- 30 AUG 2018
2 wealth creation books to read when you are in the 20s
Learning from the experience of successful people is the quickest way to learn. Books by experienced people are the best source to learn from these people. Some books remain with the readers throughout the life. Some of the lessons learned from the stalwarts at an early age make a sea change in one’s life.
“ If we encounter a man of rare intellect, we should ask him what books he reads.” Ralph Waldo Emerson.
Today we are introducing two books which you should be reading in your 20s. If you have crossed your 20s and haven't read these books, you must read it as soon as possible.
Rich Dad - Poor Dad:
This is perhaps the first book on finance everyone should read. This book is very well received by the readers. The book is sold in 109 countries, translated in 51 languages and sold more than 32 million copies.
The book is written by Robert Kiyosaki and Sharon Lechter.
The book explores the types of financial management lessons the rich teach their children. These are the lessons that the poor and middle class miss out on. They are simple and basically revolve around learning as much as possible so that you can make educated decisions about money.
The most important thing to learn from this book is that you don’t get rich working for money. Wages will only keep you just above broke. Seriously, how many times do we have to be told this before we believe it enough to change our lives? Get out of the rat race!
“Most people never see the trap they are in.” Robert T Kiyosaki
Most people work because they are afraid of not having the money or they want things that they think will make them happy. Then they are stuck working for fear of losing that income. They want security.
The aim is to not let money run your life. Curb your desires and don’t be afraid of having anything. Beware of the hole in your pocket. Don’t let your emotions rule your decision-making. Think with your head!
“With each dollar bill that enters your hand, you and only you have the power to determine your destiny. Spend it foolishly, you choose to be poor. Spend it on liabilities, you choose to be middle class. Invest it in your mind and learn how to acquire assets and you will be choosing wealth as your goal and future.” Robert T Kiyosaki
Learn to correctly identify assets and then buy assets. For most people, a home is a liability, not an asset. Assets put money back into your pocket. Make every dollar you get work for you. Invest in it. Then it will come back as more income.
“Build and keep your asset column strong. Once a dollar goes into it, never let it come out. Think of it this way, once a dollar goes into your asset column, it becomes your employee. ” — Robert T Kiyosaki
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Don’t just do what everyone else does. Educate yourself and then take educated risks! You’ll get better at it every time you try it.
“Sometimes you win and sometimes you learn.” Robert T Kiyosaki
Young people should develop investment portfolios before deciding to own a house. The benefits of the extra years on the portfolio are phenomenal. What are the best types of assets? Things that make money by themselves: Businesses that don’t require your presence, managed funds, stocks, bonds, royalties and income-generating real estate.
“Money is only an idea. If you want more money simply change your thinking” Robert T Kiyosaki
To start off with, most people need to earn a wage to get their initial funds for investing. This doesn’t have to lead to a career. Choose jobs according to what you will learn from them. Groom yourself as a CEO would groom a young, rising star. Learn a little bit about everything and try not to over-specialise. Specialisation is a risk in itself. What happens if that profession becomes redundant? Where will you be then?
Rich Dad, Poor Dad is a great read to understand how the money works. Read it. The principles of money taught by this will remain you forever.
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Tools Of Titan:
Tim Ferris is a famous author of his best-selling book 4 hour work week. He is a blogger and his podcasts are very inspiring. He invites amazing guests for his Podcasts. He has interviewed 200 plus world-class performers and his interviews are downloaded more than 100 million. His latest Podcasts which you might be interested are:
His book Tools of Titan is about podcasts, interviews (about 100) he has taken of famous, successful people and learning from them. These are tactics, routines, and habits of billionaire, icons and world-class performers. He has divided the books into three divisions: Healthy, Wealthy and Wise.
Some of the wealthy stalwarts featured are Marc Andreessen, Arnold Schwartzenegger, Australian-American Actor, Politician, activist, Tony Robbins, Author of bestselling book Awaken the Giant Within, and Life coach, Peter Thiel, American entrepreneur, venture capitalist and founder of Paypal, Derek Sivers, founder of CD Baby, Alexis Ohanian, co-founder Reddit and Hipmunk, Matt Mullenweg, original lead developer of Wordpress and CEO of Automattic, which was valued at US $ 1 billion. There are many others with their pearls of wisdom.
This is a huge opportunity to learn from successful people from different walks of life and get inspired by them.
His one usual question is very inspiring which he almost asks every guest.
What advice he’d give to his 25-year-old self?
The reply he got from Shay Carl, YouTube channel owner of Shaytards who has 2.5 billion views.
“…. Think about how old you are right now and think about being the 10 years older version of yourself. Then think, What would I probably tell myself as an older version of myself? That is the wisdom that I think you found in that exercise. I think you are going to grow exponentially faster than you would have otherwise.”
An answer to the same question by BK Miller, Palliative care physician at the University of California. He is an expert in death. He has guided or been involved in 1000 deaths and he‘s spotted patterns we can all learn from.
“Let it go. I do mean to take life very seriously, but I need to take things like playfulness and purposefulness very seriously. … I would have encouraged myself to let go a little bit.”
& Seth Godin replied as’
“I had so many bumps starting when I was 30 years old. They lasted for 9 years, and I wouldn’t tell my 30 years old self-anything. Because if I hadn’t had those bumps, I wouldn’t be me and I am glad I’m me.”
I would end with a couple of inspiring quote from the book:
“If you set your goals ridiculously high and it’s a failure, you will fail above everyone else’s success.” James Cameron, Canadian Filmmaker
“There is no way to happiness, happiness is the way.” Thich Nhat Hanh, Vietnamese Monk
These two books are powerful enough to change your perspective about money and success.
“Keep reading books, but remember that a book is only a book, and you should learn to think for yourself.” Maxim Gorky.
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Which money and wealth management book you would recommend to the readers?
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