The difference between the rich and the poor is not how much they earn. It’s the mindset they have about money and spending it. While the rich spend money to buy assets, the poor spend money to purchase liabilities. That’s why some people are always broke even if they earn a six-figure income every month. So, in this article, I recommended 7 investment books that will change your mindset about money.
Possibly, this article will help you reset your mindset about money. It will set you on the path to financial freedom. If you take your time to read these recommended books, your thinking and relationship with money will change.
#1. “Rich Dad Poor Dad” by Robert Kiyosaki
“Rich Dad Poor Dad” is one of the best investment books that will change your money mindset. If you are passionate about investing, money, and the global economy, you should read this best selling book.
“Rich Dad Poor Dad” will teach you how to use money as a tool to develop your wealth. Interestingly, the book debunked the myth that the rich are born rich. Kiyosaki explained the real difference between assets and liabilities in the book.
If you read this jaw-dropping personal finance literature, you will understand why your residence is a liability.
Summarily, the book is about Robert Kiyosaki and his two dads – his real dad (poor dad) and his best friend’s dad (rich dad). He explained the two dads’ perspectives about money and how it shaped their lives.
Furthermore, Kiyosaki further opined that you don’t need to earn a high income to be rich. And rich people have money work for them while poor people are slaves to money.
#2. “Your Money or Your Life” by Vicki Robin and Joe Dominguez
“Your Money or Your Life” is a thought-provoking investment book that will change your relationship with money. One of my favorite quotes from the book is, “If you live for having it all, what you have is never enough.”
The book explains 9 steps to transform your relationship with money and make you financially independent.
However, this book is a bit different from most personal finance books out there. Its teaching centers on choice, freedom, and fulfillment. The book never emphasizes deprivation and discipline as strategies for financial freedom.
Again, “Your Money or Your Life” emphasizes the fact that money is life energy. And you need to be conscious about how your money moves. Otherwise, it can’t provide you maximum fulfillment.
Here are the 5 lessons you will learn from the book:
- The more you save, the more financially free you become. Sadly, endless debt has become the norm in our society.
- Money is life energy.
- Always audit your financial life without shame or blame.
- Don’t allow outside expectations to pressure you. Instead, focus on your inner values.
- Have a daily money log to become conscious of the movement of your life energy.
#3. “I Will Teach You to Be Rich” by Ramit Sethi
“I Will Teach You to Be Rich” is one of the best investment books that will change your mindset about money. It’s a New York Times best selling personal finance book for anybody that’s financially clueless.
Like most other personal finance books, Ramit Sethi centers this book on banking, savings, budgeting, and investment. Also, the book teaches the wealth-building ideas personal entrepreneurs should know.
If you read this book, you will learn that there’s a limit to how much you can cut. But there’s no limit to how much you can earn. Surprisingly, the book is a six-week practical personal finance program to set you on the path to financial freedom.
#4. “The Random Walk Guide to Investing” by Burton Malkiel
“The Random Walk Guide to Investing” takes the mystery out of personal finance. It explains ten actionable plan items for your financial success.
If you are new to the investment world, you will find this book handy. It’s easy to read and doesn’t contain jargon. And the book will give you the confidence and knowledge you need to make a wise investment decision.
#5. “The Essays of Warren Buffett: Lessons for Corporate America” by Warren Buffett
Warren Buffet (the most successful investor in modern history) wrote this investment book. And he shared his views on issues regarding corporate America and shareholders in the book.
Again, this book will teach young investors to understand the interface between a company’s management and its shareholders. The book will also familiarize you with the thought-process involved in enhancing a company’s value. And one of the things Warren Buffet warned against in this book is following investing trends.
If you aspire to become a successful investor, you should read this book.
#6. “Think and Grow Rich” by Napoleon Hill
“Think and Grow Rich” is one of the most thought-provoking investment books that will change your mindset about money. Interestingly, the book was published during the great depression. But its teachings are still relevant to the contemporary investment environment.
Napoleon Hill wrote this book based on his close relationship with wealthy people during his lifetime. One of the secrets Hill shared in the book is to always brainstorm with like-minded people to have synergistic energy.
Again, Napoleon Hill did a great job at conveying valuable insights into the psychology of success. And the book reminded readers that they couldn’t become successful investors overnight. But it requires honing their skills through research and practice.
#7. “The Millionaire Next Door” by Thomas J. Stanley
“The Millionaire Next Door” is an inspirational book that will change your mindset about money. It examines the lives of unlikely and unexpected millionaires. Interestingly, the book mentioned the habits, careers, and relationships that change these people.
This book’s case studies were cited in the 90s, but it’s still very applicable in our present-day society. The book offered practical advice that aspiring investors need to hear.
These are the 7 investment books that will change your mindset about money. Every book listed in this article gives a unique insight into wealth creation, savings, and investment.
Tycoono Media Inc. and its affiliates do not provide tax, legal, financial or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, financial or accounting advice. You should consult your own tax, legal, financial and accounting advisors before engaging in any transaction. Please refer to our disclaimer for more information.