Top 5 Best Books about Financial Independence in 2020
Listed below are the Top 5 Best Books about Financial Independence in 2020. Financial Independence is a term that describes a state where a person no longer needs to rely on a day-to-day job in order to produce enough income to live comfortably. If you're looking to join the club of people who have achieved financial independence then these books will help you get there!
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This may be the best personal finance book I’ve ever read and it directly applies to financial independence. It’s clear, concise, and written in a way that keeps the reader’s attention through the entire book. Before this book I thought of retirement savings in a pretty boring fashion. A portion of your check goes into your 401k and maybe you save some additional money on the side and invest that through a brokerage account. After 30-40 years of working in your field you get to begin taking distributions and consider yourself no longer reliant on a job.
This book was the first time I was introduced to the concept that once you’ve accumulated a year or two worth of salary, not forty, you gain incredible negotiating power and freedom in your job. On top of that, it outlines in the perfect amount of detail how to accomplish such a feat. That’s why it’s first on our list of the Top 5 Best Books about Financial Independence and even makes it on our list of the Top 5 Best Books about Personal Finance.
So, what does financial freedom meant to you? What would you do tomorrow if you didn’t have to work for money? That’s the essence of this book. It’s incredibly inspirational and leaves you constantly daydreaming in the office. And that’s not a bad thing. It’s just a really well written story.
The author bounced around several jobs after college and even got fired a couple of times. But after all that, and while living with his parents, he decided to set a goal of saving $1 million and retiring as quickly as possible. Five years later he had saved $1.25 million (at the age of 30) and achieved financial independence. This book as a bunch of insight regarding optimizing your full-time job, starting a side business, and knowing how to invest. The whole point is to save up as much money as quickly as possible.
Vincent starts this great book about financial independence with a personal story of his job as a photographer. He ends up winning this super cool photography award and goes into his boss’ office for a raise thinking he’s getting this big pay bump and unfortunately only gets 3% or something like that. Vinny boy has a baby on the way, him and wife are 6-figures in debt, and he’s only making $15/hour. The recent meeting with his boss is a tipping point in his life. It’s compounded by his father saying, “You have a skill, but you’re not using it correctly.” Vincent and his wife end up starting a side business where they photograph weddings on the weekend.
They use all the extra cash to pay off all their debt and by the time it’s all gone the revenues from their business have increased so much that they don’t need their regular jobs. It’s an incredible story and the book is filled with tips and tricks about capitalizing on your own unique set of skills. This book is so helpful that it’s not only one of the best books about financial independence, but also on our list of the Top 5 Best Books about Starting a Side Business.
Here’s one of the founding father books of the financial independence movement. This book was originally published back in 1992. Since then it’s been revised four times and apparently each revision makes it even better. The whole premise is this super neat Nine Step Program. Now I’m not going to tell you all the steps because I like to make these descriptions concise.
But the whole point this book is trying to make is that we’re constantly trading our life and time for money. Since we have a limited amount of life, we need to take our finances seriously or else our life will go to waste. Essentially, frugality is this awesome double-edged sword that allows you to rely less on material things and become happier while simultaneously investing more and retiring earlier.
This is not only a cool story but includes practical steps on how to achieve financial independence. It’s got the good ole tips and tricks we know and love: find a way to earn more, only spend on the essentials, and invest in index funds. But this book keeps you excited from the moment you pick it up until you put it down. Kristy talks about how her father grew up in China and how his view of money shaped her ability to make financial decisions later in life.
One of the most beneficial parts of this book to me was the story of their travels. It had never occurred to me that travelling in retirement may be cheaper than staying at home. The path they lay out makes it all seem so doable. If you’re looking to start your financial independence journey than this is one of the best books you can read to get started.