Knowledge is power and having complete control over your finances is a huge form of power. Millions of Americans are living in debt. People are smiling through the pain of $350,000 of debt while trying to keep up with the Joneses. That can be extremely scary when you think about it. I have opened up to my readers several times regarding my student loan debt. I would rather be honest than lie to you all.
As small business owners we have so much on our plates. Adding a heaping pile of personal debt to the equation does not help solve your problems it just creates more. After I came to the realization that being in debt was not “cute” and that I needed to do something about it, I took the first step to becoming financially conscience by finding tools and resources to help me.
I’ll be honest with you, in my early twenties, I used to be a huge Suze Orman fan. Then I thought wait Suze was okay with me having debt if I could pay for it in parts. That’s what I personally took from watching her shows. People called in asking could they afford to buy a wide range of things from new homes to Birkin bags. Yes, someone called asking Suze that. If i remember correctly I believe they were denied. Recently, her prepaid card program has been discontinued.
What has helped me is listening to Dave Ramsey’s podcast everyday. His principles are biblical and based on what your grandma would say.
If you are running a small business and wanting to live financially smart, I highly suggest you use this summer financial reading list to help you grow in your business and personal life.
The Total Money Makeover: This book goes through the “baby steps” of how to get out debt. When I was reading the first part on having $1000 in savings I asked several people if they had that in cash or in a saving account. A large number of people said no but I have it on my credit card. Cash is king. Get a savings account and have a minimum of a $1000 in it. Trust it creates security and as women we love knowing we are safe and secure.
EntreLeadership: If you run a business and want to get it to the next level this book is for you. As a business owner it’s not just about you and the business you own. It’s about your employees as well. Treating them right and letting them know this is their company too can boost positivity in the work place. I have actually ordered this as a gift for my mentor and a couple clients who have brick and mortar boutiques.
Smart Money Smart Kids: This is Dave Ramsey’s new book with his daughter Rachel Cruze. I personally gave my sister this book because I want to make sure my niece starts her financial life on the right track. We offer our youth so many things and financial freedom and knowledge should definitely be at the top of that list.
31 Reasons People Don’t Receive Their Financial Harvest: Mike Murdock has become one of my favorite authors to read. His books are all based on biblical principles. Sometimes it’s a hard pill to swallow but I’m very thankful for the information he shares. I have gifted his book, The Law of Recognition, to several friends and last month I wrote an article referencing it. I have shared several experts from both of his books on instagram under the #ICBookShare hashtag.
Smart Women Finish Rich: This book was in “Books A Million”. In May, I stumbled across this book in the clearance section. I ended up buying several copies because it was only a dollar and once again gifting them to clients and friends. Thus far, it is a really good and insightful book.
I really recommend spending your summer wisely reading financial books that can help your business and personal life align and grow. Have you read any of these books? If so, what are your thoughts? Do you listen to Dave Ramsey or Suze Orman’s show?
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Image by Simon