2 Must-Read Books for Millennials to Build Wealth

Whether you’re just starting out or you’ve been making money for a while now, chances are you can still learn a thing or two from the pros. David Bach, a financial expert and the author of “The Automatic Millionaire,” is one such professional.

Bach has a wealth of valuable advice on improving one’s finances and building and maintaining wealth. In a July 2024 newsletter, he discussed two books he expressed he wished he had read in his 30s and 40s. For millennials, who are within this age range, the recommendations could be particularly beneficial.

Here are the two books that Bach suggests reading, along with insights on how you can apply their lessons to your finances to help you build wealth.

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The first book is “From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life” by Arthur Brooks.

“This book really explores how our lives change in our 50s — which we hope is midlife,” Bach wrote. “Interestingly, I wish I had read this book in my 30s or 40s because it explains a lot of what happens to us — our energy, emotions, and drive as we age. It lays out the ‘why’ behind the second half of our lives and suggests reasons and ways the second half of our life can be our best half. Without question, it’s worth a read.”

Essentially, this book serves as a roadmap to finding meaning, purpose, and success as we age. Brooks explores how to transform a future of disappointment into an opportunity for progress. Drawing on real-life interviews, social science, and philosophy, he shows that true life success — whatever that might mean for you — is within reach. Additionally, he delves into how you can change your priorities and habits to achieve greater happiness.

If part of your goal is to become happy, successful, and wealthy, you may be able to apply this book’s lessons to your own life.

The next recommendation is Chip Conley’s “Learning to Love Midlife: 12 Reasons Why Life Gets Better with Age.”

If you enjoy “From Strength to Strength,” Conley’s work may also be of interest. Bach noted that much of the how-to advice in Brooks’ book comes from Conley.

“Chip lays out why life gets better with age. I am obsessed with this concept as I do my utmost to enjoy this part of my life to its fullest, even with the challenges it presents. I wish I had a book like this in my 40s,” Bach wrote. “There really is a roadmap that can help us approach life as we get older. This book has lovely tools to help us open our minds and souls to reimagine what is possible. This book might be good for you even if you are under 40.”

For millennials building wealth, this book is not just a guide on how to embrace midlife as a time of transformation and joy. It can also offer perspective as you find unique ways to manage your finances now and in the long term.

And, of course, if you’re looking for a book specifically focused on financial success, there’s always Bach’s own “The Automatic Millionaire.”

“If you have ever wanted a quick financial kick in the butt, along with a financial cheerleader, this is your book,” Bach wrote. “The Automatic Millionaire will teach you how to put your entire financial life on autopilot in less than an hour.”

In short, this book is about how to live richly and retire even richer without complicated strategies. The system described is straightforward and based on timeless principles. It also includes updated information on investments, taxes, and other elements that can automate and simplify your financial life.

These book recommendations offer a wealth of knowledge and practical advice to help millennials build and maintain their financial success. By adopting the wisdom shared by both Brooks and Conley, along with Bach’s own insights, you can pave the way for a prosperous future.

Source: GOBankingRates.com