Earning

The 5 books that helped this millennial pay off $29,000 in debt and save $100,000

Invested Wallet founder Todd Kunsman was $29,000 in debt when he decided to learn about money and take control of his finances. Here are 5 books that helped him.

Twenty/20

In 2014, Todd Kunsman, founder of personal finance blog Invested Wallet, was $29,000 in debt and working a job that paid less than $36,000 per year. Kunsman decided to take the reins of his finances and improve his situation, educating himself on topics like investing and money at large.

"I decided to dedicate an hour or two each week to learning about personal finance," he tells Grow. "I would highlight key sections and take notes on my phone to remember points that stood out to me."

Today, he's both paid off his debt and saved more than $100,000. Here are five books Kunsman credits with helping to get his finances in order:

"I Will Teach You to Be Rich" 

Ramit Sethi's New York Times-bestselling book is a six-week personal finance program covering banking, saving, budgeting, and investing. Sethi touches on everything from credit cards to taxes to how to get started on your money journey with just $20.

"The Simple Path to Wealth"

JL Collins says that he wrote his book for his daughter as a way to simplify finance. He delves into concepts like debt, how and when to invest in the stock market, and the meanings behind financial lingo like health savings accounts (HSAs) and required minimum distributions (RMDs).

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"The Millionaire Next Door: The Surprising Secrets of America's Wealthy"

Thomas Stanley's "The Millionaire Next Door" reveals seven traits that wealthy people have, like frugality and foregoing expensive material goods. Stanley explains in the book that many of the richest people don't live in expensive areas like Beverly Hills or on Park Avenue in New York City, but right next door in affordable areas.

"Your Money or Your Life"

"Your Money or Your Life," by Joseph R. Dominguez, Monique Tilford, and Vicki Robin, is a nine-step program teaching readers how to get out of debt, save money, reorganize priorities, and see problems as opportunities.

"Money Master the Game: 7 Simple Steps to Financial Freedom"

In this book about personal finance, life coach Tony Robbins interviewed investors like Warren Buffett to create a seven-step guide for gaining control over your finances. These include everything from setting up savings and investing plans to creating a plan for lifetime earnings.

But "even if you don't have an hour to spare," like Kunsman did, a small investment of time can still help you make big improvements in your financial knowledge. "Five minutes spent on a blog post about the difference between a 401(k) and an IRA, or 20 minutes spent listening to a money podcast while you cook dinner can help you feel more confident."

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