Forget The Budget, It’s Your Money Or Your Life

31 Year Old millionaire Gary From Millennial Money says ‘Your Money Or Your Life’ is the “best book on money period” and lists six more.
Melissa Cohen
2017-03-27
What does success mean to you? A lot of people currently entering their prime working years believe the bigger the paycheck, the better, at any cost. It’s why #hustle has been used more than 7 million times on Instagram, alone. But are you really happy to burn the midnight oil for your fat paycheck, indefinitely? Are you more concerned about your money or your life?

Your Money Or Your Life

As 31-year-old millionaire, Grant from Millennial Money will tell you, success is not just about making money, but living better. This is a guy who had a financial wake-up call after moving home after college with $2.26 in his bank account. Who then committed to making 7 figures in five years. How? By researching and reading the best reviewed personal finance books on Amazon. 360 Of them, to be exact. And he did it. He reached his seven-figure goal in exactly five years. But of all the 360 books he’s read, he says the first one he picked up is “the best book on money period”. That book, Your Money Or Your Life, by Vicki Robin and Joe Dominguez, radically changed how he approached spending and saving.
He told CNBC in February, that the premise of the book is that we exchange our time for money. “When you start thinking about how many hours of your life it took to save up the money to buy something, you really start thinking twice about your purchases,” says Grant, who goes by his first name exclusively.

Mo’ Money, Mo’ Problems

The New York Times asked 4 415 Americans, of varying personal circumstances, whether money or time would lead to greater happiness. Sixty-four percent of them chose money. But, they found that, on average, the respondents who chose time were statistically happier and more satisfied with life. Grant talks about considering your purchases by how many hours of your life was spent to get it, and whether the purchase was worth that time. During the five years it took him to reach his seven figures, he saved 50% of his income. Even now, despite his financial success, he still saves – and invests – 40 to 50% and focuses on living simply.
As he shared on his blog, “You can only make so much money at any career, investing is truly the key to wealth.”
Grant has refined his list of 360 books to just seven books he believes will not only make you richer, but also enrich your relationship with money, period.

Grant’s 7 Best Books On Money

Although Grant’s original blog post was aimed at millennials (his target market), these books hold timeless principles for anyone hoping to put their money to work for them, and not the other way around.

1. Your Money Or Your Life

Grant: “This book will help you re-examine your job, your priorities, and how you think about money. It will also help you establish the precise habits that are essential to building wealth.”

2. The Millionaire Next Door: The Surprising Secrets of America’s Wealthy

Grant: “I was blown away to learn that most millionaires are the people that you don’t expect – they are more likely to live in modest houses and drive old cars. The reason that they are millionaires is because they saved, invested, and live below their means. This book analyzes habits of millionaires so you can learn how to build them too.”

3. The Only Investment Guide You’ll Ever Need

Grant: “[This book] teaches you about everything you need to know about investing and making smart money decisions – saving, investing, insurance, taxes, how to save money shopping, and tons of other topics. The advice is practical and all of author Andrew Tobias’ ideas are valuable. “He’s also super funny which make the book easy to read – not like stupid funny, I literally laughed out loud more than few times.”

4. The Boglehead’s Guide To Investing

Grant: “If you read one book on investing read The Bogleheads’ Guide to investing. This is especially true of millennials – since we are young enough to truly harvest the gains and power of compound interest. “…This book explains the power of index funds and makes a compelling case for an investing strategy that is both practical and will make you money over time.”

5. The Intelligent Investor: The Definitive Book On Value Investing.

Grant: “This book is a monster (649 pages), but if you want to invest in individual stocks then you need to read The Intelligent Investor. It is widely regarded as the best book on stock investing ever written and is the book that most influenced Warren Buffet and generations of successful value based stock investors.”

6. The Millionaire Real Estate Investor

Grant: “This is by far the best book I have ever read on real estate investing. If you are planning to buy a house, condo, or investment property in the near future then you need to read this book. It is specifically written for new real estate investors and will help you learn the foundations for building and growing a profitable real estate portfolio.”

7. The 4-Hour Work Week: Escape 9-5, Live Anywhere, And Join The New Rich

(P.S.: This is one of our favourite reads too!)
Grant: “Tim Ferriss, the author of the 4 Hour Workweek, has singlehandedly launched the live anywhere digital nomad lifestyle.” “…Tim Ferris is a generational pioneer… “…Learn how to build an online business from one of the field’s masters.”