We all know the power of a great coach. Whether it's on the field, in the classroom, or in our careers, the right mentor can push us, challenge our perspectives, and ultimately help us become better versions of ourselves.
This is just as true when it comes to personal finance. We can all benefit immensely from the wisdom and guidance of those who've navigated the complexities of money and wealth-building before us. They act as our financial "coaches," offering playbooks and strategies that can transform our relationship with money.
My Personal Finance Coaches
These five authors have been such "coaches" for me, offering wisdom that extends beyond spreadsheets to reshape financial lives:
Morgan Housel's The Psychology of Money coaches us that financial success hinges more on behavior than complex strategies. He stresses that money’s true power lies in granting control over our time and that real wealth is often unseen security, not flashy displays. Housel champions a long-term investment horizon, letting time work its magic.
Scott Galloway’s The Algebra of Wealth offers direct coaching on building economic security, defining it as passive income covering your lifestyle. He teaches the vital lesson of converting income into working capital, and that passion in our careers often follows dedicated mastery.
Bill Perkins, in Die With Zero, challenges conventional saving, coaching us to maximize life experiences now. He argues that experiences yield growing "memory dividends" and encourages enjoying our resources during peak health, not just in a distant retirement.
Ramit Sethi's I Will Teach You To Be Rich coaches on building automated systems for wealth and designing your unique "Rich Life." He advocates for conscious spending — lavishing on what you love while cutting mercilessly elsewhere — focusing on big wins.
J.L. Collins, through The Simple Path to Wealth, provides fatherly coaching on financial simplicity. His core tenets are living below your means, avoiding debt, and consistently investing in low-cost index funds, all paving the way to "F-You Money" and true independence.
These financial "coaches" have all provided invaluable insights, and their wisdom continues to shape my approach to money. Over the next couple of months, I'll dive into key concepts from each of these books that have tangibly impacted my financial journey.
Finding the right "coaches" for your financial journey can be uncomfortable at first, then it’s transformative. As a famous fictional soccer coach would say, "The truth will set you free, but first it will piss you off."
Let’s Talk Money!
Who are your financial 'coaches' — the people, books, or resources that have most shaped your money mindset?
What's the most 'Ted Lasso' financial moment you’ve had — one of optimism, resilience, or focusing on the bigger picture?