What's up, it's @hackedongrowth here, What books should you read if you want to be a millionaire? Books are an excellent way to gain insight into the minds of successful individuals.
The greatest way to become a millionaire – or perhaps a billionaire – is to learn from other millionaires or billionaires.
Several of our online audience started asking which kinds of books to read.
I was afraid to endorse any of them up till now. Because? What you should read is very dependent on your current circumstances.
But I've decided to offer the five books that I think each aspiring millionaire should read.
You'll get a sense of how the rich think. What kind of investments do they make? What are their guiding principles?
Isn't it true that Information is power?
I read around one book every week on average. Even when I'm on the road, I bring books with me.
However, I don't only read books; I also utilize them. I read until I come up with three ideas that I can put into action right now.
Most made the mistake of gathering all of this expertise but never putting it to use. You have all the information you require. However, you will never see any effects if you do not begin adopting soon.
"Human behavior flows from three main sources: desire, emotion, and knowledge"
- Plato
That is why it isn't entirely accurate to argue that knowledge equals power. The knowledge that is put to use is a powerful tool. When you begin to use books, you will begin to put your knowledge into practice.
You must learn more to improve. It's quite fine if you don't agree with anything these books teach. Even if you don't agree with everything, you may still benefit from it.
The five books I encourage each ambitious millionaire to read are listed below. What about if you took three lessons from each of these books and apply?
1. Robert Kiyosaki's book Rich Dad, Poor Dad
Most prospective billionaires have either read or heard about this book. It's a well-known personal finance book.
Robert discusses the differences between assets and liabilities in this one. What does he have to say?
Anything that puts money in your pocket qualifies as an asset. A liability, on the other hand, depletes your bank account. Simply said, assets provide nourishment while liabilities deplete your resources.
Poor people do have a lot of bills to pay. That is why they continue to be impoverished.
Members of the middle class are defined by what they consider to be assets. They aspire to be better.
Wealthy people have assets. That is how they became wealthy.
What if I told you that According to research, the average American believes that feeling affluent requires a net worth of $2.5 billion. 50-55 % will purchase a house and a car if they had a million dollars.
Robert Kiyosaki also discusses buying assets that generate cash flow. Then you put that money towards your desired lifestyle.
This book is essential for wannabe billionaires who wish to avoid taking on debt.
2. Ray Dalio's book Principles
Ray Dalio is a multibillionaire who built his fortune on his own.
He provides the reader with a foundation for making better and more informed judgments in his book. He teaches you how to think critically and become more self-aware.
Most individuals nowadays are seeking fast cures and gimmicks. They want to get wealthy quickly.
The issue is that they lose sight of the fundamentals. Principles are seldom altered. They are the factors that influence our decision-making.
Self-awareness, in my opinion, is a critical component of becoming a billionaire. You must know yourself if you want to be affluent.
At the end of the day, all knowledge is self-knowledge. It demonstrates a lack of self-awareness if you don't know what to invest in or how to get started. You must learn to recognize yourself.
One may not need fast cures when you're conscious of yourself. You won't wonder if you're on the correct track if you know yourself and your objectives. Your actions are in line with your values.
It's preferable to learn from others if you haven't established self-awareness yet. That is why I feel this book should be on every prospective millionaire's reading list.
3. William Clement Stone's book The Success System That Never Fails
Perhaps you've heard of Napoleon Hill's book "Think and Grow Rich." That's also a fantastic book that every would-be millionaire should read.
The Success System That Never Fails, on the other hand, is just as important — yet it's considerably less well-known.
William Clement Stone had a thriving insurance firm. He made millions of dollars in profit. He genuinely recruited Napoleon Hill to be his company's sales trainer.
Both of their books are excellent resources for aspiring millionaires, in my opinion.
The most important takeaway from this book is the significance of your surroundings. How to create an atmosphere that works for you rather than against you.
It's not only about your physical surroundings; it's also about who you hang out with.
What exactly does this imply? As an instance, consider the following.
When one of the fish in my fish tank died, I had a really strange experience. I had a professional inspect the tank for me. The fish were contaminated, he informed me.
I inquired as to whether he would be willing to treat the fish. But, as he put it,
“You don’t cure the fish. You cure the water.”
This is a fantastic analogy for how your surroundings affect you. You may need to adjust your surroundings if it is making you "sick." You may have to relocate to a different city. Likely, a few of your friends aren't good for you.
If you're in the wrong atmosphere, you can't become a millionaire. That is why this book is so important to read.
4. Charlie Munger's book Poor Charlie's Almanack
One may or may not be familiar with Warren Buffett, but you may or may not be familiar with Charlie Munger. They are, in fact, business partners.
It is one of the numerous books I've read over and over again. I learn something new every time I return to this book.
The average person forgets 80% of what they learn. And this is why I recommend that you read your favorite novels again and again. You'll be astonished at what you overlooked the first time through.
You'll learn to make wise decisions and generate creative ideas. You'll also learn how to analyze the economy and make investments. There's even a section on how to develop a trillion-dollar business.
It's noteworthy to note that this book was never marketed. Despite this, the website earned thousands of purchases.
It's an interesting and energizing read.
5. George S. Clason's book The Richest Man in Babylon
This is really a quick read that could be finished in a single weekend.
Whenever it comes to finances and investment, you will discover several basic principles.
I'm talking about tried-and-true concepts that work. They aren't gimmicks or quick tricks, despite their unappealing appearance.
But, because the principles in this book haven't altered in hundreds of years, I still utilize them now. They will most likely remain unchanged for the next hundred years as well.
Straightforward principles are discussed throughout the book, such as:
First and foremost, pay yourself. Don't spend more than you earn; instead, save the difference and invest it.
Although it appears to be a straightforward concept, most people overlook it.
Those key ideas should be known and developed by every prospective millionaire. As a result, you must read this book.
Now is the time to get your master key to money, success, and importance.
These are the 5 books that every aspiring billionaire should read, in my opinion. Each one of them can teach you something valuable.
These aren't the only ones, though. It's possible that I'll recommend additional novels in the future.
For the time being, if you haven't read the book, I strongly advise you to do so. Perhaps you'd want to boost your financial self-assurance. Your inherent strength. You are your higher self.
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