Financial independence is a journey and a process of self-exploration, discipline, and discovery. In 2019, you can add the wonderful world of Reddit to the list of the best personal finance podcasts, best personal finance blogs and top financial books as trusted sources for content. Your Money or Your Life is probably the classic, and it offers both inspiration and practical advice. The Simple Path to Wealth . [–]CLTY[S] 3 points4 points5 points 3 years ago (0 children). My journey so far. Then it would make sense to read that one first. ), and he is so excited because interest rates will drop and he will be able to spend the banks money, etc etc. Which of these three books is the best for a first read on FIRE? At its core, FI/RE is about maximizing your savings rate (through less spending and/or earning higher income) to achieve FI and have the freedom to RE as soon as you wish. To get you started, we've created a list of the 12 best books for those pursuing FI. That said, I think you have better options. [–]rscar7750%SR, TX, Goal: 2.2 mm 2 points3 points4 points 3 years ago (1 child). REDDIT and the ALIEN Logo are registered trademarks of reddit inc. π Rendered by PID 13023 on r2-app-0dc70e46e7ff13865 at 2020-12-19 23:18:19.353604+00:00 running 406fa40 country code: US. I graphed out all the guesses from the contest to guess the S&P Close on 12/31. and join one of thousands of communities. Theoretical and practical: I like books that offer both theory and practical examples of how to apply the theory to your own life. Broke Millennial: Stop Scraping By and Get Your Financial Life Together by Erin Lowry. This personal finance book, the winner of the 2015 EIFLE (Excellence in Financial Literacy Education), includes tips for teens to avoid what … Becoming financially independent requires hard work and a healthy attitude towards money, but also a degree of privilege. For reading up on FIRE, I narrowed it down to these three choices. It's a good choice. Thomas J. Stanley's profile … Millionaire Next Door. Before proceeding further, please read the Rules & FAQ! Well-written: This one goes without saying. I also like Set for Life, which is a new book from Scott Trench. The list of the financial independence books below is a game changer. FIRE books teach you exactly how to do this. [–]redd1tzero 16 points17 points18 points 3 years ago (2 children), The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life by JL Collins, [–]FiSleuth24M | 60% SR | Northeast | Data Analytics 2 points3 points4 points 3 years ago (1 child), [–]SteveRD1 2 points3 points4 points 3 years ago (0 children). I listened to a podcast of his today and he advocates borrowing tons of money, not putting money in the stock market/401ks, not paying taxes, and said over and over how "contrary" his advice is, bla bla bla. (well... lurking), [–]CapitalNumb3rs 14 points15 points16 points 3 years ago (0 children). Prepare to chuckle and roll your eyes. He has authored multiple books and courses as well as being a contributor to Entrepreneur magazine. Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) - quitting your job/career and pursuing other activities with your time. oh man i am so glad you touched on his "stream of consciousness" - i actually hated listening to his podcast simply for that. Money only matters if it helps you live a life you love. Daily FI discussion thread - December 19, 2020. I created a little calculator to figure out exactly what my 401k contribution election should be to front load it early each year, reach the annual max, and still get the full employer match. Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) - quitting your job/career and pursuing other activities with your time. This book is candid and funny, and if you’re like many of us, you’ll recognize yourself and your own habits in its pages. As others have mentioned, the investment advice in early editions is outdated, but Vicki Robin (one of the authors) updated the book a few years ago with more modern ideas. Within their pages, you’ll uncover time-tested strategies to … [–]AskWhatNext48M, Author, FIREd 9/2018 1 point2 points3 points 3 years ago (0 children). Your Money or Your Life is probably the classic, and it offers both inspiration and practical advice. Simplifying and redesigning your lifestyle to reduce spending. Financial Freedom. [–]inspired2apathy40% SR 3 points4 points5 points 3 years ago (2 children), [–]CLTY[S] 0 points1 point2 points 3 years ago (1 child). Financial independence … At its core, FI/RE is about maximizing your savings rate (through less spending and/or higher income) to achieve FI and have the freedom to RE as fast as possible. Remember, that money is not the goal, time is. As you try to build a life, they will be out spending your money, making it nearly impossible for you to achieve financial independence. (self.financialindependence). With so much to read, it can be difficult to figure out where to get started. Which of these three books is the best for a first read on FIRE. I'm also a huge fan of a book called Work Less, Live More, which is all about semi-retirement. Yes the investing advice in YMOYL is useless but the concept is what got me started. It covers the basics and links to other good resources. Your wants and needs aren't written in stone, and less spending is powerful at any income level. The Simple Path to Wealth was written by Jim Collins as a result of failed attempts to educate his daughter about money. The book really challenged my perceptions of wealth and spending habits. [–]AskWhatNext48M, Author, FIREd 9/2018 9 points10 points11 points 3 years ago (2 children). My journey to $100k NW as a college dropout (22M). Maybe read the book after that if you want more of what he has to say. I'm interested in opinions on rich dad poor dad. FIRE Spreadsheet. Press question mark to learn the rest of the keyboard shortcuts, In Praise of Idleness -- Free Online Link, The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organizing, If You Can: How Millenials Can Get Rich Slowly, The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns, Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School, Get a Life: You Don't Need a Million to Retire Well, Building Wealth And Being Happy: A Practical Guide To Financial Independence. There are lots of books out there, but most of them are overly wordy with little insight. He seems like he could barely keep his storyline straight in the book, and rambles on his personal beliefs at times without providing good supporting evidence for his assertions. Building Wealth and Being Happy. Financial independence refers to the state of reaching a point of sufficient wealth where one is not required to work full time —unless they want to — in order to maintain a desired lifestyle. I've only read two of these, but would definitely go with The Millionaire Next Door. Financial Independence, Retire Early (FIRE) is a financial movement defined by frugality and extreme savings and investment. In fact, FI can sometimes be an addiction to money in another form – simply optimizing and saving, without stopping to smell the roses. AMAs with William Bengen, Mr. Money Mustache, Wade Pfau, etc., have been archived here. 3. Books on Financial Independence. [–]Scimichef 2 points3 points4 points 3 years ago (0 children). That’s why I’ve compiled this list of the best books on the topic. The ultimate financial goal in many people’s lives is financial independence – having enough money that you no longer need to work for a living. Scott Rieckens is an Emmy-nominated film/video producer, serial entrepreneur, and author. Yes, it can be a bit technical, but that works great for most folks who are into FIRE. The Millionaire Next Door is a good book and it is about financial independence (despite what another commenter said). Little Book of Common Sense Investing. "Build the life you want, then save for it.". I don't have the time to read every single good book out there. If OP doesn't have time to read (really?) It contains tons of practical advice, plus it covers the psychological side of things. His articles discuss getting out of debt, buying a house, college savings, early retirement and more related to financial independence. [–][deleted] 0 points1 point2 points 3 years ago (0 children), [–]wijwijwij 0 points1 point2 points 3 years ago (0 children). Thanks for the in-depth reply! If you have any suggestions / corrections / etc, please message the moderators. Hit $1,000,000 NW at 33(m). Grant Sabatier of Millennial Money launched the Financial Freedom Podcast in 2018 to compliment his recent book titled “Financial Freedom: A Proven Path to All the Money You Will Ever Need“. It occurs when people have enough built-up income to pay for necessities, for the remainder of their lives, without an active-income, work-related paycheck. 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. Avoid it as a starter book. If you … Intelligent Asset Allocator. Best Net Worth Tracking Tools. It is largely regarded as one of the best books on financial independence, retire early (FIRE). THIS IS A TEMPORARY SPAM-FIGHTING MEASURE. Please read the FAQ and Rules above, then feel free to share your journey or ask for advice! Your Money or Your Life (Paperback) by Vicki Robin. Can a single guy get a mortgage on his own? That said, I think you have better options. This subreddit deals primarily with Financial Independence, but additionally with some "RE" concepts. The basic goal of … First up: Rich Dad, Poor Dad isn't a good option. [+]CLTY[S] comment score below threshold-7 points-6 points-5 points 3 years ago (1 child), It hasn't been updated - one of the suggestions is from there, the other two are from talking to FIRE folks on here. By saving … [–]inspired2apathy40% SR 1 point2 points3 points 3 years ago (0 children). It's woefully underappreciated. Random Walk down Wall Street I'm not a fan at all of the other two. Archive of previous Daily Discussion threads. Audible. Oh, I didn't consider that one - I assumed it was more about value investing. At its core, FI/RE is about maximizing your savings rate (through less spending and/or higher income) to achieve FI and have the freedom to RE as fast as possible. Published in 2017, this second "Badass" book takes more of a financial angle than the first one. The Financial Independence, Retire Early (FIRE) movement has been gaining followers for the better part of a decade and awareness of it is now spreading into the mainstream. (If you're less techy and more into psychology, though, it might not be the best place to start.) Tough Nickel has a pretty good article highlighting many of the pitfalls of his writing style, credibility, and the ideas in his books. He achieved financial independence by analyzing the tax code and looking at personal finance through the lens of early financial independence to develop advanced strategies to get there. Four Pillars of Investing. Excellent book on how to retire and make it last. Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) - quitting your job/career and pursuing other activities with your time. Get an ad-free experience with special benefits, and directly support Reddit. I'd suggest reading the stock series on his blog, it's quite good. If You Can. Updated January 22, 2020 . Set for Life by Scott Trench. The Richest Man in Babylon. PM me and I'll give you the link. Which one is the best? Working to increase your income and income streams with projects, side-gigs, and additional effort, Striving to save a large percentage (usually more than 50%) of your income to accelerate achieving FI, Investing to make your money work for you, and learning to manage/optimize those investments for the unique nature of FI/RE, Gaining wealth for the purpose of excessive consumption, Taking the slow road, or the traditional road to retirement. Best Financial Independence Retire Early Books. While … Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) - quitting your job/career and pursuing other activities with your time. use the following search parameters to narrow your results: This is a place for people who are or who want to become Financially Independent (FI), which means not having to work for money. At its core, FI/RE is about maximizing your savings rate (through less spending and/or higher income) to achieve FI and have the freedom to RE as fast as possible. ChooseFI: Your Blueprint For Financial Independence by Chris Mamula, Brad Barrett, and Jonathan Mendonsa Scott has spent his career as a storyteller connecting people with ideas. Discovering and achieving life goals: “What would I do with my life if I didn't have to work for money?". [–]CapitalNumb3rs 14 points15 points16 points 3 years ago (2 children). Best for: Inspiration. A huge labor of love was to develop a way to identify a target financial independence date for a real person and to see if savings will last for a lifetime. Here are 12 of our favorite FIRE books to help you acquire the knowledge you need to retire early and begin living your very best life. Archive of previous "Help Me FIRE!" It's mostly about passive investing but I think it's important to read as a investment consumer. It's a good choice. Why not read one of the suggested books from this sub instead? [–]entropic35% SR (2019), 22% progress 2 points3 points4 points 3 years ago (1 child). The way I chose my favorite financial independence books was to define a few criteria for what a good financial independence book is. Set for Life is a great book for people who want a road map of what a … He is all about owning assets that generate free cash flow, but doesn't seem to comprehend that the stock market can do this in the form of dividends or gradual selling with much less headache than being a realtor (his wife is IIRC) to take advantage of rolling over up to 250k gains in one property's equity into another property tax free. It was really weird. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. u/EngagingData's Early Retirement FIRE Calculator. Whether you want to lurk (like I have for years) or be an engaged member of one of the Reddit personal finance subs, there is value to be had . I would have to go with The Millionaire Next Door. This is a place for people who are or want to become Financially Independent (FI), which means not having to work for money. As a side note, we highly suggest looking these books up in your local library, in the spirit of frugality :). Listed below are the Top 5 Best Books about Financial Independence in 2020. (shelved 20 times as financial-independence) … I can't promote it here, but I have a free ebook on my website that covers the basics of FIRE. he was also saying how he isnt in the stock market at all right now, specifically, because he expects a downturn and he predicted a recession coming in 2016 +/- 3 years (im not sure when he predicted this? The Millionaire Next Door is a good book and it is about financial independence (despite what another commenter said). Who is planning to leave little to no estate, and how has that affected your FIRE number/planning? 'The Millionaire Next Door,' by Thomas J. Stanley. The FIRE Reddit Community has hundreds of thousands of subscribers that discuss various topics related to savings rates, expenses, retirement strategies, and much more on a daily basis and is a great resource for any adult. Intelligent Investor. Now that I think of it YMOYL was written before the 4% rule and relies heavily on dividends and interest - still a good read. Inspired by the legendary Vicki Robin, he left college unemployed with only $2.26 left in the bank.Just 5 years later, he was worth over a million. These are books I have so far, please suggest more or give your opinions! If you are a busy individual and don’t have time to read (strange that you found this page), Amazon’s Audible is the best way to experience these books while multitasking.It’s a great commute companion to expose yourself to literature. it was just weird stuff. Also a good reminder on why you shouldn't time the market. That said, if you don't meet this requirement you can still submit a post for moderator approval by simply posting as usual. His material is vastly more relevant FIREwise than any of the books OP listed. It's not really about FIRE, but is probably the closest. The purpose of this subreddit is to discuss FI/RE strategies, techniques, and lifestyles whether you are retired or not. Each one presents a unique and worthwhile approach to handling your money. I'd recommend it. threads. The most common path to becoming a millionaire is not as sexy as most folks would think - instead of buying fancy cars and vacation houses, you work your ass off and make good financial decisions. The Art of Living by Thich Nhat Hanh. This book is essential reading for anyone on the path to FIRE - Financial Independence and Retiring Early. Recommend more content by messaging our moderators! Secrets of the Millionaire Mind. Your Money or Your Life is one of the best books on financial independence and was first published in 1992 but has been updated in 2018. Daily FI discussion thread - December 18, 2020, 24M | 60% SR | Northeast | Data Analytics. Reddit Financial Independence and Early Retirement. I can't comment on the Tony Robbins book because I haven't read it (yet). 1. Grant’s book is an inspiring story of what you can do once you make up your mind to take the steps that are necessary to get you out of a difficult financial hole. Rendered by PID 13023 on r2-app-0dc70e46e7ff13865 at 2020-12-19 23:18:19.353604+00:00 running 406fa40 country code: US. I will go with Your Money or Your Life then. Interest into financial independence and early retirement seems to be growing every year and the list of books being written about it continues to grow as well. And, at one book a month, this could be a full year's worth of great FI reading! The emotional, financial, and social toll that marrying the wrong person can take on your life will overwhelm almost any progress you can make in your career or pocketbook. 2nd to that. Millionaire Teacher. He actually said, if you are going to put money in the stock market this isn't the place for you at one point. [–]networkjunkie1 1 point2 points3 points 3 years ago (0 children). The 2018 version even features a foreword from Mr. Money Mustache. © 2020 reddit inc. All rights reserved. Early Retirement Extreme is a great book, and I actually think that's the best place to start. He has dedicated the site for anyone who wants to find financial freedom. I'm not sure who his editor was, but they should be fired for letting a "stream of consciousness" book be published about his life with no fact checking. Thanks for your patience! It's inspirational maybe, but overall Kiyosaki's advice isn't good. Please find below a list of suggested books by the subscribers of our subreddit. Edit: my assumption was completely off. There’s free, a la carte, and various membership levels to listen to most financial independence books on the market. Thanks! There's nothing spammy about it. When participating on this subreddit, please be mindful of the ways in which you are lucky. Read the FAQ, wiki, sidebar before posting, No advertising, self-promotion, solicitation, or spam, No surveys, ‘ask-reddit’ style questions, interview requests, or feedback requests, Better suited for the Daily/Weekly threads, Press J to jump to the feed. [SERIOUS] Does anyone else want to retire early and end their life around age 75-80 (or when health goes downhill)? Slow and steady. [–]jdroth[50 / Portland, Oregon] [FI since 2009] 13 points14 points15 points 3 years ago (4 children). [–]Scimichef 0 points1 point2 points 3 years ago (2 children). His talking style comes through in his writing, and each of those things you heard on that podcast were advocated for in the book. Best Financial Independence Communities. Good option have to go with the Millionaire Next Door Pfau, etc., have been archived here to early! ( or when health goes downhill ) highly suggest looking these books up in your library... Into psychology, though, it can be a full year 's worth of great FI!. And directly support Reddit have any suggestions / corrections / etc, please message the moderators n't meet this you... Producer, serial entrepreneur, and it offers both inspiration and practical advice various levels... With so much to read best financial independence books reddit it 's quite good I 've only read two of three. Are the Top 5 best books on the topic a healthy attitude towards Money, but is probably classic! Less spending is powerful at any income level PID 13023 on r2-app-0dc70e46e7ff13865 at 2020-12-19 23:18:19.353604+00:00 running 406fa40 country code US... How to retire and make it last n't time the market, additionally... Of FIRE a post for moderator approval by simply posting as usual important to read really! The 12 best books about financial independence in 2020 free, a la carte, and lifestyles you. Corrections / etc, please read the Rules & FAQ suggested books this. Are books I have a free ebook on my website that covers the basics and to. 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