Sick of all the cliché finance advice like spend less and save more? Want to learn the secrets of how rich people actually make so much money?
Well, most of this information is available for free (or cheap) in the form of books where people who created a fortune share what helped them get there.
Don’t have time to sit down and read? Most books today have an audio version, YouTube summaries, and interviews with the author discussing key points in the book.
But with thousands of options to choose from, how can you decide where to start?
We solved that problem too.
We asked self-made millionaires and finance experts which books helped them build wealth.
“The Richest Man in Babylon” by George S. Clason
Bryan Clayton, serial entrepreneur, self-made millionaire at 27, and now the founder of GreenPal, recommends this book as it “drills down the principles of financial success into straightforward, actionable advice that has stood the test of time.”
This book is more than just a guide to financial prosperity, he says. “It’s a philosophy for wealth creation and management, narrated through engaging parables set in ancient Babylon.”
The book’s core philosophy—that saving a part of your income, making that money work for you, and then protecting your wealth—is a lesson Clayton says he carried throughout his entrepreneurial journey.
“The Millionaire Fastlane” by MJ De Marco
Bill Ryze, a certified chartered financial consultant (ChFC) and a board advisor at Fiona recommends this book as it “highlights the reality of money problems and people’s perceptions of getting rich while effectively addressing these issues.”
In the book, the author describes three paths to building wealth, Ryze says. “I was working through life using the slow lane – the go to school, get a job, give my job the best effort, balance saving and investing, and hopefully, I would retire rich in my prime years.”
The book changed his approach and he stopped looking at retirement as an event in the far future. “I understood I have a choice, and I can do better through the fast lane that the author explains in the book,” he says.
“The Prepared Investor” by Christopher Manske
Zach Welborn, CFP, CRPC, CFS working at Manske Wealth Management recommends this book as it “shares practical insight for how to navigate a stock market crisis.”
“The book takes something scary – the fact that there will always be another crisis on the horizon – and turns it into a positive message about how we can all get our investment portfolios ready today for an unknown tomorrow,” he adds.
“Money: Master the Game” by Tony Robbins
Wayne Bechtol, a senior tax accountant and board advisor at Fiona recommends this book as it’s “based on one-to-one interviews with over 50 legendary financial experts.”
Written by one of the most influential speakers, the book discusses a lifetime income plan and offers a 7-step blueprint to achieve and secure financial freedom, Bechtol says.
Behavioral Finance Books
Cara Macksoud, certified financial behavior specialist and CEO of financial personality assessment provider Money Habitudes says, “Before reading finance books that teach us how to invest, how to save, how to budget, and the like, we need to acknowledge our relationship with money.”
“We need to think more about the things that are enticing us to spend and ask ourselves why we are buying things. Are we trying to fit in or to stand out? What things bring us a feeling of security?”
For this, she recommends the following books:
Macksoud says reading books like these help you examine and understand your relationship with money and what affects it. “Then, when you are seeking a budgeting, savings, or investing plan, you will be able to find the right book for YOU, not one intended for the general population.”
Note: Reading a few books won’t necessarily make you rich. Books can teach you ways to earn and manage your money more efficiently but keep in mind that other socioeconomic factors also play a huge role in the kind of opportunities you have access to.
This article originally appeared on LifeUpswing and was syndicated by MediaFeed.
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