Millennial Money Man

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January 10, 2018

How the Library Is Helping Me Reach Financial Independence

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How the Library Is Helping Me Reach Financial Independence

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Hey everyone! Today I have an awesome post for you by Erin from Reaching For FI (Financial Independence). I've noticed that M$M readers are always looking for financial book recommendations and ways to get ahead with their money. Erin has an awesome strategy: go to the library. She read 48 books in 2017 and is sharing her favorites. Enjoy! ~M$M

I’m a huge nerd and a voracious reader. I always have been, always will be. In elementary school I was that kid who was asked repeatedly by exasperated teachers if I was sure I didn’t want to go play during recess instead of reading. I got in trouble in preschool for situating my mat in the corner by the bookshelf and looking at the books instead of sleeping during our daily two-hour naptime.

I could never fall asleep anyway, so who needed a nap when they could be reading instead? (Don't worry, the irony isn't lost on me that I'm now an adult who would love a two-hour nap in the middle of the day.)

Not only am I an irredeemable bookworm, but I am also a frequent patron of the local library. Libraries are amazing places in general, but my local library is playing an integral role in helping me get to financial independence. Here's how:

Money the library saved me in 2017

In 2017 I did something new and kept track of all the books I finished. It was awesome to go back at the end of the year and have a list of everything. And, because I’m actively trying to save money, I relied heavily on the library instead of buying books. All of the new-to-me books I read were checked out from the library.

Of course I still bought books! I’ve pre-ordered three or four books from bloggers whose writing I love and who I want to support. But the rest of the books I’ve bought (and there have not been many), I’ve first borrowed from the library, decided if it was something I actually wanted on my shelf, and then bought used.

Just to illustrate to you my level of commitment to not buying books on a whim this year: I went to Portland a few months ago to visit a friend and we stopped by Powell’s Books, as you do. I managed to spend 40 minutes and there and not walk out with a single book!

I read 48 books in 2017, and a quick tally of prices on Amazon gave me a total of $569.09 to buy all 48 of those books. I certainly didn't have that amount in my budget to spend on books, so thank you, library!

 

Personal finance learning

In addition to the amount I saved by not buying books, the library has helped me change my finances for the better. I’ve read many personal finance books in the past year and a half and the value of that money knowledge is unquantifiable.

Money books I read in 2017:

  • You Only Live Once, Jason Vitug
  • I Will Teach You to Be Rich, Ramit Sethi
  • The Complete Tightwad Gazette, Amy Dacyzyn
  • Happy Money, Elizabeth Dunn and Michael Norton
  • The Index Card: Why Personal Finance Doesn’t Have to Be Complicated, Helaine Olen and Harold Pollack
  • You Are a Badass at Making Money, Jen Sincero
  • Broke Millennial, Erin Lowry

Other favorites—which I got from the library in 2016 as I was starting to wade into the world of personal finance—include:

  • The Simple Path to Wealth, JL Collins
  • Your Money or Your Life, Vicki Robin and Joe Dominguez
  • The Millionaire Next Door, Thomas J. Stanley and William D. Danko

My finances look radically different today than they did a year ago when I decided to go down the FIRE path, and it’s thanks to information I’ve gotten from blogs, but also these books. The amount of money I've saved by doing things I've learned from these books far, far outweighs the amount of money I spent supporting the library through my taxes.

 

Non-money changes I'm making in my life and related reading

Financial independence isn’t solely about money. I’ve found myself making a lot of lifestyle changes in the past year as well: there are the usual suspects like cutting down on the amount of happy hours I go to, tracking my spending, and getting a part-time job to increase my income.

There are also lifestyle changes and mental shifts: thinking about purchases and whether or not I really want to buy something, rather than buying it on impulse; challenging my spending habits; learning to be content with what I already have. I’ve been slowly decluttering for a few months now and letting go of things that I never used (and frankly don’t have space for in my apartment anyway). Addressing my mental health has been an integral part of changing my life over the past year.

I read a number of lifestyle/self-help books in 2017, courtesy of the library:

  • The Power of Habit, Charles Duhigg
  • Zero Waste Home, Bea Johnson
  • The Life-Changing Magic of Tidying Up, Marie Kondo
  • Rising Strong, Brené Brown
  • Creative Confidence, Tom Kelley and David Kelley
  • 10% Happier, Dan Harris (if I had to choose, I’d probably say this would be my favorite new read of 2017)
  • Reasons to Stay Alive, Matt Haig
  • The Five Secrets You Must Discover Before You Die, John Izzo
  • Man’s Search for Meaning, Viktor Frankl
  • The Crossroads of Should and Must, Elle Luna
  • The Happiness Project, Gretchen Rubin
  • The More of Less, Joshua Becker
  • The Subtle Art of Not Giving a F*ck, Mark Manson
  • Essentialism, Greg McKeown
  • Tiny Beautiful Things, Cheryl Strayed
  • Help, Thanks, Wow, Anne Lamott

 

Resources available

Libraries aren’t just a place for free books: a quick perusal of the DC library’s calendar reveals a wide range of opportunities and events.

One of the most valuable services libraries provide are free resources for skills-learning. There are computer skills classes for everything ranging from computer basics, how to navigate the Mac or Windows ecosystems, how to use the internet, to various levels of classes for Microsoft Office programs, and Adobe Creative Suites how-tos.

There are classes that teach you how to use a sewing machine or how to crochet. The library offers one-on-one prep classes for people preparing to get their US citizenship. There are services and tutoring classes for adults who need their GED, or who have their GED and need a job. You can also learn various languages through classes at the library.

There are social and developmental classes for babies and toddlers, including child/parent storytime sessions for babies, toddlers, and preschoolers. There are arts and crafts classes, music and movement classes, and playgroups.

The library offers social opportunities for everyone: book and film clubs, art therapy/coloring classes, midday movies for seniors, game nights for teens, opportunities for teens who need service hours, movie screenings, yoga classes, and knitting circles.

The next time you think “it would be great if I could take a class to learn a new language” or “I'd love to participate in a club that read books and then watched the movie versions of those books,” check out the schedule at your library to see if they offer those opportunities!

 

How the library helped me get a job

There was a period a few years ago just after I graduated college where I desperately needed to use the library for more than borrowing books or free yoga classes. The people who had lived in the apartment before us had been mooching off a neighbor’s unprotected network all year and not gotten internet service of their own.

My roommate and I decided we’d continue that as a stopgap while we figured out the internet options in our area, but not long after we moved in, the neighbors got smart and the network disappeared. Long story (it involved Comcast for about two weeks, so very long story) short, we didn’t have internet in the apartment for about a month.

Unfortunately the period of no internet in my apartment coincided with the end of a senior year internship-turned-summer-job. I was unemployed. I’d been applying to jobs for weeks and heard nothing back and I really needed a job. In order to get one, I needed to send in more applications, and in order to do that, I needed internet access. Enter the library.

I’d walk the few blocks to the library, grab a seat and pull out my laptop, and spend a few hours looking for jobs I wanted to apply for. Then I’d go back home to write the cover letters and back to the library the next day to send the applications in and look for more jobs.

Sure, I could’ve gone to Starbucks, but I would’ve had to buy something in order to justify sitting at a table for hours. I’d graduated from college a few months before, was living on my own for the first time ever, and was quickly depleting the little savings I had paying for rent and groceries in an expensive city. I needed a job, and I couldn’t afford to pay for coffee while I sent out applications.

Libraries are one of the few places left where people can sit and exist without having to spend money in order to do so. I will forever be grateful to my local library for being the place where an unemployed, broke recent college grad could go to apply for jobs while she had no internet at home.

 

In conclusion, I really love the library

I could sing the praises of the library forever, so I’ll stop now, especially because I’ve got some books to go read before they’re due back! But if anyone doesn’t use their library, I’d encourage them to rethink that choice. Libraries are amazing resources, especially for anyone pursuing financial independence.

Live differently. Your bank accounts will thank me later. ~M$M

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Comments

  1. I love the library, but admittedly don’t go enough. Now that we’ve moved counties, I need to get a new library card, too. I’ll have to get on that. Thankfully I’ve got a backlog of at least a few of my own books to read, still.

    I am always a big fan of Your Money Or Your Life. It was one of the first finance books I read that really clicked with me.

    Reply

  2. Absolutely love utilizing the library for books.

    I don’t find using the # of books as a good metric on how much you read.

    Books vary in length, so I find a better goal is to read a specific amount of time each day.

    How fast you read or how much doesn’t determine how well you have comprehended or utilized the knowledge with prev learnings.

    I just say this to encourage people to read more but measure the right metrics on performance 😎

    Reply

    • Chris, I absolutely agree that number of books read isn’t always the best metric, especially since my number from last year was definitely helped by the fact that I’m a fast reader. Consistent time spent daily is definitely a good thing, and something I’d love to work on myself-I’ll be busy and not read anything for a week and then swing back to the opposite direction and finish two books the next week.

      Reply

  3. I am inspired! I like to highlight, so I always buy books. I have too many now, so I will use your suggestion of try before buy. I never knew the library has free classes. My local library has a meeting room available, too, and I probably could have hosted my classes there, but didn’t even think of that! Great article!

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  4. Love this! I rarely buy new books and usually rely on Goodwill or garage sales for most of my finds. But of course the FREE price at the library is even better. Going to the library is actually one of my New Year resolutions and this post may have motivated me to get there sooner!! 🙂

    Reply

  5. My husband hates the guy, but for young people, I like I Will Teach You to Be Rich. Ramit really simplifies what you need to know, and the advice is super practical. Sometimes you just need to be told what to do so that you’ll actually do it.

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  6. We love the library as well!

    Since the birth of our son last year, my wife and I hit the library often was books related to raising a child, etc.

    Favorite money book has always been “The Millionaire Next Store”, timeless and hard to beat in my opinion.

    Brad

    Reply

    • Brad, that’s a great idea for child-rearing info especially since it seems like new parenting books come out all the time and it’s hard to keep up!

      “The Millionaire Next Door” definitely changed my perception of what “rich” people actually look like and do!

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  7. The library has become my treasure trove! So many incredible and free resources, plus I actually read the books I check out from the library! The deadline is a great motivator 🙂

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    • Haha Mrs. AR, you’re a better person than I am since I’m constantly in a cycle of start a book/have to return it to the library/put it on hold again/wait for it to come back to me. The list of books I’m in the process of reading is entirely too long!

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  8. I’ve got so much love for our libraries!! Seriously folks, if you don’t go to your library, you’re missing out.

    My library has an option on the checkout receipt that actually tells you how much money they’re saving you by loaning books instead of buying them. My library also has a free collection of audio books, eBooks, and even DVDs.

    I love Erin’s idea of using the library to not only stay entertained, but to grow yourself. Why spend money on pricey courses when you have so many resources for free at your fingertips?

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    • Mrs. Picky Pincher, that’s awesome that your library tells you how much money you save each time! I’d love to see that, plus a running tally of how much they’ve saved me over the years would be an amazing feature!

      Reply

  9. Wow! So many great recommendations. I’m a big fan of “Happy Money” as an underrated personal finance resource. Then 10% Happier was a great read that got me into mindfulness.

    Everyone should read this post and then get to their local library to check out these recommendations!

    Reply

  10. Full disclosure: I’m a librarian. You don’t even need to go to the library to enjoy its riches. Many library systems, like DC Public Library, offer free access to online courses through Lynda.com (lots of software, technology and business courses here) and other vendors. My library system subscribes to a service called Gale Courses, through which I’m now taking a class on copy editing. And don’t get me started on the fiction and non-fiction ebooks. You could be in the airport in Singapore and, as long as you have internet access and a library card, you could download an ebook from your local library.

    We’re a family of 6, all readers. We’d read a lot less if we had to buy all the books we read. Libraries can make your wallet fat and your life rich. Go libraries!

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  11. Libraries for the win!! I’ve only been a proud library member for a couple of years but regret not jumping on the bandwagon earlier. Our library is such a great resource for not only books but movies, video games, magazines, etc. Other than books I’ve received as gifts I haven’t added to my collection since I started using the library.

    The book that got me interested in personal finance was The Wealthy Barber by David Chilton. My parents gave it to me when I graduated high school (which I thought was the worst gift at the time) but I ended up learning so much from it.

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  12. Long live libraries! As a true blue bookworm myself, I was nodding the whole way through this. My aunt’s a librarian so I grew up surrounded by stacks of books, and I ended up working in ours on campus for 6 years. They have so much to offer, and it’s true “Libraries are one of the few places left where people can sit and exist without having to spend money in order to do so. ”
    Mine in my current town even has a seed exchange! Companies donate and locals save seeds year to year, and early spring you can “check them out”, and they just ask that you save the seeds to bring back next year. How flipping cool is that, the library can also help you feed yourself!

    Reply

  13. I rarely go to the library, but I definitely buy ALOT of books! It has become one of my new favorite hobbies. My book shelf has actually become my favorite piece of furniture in my house! My personal favorites are The Richest Man In Babylon and The Millionaire Next Door.

    Thanks for sharing all of these books, and thanks for revealing yourself as a fellow book worm:)

    Reply

  14. Erin,

    Thanks for the great post! I LIVE the library…and Powell’s. It’s a little slice of Heaven!!

    I haven’t read to the same extent you have. It’s impressive. I need to read YMOYL. Keep seeing it in lots of must read lists. Also want to read Power of Habit. Was it good?

    I just posted on my site my top reads for 2018 and I didn’t see any on your lists. Interested to see what your thoughts are on them.

    Read It And Reap: 5 Books To Master Your Money Mindset This Year – Method to Your Money http://bit.ly/2CID6Ft

    Maybe they’re in your “non-money” list.

    Thanks for sharing!! -Matt

    Reply

  15. Hey, Erin, I love that you tracked the books you read in 2017 – I was planning to do the same thing in 2018! Your 3 favorite books are also my favorites. And Sarah, I loved The Wealthy Barber! I’m looking forward to reading a few books I hadn’t heard of that were mentioned by you and others, Erin.

    We visit the library just about every week for books, DVDs, magazines. We have a seed library, too! When our family got serious about getting out of debt, we checked out Dave Ramsey’s books Total Money Makeover and Financial Peace. They really inspired and motivated us at the time.

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  16. I’m addicted to libraries….and am a member of several…where I live, where I work, where I used to work.

    I haven’t found one money book that answered all my questions, and I think there are different levels and situations needed; some need guidance on spending less, some on earning more, some how to save, how to invest and then how to maximise tax efficiency. I’ll recommend a specific book tailored to someone current issues – lending a colleague A Random Walk to learn about investing.

    Reply

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