5 Finance Books That Will Change Your Life
Today, I want to discuss the personal finance books that have influenced my financial growth. Each book has influenced my financial development in some way. These books, in my opinion, can help you transform your financial growth as well. Let's look at each one more closely.
1. Rich Dad Poor Dad
This is one of the very first books I read about personal finance, and I regret not reading it sooner. The author, Robert Kiyosaki, explains the difference between how a rich person thinks and handles their money in comparison to a poor or middle-class individual.
If you want to learn how to change your mindset and start treating your money like the rich do, then Rich Dad, Poor Dad will help you elevate your financial status.
Rich Dad Poor Dad
The Rich Dad Poor Dad is the most cliché personal finance book. But it will change your financial life if you grew up in the poor-middle class.
2. I Will Teach You To Be Rich
Ramit Sethi outlines a simple plan for beginners to follow so that they can get started investing without fear of losing money.
He presents an automatic system that takes your money and distributes it to the right places before you have a chance of squandering all of it. This helps break you from the paycheck to paycheck cycle and forces you to invest your savings.
I like this book since the approach is fairly simple; you enjoy your finances in the present while your automatic system handles your finances for the future.
I Will Teach You To Be Rich
Ramit simplifies investing for beginners who are just starting and helps them set up a system that will be easily maintained over the long term.
3. The Psychology of Money
This book was such a joy to read. Morgan Housel takes a different approach to talking about achieving financial independence.
The lessons outlined here are meant to help you change your attitude towards getting rich and ways to continue staying rich while staying happy. The focus here is that your behavior towards money will determine your financial success.
I think these lessons are important to learn at the beginning of the journey to financial freedom.
The Psychology of Money
The Psychology of Money is bound to change your financial life. Morgan Housel provides a different take about wealth and how to achieve it.
4. Secrets Of The Millionaire Mind
The reason why many people are unable to upgrade their financial status is because of the money beliefs that were ingrained in them throughout their upbringing.
The majority of us learn about how to handle money or what to think about it from our parents. Our household holds the foundation of our financial literacy. However, this book clearly identifies how to escape those beliefs and achieve financial freedom.
Essentially, the author urges you to change your mindset in order to achieve your goals. If you have a poor mindset, you will continue to be poor for the rest of your life.
Secrets Of The Millionaire Mind
Learn how to change your mindset which will impact your future financial growth.
5. The Millionaire Fastlane
Lastly, we have one of my favorite books that talks about escaping the rat race. MJ DeMarco gives his fast approach to becoming rich. No, this is not through maximizing your 401K and Roth IRA.
The main takeaway here is to create a profitable business that will shortcut your way to financial independence. This is a process that takes about 5 years, and it will require a lot of sacrificing in the short term.
The best part is that it buys you freedom for the rest of your life and gives you the flexibility to live life the way you want to.
The Millionaire Fastlane
MJ DeMarco offers the fast approach (5-10 years) to wealth through business creation. Starting the right business is key to achieving freedom.
Conclusion
All these books have been life-changing in my journey to financial independence. I guarantee that reading just one of them will impact your financial growth and set you on the right path. Feel free to read any of my book summaries to determine if you want to read the full book.
Have a great week!
Muhamed
📖 Quote of the Week
The stock market is designed to transfer money from the active to the patient — Warren Buffett