Teaching yoga is a long-term game and you’ll want passion, strategy, and resources to keep playing. Said another way, if you want to be a light to the world, you need to be able to pay your light bill. This involves ditching the financial stress around money and embodying confidence to manage it well. Think clients who pay well (and on time), a smart and helpful staff, or a broader impact in your community. The following are the best money books for yogis to help you achieve all this, and more!
Money management is just one of the many skills that add up to the broader talent of teaching yoga. It’s a learned ability, just like giving the best verbal cues to students, teaching pranayama, or creating a marketing plan. You likely weren’t born with the innate knowledge of money management. Instead you were taught to spend, save, and budget. You had to learn this skill—basics first, and then experiment over time to refine your methods.
Finances weren’t taught in my family. And maybe they weren’t in yours, either.
I had to go out and find the right teachers. I decided to create my own curriculum. I decided to learn from others, in books and in person. Out of the many, many resources used over the past two decades, these six remain on my shelf today. They’re so good I want to share why I still reference them regularly, and you can, too, for greater financial success as a yoga teacher and fellow player in this game of life.
THE COURAGE TO BE RICH
When we purchased our home in Florida over a decade ago, everything in the house was included in the sale. Among the items was this book—The Courage to Be Rich. Author Suze Orman has been a financial advisor almost as long as I have been alive on this planet. And she’s still going strong for a reason. She knows her stuff.
My Favorite Part:
The concept of courage. As yoga teachers, we understand that students overcome fears and frustrations each time they step on the yoga mat. They’re willing to embrace the uncomfortable and face challenges. They have courage to endure setbacks or limitations, and move forward anyway. The same attitude is necessary to start, and sustain, great financial habits. Orman walks you past emotional blocks around money and gives you practical tools to take action on your new knowledge.
Quotes about Financial Courage:
- “You are in a relationship with money, whether you think of it in those terms or not. And like the other relationships in your life, this one needs work [and attention] to make it successful. You must take actions that will create possibilities rather than destroy them, actions to help you feel secure rather than afraid, and above all else, actions that will establish a sense that you are unconditionally loved for who you are and not for what you have.”
- “Most rich people didn’t start out that way. How did they get there? By taking rich action. And you can begin to think rich, too, no matter how little money you have right now.”
- “Value people first, remember, then money, then things.”
KNOW YOURSELF, KNOW YOUR MONEY
Once you have the courage to look at your money habits, it’s time to identify the reason behind your actions. That’s where Know Yourself, Know your Money by Rachel Cruz comes into play. Cruz invites you down memory lane to discover your childhood money classroom. As I mentioned previously, my family didn’t talk about money. But that is only one of the four quadrants outlined in this book. Once I understood this foundation in relation to how I handle money today, I was able to forgive many of my past financial mistakes (and my parents who were simply doing the best they could with the tools available to them at the time).
This book also dives into:
- 7 tendencies we all have with money (and where fall within each of those tendencies)
- how to add more grace and truth in our financial lives
- the connection between saving and dreaming
- what commitment looks like in your life (and yoga businesses)
- “We often label mistakes as bad when, really, mistakes are our teacher. Mistakes offer us accurate feedback in real time. They teach us how to think critically and how to solve problems. They make us better.”
- “Tackling the why behind how we handle our money is sometimes as simple as recognizing our natural behaviors and making small adjustments to our choices throughout the day.”
- “If you’re not saving, it means you’re not working toward any of your dreams.”
MONEY: A LOVE STORY
Money, A Love Story, is a recent addition to my bookshelf and there are two quotes that resonated with me in the introduction. If you’re a big-hearted yoga teacher who wants to live abundantly, then I know you’ll like them, too. The two quotes are as follows:
- “This book is about organizing your life so that you have can what you truly want.”
- “Becoming you is your purpose.”
All of the logical tips in this book, such as how to increase your monthly cash flow or curb overspending, tie back to the basic principle that money is a tool that can amplify the best version of yourself. And when you know how to best use this resource, you can add even more meaning to your life and work. You also shine brighter as your authentic self as a result.
More Favorite Quotes:
- “We trade money for what we want, for things that in our eyes, have certain value. The economy is simply a system of value exchange. That’s it.”
- “To wake up every morning and do whatever calls to you, whatever the heck you feel like doing, is connected to your ability to feel free from financial strain and be open to what your heart is telling you.”
- “Treat your money like it’s important because it is.”
Mike Michalowicz is one of my favorite authors in the business realm. Here’s why. He simplifies large topics into simple, baby steps that you can implement right away in your business. Enter the Profit First formula. It’s one I started using years ago to keep more cash in my business. And, it’s one he details extensively in his Profit First book.
If you have paying students and still wonder where all of your cash goes at the end of the month, you’re not alone. Mike talks about most businesses as cash-eating monsters. Instead of being a victim to this monster, or a monthly panic cycle that often ensues, he flips the script on traditional accounting. And when you implement his formula, you really can serve your yogis honestly and boost your profits at the same time.
Get his book here, or get the skinny about even a yoga business can put profit first.
With a title like Stretch, you’re likely to think this is yoga book. Only, it’s about how to make the most of the financial resources you have right now. Scott Shonenstein gives straightforward answers to questions like:
- Why do some people and organizations succeed with so little, while others fail with so much?
- Why do we get caught up chasing what we don’t have?
- How is it possible to achieve more prosperous organization, rewarding careers, and fulfilling lives with what’s already in hand?
What I love most in this book are the case studies of real businesses (from all sectors of the economy) that have done well by stretching their resources. They think outside of the box, get creative, and see the bigger picture to make aligned decisions now. And, with the tips in this book, you can, too.
Quotes to Stretch your Resources:
- “When you view problems from a foundation of different experiences, you generate better solutions.”
- “Constraints (such as having a budget and sticking to it) help us use resources in more creative ways to increase performance.”
- “People who stretch find beauty and richness in places where other struggle to see anything of value.”
YOU ARE A BADASS AT MAKING MONEY
If you’re waiting for a permission slip to raise your prices, say no to angry (and unwanted clients), or live an abundant life as a yoga teacher, wait no longer. This book is it! Jen Sincero talks straight about what it means to desire a better financial future. And she gives you realistic ways to do so while honoring your heart’s calling.
In this sassy book, You are a Badass at Making Money, you’ll uncover:
- ways in which the Universe has your back
- how clarity (about money and your future) can kick overwhelm to the curb
- why batching your time can enhance your focus
Favorite Quotes about Abundance:
- “Act as if you live in an abundant Universe (which you do) and have the ability to create whatever financial reality you desire (which you can), and that by doing this you’ll be sharing the most magnificent version of yourself with the world (which you will).”
- “A healthy desire for wealth is not greed, it’s a desire for life.”
- “All that matters is what’s true for you, which is why getting really good at listening to your intuition and your heart, and following your happiness, is critical.”
PUTTING IT TOGETHER
Money is a wonderful resource that allows you to continue playing the game as a yoga instructor in the infinite game of life. Past beliefs about money could be blocking your success. So could dwindling your energy in too many directions or spending money faster than you’re earning it. These books about money give you a better handle on your financial health. They can be used repeatedly to refine your money skills. And, they can be a fantastic reminder of how to put your abundant nature into action to manifest a more abundant life (and yoga business).