Here are some of my reads:
I 'Rich Dad Poor Dad'~ Robert Kiyosaki with Sharon L. Lechter
Take Action! Two great gift – Mind & Time.
Money spend – Foolishly – you become poor; on Liabilities – you remain middle class; in acquiring assets – you become rich. Future is determined By CHOICE.
Income can be generated in three ways: Earned by way of salary, Passive from real estate investment., Portfolio from paper assets.
The key to becoming wealthy is the ability to convert earned income into passive income and or portfolio income as quickly as possible. Taxes are highest on earned income and least on passive income.
II'The psychology of money ~ Morgan Housel :
In the Psychology of Money, Morgan Housel teaches you how to have a better relationship with money and to make smarter financial decisions. Instead of pretending that humans are ROI-optimizing machines, he shows you how your psychology can work for and against you.
Doing well with money isn't necessarily about what you know. It's about how you behave. And behavior is hard to teach, even to really smart people.
This book taught me why I was making silly mistakes with spending money, and how to improve my “relationship” with money. (This book has real life examples of US billioners, it does have some worthy pointers.)
III.Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth Hardcover ~ T. Harv Eker
Secrets of the Millionaire Mind explains how people unconsciously develop rigid attitudes and behavioral patterns in their relationship to money that they learned from their parents – and that will determine their future wealth. It presents the key guiding principles and thought patterns that millionaires live by and anybody who wants to get rich should adopt.Secrets of the Millionaire Mind is two books in one.
Part I - Your Money Blueprint: We are conditioned in three primary ways:
1. Verbal Programming - What did you hear when you were young?
2. Modeing - What did you see when you were young? and
3. Specific incidents - What did you experience when you were young?
Steps for changing these; one need to go through - Awareness; Understanding; Disassociation, Declaration.
Combine the inner game (the toolbox) with the outer game (the tools), results will go through the roof. Dig out the massive, toxic weed from inner 'financial garden', get inundated with more fruits!
Both the Midas touch and the kiss-of-death syndromes are nothing more than the manifestations of money blueprints. Entertain only those thoughts that empower you.
Part II - The Wealth Files: you will be introduced to seventeen "Wealth Files," which describe exactly how rich people think and act differently than most poor and middle-class people. Each Wealth File includes action steps for you to practice in the real world in order to dramatically increase your income and accumulate wealth.
Change your not-doing habits into doing habits. Go from reading to doing.
IV. Guide to Investing ~ Robert Kiyosaki with Sharon L. Lechter
This book is not necessarily about investments. This book is about the investor specifically, and the path to becoming a sophisticated investor. It is about you finding your path to acquiring the 3-Es: education, experience, and excessive cash. Kiyosaki advises acquiring income-generating assets and expanding financial intelligence. Challenge the status quo, make informed choices, and shape your financial future. Book offers valuable insights into the world of investing. With a focus on financial literacy and mindset, Kiyosaki challenges conventional thinking and empowers readers to take control of their financial future. While lacking specific investment strategies, the book serves as an excellent starting point for those looking to develop a long-term investment mindset.
V. The Richest Man in Babylon ~ George Samuel Clason
A core part of Arkad's advice is around "paying yourself first", "living within your means", "investing in what you know", the importance of "long-term saving", and "home ownership". Some themes can overlap (e.g. The First Cure is similar to the First Law of Gold). For the luckiest man, work is the greatest pleasure.
VI. Think and Grow Rich ~ Napoleon Hill
All Achievement, all earned riches, have their beginning in an idea! If you are ready for the secret, you already possess one half of it, therefore, you will readily recognize the other half the moment it reaches your mind.
A person who cannot make decision quickly cannot be relied in making decisions.Take Inventory of yourself.
"Patience, Persistence and perspiration make an unbeatable combination for success."
Develop your will power - and what you can do will be more than money, you will leave a legacy behind.
Life is a checkerboard, and the player opposite you is TIME. If you hesitate before moving, or neglect to move promptly, your men will be wiped off the board by TIME. You are playing against a partner who will not tolerate INDECISION.
The Master Key is Burning Desire. Real wealth is measured not by what you have, but what you are.
VII. The Millionaire Fastlane ~MJ DeMarco
The Millionaire Fastlane (2011) challenges conventional wisdom about accumulating wealth and presents an alternative roadmap to financial independence. As opposed to taking the “Slowlane” approach of saving and investing over decades, it argues that investors should instead seize opportunities in entrepreneurship that can lead to rapid wealth accumulation. It covers key principles such as creating scalable businesses, taking calculated risks, and leveraging time to achieve financial freedom more quickly.
VIII. The Parable of the Pipeline ~ Burke Hedges: In the parable of the pipeline, Burke Hedges explains the limitations of active income, like a bucket, emphasising that the job security is an illusion and encourage us to create and embrace passive income. According to him virtually anyone can leverage their time, relationships and money to become a millionaire. The pipelines of residual income provide the only true security. When you divide 72 with the rate of annual interest, the result will give you the no. of years in which your investment will be doubles. Compounding is the 8th wonder of the world. Leverage your time, money and relationship into long term and short term pipelines. Pay yourself first.
Your pipelines are your lifelines. The more the pipelines you have the better.
IX 'Let’s Talk Money by Monica Halan' taught me the basics of personal finance. How to plan for an emergency fund, how to start investing in mutual funds, planning for life and health insurance, etc. I came to know about fee-only financial advisors through the book and that made a huge difference to my financial planning.
X. Make Epic Money ~ Ankur Warikoo : Came soon after my CSR work on 'Finance for Truck drivers' and the content here was just similar. The books is summarised as per the Index:
1. Why should I even care about money? 2. Now, I really want to earn some money. 3. So that I can spend it (wisely) 4. But people tell me I should save! 5. And use the money to protect me. 6. But what I really want is to grow my money. 7. And manage my money well. 8. I know I'll make mistakes. 9. As long as I know this - Biases. 10 One last thing - Happiness?
I am unable to recollect all the finance books I have read. But, I learned the first step is to know where the money is coming from and where it is going. For the first time in my life, I started tracking my expenses which helped cut down impulsive purchases. Also, the important to chart out short-term and long-term goals. Based on this I was able to choose the right financial instruments. I can vouch that this might seem too much, but actually it is easier once you start.
I haven’t achieved all my financial goals. But, managed to achieve all short-term goals and few long-term goals. I do feel a lot better than five years ago thanks to these books. They helped me have a disciplined approach to saving and investing. Since last year I also found an advisor to ensure that I am not making rookie mistakes.
Indeed Action speaks louder than words. Unless we put our learnings into action nothing will work, and sure you can do wonders in finance even if you have not read even one of these books.
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