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10 Books To Change Your Mindset About Money Forever

10 Books To Change Your Mindset About Money Forever

Reading books on finance could help you get rich and structure your financial life appropriately. Here are some books that will be ideal for helping you invest and manage your money.

1. Your Money or Your Life by Vicky Robin and Joe Dominguez

“If you live for having it all, what you have is never enough.”

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    Many people do not set priorities on how they run their expenses. However Your money or Your Life puts the concept of time is money on a literal sense where you have to set priorities, seek passive income and pursue financial independence.

    2. I Will Teach You to be Rich by Ramit Sethi

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      “There is a limit to how much you can cut but there is no limit to how much you can earn.”

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      This book tutors people who are under 30 and making a decent living how to become masters of their money with the least amount of effort. Spending recklessly seems to be common among youths but following Sethi’s serious six-week personal finance program can put you in the right direction.

      3. The Random Walk Guide to Investing by Burton Malkiel

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        “Trust in time, rather than timing.”

        This book is not complex or filled with investing jargon. If you are a beginner and need sound financial principles on how to invest your money, this book is great for you.

        4. Financially Fearless: The LearnVest Program For Taking Control Of Your Money by Alexa Von Tobel

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          “Clearly, having money doesn’t mean you’re immune to money stress. Not for nothing did Notorious B.I.G. coin “Mo Money Mo Problems.”

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          This book is great for young people. Alexa Von Tobel, founder and CEO of Learnvest shares her experience on how she helps her clients make more meticulous planning with their finances. If you are the analytic type, “Financially Fearless” has worksheets in the book, and LearnVest’s online offerings and app.

          5. The Automatic Millionaire by David Bach

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            “Please trust me on this. Nothing will help you achieve wealth until you decide to Pay Yourself First. Nothing.”

            The system David Bach’s recommends in this book offers you an automated approach to managing your personal finances. He provides a strategic solution that makes handling your finances less cumbersome.

            6. The Paradox of Choice by Barry Schwartz

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              “Focus on what makes you happy, and do what gives meaning to your life”

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              What makes us less happy is that we are presented with so many choices. According to Barry Shwartz we are better of making a decision when we have two choices for a product rather than twenty.

              7. Why Smart People Make Big Money Mistakes (and How to Correct Them) by Gary Belsky and Thomas Gilovich

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                “Would I buy this today, at this price?” If not, you may not want to own it any longer.”

                The use of anecdotes in this book looks at the mental mistakes that cause people to spend more than they are supposed to. Reading this book will help you understand the psychological obstacles on wealth and how you can avoid them.

                8. Work Less, Live More: The Way to Semi-Retirement by Bob Clyatt

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                  Bob Clyatt in this book helps you uncover how you can retire from your job before the traditional retirement age of 65. He suggests techniques such as living on less, putting your investment on autopilot, and more.

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                  9. How to Get Out of Debt, Stay Out of Debt, and Live Prosperously by Jerrold Mundis

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                    “Do what you can, with what you have.”

                    The book centers on the principles of Debtors Anonymous. Real stories from real people are contained in this book on how you can win against the horror of being in compulsive debt.

                    10. You’re So Money: Live Rich, Even When You’re Not by Farnoosh Torabi

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                      “Splurge when it makes sense.”

                      Farnoosh explains how you can spend money without going into debt or draining the bank. She suggests how you can make extra income or find ways to balance your account even you have spent more money than you should have done.

                      Featured photo credit: www.giveagradago.com via projectrenaissance.com

                      More by this author

                      Casey Imafidon

                      Specialized in motivation and personal growth, providing advice to make readers fulfilled and spurred on to achieve all that they desire in life.

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                      1 9 Millionaire Success Habits That Will Inspire Your Life 2 How to Set Financial Goals and Actually Meet Them 3 How to Develop a Millionaire Mindset in 6 Simple Steps 4 How to Eat Healthy on a Budget (The Definitive Guide) 5 Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2020

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                      Last Updated on April 28, 2020

                      9 Millionaire Success Habits That Will Inspire Your Life

                      9 Millionaire Success Habits That Will Inspire Your Life

                      As technology evolves and information becomes more accessible, it has also become more challenging to define success. A lot of people are trapped in the rat race while trying to discover the actual formula for success.

                      You could become overwhelmed with what tools, techniques or philosophies to imbibe while trying to get tips over the internet. At every click and turn, there are ‘how-tos and quick-fix’ on how to become successful overnight. You will find several courses, articles, videos and books on how to achieve financial success.

                      But what if I tell you it doesn’t have to be complicated as people made it out to be? What if you could achieve success by merely following these 9 millionaire success habits?

                      1. Read for Personal Development

                      A daily habit I have discovered millionaires share in common is reading. For instance, if you are an entrepreneur, you need to read to become an efficient leader and a productive business owner. Reading helps you to grow and learn without going to a business school.

                      A research conducted by Thomas Crowley indicates about 85% of self-made millionaires read at least two or more books each month. [1] Warren Buffett is one of these examples. He spends 80% of his day reading. In the early days of his investment career, he would read 600 to 1000 pages in a single day.

                      While millionaires sometimes read for pleasure, they also learn to improve themselves. They read topics on leadership, how-tos, self-help, biographies, lifehacks and also follow current events.

                      Here’re some recommendations for you: 25 Best Self Improvement Books to Read No Matter How Old You Are

                      2. Establish Multiple Sources of Income

                      Another success habit I noticed about successful people is that they don’t depend on a single income source. Every millionaire possesses multiple sources of income. This helps them to manage economic challenges and also make more money.

                      They are passive income addicts. They earn interests from loans, rental income from real estate, royalties from intellectual properties, dividends from investments. They also launch a side business or run a website or sell information products.

                      How income is made either passively or actively is what separates the successful from the wannabes. They are always learning ways to build multiple streams of income.

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                      3. Live on a Stipulated Monthly Budget

                      An average millionaire does not believe in luck and jackpot. They take the time to understand cash flow-income and expenses. Based on this, they establish a monthly budget and religiously stick to it.

                      The essence of the budget is to minimize unnecessary expenses. This will help you gain complete control of your financial life. Budgeting helps you to avoid overspending to achieve your financial goals. Here’re some tips to help you stuck to your budget: 32 Hacks for Sticking to Your Budget

                      4. Manage and Maximize Money

                      The most significant education for a millionaire is financial intelligence. Nobody attains financial freedom without gaining financial intelligence. This is the more reason millionaire, regardless of their income, keep their knowledge about tax strategies updated.

                      They always seek to reduce their tax bills. One approach they employ is by living or incorporating their business in states with no income tax.

                      Do you know that about 60 companies paid $0 legally in the 2018 tax year? Some of these companies that ‘avoided'(note: not evaded) federal income tax include Chevron, Amazon, Halliburton, General Motors, Delta. Their US income was totaled at $79 billion with an effective tax rate of -5%.

                      What’s the deal? They got a tax refund.

                      How do they accomplish these?

                      An ITEP report indicated that they have the culture of throwing huge sums at tax experts who assist them in discovering creative, as well as convoluted means of paying little tax as much as possible.[2]

                      5. Avoid Debt

                      Another habit that separates the millionaires from the rest of the world is how they manage debt.

                      They don’t live an extravagant lifestyle; instead, they only buy what they need and can pay for. They do not book hotels and flights by using their credit cards to pay for them.

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                      They are conscious of the interest rates even when they use credits cards or take loans. If possible, they try to pay with cash because of its zero percent interest rate.

                      6. Set Daily Goals

                      It does not matter if they are setting up a business, a career, or financial projections; they have the success habit of setting short term goals. They plan daily and weekly goals to generate momentum in achieving their long-term goals.

                      Ensure you prioritize when setting daily goals. This will help you to achieve the most important to-dos on your list.

                      Setting priorities will help you to focus on highly rewarding activities. If you desire financial freedom, it is wise to pursue activities that earn you thousands of dollars rather than hundreds of dollars.

                      7. Don’t Act Rich

                      The goal is not to act rich but to be productive. Interestingly, Thomas Stanley buttressed in his book that for the most prestige brands of cars, about 86% percent are toys of the non-millionaires. While most believe that people with huge fortunes tend to drive exotic cars, in reality the largest consumers of pricey cars are aspiring millionaires.[3]

                      According to findings by Experian Automotive Researchers, 61% of individuals who earn $250,000 or more rarely buy luxury brands. Instead, they buy Hondas, Toyotas, and Fords like the rest of the world. The reason is they are not ready to spend money on premium cars that tend to drop in value in a couple of years as it would cost money. Millionaires invest in assets that appreciate.[4]

                      8. Own or Buy Businesses

                      In Robert Kiyosaki’s cashflow quadrant, he divided how you earn income into four quadrants. The E and the S quadrants take the left position while the B and the I are on the right side. According to Robert, it is possible to be on all quadrants, but the millionaires are not.[5]

                      • E stands for employee – they work for others
                      • S stands for self-employed – they work for themselves
                      • B stands for a Business owner- employees work for them (500 or more employees)
                      • I stand for Investors – Money work for them like Warren Buffet.

                      Your goal is to move from the left quadrant to the right quadrants where you own big businesses or make money work for you.

                      It is possible to become financially successful by pursuing what you love. For instance, if you love writing, aspire to be the best seller. Wealth and passion work together.

                      Check out How to Start a Small Business with Little to No Money for tips.

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                      9. Avoid Get-Rich-Quick Scheme

                      A millionaire holds patience as an essential virtue. It takes patience to become successful, not only in finance but in every aspect of life. While it is possible to become financially successful at an early age, most millionaires hit it at age 50. They live a moderate life, invest in their future and retire rich.

                      Bonus: How to Develop the Millionaire Success Habits?

                      Having learned these habits, the next question is,

                      How can I develop the Millionaire Success habits?

                      Here are six values you will need to develop:

                      Establish Your Life Vision

                      You need to be clear about what you want in life to set yourself for a life of success. Your vision has to go beyond becoming a millionaire to understanding why you want to become one. Any great entrepreneur you will ever find has a clear vision and an established mission.

                      Understanding why you are doing what you do will drive you to become the kind of successful person you want to be.

                      Make Your Passion a Profession

                      When your passion becomes your profession, work becomes pleasurable. Loving what you do enables money to flow to you and through you.

                      So what’s going to be? Wake up every morning by speaking positive words into your work, love what you do, and focus on the work that brings you joy.

                      Take a look at this article and learn how to make it happen: 5 Steps To Turn Your Passion Into A Career

                      Focus on Solution

                      Focusing on the solution means establishing the problem that you or your business address. This will help you focus on the solutions when others are faced with challenges.

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                      A millionaire has a mindset that is fixed on the solution. He or she knows there’s a way out, and that every problem is an opportunity in disguise.

                      Improve your problem solving skills with these tips: 6 Effective Ways to Enhance Your Problem Solving Skills

                      Develop Your Leadership Skills

                      Leadership skills are an asset that is indispensable if you want to develop a millionaire success habit. The more you hone your leadership skills, the more you will attract leaders who share your values.

                      Be Growth-Focused

                      Millionaire entrepreneurs prioritize self-improvement. Here’s how to achieve it:

                      • Get a coach. Coaching will impact your life, and you will achieve peak performance in life and business when you have a life coach.
                      • Be coachable. It is not enough to have a coach; you must be coachable. Sometimes, you need feedback and counsel to reposition your life and business. A coach has the wisdom and experience to counsel you from a higher perspective. The more you receive feedback and work on yourself, the more you become better at what you do and who you are.

                      Flip Your Thought Pattern From Acting To Being

                      It is not enough to have a millionaire success habit, you must also become a person of positive influence. This is how you can become significant. Bill Gates is not only rich; he is changing lives in Africa and different parts of the world.

                      If you want to become successful, you must first be and think like a successful person. This is how resources you need can flow into your life.

                      Here’s a final thought from me:

                      It is not enough to do something to have something; success is about being someone who possesses what is needed to take positive and inspired actions.

                      More Success Habits

                      Featured photo credit: Austin Distel via unsplash.com

                      Reference

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