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Go to ChromeI’ve always liked to read. When I was a kid, I read a lot of fantasy and fiction novels. As I grew older, I gravitated more and more towards non-fiction as I tried to learn as much about the world as I could.
When I realized as a young professional that I wasn’t building wealth the way I thought I should, I cracked open the books and started looking for answers.
I read some conventional books and some unconventional books, trying to learn how others who had started poorer than me had made their fortunes.
Below is the list of my favorite books about building wealth. They range from general concepts, real estate and the stock market. Some of the books give different points of view, such as index fund investing vs. active stock picking, but knowledge is power, and I never turn down a chance to learn something just because I don’t agree with it 100%.
To me, it’s also great that you can get so much knowledge for not that much money. Books are much more affordable than seminars or classes that can sometimes run thousands of dollars. A book may cost $20 and make you hundreds of thousands.
I’ve read all these books, many of them more than once, and they have all helped me to build wealth over the years much more successfully than I thought I could. They have helped me reach financial security and put me close to financial freedom, and I hope they will do the same for you.
The first category is fairly broad. It includes books that discuss the general concepts of building wealth, as well as starting businesses and biographies of great business people. I’ve used these books to help get my mindset right about spending less than I earn and investing the rest at high rates of return to break out of the rat race:
When I first realized that my net worth was staying flat, despite having a good salary, I wanted to learn how others had broken out and built wealth. One theme that kept coming up was investing in real estate and how many used it to reach financial independence. Not only can real estate help you grow your net worth, but it can generate monthly cash flow that can help you walk away from your day job.
Here are the books I have used to build up a portfolio of seven single-family rentals and one commercial property, each with growing equity and positive monthly cash flow:
My first experience with the stock market was mostly one of bewilderment. I couldn’t understand how it worked or how people made money. Due to this lack of understanding, I stuck with low-cost index funds, which is the perfect strategy when you don’t know what you are doing.
Starting last year, with the crash 2020, I decided to focus my energy on learning how to value companies and purchase ones that are selling for less than their value. This active style of stock investing is not easy, but it has been a fun experience for me, and I have had success so far. I also sell options to enter and exit my positions, helping to generate extra cash flow:
Knowledge is key to success. Through reading the books above (and many more), I was able to transform my life from mediocrity to success. Instead of living paycheck to paycheck, despite having a good salary, I now have a large portfolio of assets in real estate and the stock market that will protect me financially from lay-offs or other surprises that may come up. I have built my financial ark.
But it is not enough to read. You must take action.
Once you get a decent idea of how investing works, you must start to risk capital. You can only learn so much from a book. Some mistakes, even when you read about them, you will not fully appreciate until you make them yourself. You will also learn things that you have not read about as you find your unique way of investing.
Spend some quality time learning about money, and you will start to have more. Start with the basics, then decide which asset class you want to focus on — real estate, stocks, or starting a business. Learn everything you can about that asset class, and then put your knowledge to work in real life.
It takes time to build wealth, but you’ll never get there unless you get started. So make yourself a promise to get started today so that in a few years, you can start to enjoy the fruits of your labor.
Good luck learning and good luck investing!
After struggling to build wealth early in my career while following traditional financial advice, I set out on a path to learn about investing. A decade later, I’m financially secure and working towards full financial independence through real estate and the stock market. I founded Building Arks to help busy professionals like you ignore mainstream advice and build real wealth.
Join me and build your financial ark today!
Additional articles on investing and building wealth you may find useful:
themakingofamillionaire.com
themakingofamillionaire.com
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions.