Last month I read two books, as well as countless articles and blog posts. I’ve included my thoughts on the books I read, and a few noteworthy blog posts for you to check out in this November Reading Report.
The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life by J L Collins
J L Collins wrote The Simple Path to Wealth as a roadmap for his daughter to follow to reach financial independence. The book began as a series of letters that he wrote to his daughter on his website. Collins lays out a plan that any recent graduate could follow to achieve financial independence.
The advice in The Simple Path to Wealth is so straightforward, and Collins’ writing style is so friendly and conversational, that really anyone could follow this plan. You don’t have to be a high earner to achieve financial independence. You just need to live within your means, save a big chunk of each paycheck, and invest that money in low-fee index funds.
Ready, set, go get started.
I Will Teach You To Be Rich by Ramit Sethi
I Will Teach You To Be Rich is another book that is perfect for a recent graduate (Christmas presents, anyone?). In this book, Ramit Sethi, lays out a six week program for you to follow to get your finances in order and begin building wealth.
Sethi teaches you how to pay off and then maximize your credit cards, choose banks for your savings accounts, automate your bills, set up investment accounts and begin investing. This is a great step-by-step guide for anyone who is new to personal finance.
One of the parts of this book that I connected the most with was when Sethi was talking about conscious spending. Saving money is not only about deprivation, but about setting priorities and spending your money on the things that matter the most to you.
This was a fun, fast read that I would recommend to anyone that is looking to get a better handle on their finances and begin building wealth.
Noteworthy Blog Posts
How to Save $60,000 by Age 23 – Four Pillar Freedom
In this post, Zach from Four Pillar Freedom shared how he saved $60,000 by the time he turned 24. Zach became interested in personal finance and began devouring every blog post he could read, taking the advice to heart.
He avoided taking on student loans by working through college, continued living like a college student after he graduated, and began climbing the corporate ladder. Through frugality and conscious spending, Zach is able to save 80% of his income each month. As his income grows, his spending does not. This is some seriously impressive saving!
Are You Financially Average? – Budgets Are Sexy
J. Money put together this list of ten financial statistics for the average American. Some of these things you’d want to be above average on (salary, for example), but others you’d want to be below average on (tax rate). Have fun checking out the post and seeing how you stack up to the average American, and the above average personal finance bloggers in the comments.
When Quitting Backfires: How Not to Lose Your Retirement Vesting $$$ – Financial Muse
In this post, Financial Muse brings up an important consideration when deciding whether or not to leave a job. Before you decide to quit, you need to understand how that decision will effect your retirement benefits. Are you vested in your employer’s 401k? If not, how much longer would you have to stay to become vested?
If you are not vested, you could be losing out on all the money you received as a company match in your retirement account. That could be a few thousand dollars now, but tens of thousands of dollars in the future. If you’re thinking about leaving your job, do yourself a favor and find out if you are vested in your retirement account.
What have you been reading?
Interested in what I read last month? Check out the October Reading Report.
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