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Which personal finance book had the biggest impact on you?
383 sats \ 4 comments \ @86b4dc92cd 22 Dec BooksAndArticles

For me, it was "The Millionaire Next Door". It’s a bit dated, but it changed how I see money and wealth.

The main idea is that most millionaires don’t actually live flashy lifestyles. A lot of them just live normal lives, driving a Toyota or Honda, and being smart with their money. Meanwhile, the people showing off the luxury stuff and sport cars often aren’t actually rich - they’re just spending a lot.

This book really made me realize that being wealthy isn’t about looking rich. It's more about avoiding lifestyle inflation and staying consistent with finances. Now when I see someone in a luxury car or living in a fancy apartment, my first thought is: “Can they really afford it, or is it just for show?”. And I know that in most cases, its probably the second.

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148 sats \ 0 replies \ @endothermicdev 21h

Not a book, but I used to read MrMoneyMustache quite a lot. I think his philosophy was pretty similar The Millionaire Next Door and others. I would distill it to:

  • We have it pretty easy with meeting our basic needs in this day and age. The average american salary makes it fairly achievable to live in relative abundance compared to prior generations.
  • The economy is designed to make you feel the need to part with your dollars, but doing so is generally for the lazy or at least those who don't think about their spending too critically. Forego the convenience of modern life where possible. Whether that's food, transportation, housing, etc.. It's all designed for convenience, not what you actually need or what's good for you.
  • No matter your income level, it's generally possible to save aggressively and achieve financial independence.
  • Invest simply and for the long term. (He's all about the boglehead / ETF investment style, but I think mapping the same onto bitcoin is an easy drop-in replacement.)
  • Lots of tips on designing a lower cost lifestyle, staying frugal and avoiding lifestyle creep, increasing earnings potential.
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0 sats \ 0 replies \ @itsrealfake 12h

I read Rich Dad Poor Dad and it hit pretty hard.

I don't remember all the things but his example of an academic parent really stuck with me

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0 sats \ 0 replies \ @Signal312 22 Dec

Yes, The Millionaire Next Door was great, and influenced a lot of people, including me.

But I'm going to say The Bitcoin Standard by Saifaedan Ammous. Not really personal finance, however, it really taught me about money - good money and bad money.

And money is something (though I was maybe personal finance savy) that I just did NOT understand, at all. Didn't understand money, didn't understand inflation, didn't understand any of that.

Understanding it, and then learning more about Bitcoin, made a big difference to me.

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0 sats \ 0 replies \ @flat24 22 Dec

Excellent recommendation, I haven't read this book yet. A fundamental book that was very powerful and significant for me was "The Richest Man in Babylon."

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