As a small business owner and financial consultant for over 20 years, I‘ve seen firsthand how achieving financial freedom completely transforms people‘s lives. It allows you to have more autonomy over your time and priorities rather than constantly chasing the next paycheck.
Whether you want to pay off debt, budget better, invest for the future, or retire early, the right financial education is critical. Although the journey to financial freedom looks different for everyone, these 10 highly recommended money books are proven to provide entrepreneurs like you with invaluable advice to take control of your financial life.
1. The Total Money Makeover – Dave Ramsey
Dave Ramsey is a finance guru who has helped millions of people go from debt and stress to financial freedom. In his best-selling book Total Money Makeover, Ramsey outlines practical steps anyone can take to gain financial fitness.
Key principles:
- Save $1,000 as a starter emergency fund
- Use the debt snowball method to pay off debt fast
- Invest 15% of household income into Roth IRAs and mutual funds
As an entrepreneur, you juggle many financial responsibilities from business expenses to personal saving and investing for retirement. Ramsey‘s book provides an easy-to-follow playbook to master your money across the board through discipline more than anything else. 86% of readers on Goodreads rated it 5 stars for its life-changing advice.
2. Rich Dad Poor Dad – Robert Kiyosak
This iconic personal finance book tells the captivating story of Robert Kiyosaki’s lessons from his real dad (the poor one) and his best friend‘s wealthy entrepreneur father (the rich one). These polarizing perspectives shaped his views on money – specifically that you need financial literacy to build sustainable wealth.
Key principles:
- Shift your thinking from just earning money to owning income-generating assets
- Don‘t mindlessly spend every paycheck. Invest money into assets that make you money.
- Continuously learn and improve your financial intelligence
Rich Dad Poor Dad is often considered a must-read intro to personal finance because of how it gets you to challenge normalized thinking. As an entrepreneur, this asset vs. liability concept also applies directly to scaling your business by focusing on high-return activities.
3. The Simple Path to Wealth – JL Collins
Minimalist JL Collins makes investing simple through his straightforward strategies for amassing long-term wealth.
Key principles:
- Save at least 20% of your income
- Invest savings into low-cost, diversified index funds like VTSAX
- Let compound interest work its magic over decades
As of 2022, over 75% of Americans live paycheck to paycheck. Collins‘ back-to-basics approach helps anyone get on the wealth-building path. The principles around index fund investing, in particular, are valuable for entrepreneurs looking to grow wealth alongside their business as part of a diversified portfolio.
4. Money Master the Game – Tony Robbins
Tony Robbins provides a 7-step blueprint for financial freedom crafted from insights from renowned finance experts.
Key principles:
- Get clear on your money beliefs, values, and life vision
- Automate saving and debt repayments
- Start investing now, no matter how small
- Let compounding and market cycles grow your wealth over 10+ years
Applicable to those both in debt and already investing, Robbins book is full of concrete strategies, clever scripts, and mental frameworks borrowed from the best in the business. Reviewers praise how Robbins takes complex concepts and makes them simple to motivate people to take control of their financial life.
5. The 4-Hour Work Week – Timothy Ferriss
Timothy Ferriss explores how to escape the standard work-life routines and join the New Rich by designing automated income streams.
Key principles:
- Focus on high-efficiency techniques to maximize output while minimizing work time
- Outsource lower priority tasks to free up more time
- Test mini-retirements to unveil what gives you joy
Ferriss‘ iconic book has sparked the digital nomad movement and location independent lifestyles. As an entrepreneur and business owner, his advice around systems, automation, and prioritization aligns directly with scaling any venture. Master these strategies from Ferriss to attain financial freedom with just 4 hours of focused work per week.
6. Set for Life – Scott Trench
Geared specifically towards millennials, Scott Trench makes the case for achieving financial independence in your 30s through extreme saving and investing.
Key principles:
- Save over 70% of after-tax income
- Invest savings into low-fee, total US and international stock market index funds
- Use monthly expense tracking and net worth updates to stay motivated
Trench offers optimism and practicality around attaining financial freedom faster than you may think. His clear benchmarks around saving rates and portfolio allocation offer a formula to follow. While this level of aggressive saving isn‘t suited for all entrepreneurial budgets, the principles demonstrate how priorities and mindset determine outcomes.
7. The Millionaire Real Estate Investor – Gary Keller
Veteran real estate mogul Gary Keller examines how anyone can build substantial wealth through property investing.
Key principles:
- Treat real estate investing as a business
- Focus on your local market strengths and opportunities
- Build a team and specialized knowledge in your real estate niche
- Continuously grow your investing business over decades
Many entrepreneurs are attracted to real estate for its flexibility, tax advantages, appreciation, and passive income potential. Keller‘s book is a masterclass in strategically playing the long game as a real estate investor while staying rooted in your entrepreneurial strengths. If you‘re looking to diversify beyond the stock market, Keller‘s book is indispensable.
8. Quit Like a Millionaire – Kristy Shen
Kristy Shen and her husband Bryce attained financial independence by age 31. Her book outlines the intentional lifestyle design focused on frugality and ultra-saving that made this possible.
Key principles:
- Save at least 50-70% of your take-home income
- Invest savings into diversified low-cost index funds
- Continuously cut costs across housing, food, transportation, etc.
Shen offers inspiration and practical saving challenges for anyone looking to retire decades earlier than the norm. Her focus on living well below your means and funneling massive savings into assets can be adapted by entrepreneurs at various income levels on the path toward financial freedom.
9. The Side Hustle Path – Nick Loper
Nick Loper provides a roadmap for achieving financial freedom faster through secondary income streams outside your business.
Key principles:
- Ideate side hustles aligned with your skills, interests, and lifestyle
- Test side hustle ideas before going all in
- Reinvest profits to grow your side hustle portfolio over time
With case studies of people earning tens of thousands per year through side hustles, Loper makes it practical to follow their lead. His research reveals over 430 million people currently have a side hustle for extra income and freedom. As an entrepreneur yourself, Loper‘s book offers diverse and lucrative ways to leverage your experience.
10. Retire Inspired – Chris Hogan
Financial expert Chris Hogan views retirement not as the end of your career but the beginning of true life freedom to pursue your purpose.
Key principles:
- Shift to a growth mindset that financial freedom is possible
- Strategically save and invest 15% or more annually
- Protect your plan from common budget killers
Hogan expertly combines big picture retirement vision while also offering concrete financial planning steps tailored to any age or income. Even if full retirement isn‘t your goal as an entrepreneur, Hogan provides tremendous value in guiding you how to exponentially grow your money over time.
While the path to financial freedom looks different for everyone, arming yourself with financial literacy is universally important. I encourage every entrepreneur to find just one or two money books that speak to your specific situation and goals and soak up the game-changing wisdom within.
Small steps implemented consistently over time plus the power of compound interest really do add up to the kind of life you dream of. Whether you want to retire early from your business, pursue new ventures, travel more or give back – make a commitment now to take control of your financial future.
