Best Books to Read to Become Rich
In order to succeed on the path to financial freedom, you’ll need a few key items.
Books can help you build your intellect, passion, and knowledge, all of which are necessary for success and wealth, yet many people appear to overlook this. As a result, I’ve read some fantastic books that should help set the tone for the rest of your fiscal journey.
1. Think and Grow Rich
During the Great Depression, author and former adviser to President Franklin D. Roosevelt interviewed over 500 successful people to learn their secrets to success. This best-selling classic advises its readers to begin their financial planning by determining the amount of money they truly desire to earn. First, you must harness the power of your thoughts, and only then can you take the necessary steps.
2. The Science of Getting Rich
The Science of Getting Rich was written by New Thought Movement author Wallace D. Wattles and published in 1910 by the Elizabeth Towne Company. This publication is still available for purchase.
Wallace Wattle provides the intellectual framework of developing personal wealth through positive thinking. The book talks about how you can create riches through equipping your ideas to attract wealth. For instance, if you believe that money is evil, then you won’t be wealthy.
3. I Will Teach You To Be Rich
Ramit Sethi, author of the popular personal finance blog of the same name, also authored the 2009 book I Will Teach You to Be Rich: The Surprisingly Simple Path to Realizing Your Financial and Personal Freedom. The Workman publication was a smashing success upon its release.
4. The Millionaire Next Door
Thomas J. Stanley and William D. Danko’s book, first released in 1996, presents in-depth knowledge gleaned from the authors’ research into the lives of America’s billionaires and the seven crucial stages they took to achieve their financial success.The straightforward and effective tactic of spending less than one earns was highlighted as an example of what was covered in depth.Doing so could help you control your spending and broaden your investment horizons.
5. Rich Dad, Poor Dad
Robert T. Kiyosaki and Sharon Lechter co-wrote the book Rich Dad Poor Dad in 1997.
It emphasizes the importance of learning about money, becoming financially independent, and accumulating wealth through asset-based investments, commercial real estate, business ownership, and entrepreneurship.
The work of Robert T. Kiyosaki never ceases to amaze.If you want to start planning your road to financial success at an early age, this book is a must-read.In this book, Kiyosaki contrasts his father, a highly educated man who nonetheless lived in poverty, with his other father, a dropout who amassed a fortune via hard work and smarts. You’ll learn about the “quadrants” that divide society into socioeconomic classes and the four-step process that will get you from “Worker” to “Expert” to “Investor,” where you’ll make a ton of money.
6. The Automatic Millionaire
David Bach, a financial advisor with a worldwide following, promotes a breakthrough system in his best-selling book, Automatic Millionaire, that can make even the most undisciplined investors wealthy. David Bach’s The Automatic Millionaire demonstrates how one can become wealthy without adhering to a strict set of financial rules.
7. How Rich People Think
Siebold compares the beliefs, practices, and philosophies of the middle class to the world class when it comes to riches.These distinctions are as vast as they are stark. The idea is simple: study how affluent people think, emulate them, take action and get rich.
8. The Millionaire Next Door
Popular authors Thomas J. Stanley and William D. Danko co-wrote a book in 1996 titled The Millionaire Next Door: The Surprising Secrets of America’s Wealthy.
The book is a compendium of the writers’ research into the lives of wealthy individuals in the United States. Using a dichotomy between “UAWs” and “PAWs,” the writers evaluate the actions of each group.
9. Money Master The Game
Based on comprehensive study and one-on-one conversations with more than 50 of the most acclaimed financial gurus in the world.An easy-to-follow seven-step plan for achieving financial independence, in which Tony Robbins guides readers of all income levels through the process of building a lifetime income stream that will allow them to live the life they want.
10. The Richest Man in Babylon
Written by George S. Clason in 1926, The Richest Man in Babylon is a compilation of financial parables set in Babylon four thousand years ago. Even though it’s been almost a century since the parables were first written, this book is still widely read and revered as a classic of personal finance.
11. The Total Money Makeover
Originally released in 2003, Dave Ramsey’s The Total Money Makeover is a guide to improving one’s financial well-being.It has been revised and republished twice since 2007 (in 2013).
It debunks money fallacies and presents a method for obtaining and staying out of debt.
12. The Millionaire Fast Lane
The Millionaire Fast Lane teaches you to distinguish between your limitations and your potentials.
There are two ways to get where you want to go financially: the Slowlane Road, where you follow conventional wisdom, and the Fast Lane Road, where you do what works for you.
13. Screw It, Let’s Do It: Lessons in Life
Billionaire businessman Richard Branson shares the nuts and bolts of his success story so that you can replicate his success. If you want to be wealthy, you should read his book because it is based on his life experiences and profound lessons.
14. You’re So Money: Live Rich, Even When You’re Not’
Written for people in the middle class who are just starting out, Farnoosh Torabi offers advice on cutting costs in all areas of life .This book is fantastic and full of helpful insights for young people.
It takes a clever, humorous, and succinct approach to showing readers how to manage their money properly on the path to financial success.
15. The Psychology of Money By Morgan Housel
To help you better understand one of life’s most crucial themes, award-winning author Morgan Housel presents 19 short stories in his book The Psychology of Money. Investment, personal finance, and commercial decision-making are generally presented as a mathematical discipline where data and formulas provide clear direction.
People don’t actually use spreadsheets to make their financial decisions in the real world.
They are made at the dinner table or in the conference room, where one’s own background, perspective on the world, ego, pride, marketing, and peculiar incentives all get mixed together.
16. EVERYDAY MILLIONAIRES
The Everyday Millionaires book was written by Chris Hogan, an aspiring millionaire who began studying and consulting with the famous radio show host Dave Ramsey while in his thirties. With his insight, Hogan managed to get out of debt and start building lasting wealth. While there are many myths about wealth, reading Everyday Millionaires can challenge many of those misconceptions. There’s no better time than now to start reading and implementing the tips in Everyday Millionaires.
17. Built to Last: Successful Habits of Visionary Companies
Collins and Porras’ book on the power of reading to become wealthy uses the yin/yang symbol from Chinese philosophy as the framework for a wealth-building strategy. The yin represents two opposite ideas that are mutually exclusive: value and continuity. In other words, a value-centered strategy is one that combines both aspects of a person’s life.
Using this framework, the authors have identified the traits that distinguish great companies. By examining eighteen visionary companies, they were able to identify the characteristics that lead to greatness. For instance, they identified the qualities that make visionary companies successful, including their innovativeness and their focus on timeless management principles. By studying these companies, Collins and Porras were able to identify the qualities that distinguish a visionary company.
The authors point out that companies that remain successful are constantly innovating. By rejecting the idea of the “great idea” and embracing evolution, companies remain competitive. Examples of companies that embrace this philosophy are Boeing Engineering and McDonnell Douglas. However, a company that fails to remain relevant for an extended period of time is unlikely to survive.In the book, Collins and Porras highlight how a company can survive a turbulent time while staying on the cutting edge of technology.
A BHAG can be made tangible by providing a vivid description. For example, a mission to climb Mount Everest requires a vivid description. Collins and Porras suggest that a vivid description can even include emotional details. For some managers, emotional expression is a difficult part of the process, but they emphasize that passion, emotion, and conviction are essential components of a BHAG. They also recommend writing a detailed article about your vision for your organization’s future.
18. The Power of Broke
You can read about the business world from the perspective of an entrepreneur in “The Power of Broke” by Daymond John, a Shark Tank star and founder of the Fubu app. The book discusses how to build a successful business on a tight budget. It will help you understand what it takes to be successful on Wall Street. Regardless of your field, this book will provide valuable insights.
19. The Way to Wealth
Benjamin Franklin wrote “The Way to Wealth” in 1758, often known as “Father Abraham’s Sermon.” Adages and advice from the first 25 years of Poor Richard’s Almanack are collected here in the form of a lecture purportedly delivered by “Father Abraham” to an audience.
20. Retire Young, Retire Rich
This book is for you if you don’t intend to work hard for the rest of your life.
The story of how Robert and his wife Kim went from having nothing to being financially independent and “retired” in less than 10 years is instructive if you are ready to retire (or wish to retire early enough to enjoy your retirement years).
