The Top 3 Financial Books for Military Members

Financial literacy is the superpower we all need but rarely talk about, especially in the military. Between deployments, training exercises, and trying to maintain some semblance of a social life, who has time to think about investing or savings? Well, turns out, making time for it can be life-changing. Here are three financial books that have transformed my life – and might just change yours too.

Book 1: The Intelligent Investor by Benjamin Graham

This isn’t just a book; it’s the ‘financial Bible’. Benjamin Graham’s “The Intelligent Investor” is often touted as the best book on investing ever written. And no, you don’t need to be a financial wizard to understand it.

Key Takeaways:

• Value Investing: Graham emphasizes the importance of value investing – buying stocks that appear to be undervalued by the market.
• Long-term Perspective: He advocates for a long-term approach rather than trying to make a quick buck.
• Margin of Safety: Always have a margin of safety in your investments to protect yourself from significant losses.

Imagine going on a mission without a backup plan – sounds crazy, right? Graham’s advice is like having a well-prepared escape route. It’s all about being prepared for the unexpected.

Personal Impact: Before reading this book (10 years ago), my idea of investing was akin ‘insert dollar, receive dividend’. Now, I see it as a disciplined, strategic mission – and it’s paid off in more ways than one.

Book 2: Set for Life: Dominate Life, Money, and the American Dream by Scott Trench

Scott Trench takes the concept of financial independence and makes it accessible, especially for those just starting out. “Set for Life” is a step-by-step guide to achieving financial freedom and it’s perfect for the military mindset.

Key Takeaways:

• Frugality: Live below your means and save aggressively in the early years.
• Income Generation: Focus on increasing your income through side hustles or higher-paying jobs.
• Investment: Smart investing in real estate and other assets to build wealth.

Think of Trench’s advice like preparing for a PT test – it’s all about discipline, consistency, and pushing through the tough parts.

Personal Impact: This book was a game-changer for me. It shifted my focus from just surviving financially to thriving. I started with small, manageable changes and now, financial independence doesn’t seem like a distant dream.

Book 3: I Will Teach You to Be Rich by Ramit Sethi

Ramit Sethi’s “I Will Teach You to Be Rich” is like having a drill sergeant for your finances, but in a good way. It’s straightforward, no-nonsense, and actually fun to read.

Key Takeaways:

• Automation: Automate your finances so you save and invest without thinking about it.
• Conscious Spending: Spend extravagantly on the things you love and cut costs mercilessly on the things you don’t.
• 6-Week Program: A practical plan to get your finances in order in just six weeks.

Sethi’s approach to finances is like mastering a new military skill – it’s all about training, repetition, and getting it ingrained into your daily routine.

Personal Impact: This book taught me to stop feeling guilty about spending money on things I love, as long as I’m saving and investing wisely. It was liberating and empowering.

Conclusion

In the military, we’re trained to be prepared for anything, but financial preparedness is often overlooked. These three books have not only changed my life but have also armed me with the knowledge and strategies to build a secure financial future. If you’re ready to take control of your finances, I highly recommend giving these books a read. Who knows? They might just change your life too.

Direct Links to Purchase the Books, if you’d like to read more:

• The Intelligent Investor by Benjamin Graham
• Set for Life: Dominate Life, Money, and the American Dream by Scott Trench
• I Will Teach You to Be Rich by Ramit Sethi

You don’t have to purchase any of these books, if anything you can go to ChatGPT and just ask for summaries for all the books outlined here. But if you would like to support my work here, the links give me a small kick back. Thanks!

As always,

-Michael, with Military.Cash – Follow me on Instagram with the icon below.

• Instagram