit, and that’s probably it.

Then, your biggest problem is not making nearly enough money!

Never watch Dave Ramsey. He is a dumb boomer.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

2dads

The snozzberries taste like snozzberries!
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
May 27, 2021
68
78
BRISBANE, Australia
As Johnny boy stated stay away from Dave Ramsey and likes.

Know your numbers, I can tell you what my monthly Cost of living (COL) is but dont track $$$, which some times varies due unforeseen expenses - but when you have a buffer it does not matter.

If we want to eat out tonight - we will, our income is higher than my COL - a $2000 expense will not break me but slow down my plans and goals.

Simply create a list of all your expenses and be realistic - but earn more, know your worth and get in the right lane -not tomorrow, but today!
 

Andy Black

Help people. Get paid. Help more people.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
May 20, 2014
14,587
54,960
Ireland
“The Richest Man in Babylon” maybe.

Other folks advice above is good.

Additionally:

Don’t raise your living expenses to celebrate when you earn more.

Consider (at least) two bank accounts. One where your monthly salary goes in and your monthly bills automatically come out. Get that main account to automatically pay weekly into your cash account that you live off. Only have a bank card for that second account. If someone steals that card they can’t spend too much, *and* you act like you’re paid weekly which can be easier to manage.
 

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Jul 23, 2007
34,652
136,450
Utah

Best books for money management?​


How much money you got to "manage"? I'm guessing you're wasting your time.

investingwaste.png
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Guyfieri5

Money is made possible only by those who produce.
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Jul 13, 2019
217
291
26
New York
As Johnny boy stated stay away from Dave Ramsey and likes.

Know your numbers, I can tell you what my monthly Cost of living (COL) is but dont track $$$, which some times varies due unforeseen expenses - but when you have a buffer it does not matter.

If we want to eat out tonight - we will, our income is higher than my COL - a $2000 expense will not break me but slow down my plans and goals.

Simply create a list of all your expenses and be realistic - but earn more, know your worth and get in the right lane -not tomorrow, but today!
I agree. Some of Ramsey's principles are good, like save more than you earn or don't go into debt for a car, but some of his other points will lock you into the slow lane for good. My favorite book is The Richest Man in Babylon by George S Clayson. In all honesty though you don't need a book to tell you to save a percentage of your money every paycheck and to stay away from consumer debt like credit cards and car loans.
 

Guyfieri5

Money is made possible only by those who produce.
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Jul 13, 2019
217
291
26
New York
I read that book when I was twenty and it did more for me in terms of actionable steps than any of the other personal finance books I read later. I find that some of the other finance books promote an ideology. That one was just pure advice in story form.
“The Richest Man in Babylon” maybe.
 

Chris Sciora

Bronze Contributor
Read Fastlane!
Speedway Pass
Feb 15, 2022
155
186
I’m working two jobs now and starting my fast lane business but don’t know how to manage my money. I’m 26 now and know tbh w habits I build up now will impact me for better or worse in the future. What are some books that will give me a good direction on money management?
I Will Teach You to be Rich by Ramit Sethi is ideal for you. Including your age. He covers the basics of personal finance from credit cards to investing in an easy to read, no BS manner. These are all things that anyone with a dollar in their hand who plans on accumulating future dollars needs to understand.

At the risk of ticking off the owner of this site, I'm going to disagree that getting a big chunk of money solves anyone's financial situation until they have mastered those basic financial skills. Everyone successful who remains wealthy has done that - even when it's been so long that you forget you weren't born knowing it. You learned those lessons over time.

There are endless studies showing how often lottery winners, entertainers, celebrities and athletes go bankrupt within years of getting ridiculous chunks of money. The problem is their complete ignorance of money management, learning what "enough" means and trusting endless investment scammers and vampire friends who suck the dollars out of them. Ignorance => poor decisions => right back to poverty. It's much easier to start when you have little to lose in the first place and there's nothing wrong with having a backup plan to becoming a multi-millionaire in 2023.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Jul 23, 2007
34,652
136,450
Utah
At the risk of ticking off the owner of this site, I'm going to disagree that getting a big chunk of money solves anyone's financial situation until they have mastered those basic financial skills.

Actually I agree with you, however he asked about money management (which I view as relating to investing) not basic financial literacy. I view them as two separate entities, but I can see how one can equate them as the same.
 

Kak

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Jan 23, 2011
8,488
37,780
Texas
Buying something to make you better with money isn’t a good start to being better with money. I’ve always found that concept, like Dave Ramsey books, or even worse, seminars, which happen to be expensive, oxymoronic.

If you’re talking about investing… You can make this as big of a deal or little of a deal as you want. If you don't have at least 6 figures of investible net worth, I'd make sure not to make this a big deal. Warren Buffet beat every hedge fund manager there was by buying and holding SPY. That’s it. That was his bet. He was right.

There’s the start. You can expand from there. Learn economics. Learn monetary theory. Learn the political headwinds and tailwinds. Learn commodities. Learn value vs growth. Learn options. Learn time decay. Learn to put time to work for you.

Ultimately, you can beat hedge funds… But you have to bet against the consensus and be right. The consensus doesn’t really make money.

Of course, once again, don't even bother if you don't have 6 figures minimum. Focus on a business.
 
Last edited:

Guyfieri5

Money is made possible only by those who produce.
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Jul 13, 2019
217
291
26
New York
Buying something to make you better with money isn’t a good start to being better with money. I’ve always found that concept, like Dave Ramsey books, which happen to be expensive, oxymoronic.

If you’re talking about investing… You can make this as big of a deal or little of a deal as you want. Warren Buffet beat every hedge fund manager there was by buying and holding SPY. That’s it. That was his bet. He was right.

There’s the start. You can expand from there. Learn economics. Learn monetary theory. Learn the political headwinds and tailwinds. Learn commodities. Learn value vs growth. Learn options. Learn time decay. Learn to put time to work for you.

Ultimately, you can beat hedge funds… But you have to bet against the consensus and be right. The consensus doesn’t really make money.
I think the concept of personal finance is super overcomplicated. I say that because I read all of those personal finance books and honestly they got me nowhere. I could have just lived on less than I earned from the outset and focused on a business. I wasted so much time studying that crap.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

WJK

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
Oct 9, 2017
2,538
5,825
Alaska
I agree. Some of Ramsey's principles are good, like save more than you earn or don't go into debt for a car, but some of his other points will lock you into the slow lane for good. My favorite book is The Richest Man in Babylon by George S Clayson. In all honesty though you don't need a book to tell you to save a percentage of your money every paycheck and to stay away from consumer debt like credit cards and car loans.
1. Pay off any bills that you have. Use the snowball plan. If you don't know it, look it up.
2. Then sneak up on your savings goal. Start with 5% and bump it up to 25%, one rung at a time.
3. Figure out how to test your business ideas without blowing a bunch of money.
4. Start small on your business idea and build as you go.
5. Educate yourself continuously. Use resources that cost little or nothing. You can start by reading the threads found on this Forum. Make some friends and start some conversations.
Watch podcasts on the net.
Google everything.
 

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Jul 23, 2007
34,652
136,450
Utah
1. Pay off any bills that you have. Use the snowball plan. If you don't know it, look it up.
2. Then sneak up on your savings goal. Start with 5% and bump it up to 25%, one rung at a time.
3. Figure out how to test your business ideas without blowing a bunch of money.
4. Start small on your business idea and build as you go.
5. Educate yourself continuously. Use resources that cost little or nothing. You can start by reading the threads found on this Forum. Make some friends and start some conversations.
Watch podcasts on the net.
Google everything.

+1.

I tell people to forget about investing money until they have enough money to invest. But definitely learn the basics of finance. Learn how to pay bills, save money, and manage debt. Then apply that money toward business ventures that have the potential for asymmetric returns. When that business starts to accumulate cash (I have $100K sitting around!) then its time to get that money invested (assuming it can't grow the current business) so it becomes another income (or growth) generating asset.
 

Chris Sciora

Bronze Contributor
Read Fastlane!
Speedway Pass
Feb 15, 2022
155
186
Actually I agree with you, however he asked about money management (which I view as relating to investing) not basic financial literacy. I view them as two separate entities, but I can see how one can equate them as the same.
Yeah, he'd have to clarify. The phrase covers a broad spectrum. I think it becomes "investing" after the basic building blocks are in place. Many of the younger people I hear asking that kind of question are in the paycheck to paycheck trap and really have no idea where their money goes. That's when someone like Dave Ramsay actually has some value. After you have some emergency savings and little consumer debt, it's probably time to find another horse to ride.

Looking back, it's the comment "I'm working two jobs now" that's a tell.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

socaldude

Platinum Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Jan 10, 2012
2,022
4,498
San Diego, CA
I view them as two separate entities, but I can see how one can equate them as the same.

I view them as distinct as well. There is a difference trying to manage, allocate and invest $5million to maximize alpha compared to saving money, cutting expenses etc.

I think the concept of personal finance is super overcomplicated

Yeah, me too. Just learn how to read a balance sheet and income statement LOL.
 

WJK

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
Oct 9, 2017
2,538
5,825
Alaska
+1.

I tell people to forget about investing money until they have enough money to invest. But definitely learn the basics of finance. Learn how to pay bills, save money, and manage debt. Then apply that money toward business ventures that have the potential for asymmetric returns. When that business starts to accumulate cash (I have $100K sitting around!) then its time to get that money invested (assuming it can't grow the current business) so it becomes another income (or growth) generating asset.
I totally agree. You can't invest out of empty pockets. You can't make any headway in your life if you mismanage your finances. Bad decisions equal bad outcomes -- over and over again. Then, when you climb that mountain, you can't successfully invest without knowing how and where to put your money. MJ is right. You must learn the financial basics for yourself, your businesses, and your investments. Otherwise, you will be broke and reduced to chasing chump-change all your life.
 

biophase

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Unscripted!
Summit Attendee
Speedway Pass
Jul 25, 2007
8,332
38,931
Scottsdale, AZ
I was talking to a friend last week who is in the slowlane. She tells me that everyone is priced out of a home in Phx now, citing this article.


But she's always broke and tells me that she needs to get a better job. She makes around $90k, which I tell her is pretty good money. Then she tells me she spends $300-$450 a month on coffee in the morning. She "needs" it every morning.
Then you combine that with getting your nails and hair done every month. It's no wonder she can't live off $90k.

I tell her that that $300-$450 could be invested or saved to get her into a home. I say, let me look at your finances and your budget. She tells me she doesn't want to talk about finances because she's not in the mood. Ok, so we talk about important stuff like NBA basketball or where to go for dinner.

:eyes:

Some people are just destined to be where they are at.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

socaldude

Platinum Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Jan 10, 2012
2,022
4,498
San Diego, CA
Then she tells me she spends $300-$450 a month on coffee in the morning

She’s buying a minimum of 2 Venti Starbucks daily? Wow that’s a lot of coffee.

I’m guessing she also has a big car payment.

She makes around $90k, which I tell her is pretty good money

She’s lucky. I myself have never made more than $30k a year in a job. Which is like $20k after taxes. She could definitely afford a house except she will have to make some sacrifices like not shopping at Nordstrom rack, getting nails done, her car payment etc.
 

MitchC

Platinum Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Mar 8, 2014
1,211
2,663
There’s a book in Australia called barefoot investor, it’s really good.

Richest man in Babylon was mentioned and I agree it has good advice and tips in it.

But Barefoot investor is what you need. It lays everything out step by step, you do it all once, then just leave it and you look back in a year or 2 and have a shitload saved and your life wasn’t really any different.

Once you have a business, profit first is kind of barefoot investor for business.

Mjs books will teach you the how to and why you should start a business. But for having a job and trying to save so you can free yourself, Barefoot Investor.
 
Last edited:

biophase

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Unscripted!
Summit Attendee
Speedway Pass
Jul 25, 2007
8,332
38,931
Scottsdale, AZ
She’s buying a minimum of 2 Venti Starbucks daily? Wow that’s a lot of coffee.

I’m guessing she also has a big car payment.



She’s lucky. I myself have never made more than $30k a year in a job. Which is like $20k after taxes. She could definitely afford a house except she will have to make some sacrifices like not shopping at Nordstrom rack, getting nails done, her car payment etc.
She buys 2 at a time, one for the afternoon. She has some medical bills. But also does have a nice car, mid level BMW.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Andy Black

Help people. Get paid. Help more people.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
May 20, 2014
14,587
54,960
Ireland
She’s lucky. I myself have never made more than $30k a year in a job.
Be careful of the words you use @socaldude. It’s probably not luck that got her $90k salary. Even if you don’t actually believe it, try not to say it.
 

woken

Silver Contributor
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Mar 24, 2021
572
777
London, UK
Also, might be worth mentioning that if your income cannot cover basic costs like housing, food, etc, you shouldn’t be reading any money management books, but instead focus on earning more.

I think that, coming from the bottom, lots can appreciate this :

When your income is less or very similar to your basic expenses( again, only for survival) then cutting coffee won’t do you any good, especially when you brew it at home.

Then you have the other extreme as per @biophase ‘s example.

It’s both interesting and stupid how we always like to overcomplicate things.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

AndreP

Bronze Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Jul 30, 2019
131
155
The Netherlands
For met it works in 4 fases:

1. financially mature
2. financial peace / rest
3. financial freedom
4. financially independent

I almost reached fase 3. So still some work to do.
I always try to connect with people who are one fase ahead of me...they are the best mentors out there.
 
Last edited:

Kevin88660

Platinum Contributor
FASTLANE INSIDER
Read Unscripted!
Speedway Pass
Feb 8, 2019
2,095
2,551
Singapore
I’m working two jobs now and starting my fast lane business but don’t know how to manage my money. I’m 26 now and know tbh w habits I build up now will impact me for better or worse in the future. What are some books that will give me a good direction on money management?
As unconventional as it sounds I would say save a lot of cash than what others would advise.

Unless you have high six digit liquid assets investing bulk of your money for gain is a waste of time and effort.

Having cash gives you the dry powder for potential business venture or really attractive once in a life time investment.

It could also help you in family emergency like an Uncle needing help in sudden medical bill.

Over the years I have seen a lot of people complaining that They wish they had the money when they were presented with the opportunity.

i never had people crying about they losing too much on inflation for having the cash sitting in the banks for many years .
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Antifragile

Legendary Contributor
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Mar 15, 2018
2,281
7,452
I was talking to a friend last week who is in the slowlane. She tells me that everyone is priced out of a home in Phx now, citing this article.


But she's always broke and tells me that she needs to get a better job. She makes around $90k, which I tell her is pretty good money. Then she tells me she spends $300-$450 a month on coffee in the morning. She "needs" it every morning.
Then you combine that with getting your nails and hair done every month. It's no wonder she can't live off $90k.

I tell her that that $300-$450 could be invested or saved to get her into a home. I say, let me look at your finances and your budget. She tells me she doesn't want to talk about finances because she's not in the mood. Ok, so we talk about important stuff like NBA basketball or where to go for dinner.

:eyes:

Some people are just destined to be where they are at.

I was sending money to family in Ukraine (past Friday). Using Western Union means going to one of those Money Mart shops. In front of me was a 20 something year old labourer with a hard hat etc. I heard everything he talked about with the clerk behind glass and realized how some peoples lives suck so bad.

He only had a cheque for $800 that he needed to cash to pay rent that same day. He also had a loan with these loan sharks Payday money mart people. It’s probably worse than credit card.

And yet, when the clerk lady told him a super helpful tip to save money! All he had to do was change the dates for payments to match his paycheck schedule to avoid penalties (pay only interest if you are on time). Consider that his account is always overdrawn - meaning, both the bank charges penalties for that and the loan Money Mart people do the same! It’s insane how much he’s wasting given how little he has.

And guess what. He replied “oh I didn’t do it yet”
- why not?
- I’m just not that organized in my life

I felt sorry for him and also knew, his life will suck for a very long time.

You are 100% right, some people are destined to be where they are. Even when a solution is literally staring them in the face.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top