“If you have only one source of income, you are one step away from poverty”
~Warren Buffett
The quote states the reality of the current period.
We are in the 21st Century, and with the current economic situation, no one knows when circumstances will take your job away. Whether it’s a global pandemic causing around 33 million people to lose their jobs in just a year, a war in the other part of the world surging resulting in a surge in inflation or the new technology which can do everything in a minute that you learnt in your lifetime.
All these global factors explain why to start investing and having multiple sources of income. But the question is, how?
Not everyone is indeed well versed in finance and investment. And, the online money fraud and fear of losing your wealth do not make it any easier.
So, what to do? Well, the answer is simple – Gain Knowledge.
The classic source of getting knowledge of any topic is books. However, in the pool of hundreds of books, a layman may feel utterly confused about which book to read.
But worry not! We got your back.
Here, we are telling you about 10 books, that will provide you detailed insights about investment and personal financing. These books offer knowledge ranging from the basics to advanced concepts of investment.
Rich Dad Poor Dad
~ By Robert Kiyosaki
For starting your investment journey, it is essential to start from the very foundation. “Rich Dad Poor Dad”, first published in 1997 by Robert Kiyosaki is a timeless book, highly relevant due to its principles on financial literacy and wealth-creation.
This book helps readers understand basic financial concepts and simplifies complex principles, allowing you to build a strong foundation of knowledge.
The Power Of Money
~ By Paul Sheard
After gaining essential insights into financial literacy, to build the groundwork for the financial discipline, you still need practical knowledge of financial literacy.
“The Power Of Money” by Paul Sheard is the perfect book to serve as a practical guide to managing everyday financial decisions effectively. This book provides foundational skills such as money management, budgeting, saving, and avoiding debt traps, all of which are necessary to develop a wealth-building mindset.
The Simple Path To Wealth
~ By JL Collins
‘Rich Dad Poor Dad’ and ‘The Power of Money’ provide foundational knowledge for a layman to become a beginner. But a beginner still has a long way to go. The next step is to learn the investment basics. And, the simple path to gain these is to read “The Simple Path To Wealth”, By JL Collins.
The book simplifies investing for long-term financial independence and provides a clear strategy for wealth creation through disciplined investing, especially in index funds.
Just Keep Buying
~ By Nick Maggiulli
After learning the practical approach, it is important to analyse the data with data. The “Just Keep Buying” book by Nick Maggiulli, reinforces the principles of saving and investing with a data-driven approach. It explains when to save, when to invest, and how to make financial decisions with evidence.
The Psychology Of Money
~ By Morgan Housel
Investment and financial planning are not things one can learn from theories alone. An individual needs to explore the psychology of spending money and how human behaviour affects financial decision-making.
“The Psychology of Money” by Morgan Housel, emphasizes the role of patience, risk, and personal values which help readers to avoid common psychological mistakes.
The Compound Effect
~ By Darren Hardy
The power of small consistent actions leads to achieving financial and personal goals. “The Compound Effect” teaches how disciplined habits such as regular savings, investing, and mindful spending result in the exponential growth of wealth over time.
It bridges the gap between the individual’s theoretical knowledge with investment consistency to achieve long-term outcomes.
“Your mindset is the single biggest investment you can make in your future. The way you think about money, risks, and opportunities will determine your success.”
~ Naval Ravikant
Think And Grow Rich
~ By Napoleon Hill
All the knowledge provides the optimum result with the best mindset. If you have the right mindset for achieving success, you are hallway there. This holds true for investment as well.
“Think And Grow Rich” by Napoleon Hill focuses on nurturing a success-oriented mindset. It teaches how to align your thoughts and actions with financial ambitions through goal-setting, persistence and manifestation.
The Personal MBA
~ By Josh Kaufman
To expand your financial knowledge, you need to broaden your vision through business knowledge while complying with the earlier lessons, “The Personal MBA” by Josh Kaufman should be your next step.
The book introduces crucial concepts like systems thinking, marketing and value generation which enhance income through entrepreneurship or business ventures.
The Millionaire Fastlane
~ By MJ DeMarco
Finally, after reading all the above 8 books, you will become achieve financial literacy, investment details with the right mindset and habits to grow your wealth.
If you want to step higher and explore more approaches for wealth building, you can broaden your perspective with entrepreneurial acumen, your next book should be “The Millionaire Fastlane” by MJ DeMarco.
The book introduces different paths to create a value at scale through innovation and leveraging systems.
How To Get Rich
~ By Felix Dennis
The best way to learn is through other people’s experiences. We know the basics, methods, and wisdom for building wealth. However, we need real-life examples to see how this knowledge turns into practical strategies.
Felix Dennis’s book, “How to Get Rich,” shares the experiences of a self-made entrepreneur. This book aims to inspire readers who already have the foundational knowledge needed to pursue wealth. This makes this book perfect as the last in the series of learning investment and financial planning.
Investing is not just about making money; it is about securing your future and financial independence.
Although, our series has ended here. But the learning does not stop with some books, updating your knowledge, consistency and analysing the trend are equally important as gaining knowledge.
