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Before my husband and I ever heard of the FIRE (Financial Independence, Retire Early) movement, we were drowning in debt. Scary times! Like actors in a bad horror movie, our incompetence killed every chance we had to make it out of our thirties and forties with any retirement savings at all.
In the pit of despair, we encountered an antihero. With all of his sarcasm, snark, name calling and screaming, Dave Ramsey forced us to change how we managed our money. We initially learned how to get and stay out of debt by listening to the ravings of a mad man on the radio. Dave was angry, but he wanted to help.
What happens once the horror movie is over? Dave Ramsey did help us to change our money story. We were out of debt, but had no savings. Thus began our quest to learn how to fast track retirement savings. Here are the three best FIRE books that inspired us to catch-up our retirement savings…
Table of Contents
If You Have Debt, Read This Book First
When we were struggling to get out of debt, reading the stories of other people who were in similar situations to ours was really inspirational. This book taught us to live below our means and “sell so much stuff the dog thinks he’s next!”
Although we started with Dave Ramsey’s Complete Guide to Money, his advice to save only 15% of income for retirement is not enough for late savers. It would have taken us 47 more years to catch up our retirement savings at that rate!
Our money mindset had changed, and we were motivated. Where to begin? We had learned how to live within our means, but not how to catch-up our retirement savings after a late start.
FIRE (Financial Independence, Retire Early)
The internet is a wonderful thing, however, and once I started looking for ways to supercharge retirement savings, I discovered the FIRE movement. FIRE stands for Financial Independence, Retire Early. I learned there were people who were younger than us, successfully saving as much as they could for a work optional lifestyle.
What If You’re Older & Behind In Retirement Saving?
For late savers, the principles of FIRE can dramatically boost a retirement nest egg, even if early retirement is not the goal.
These are the best FIRE books that helped guide my husband and I on the strategies and action steps needed to catch-up our retirement savings.
Best FIRE Books To Inspire Late Savers
Your Money or Your Life
The first book we read together was Your Money or Your Life by Vicki Robin and Joe Dominguez. We had actually read it years ago, but did not fully understand the impact it could have had on our lives at the time. Re-reading it helped solidify the concepts of trading time for money, as well as our relationship with money.
The two biggest takeaways from this book both focus on the value of time, which we can’t get more of. We can spend less money, so we don’t have to work as much. The flip side is to maximize earnings, which lets us afford life without a traditional job. Instead, once we have the money needed to support our lives, we will be able to focus on passion projects.
We had the pleasure of meeting Vicki Robin when we attended FI Chautauqua in the UK, where we also met some of our favorite bloggers, Millennial Revolution and JL Collins. They have each authored books that will put you on the path to financial independence.
Quit Like A Millionaire
Millennial Revolution is the blog founded by Kristy Shen and Bryce Leung. It tells the story of their quest to stop working and start living on their own terms. Their blog opened my eyes to the possibility that it wasn’t too late to ensure a comfortable retirement.
Their book, Quit Like A Millionaire, also documents how Kristy grew up in extreme poverty. Nothing was handed to her on a silver spoon. Kristy and Bryce effectively squash the idea that financial independence is only for the privileged. Quit Like A Millionaire lays out a step by step process for for becoming financially independent, even if you don’t have a trust fund or a six-figure income.
The Simple Path to Wealth
Once learning that it is possible to catch-up retirement savings after a late start, the question becomes “Where and how do I invest my money?” Although this information is available on his blog, JL Collins has spelled it all out in his book, The Simple Path to Wealth.
Originally written as a series of letters to his daughter, it captures his ideas about money and investing in an entertaining, approachable way. This is the book to read when you know money is important, but find the idea of investing overwhelming. Read this book before you start investing.
If you have already started saving for retirement, congratulations. Read this book anyway! Make adjustments as needed.
My Final Thoughts on the Best FIRE Books for Late Savers
Dave Ramsey’s Complete Guide to Money is the book to read if you are trying to get out of debt. The seven baby steps for getting out of debt work. However, his investing advice is not helpful if you are older and trying to catch-up retirement savings after a late start. Once your debt is paid off, saving only 15% for retirement is not enough if you are in your 50s.
In addition, Dave Ramsey advocates investing in mutual funds through a financial advisor. These types of funds have higher fees, with advisor fees added on top of fund fees. Over time, fees of one to two percent can drain your account by tens and even hundreds of thousands of dollars.
A Better Way: Taking Inspiration from the Best FIRE Books
The complete opposite investing advice will be found in JL Collins’ book The Simple Path to Wealth. The key word in the title is simple. This book will give you the confidence to take control of your investments and your future. JL Collins’ advice is simple, but the action you take becomes powerful.
Instead of promoting high fee mutual funds, JL Collins and the other authors all make a case for investing in low-cost index funds. Each of these three FIRE books lay out a simple plan to help you get back on track with your money.
I’ve read many FIRE blogs and books about financial independence in my effort to help my husband & I catch-up our retirement savings. These are the best three FIRE books that will inspire late savers:
The Simple Path to Wealth by JL Collins
Quit Like A Millionaire by Kristy Shen and Bryce Leung
Your Money or Your Life by Vicki Robin and Joe Dominguez
Have you read any of these inspirational FIRE books? Let us know your favorite FIRE books in the comments below.
These are financial planning books. I need to check them out. Thank you 😊
Yes, these are all excellent financial planning books, Fadima. they were the best books for inspiring me to catch-up retirement savings after a late start. However, they are great for anyone who is interested in learning how to become financially independent.
I love motivational books like this – thanks for sharing these!
Me, too! So glad you enjoyed the post, Lisa Marie! Thanks for reading & commenting.
This is really interesting thank you for sharing this!
You’re welcome, Jen! I’m happy you enjoyed it!
I keep seeing posts on social media about money management. Although it is ideal to start early, not all of us can start as early as possible. It is better late than never! Pretty cool that you can still get a head start with the financial advice. So important to live debt-free!
Nancy ✨ exquisitely.me
Yes, it’s definitely better late than never to start saving for retirement! Every bit you save today will make tomorrow better. Thanks for sharing your thoughts, Nancy!
Great List Kathy.
Thankfully I have never had to read Dave Ramsey, however I have read about half each of JL Collins and Vicki Robbins, both of which i borrowed, like a good FIRE advocate, from my local library. I intend buying ‘Your Money or Your Life.’
Prior to today, I had never heard of Quit Like as Millionaire, but I shall certainly find out more about it.
Thanks again for the recommendations.
Hope you and yours are well
Shaun
Thank you, Shaun! I borrow a lot of books from the library, too. It’s a good way to find out which ones are worth owning, before spending the money.
There are some books here I have l hadn’t heard if before. I’ll have to check a few out!
Glad you my list sparked your interest, Mrs. P&P! Thanks for reading & commenting!
Thanks for these books list Kathy.
You’re welcome, Swarnali Das! So glad you enjoyed the post!
I’ll have to send this to my husband since he follows a lot of FIRE forums. Thanks for the suggestions!
Thank you, Jennifer, I appreciate that!
I had never heard of the FIRE movement before! That’s so interesting, a work-optional lifestyle would be the dream. Dave Ramsey is such a good resource for financial help!
Thanks for reading & commenting, Kalin! Again, Dave Ramsey is great for learning how to get out of debt, but to aim for financial independence you’ll want to move on to the other books I mentioned. The FIRE principles are much more effective, even for late savers like me!
These sound amazing – I’ve never heard of the FIRE movement before, so thank you for bringing it to my attention. Also, these are excellent financial planning books. The one I really like the sound of is ‘Your Money or Your Life’. Thank you for sharing this super useful post!
I’m happy to spark your interest in FIRE, Castlesandturrets! Yes, Vicki Robin’s book, “Your Money or Your Life” is fantastic!
I have been in the financial services for a while and all three authors are well known and give practical advice on how to thrive in your finances. Thanks for your write up
Great to get your feedback, Jerry!
This looks like a great book for those who needs some additional information about financial planning.
Yes, I definitely recommend these books for getting control of your money and your financial future, Jodie!
FIRE is a new term for me. Now I know what it is. Thanks for spreading awareness.
Glad you stopped by to learn about FIRE, Namrata! Thanks for reading and commenting!
I have recently completed book “Rich Dad Poor Dad” by Robert Kiyosaki and I guess this mentioned book are related to that topic only. Therefore, I will read them certainly.
Spreading Book, I have not read Rich Dad, Poor Dad. It sounds like you are interested in personal finance if you have read that one. I think you will love my favorite books in this post.
Great post there!
I’d like to think I’m well on my way to FIRE even though I’m only 23.
I’ve been brought up to be smart with money, but I have definitely picked up a lot of savvy information along my journey.
I’ve been saving since I was 12 and I’ve been switched on to how powerful money really is and how I need to use it and make it work for me since 16.
I’m now 23 and am so close to affording my second home, and I have only been earning since 15. Granted from 15 to 18 I was supported by family but since then I have been independent. So in 5 years of independence, and real real hard work, I am close to being able to afford my second home, while paying a mortgage at the same time.
I don’t use this to gloat, I mean it to say to anyone who happens to read this comment, that anyone can do it. I was young, and still am and I would consider myself comfortable. In just 8 years, 5 fully independent I have been able to afford 2 houses.
Anyone can do it, you just have to want to do it!
I recommend to anyone wanting FIRE, read this post, absorb as much information you can and apply it to your own life!
Jack
https://www.jackbamford.com
Fantastic, Jack! You will be very well off financially since you’re starting so young. Congratulations & keep it up!
The Simple Path to Wealth is one of my favorite finance books. Every time, I need to remember some of the wisdom of JL. Collins I open it up and his words just inspire to work hard, save, and invest into VTSAX. Quit like a Millionaire has been my favorite book that I have read in 2020. Great list of books here. Thank you.
I’m so glad to hear you’ve read and enjoyed some of these books, too! Thanks for reading & sharing your thoughts, Frugal Expat!
Great post and great recommendations. Always enjoy reading about late starters as I am one of them.
I’ve only read the JL Collins book but will get to the others.
Thank you, Alan! I’m happy to add to your reading list and wish you a prosperous New Year! Thanks for stopping by!
These sound like great reads! My auntie gifted me a copy of Rich Dad, Poor Dad when I was 12 and it’s stuck with me ever since. The “sell so much stuff the dog thinks he’s next!” line made me chuckle. I’ll add this to my book list. Great post!
Thanks, Lynn! Glad to give you a chuckle. Pleased to hear you’re already reading personal finance books. I wish I would have started much sooner, haha!
I’ve not heard of a lot of these, so I really need to check them out 🙂 I love this post, thank you for sharing these choices x
Yes, do check them out, Eleanor! Would love to get your feedback after you do. Thanks for your comments!
Thank you for the book recommendations Kathy! I do have some debt but it’s just student loans. And thankfully I’ve never gotten into any credit card trouble etc! The book about quitting like a millionaire sounds pretty interesting to me. I’ll have a look at it. Thank you!
Happy to hear of your interest in these books, Clarissa! I think you will really enjoy Kristy & Bryce’s book, Quit Like a Millionaire. Financial well being is just one more ingredient for overall health & happiness, don’t you agree?
These books are great choices to help folks get on the right road early. I’ve been fortunate enough to find financial independence, and there truly is no greater feeling. I choose to work now, and that makes all the difference. Thanks for a great post!
Thank you, Joan! They have definitely helped me. Congratulations on becoming financially independent. Too many of us think we have to get our money right when we’re young, like you did. Fortunately, there is still time to catch up and these books show the way!
Awesome list, I would really love reading inspiring books to help and these seem great books. I’m going to check them out! Thank you for sharing!
So glad to hear you’re excited to read these books about FIRE, Fransic verso. These are the best books for mastering your money and as you work toward financial independence!
Can’t recommend Simple Path to Wealth enough. JL Collins is a hero (as is Jack Bogle, the father of index funds).
Totally agree, Impersonal Finances! Thank you so much for reading and sharing your feedback. Out of all of these books, I would say Simple Path to Wealth by JL Collins lays it all out in an easy to understand way.
We all need help with financial plans. These are great books!
Definitely, JamieAdStories! These are the best books for anyone looking for ideas and motivation to catch up retirement savings.
Hi Kathy,
A very useful summary of FIRE and useful reference books.
It always amazes me how little attention people pay to how they will live in retirement (and, indeed, at what age they will retire). We all need to take responsibility for our financial future.
And I agree that 15% isn’t sufficient for those looking to start saving for their pension in their 50s. There used to be a rule of thumb that said you should put in half of your age at the point you start saving. For example, starting at age 50 means saving 25%. Not sure if this still holds true …
Thanks, Richie! For many of us, retirement always seemed like it was far off in the future, until it wasn’t. If you’re starting to save for retirement later in life, you definitely have to kick up your saving rate much higher!
I haven’t heard of any of these before but I’ll be sure to check them out! Thank you for the recommendations 🙂
Glad to hear you’re going to check out these books, Caroline! They just might inspire you to start saving more money. The sooner you start, the less you have to save, due to the magic of compound interest.
I’ve not actually heard of “FIRE” before, so this is a very helpful post to understand a new term! Thank you for sharing x
I’m in that catch-up cycle. With student loans, it is hard to invest as much as I’d like. But I’m plugging away and don’t really intend to “retire” soon as I love what I do.
These are some great suggestions to read to learn how to save and gather more financial information. Thank you for sharing your recommendations!
Lauren x
Thanks for the review! I am going to share these with my husband. He is always reading about retirement and savings.
Loved the breakdown of the post and the review for each book. Thanks for sharing!