Book List: Money Books to Read to Build Wealth in 2023 – Business Insider
- Insider asked real estate investors and money experts for their top book recommendations.
- The list includes a classic written in the 1920s, “The Richest Man In Babylon.”
- Another popular choice among real estate investors specifically is “Rich Dad Poor Dad.”
Personal finance books can be a helpful tool if you’re looking to revamp your finances and build long-term wealth.
But with so many options out there, selecting the right books to read is challenging.
To help you narrow down your search process, Insider spoke to successful real estate investors, “super savers” who set aside more than half their annual income, and finance professionals about the books that have helped get them to where they are today.
Insider organized their book recommendations by category: saving, investing, and real estate.
Saving
“Set for Life” by Scott Trench
Scott Trench’s bestseller is a favorite among super savers, including Ali and Josh Lupo. The upstate New York-based couple managed to save the majority of their income to pay off over $100,000 worth of debt and are currently on track to retire before they turn 40.
Ali and Josh Lupo, founders of The FI Couple.
Courtesy of Ali and Josh Lupo
They used the strategies outlined in “Set for Life” to boost their savings rate, including one that was particularly effective: finding ways to cut back on “the big three” expenses, which include housing, transportation, and food.
“We’re conditioned to cut out the smallest expenses, like Netflix or coffee or dining out, but the author explains that, for most people, about 70% of expenses are housing, food, and transportation,” said Josh. “If you learn how to master those big expenses, it will free up a ton of money so you don’t have to stress about the small stuff.”
“The Richest Man In Babylon” by George S. Clason
“The Richest Man In Babylon” is a personal finance classic that was originally published in 1926.
Nearly a century later, author George Clason’s concepts remain relevant today, according to Ludomir Wanot, who read it on his way to achieving financial independence via smart savings and investing habits.
The book emphasizes the importance of setting aside at least a portion of your income for your future self — even if it’s just 10%, noted Wanot.
“There are so many articles about people saving 80% or 90% of their income, and people think they have to do that,” he said. “That’s not very realistic for the average American …….