After I Read 40 Books on Money - Here's What Will Make You Rich

I read over 40 books on money and personal finance and the ideas from these books have taken me from zero to almost financially independent so these are my top 20 Finance books that I recommend to everyone we're starting off with set for life this is actually the first book that I generally recommend to people which is why I have two because I loan them out a lot in set for life Scott trench really goes over pretty much everything you need to know about financial Independence and early retirement frugal living house hacking I didn't read this till a couple years ago but it's pretty much exactly all the steps that I have done minus a few things here and there one of my favorite ideas from this book is that true wealth is about building out a financial Runway creating enough rapidly accessible wealth that you can survive without work for a year then five years then for a lifetime and that's really the whole idea of the fire movement it's spending less or any more and then investing the difference correctly in this book which is actually one of my top recommended books is the four hour work week despite a lot of the info being a little bit it out of date this one uh really transforms my life even if you don't read this I definitely recommend you try dreamlining pretty much you put in what you want to have what you want to do and what you want to be into a spreadsheet and you find out how much that would actually cost you per month and then now that you have that number you figure out how to earn that much extra money or that much money in total within the next six months so it's not something you can put off if you want to try this out I'll leave a link to this sheet down below for me at least most of the stuff was actually way more affordable than you think it is you just put off all these things in your life because you think they're Way Out Of Reach they're super expensive they're not actually you can do a lot of stuff if you just think differently than most people you asked how can I afford it instead of saying I can't afford it and also I love the quote in this book less is not laziness as a bit of a minimalist to myself I definitely agree with that The Compound Effect there are two quotes from this book that really sum the whole thing up for me you will never change your life until you change something that you do daily The Secret of your success is found in your daily routines which is something that I love you hear me talk about trying to do one thing every day to get me closer to my goals and it has completely transformed my business over the past couple years it's not the big things that add up in the end it's hundreds thousands or millions of little things that separate the ordinary from the extraordinary just the idea of compound interest was life-changing for me a great example is if you invest a dollar when you're 20 that dollar will be worth 88 dollars if you retire at 65 calculating in 10 interest compounded over 45 years but if you wait until you're 30 just 10 years later that one dollar will only be thirty three dollars from 88 down to 33. that's because of that crazy hockey stick curve of compound interest it's the same thing when you're investing money invest as early as humanly possible and with your habits do little things over a long period of time if you guys want to check out that calculator I'll leave you down below the cash flow quadrant this is from the Rich Dad Poor Dad series but luckily it is super easy to explain pretty much there are four different quadrants that we all kind of live in on one side there is the employee and self-employed on the other side there is business owner and investor as an employee you have a job pretty obvious you're working to generally make somebody else rich on the S side you still have a job you just own that job which is generally even more stressful even though I think it's slightly better but if you really want to build wealth you have to switch over to the B and I sectors B would be you own the system and people work for you so you're leveraging other people's times you're also creating jobs and in return you're making more money than you could just working by yourself and then the I the investor is kind of the Pinnacle where your money makes more money this is investing whether it's stocks real estate you earn money you invest that and then it pays you pretty much for the rest of your life next up we have the simple path to wealth if real estate is not your thing and you want to invest in the stock market this is the book I would definitely recommend you read and while there's a lot more detail I'm Gonna Save you about 6 hours here it breaks down into three steps spend less than you make avoid debt like the absolute plague and then invest everything that you can into index funds whether that's the S P 500 or vtsax and he also shoots for like a 50 savings rate which is something that I generally adhere to when you look at the stock market as a whole it has grown by 11.9 percent per year on average when Dividends are reinvested in that since like the 1950s so that means if you invested a thousand dollars in 1980 by 2020 it would be a million dollars so don't try to outsmart the market just invest in index funds that are extremely low cost and just kind of like let time do all the work now let's say that you don't like stocks and maybe you're more into real estate this is the book I would recommend investing in real estate with no and low money down by Brandon Turner Bigger Pockets if you know you know this is one of the books that I read when I was starting to get my first rental there's a ton of step-by-step actions in here a ton of different ideas and plans that I had no idea existed different ways to buy rentals when you don't have a lot of money or even using other people's money to do it this is definitely focused on Leverage using other people's money to make you money which can be risky when done wrong so read a lot of books before you like put your money into it but for me it's made me hundreds of thousands of dollars so worth the 15 or however much this thing costs next up here we have your money or your life coffee is life anyways one of my favorite points from this book is that money is energy like we spend our energy our lives and we trade that for money so that means when you buy something you're not trading paper or coins for like an actual thing you're trading your life the most valuable thing that you have you're trading it for random stuff really makes you not want to spend money and take control of your finances changes your mindset makes you want to get into minimalism and frugal living and that's why I talk about it in so many different videos anyways it's a it's a good read but so as Rich Dad Poor Dad I've done a whole video on 20 different takeaways from this book so I'm not going to go too deep into it here pretty much if you're just starting getting into finances this is a good book to read opens up a lot of possibilities the idea of Leverage assets versus liabilities how your home is not actually an asset it's really a good story based place to jump off from but if you've already read a bunch of these other ones uh you probably won't get a ton out of this but what you will get a ton out of hopefully is the a psychology of money which I've also done a video on but my top couple favorite points from this one is that money cannot buy you happiness but it can buy you freedom and freedom is pretty cool I like freedom I like to travel I like to not have to go to work I like to do whatever I want every day spend time with my kid and I can do that because of money and understanding it and making it work for me instead of the other way around and also the point that the best financial advice is often the most simple like for most people investing in low-cost antex funds is going to be one of the best things that they can do to invest as opposed to picking stocks pretty much gambling or investing in real estate which is super big all the get rich quick things the complex stuff well it might work for some people most people it's just going to be like a bad way to invest so finances are actually really simple spend less than you earn invest correctly there's different ways to make more money all the stuff we're talking about yeah the next one is Early Retirement Extreme which I read a couple years ago and I have somehow lost that book but I originally learned about it from Mike Rose heart who actually retired at 24 like a multi-millionaire I don't know what he's doing now I think he's still like doing stuff but one of my favorite quotes from this book is that you must be willing to change your frame of mind and Conquer old habits in particular you must be willing to do things that 95 of the population won't be able to understand and 99 won't be able to do a large part of the idea of this is extreme extreme frugal living and by doing that you should be able to retire in five to ten years by doing different creative things however it does involve being extremely Frugal so I gotta ask would you rather be extremely Frugal which you can still have a lot of fun doing that or would you rather work a job and have more money to spend but not really as much time that's completely up to you but I definitely do think that this is worth a read the millionaire fast lane I actually haven't finished reading this yet I'm going through and making notes so hopefully this will be in the next book that I review if you want to see that don't forget to subscribe trying to get to half a million thank you to everybody who's already subscribed but in this book he really reminds you that you are the driver of your own life and your own finances whether it's your money your mindset or your financial future don't allow other people to drive your car to have any impact on that it is completely up to you whether you're successful whether you're rich or whether you're poor whether you're unhappy pretty much everything in your life is in your control how you frame it or what you do about it next up not exactly a finance book but it is turning pro this helped me be way more productive and also take a lot of responsibility uh for my own Financial situations and it talks about going from an amateur at mostly talking about work to being a professional and kind of some habits and it's all in these like short little sections so it's super easy to read anything by Stephen pressfield is very good I've read most of his books anyways talks about a professional shows up every day is committed to the Long Haul his patient seeks order acts in the face of fear accepts no excuses plays it as it lays is prepared doesn't show off is dedicated to himself dedicates himself to mastering the technique reinvents herself and endures adversity just so many great tips in here I've got a couple other of his that I can't seem to find right now but this is definitely a great Read Super inspiring I learned a lot from it The Millionaire Next Door a classic it's about this person who studied a bunch of millionaires and didn't exactly find what they thought they would find they found out that they did all the things that we've been talking about they lived below their means they drove slightly older cars they didn't buy fancy clothes they didn't try to show off like they actually spent a lot less money than the people who were more middle class they lived in slightly cheaper neighborhoods they just pretty much valued money and didn't need to show off and they found that wealth is more often the result of a lifestyle of hard work perseverance planning and most of all self-discipline the minimalist entrepreneur a great book for entrepreneurs a couple of my favorite takeaways from this is that you don't learn and then start you start and then you learn minimalist entrepreneurs focus on getting profitable at all costs instead of growing at all costs which I think is an important lesson for a lot of business owners right now they expand as fast as possible they just want to have this idea of a big team but in general for longevity and to not be like a statistic of a business that failed you want to be profitable as early on as possible and try to stay that way because you're a business you're trying to make money it just makes sense I will teach you to be rich but this book is good as well I actually debated putting it on this list because there are some things I don't completely agree with but overall I do think it is a good book he talks about getting things right 85 of the time you don't have to be perfect all the time but kind of like an easier way to get your finances on track where you're not cutting out the coffee but you're focusing on the big wins which I totally agree with however I wanted to reach Financial Independence as fast as I possibly could and I did cut out the coffees the going out to eat all the different stuff pretty much everything I possibly could and because of that I shaved years of time that I would have had to spend working at a job because I because I pretty much just started making coffee at home and doing other stuff that was just like easier for me like extreme Frugal Living so it just depends on what your style is but overall it's a definitely a solid book it's a good Baseline a little program to follow and it does make things easier if you're not as Extreme as I am Maybe the seven habits of highly effective people over 40 million copies sold and this is not exactly a finance book but it's not always Finance books that make the biggest impact in your finances for instance this quote completely changed my mindset and gave me a ton of accountability for all the choices that I was making in my life until a person can say deeply and honestly I am what I am today because of the choices I made yesterday that person cannot say I choose otherwise you can't say oh my circumstances where I live the job I had the parents the whatever and then also say I'm gonna do this instead of that like does everything happen to you and you have no control over your life or do you actually have control over your life and the decisions you make and you can change it and people have come from far worse it's totally up to you it's totally up to me and we can't blame other people and speaking of blame please don't blame me because this isn't a full list of 20 as a true minimalist I had a list of 20 but then I cut it down because these are the books that I actually recommend to people I have copies I lend them out and these are the books I would personally read a lot of the other ones just kind of repeated some of the same ideas thanks for watching don't forget to subscribe really means a lot let me know what books I missed down below and I'll see you next week

Channel: Gabe Bult

Views: 312,335

Keywords: financial freedom, best investing books, how to become a millionaire, personal finance books, best books to read, i read 40 books on money, i read 20 books on money, rich dad poor dad

Id: UTP-76kQ2XY

Length: 12min 41sec (761 seconds)

Published: Mon Aug 14 2023