Money is not something new for us. We all know what it does, buys you what you want. From the time money came to be used as a medium of exchange, human have dreaded it as much as they have venerated it. We all are taught in school that we have to study hard to earn money, so that we can enjoy a lavish life. But with this, is instilled in us a sense of caution against the money. It is told that greed for money can destroy a person’s life and hence you must not focus on money as much but rather on excelling at life.
This bigoted thinking towards money, however, reveals the loop in our thought process. We, on one hand admit money’s usefulness and necessity but on the other hand, distance ourselves from the idea of excess money. People who aim and try to make huge amounts are often termed greedy and are treated with despise, assuming that they have low moral and ethical values.
Has your teacher or your dad ever told you that as people get richer so does their problems and that rich people are often unsatisfied and stressed. They always try to make much more and end up enjoying not even what they have and so you should not run behind money but be satisfied with what you have.
But that’s ofcourse not true. Well, we are always presented with dogmas that are mostly fallacious. From ages, the average and less successful people have tried to justify their failures at earning money and making it big by safely labeling the very act of aspiring fro money and success as some sought of crime. If you too believe that money should not be your topmost priority in life and that it increases the stress and problems of a person instead of solving them, then you really need thought process makeover.
7 Best Books on Money Making
Well, what better than a book to learn something. But the books I will be recommending are not the ones you might be used to. These are no scholastic or academic books neither are they some sought of fictions. These are practical books on the science of money making. These will help you to gain a new and a much broader perspective about money.
Ofcourse, they might make you uncomfortable, after all they are going to strongly challenge your perception of money against what the successful and the rich take money to be. But one think you can be sure of is that, you will be learning something which not many people learn and that might help you to be much more wealthier than what you are now.
Rich Dad Poor Dad is non-arguably the bible of all self help and money making Books. It is a good book to start with, to clear your old and fallacious thoughts about money and how it works.
A simple yet insightful story has been narrated by Robert Kiyosaki in his book ‘Rich Dad Poor Dad’ where he compares the character trait of his poor father and his rich father. He has very beautifully differentiated the rich and the poor way of thinking about money. The book talks about how you are made to believe cars and houses as your assets while all they do is to add burden on the liability side of your balance sheet.
I strongly recommend this book to start with because of its simplicity and engaging story. So you actually won’t get bored learning how money works.
The book talks about how different factors other than individual efforts play a role in one’s life. Morgan stresses on observing pattern in the way people become rich and differentiates what is like to become rich and stay rich.
Well, the book is much more than a handbook on money making. Morgan has talked how social comparison makes you unhappy and how the impatience brings ruins in investing. He suggests that a good investor keeps aside his ego and look for opportunities. You have to learn to manage market volatility and play accordingly.
The life lessons given in the books are really practical and if adopted can transform ones life completely. So do consider making this book a part of your Library.
Debt management plays a major role in the state of your personal finances. Need a little help in that area? Take a look at Dave Ramsey’s “The Total Money Makeover.” This New York Times bestseller explains, without mincing words, how to get out of debt and improve your financial picture by avoiding common pitfalls like rent-to-own, cash advances, or using credit. It also offers solid advice on starting an emergency fund, saving for college and retirement, and how to succeed at Ramsey’s famed “Snowball Method” for debt payoff.
Well, its a much more serious book than any other discussed in the list. It uses concrete terms to explain the cycle of debt trap and how the entire debt mechanism work.
Controlling and managing your debt should be one of the most important checkpoint on your list and if it is then do read this book.
‘The Richest Man in Babylon’ is a fictional story weaved with a strong message. George Clason has tried to personify the idea of saving and investing in a vivid tale of a man, who though started quite humble, gradually became the richest man in the city of Babylon.
The story revolves around the watchwords ‘Pay Yourself First’ and ‘ A part of what you earn is yourself to keep’ These two phrases might appear quite ordinary at first but if you dive deep into their meaning you will learn a lesson for a lifetime.
George discusses how you should reward yourself by saving and investing. Not only your money should earn for you but also their kids and their kids and on and on the cycle must go.
Written in 1937 after a 25-year research on some of the most economically successful individuals, “Think And Grow Rich” is one of the universally recognized personal development masterpieces (more than one hundred million copies sold worldwide, according to recent estimates).
The book‘s philosophy centers around the idea that success, in any endeavor, can be reached through mental visualization and imagination.
To put it in simple terms, you can become anything that your mind deems possible; as a result, your mind becomes the one thing that can either stop you or propel you toward becoming the best version of yourself.
Well, if you are an early retirement fan, then this book is for you. Vicki Robin’s “Your Money or Your Life” lays out an easy-to-follow, nine-step plan to help readers change their relationship with money. Whether it’s how to get out of debt, get started investing, how to build wealth, or even save money by practicing Robin’s signature mindfulness technique, this read has you covered.
Vicki explains that how life is not about working 40 hours weekly just to earn more so that you can have more materialistic possessions. Instead, he lays out a plan for the reader to learn to live on less and retire early so that you can fulfill your dreams of vacationing and world tour.
This concept of ‘live on less and retire early’ may sound insignificant but trust me, if you start reading this book, all these small things will look to you meaningful and you would yourself observe a change in the way you react to money.
No list in this world can ever be completed without mentioning ‘The Intelligent Investor’ by Benjamin Graham. This book is a best-seller when it comes to learning how to invest. The author of this book – Benjamin Graham is popularly known as the ‘Father of Value Investing’. His books are regarded as one of the best books by all top investors, businessmen and critics.
The Intelligent Investor contains real life experiences of successful investors. It has anecdotes of how investors created wealth for themselves. It starts from researching and analyzing the financial performance of the organizations. They discuss in detail about which stocks to pick based on specific factors, how much quantity to buy, when to buy it, how long to hold it and waiting for the right time to sell it. They share specific strategies based on various possible scenarios.
The author also discusses proven techniques on how investors can make money and also avoid loss. We might not be fortunate enough to meet those accomplished investors and learn personally. But, we can certainly read this book and learn their best strategies to apply for ourselves. We can learn from their tried and tested methods. It is a lot more useful book than I can explain here. It is indeed a dream book for budding and professional investors.
Money is an integral part of our lives but unfortunately we aren’t taught how to handle it or how to grow our money at schools. The only thing taught at schools is that you have to work hard to earn money and keep working hard if you want to continue to earn it. Job security is given utmost importance rather than risk management. Well, the only way to learn these skills is to fall back on books. But not mere theoretical books instead books that are filled with personal experiences, with tried and tested ways of earning, managing and growing money. You must give these books a try, they really are worth it.
If you found this post helpful, do comment down and also tell us which one is your favorite or which one will you give a try?