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In this world of home mortgages, student loans, investments, retirement funds and taxes, the goal for many is financial freedom. For those who have received no formal education on financial matters, its far too easy to quickly fall into debt or fail to budget. During his time at Northwestern University, Michael Stummer had the opportunity to become specially educated in the field of finances. Stummer knows that not all adults have the years of training and experience he has. For those wanting to educate themselves on personal finances, he recommends the following three books.
1. The Total Money Makeover by Dave Ramsey
If youre like most, the chances are you probably already have some debt. Paying it off is the first step towards gaining fiscal success. In his 15 years in the finance industry, Michael Stummer has seen firsthand the ways that accumulation of debt has become the biggest roadblock for people who are craving financial freedom.
Considered a classic in the world of finance literature, The Total Money Makeover outlines how to achieve financial freedom despite monetary challenges. It zeroes-in on the number-one roadblock to successful money management: debt. From home loans to student debt, just about everyone has it. In the book, Ramsey focuses on how you can achieve financial freedom by eliminating debt, not falling victim to scams, and developing healthy saving techniques.
2. The Millionaire Next Door by Thomas Stanley
Its early in life that we (either knowingly or unknowingly) first make the financial decisions that will affect us for the rest of our lives. Though its aimed at young, twenty-somethings, The Millionaire Next Door by Thomas Stanley gives practical advice for making smart financial decisions.
The book chips away at the stereotype of millionaires as luxury-living tycoons who sink big bucks into yachts, flashy cars and outlandish watches. On the contrary, Stanley uses the real spending habits of wealthy individuals to analyze how you can best save, invest, and spend your money.
In his analysis, Stanley shows that monetary wealth and financial success arent as unattainable as we believe. Using the books methods, youll be able to learn how to invest, spend, and save your money effectively, bringing you one step closer to absolute financial freedom.
3. Rich Dad Poor Dad by Robert Kiyosaki
Everyone has to start somewhere. In the world of financial jargon and investment legalese, its hard to know where to begin. Through his role as the President of the Arlington High School Boosters, Michael Stummer has learned that not everyone is equipped with the know-how and vocabulary necessary to tackle financial topics.
In the book, Kiyosaki aims to remedy this education gap in his bestselling finance guide, Rich Dad Poor Dad. In it, he uses laymans terms, real-life scenarios, and straightforward explanations to outline the average joes path to financial freedom. Excellent for beginners who dont know where to start, this book focuses on the acquisition of passive income. It lays the groundwork for anyone wanting to learn about real assets and investments such as real estate.
Final Thoughts
We cant all be finance gurus. As a part of a traditional, formal education we learn the basics of math, reading, and the sciences. Many glide through high school and even receive college degrees without ever learning the essentials of budgeting, investment, or saving.
Michael Stummer asserts that for most, learning the skills of financial success take initiative and self-driven education. Books are easily the best resource for those looking to expand their knowledge on money and how it works. These three titles might not make you an investment expert or immediate millionaire, but theyre a great way to start your journey towards financial success.
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