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20 Best Personal Finance Books You Should Read Now To Be Super Rich!

#6 Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers

Tools of Titans summary - Tim Ferris

Know the author:

Tim Ferris is an entrepreneur and author who mainly writes on personal development and self-experimentation. He has been a key asset to companies like Facebook, Twitter and Uber, where he functioned as an advisor.

What the books promises:

The book is nothing short of an epic as it documents tips, tactics and tools of super successful people like Arnold Schwarzenegger, Jamie Foxx and many others, who appeared in The Tim Ferriss Show, a podcast where the celebs sat for an in-depth interview.

3 Outstanding tips:

  1. There is no set proven formula for wealth, health and wisdom: you’ll see numerous hacks to accumulate each of the three in this book. But note, there are numerous, meaning there are multiple pathways to achieve the same. It’s keenly up to the reader to adopt and customize his own approach.
  2. Have a thick-headed attitude to conquer peer-pressure: In college, it is common to come across students who don’t go beyond doing the bare minimum to scrape through each semester. The greatest harm they can do is exerting their influence in fellow students. To resist this onrush of urge to follow suit, one needs to have a thick skin.
  3. Creativity is more less a fool-hardy experiment when backed by experiences: Companies regularly experiment with creativity to improve their performance and outlook. As a fuel for this creativity, you need to have strong experiences that will both provide the germ and base.

Look who says you should read this book:

Tools of Titans...is the perfect read for obsessives wanting to boost their new year productivity - Financial Times.

Stellar Quotes:

  • “The world is changed by your example, not by your opinion.”
  • “Desire is a contract you make with yourself to be unhappy until you get what you want.”
  • “Losers have goals. Winners have systems.”

#7 The Power of Broke

Know the author:

For anyone who watches Shark Tank, a popular reality television series, Daymond John will not be an unfamiliar face. He is a celebrated entrepreneur, author and motivational speaker who also operates as the CEO of FUBU, a successful clothing and hip hop apparel company.

What the books promises:

Being broke sucks. But for Daymond John, it has been his greatest source of power as being broke forced him to think more effectively, use resources more efficiently, stay more laser-focused and hatch up more innovative yet cost-effective ideas to increase sales. In this book, he elaborates on the above, drawing from his own experiences.

3 Outstanding tips:

  1. Being broke means you’ll find resources in the unlikeliest places of all: When you are broke, you are desperate to prove the world and yourself that you can make it big. Under that pressure, you will bootstrap, in simpler terms, use the resources at hand creatively and efficiently for better results. The means that arise in sheer desperation and lack of resources have proven to be better than those that are produced with all the available resources.
  2. The power of being broke remains useful in all four stages of business growth: There are four stages to success in business: Item, Label, Brand and Lifestyle. In each stage, irrespective of the profits you make, the mentality to see a window of opportunity in every situation that you developed as a broke person will prevail.
  3. Now is a good time to harness the power of broke and start a business of your own because the expenses are getting lower day by day: With technology, sourcing for tools has become more accessible and cheaper. With tools like Product Hunt and Medium, it is easy to access free software materials and build an audience by blogging, respectively.

Look who says you should read this book:

His new book is so inspiring, so insightful, so invigorating... I'm glad that he took the time to share this mindset with the world"—Mark Cuban, Entrepreneur and Owner of Dallas Mavericks

Stellar Quotes:

  • The easiest thing to sell is truth
  • Life is a cruel teacher. She loves to give you the test first and the lesson later
  • Told myself it didn’t matter if my ride didn’t turn heads—it only mattered that it turned things around for me

#8 Business Adventures by John Brooks

Business Adventures summary - John Brooks

Know the author:

John Brooks, the author of Bill Gates favorite financial book, worked as a staff writer for The New York magazine for many years, specializing in finance.

What the books promises:

Documenting 12 pivotal moments in the history of American industry, Brooks gives insights into the dawning of Piggly Wiggly and Xerox to the debacle of Texas Gulf Sulphur scandal that shook the nation. In addition to these events, mainly, he lends a deconstruction of how people will act or rise when left to their own resources and consequently, what will make them win or struggle.

3 Outstanding tips:

  1. A lesson from the 1962 Flash Crash: Feelings of fear and panic make human beings irrational. In a matter of 3 days, these emotions instigated the stock market to drop to $20 billion which sprang up again the day after.
  2. A lesson from the Ford Edsel fiasco: Track and observe the psychological inclinations of your market closely because their preferences may change any time.
  3. A lesson from the federal income tax system: At the time of decay, the only solution for a revival is a revamp. Famously, the US tax system has evolved to be incorrigibly corrupted that it no longer functions on the principle of efficiency, crying for a do-e=over.

Look who says you should read this book:

Business Adventures remains the best business book I’ve ever read - Bill Gates

Stellar quotes:

  • The role of the hero was filled, surprisingly, by the most frightening of untested forces in the market—the mutual funds!
  • Paradoxical as it may seem, the evolution of our income tax has been from a low-rate tax relying for revenue on the high income group to a high-rate tax relying on the middle and lower-middle income groups
  • On the contrary, a press conference is perhaps the only kind of show whose success is in direct proportion to the number of people who leave before it is over

 

#9 The Automatic Millionaire by David Bach

The Automatic Millionaire summary - David Bach

Know the author:

David Bach is an American motivational speaker and author of 12 financial books. He has been a regular contributor to many television shows where he dispatched financial advice.

What the book promises:

This book will be a shock to the reader because it busts all the myths surrounding money-making such as you don’t need will-power or a budget to bulge your pockets.

3 Outstanding tips from the book:

  1. Pay yourself first: Park money first in your accounts pigeonholed for retirement and investments using automation, before budgeting for living expenses.
  2. Understand the potential of compound interest: Starting with a measly amount can, over the years, compound into a huge number.
  3. Know where your money is going: Many a time, you might want to save up money, but just don’t know where all your money went. The author says this is because of the lack of tracking of even the meager amounts.

Stellar quotes from the book:

  • Remember, inspiration unused is merely entertainment. To get new results, you need to take new actions
  • Any system that is designed to control your normal human impulses is ultimately bound to fail. That’s because humans don’t want to be controlled. We want to be in control
  • Paying Yourself First is a way of putting aside the money you want for yourself, while not having to curb your natural impulses to spend

#10 The Little Book of Common Sense Investing

The Little Book of Common Sense Investing summary - John Bogle

Know the author:

John C.Bogle is an American investor and philanthropist known majorly as the former CEO of The Vanguard group.

What the book promises:

One will learn about low-cost index funds, the efficient strategies to reap benefits through investing.

3 Outstanding tips from the book:

  1. Actively managed funds do not work all the time: This is because profits bred in the past do not necessarily vouch for a similar success in the future.
  2. Either lock up your money in the safe or invest them in low-cost index funds: Investing in Index funds is an effective alternative over actively managed funds, which inevitably return less than the gross market return.
  3. Opt for the cheapest fund to avoid complications: In general, the expenses of Index fund companies do not correspond to their returns. So, it’s advisable to choose the cheapest fund.

Look who says you should read this book:

“There are a few investment managers, of course, who are very good – though in the short run, it’s difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors – large and small – should instead read Jack Bogle’s The Little Book of Common Sense Investing.” – Warren Buffett

Stellar quotes from the book:

  • The grim irony of investing, then, is that we investors as a group not only don't get what we pay for, we get precisely what we don't pay for. So if we pay for nothing, we get everything
  • The true investor . . . will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies
  • The greatest enemy of a good plan is the dream of a perfect plan

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