Advertising
Advertising

10 Brilliant Business Books You Can Read To Find Your Shortcut To Success

10 Brilliant Business Books You Can Read To Find Your Shortcut To Success

It’s a known fact that successful people read. Time and time again, successful entrepreneurs and business leaders cite frequent reading as one of their most important habits. If you’re looking for success in business and in life, these 10 brilliant business books can help you find your shortcut to success.

1. The 7 Habits of Highly Effective People by Stephen R. Covey

7 Habits of Highly Effective People

    Get inspired and empowered with Covey’s classic book on achieving your goals. Each chapter explores a different habit aimed at helping you be the best, most effective person you can be for success in business and life. Read this if you’re ready to make powerful changes in your life to move you toward success.

    2. Zero to One by Peter Thiel

    Advertising

    Zero to One

      Billionaire investor and entrepreneur Thiel offers deep and thought provoking insights on entrepreneurship and building value in the world in this modern classic. Read this to learn how great businesses are built and managed in today’s world.

      3. The 4-Hour Workweek by Tim Ferriss

      4 Hour Work Week

        With over a million copies sold worldwide, you’ve probably heard of ‘The 4-Hour Workweek’ before. In this powerful book Ferriss teaches you how to escape the 9-5, live anywhere, and join the new rich. This highly practical and informative read will have you looking at the world and the opportunities available to you in a whole new way. Read this if you’re ready to learn a new way of seeing the opportunities all around you.

        4. ‘Think and Grow Rich’ by Napoleon Hill

        Advertising

        Think and Grow Rich

          Hill’s best seller has been one of the top-selling books of all time since it was first published in 1937. Read this if you’re ready to learn the secrets to success and wealth creation. Full of practical steps you can introduce in your life today. You won’t want to put this down till you’re done reading.

          5. ‘Who Moved My Cheese?’ by Spencer Johnson

          Who Moved My Cheese?

            For timeless lessons on how to let go of fear and embrace change, you can’t go past Johnson’s best selling classic ‘Who Moved My Cheese?’. Inside you’ll find powerful strategies for successfully dealing with changing times, all wrapped up in a deceptively simple story about two mice and two little humans stuck in a maze of moving cheese. Read this if you want to approach the changes in your life in a highly effective way.

            6. ‘The One Minute Manager’ by Kenneth Blanchard and Spencer Johnson

            Advertising

            The One Minute Manager

              When it comes to learning the art of effective communication as a manager, you can’t go past ‘The One Minute Manager’. It’s full of expert advice on effective communication between managers and their employees. Read this if you’re a new manager, or a veteran who’s ready to uplevel the way you approach your employees,

              7. ‘The Richest Man in Babylon’ by George S. Clason

              The Richest Man in Babylon

                The ultimate guide to personal finance as told through a seemingly simple collection of parables set in the historical city of Babylon. Read this to learn the simple yet powerful principles of financial success like who to pay first in your business and investing in yourself above all else.

                8. ‘The Power of Habit’ by Charles Duhigg

                Advertising

                The Power of Habit

                  Habits are powerful things, and nobody knows this better than Duhigg who shares the science of habit change in this remarkable book that will set you up for a lifetime of happiness and success. The big message here is that success begins with small changes in behaviour that you can start implementing right now.

                  9. ‘How to Win Friends & Influence People’ by Dale Carnegie

                  How to Win Friends and Influence People

                    In this classic best seller Carnegie takes you inside the psychology behind our daily interactions to show you how to become a leader and influencer in your field. Read this if you’re ready to step up to build purposeful and meaningful relationships to pave your way to success.

                    10. ‘Rich Habits: The Daily Success Habits of Wealthy Individuals’ by Thomas Corley

                    Rich Habits

                      Corley spent five years studying the lives of both rich and poor people to share the essential habits of both groups in this insightful book. This is a must read if you’re ready to learn the simple habits that could drastically impact your financial future.

                      Featured photo credit: Filling the frame, filling my life by Donnell King via flickr.com

                      More by this author

                      What Should I Do Today? 30 New Things To Do Today Pursuing dreams 5 Points of Resistance in Pursuing Your Dreams 10 Brilliant Business Books You Can Read To Find Your Shortcut To Success Habits of creative people 12 Things Incredibly Creative Minds Do Differently 15 Easy Ways To Stay Productive Used By 15 Designers

                      Trending in Money

                      1 The Definitive Guide to Get out of Debt Fast (and Forever) 2 25 Easy Tips on How to Save Money Fast 3 What Is a Good Credit Score (And How to Get One) 4 9 Millionaire Success Habits That Will Inspire Your Life 5 10 Reasons Why Following Your Passion Is More Important Than Money

                      Read Next

                      Advertising
                      Advertising
                      Advertising

                      Last Updated on July 10, 2020

                      The Definitive Guide to Get out of Debt Fast (and Forever)

                      The Definitive Guide to Get out of Debt Fast (and Forever)

                      Debt can feel crushing, like a weight that is always weighing you down. Looking at those numbers, it can feel as if you’ll never get out from under it. However, if you really want to learn how to get out of debt, it is possible with a great deal of focus and self-control.

                      Getting out of debt isn’t impossible. Like any big goal, all that it takes is an action plan to identify where you are and creating a plan to zero out your debt.

                      Identifying All of Your Debts

                      The first part of paying off your debt is getting a complete picture of what you owe. When you have everything written out in front of you, it makes it much easier to create an action plan. Depending on how much you owe, it might also help you realize it’s not as bad you might have originally thought.

                      Here’s how you can get started identifying your debts:

                      1. Own Your Debt

                      Before you start identifying all of your debts, take a moment to process that you have debt but want to get out of it.

                      Forgive yourself for any past mistakes, missed payments, or overspending. It might be painful to accept how much debt you have at first, but you must own it.

                      2. Make a Debt Tracker

                      It’s astonishing how few people ever created a tracker to understand their total debts. Most likely, it comes from not wanting to accept the guilt of having debt, but, if avoided, it can make it nearly impossible to get out of debt.

                      Open up a new Google or Microsoft Excel sheet and list out all of your debts. Start with the name of the creditor, interest rates, total balance, loan term length (if any), and the minimum amount due each payment. This will include student loans, credit cards, and any other type of debt owed.

                      3. Get Your Debt Number

                      Once you’ve made your debt tracker and taken the other steps, identify your total payoff number. This is crucial, as you will have a starting point and a clear goal that you are trying to achieve.

                      Prioritizing Your Debts

                      All debt is not created equal. It’s imperative to understand that there are different types of debt.

                      Advertising

                      1. Understand Bad and Good Debts

                      Bad debts are usually paying for things you want instead of always need. While there might be some emergencies that max out your credit cards, often times it’s excessive spending[1].

                      There are three main types of bad debt:

                      • Credit Card Debt: The average American household owes over $16,000 in credit card debt!
                      • Auto Loan Debt: According to CNBC , the average auto loan in the US is $30,032!
                      • Consumer Loan Debt: Consumer loan debt isn’t as common as credit card and auto loan debt, but it’s still considered bad as interest rates are usually between 10-28%.

                      Good debt is identified as investments in your future. Here are three common types of good debt:

                      • Student Loan Debt
                      • Mortgage Loan
                      • Business Loans

                      2. Decide Which Debt to Pay off First

                      Once you know each type of debt and their interest rates, you can begin to pay off debt quickly.

                      Focus on paying off bad debt first, regardless of if it is a credit card or auto loan. Start by paying off the loan with the highest interest rate first.

                      If you have several credit cards with different interest rates, you want to focus on the one with a higher APR. You will actually save more money by eliminating the card with the highest interest rate.

                      3. Don’t Pay the Minimum Amount

                      Paying the minimum amount digs you into a hole as interest rates will offset your payment. Even a small amount more than the minimum can help you pay off debt much faster.

                      Removing Obstacles to Pay off Debt Quickly

                      Creating a debt tracker and prioritizing a plan is simple, but avoiding temptation can be difficult.

                      1. Set a Reminder to Track Your Debt

                      “If you can’t measure it you can’t manage it.” -Peter Drucker

                      It’s so important to track your debt to ensure that you get it paid off quickly. Similar to working out and measuring your results, you need to track your debt constantly. Start with a weekly reminder, where you sign on and log your updated number. Did you increase, decrease, or stay the same?

                      Advertising

                      Regularly tracking your student loan balance can be incredibly motivating, as well. You will get a huge confidence boost each time you see your total debt amount decreases.

                      Set weekly and monthly goals so you can have short term wins and keep the momentum going.

                      2. Hide Your Credit Cards

                      If your biggest debt is credit cards, you need to eliminate temptation and remove them from your wallet.

                      Some people have gone to extreme measures by freezing their credit cards. Why? This would create an ice block around your card, which would require you to chip away at it slowly. This will give you time to think if it’s the best idea to buy that thing you’re about to buy.

                      3. Automate Everything

                      Willpower can be a huge downfall to paying off your debt. By automating your bills each month, you will ensure that willpower isn’t involved.

                      4. Plan Ahead

                      Getting out of debt will require some sacrifices, but with enough planning, you can make it work.

                      For example, if you know that you have a friend’s birthday or family dinner coming up, plan ahead for the costs. Whether you need to cut back on spending the week before, pick up a side job, or meet them after dinner, do what is needed.

                      5. Live Cheaply

                      The only way to get out of debt is to make some sacrifices on your spending habits. Find ways to save money each month so you can apply that amount to your outstanding debts. Here are some ways to save money each month:

                      • Live with roommates
                      • Cook dinners and prepare lunches for work instead of eating out
                      • Cut cable and choose Netflix or Amazon Prime
                      • Take public transit or bike to work

                      Finding the Lowest Interest Rates

                      The higher your interest rates, the harder (and longer) it will take you to pay off any debt.

                      If possible, you want to find ways to lower your interest rates to help get out of debt quickly. Here’s how you can get started:

                      Advertising

                      1. Maintain a High Credit Score

                      Your credit score will have a large impact on your ability to refinance your loans and receive a lower interest rate. If you have a low credit score, it’s unlikely you will be able to refinance your loans. Use these credit tips to increase and maintain an excellent score:

                      • Never miss a payment
                      • Don’t exceed 30% of your credit limit
                      • Don’t sign up for more than one card at once
                      • Limit hard inquires, like auto-loans and new credit cards
                      • Monitor frequently with free credit-tracking software

                      2. Find Balance Transfer Offers

                      Start by opening a free account on credit.com. Credit.com offers you the chance to open a free account and see what type of balance transfer offers you can receive. Some of your existing credit cards might already have 0% or lower APR balance transfer offers available.

                      Contact each of your credit card providers to ask about lowering your rate for a one-time balance transfer offer[2].

                      If you do take advantage of this option, make sure that you use a balance transfer and not a cash advance. Cash advances have a ton of high interest fees (15-25%, depending on your credit card) and will only compound your debt problem.

                      How to Get Rid of Debt Forever

                      Setting up a plan, removing temptations, and getting the lowest interest rates is the first step to get out of debt.

                      1. Keep Monitoring and Adjusting

                      Once you have a plan, don’t get comfortable. Track your debt payoff plan and make the necessary adjustments when needed.

                      Monitor your credit scores with a free site like CreditKarma. The higher your credit score climbs, the more likely you will be to secure a new, lower-interest loan.

                      2. Earn More Money

                      There are only so many ways to save money. Instead of clipping another coupon or making sacrifices for your morning coffee, find ways to earn more money!

                      Think about it…it is much easier to find ways to earn an extra $1,000 per month than find $1,000 to cut from your budget.

                      Here are some examples of ways to earn more money:

                      Advertising

                      Talk to Your Boss

                      Have a conversation with your boss about current salary and/or commission rates. If you’re not satisfied or want a change, don’t be afraid to look around at other positions. Some of them might even have a student loan debt reimbursement plan!

                      Start a Side Hustle

                      This could be coaching students on the weekends, driving for Uber, or taking paid online surveys. There are tons of ways to make money outside your 9-5. Now that you have a clear plan to pay off your debts, you’ll be more motivated than ever to figure out creative new ways to earn money.

                      Build an Online Business

                      There are so many websites and blogs that earn money from ads, affiliates, and other online products. Find your niche and get started.

                      3. Celebrate Your Wins

                      As you progress in your debt payoff journey, don’t forget to celebrate your wins. You need to always reward yourself for the hard work and discipline that is required to get out of debt.

                      While you shouldn’t celebrate so big that it increases debt, make sure to factor in little rewards to keep you motivated.

                      4. Set New Financial Goals

                      Eventually, with a plan and these steps, you can rid yourself of your debt. Once you do, make sure to celebrate your monumental achievement, but don’t stop there.

                      Now, you can focus on acquiring wealth and increasing your net worth. Set new financial goals so you have a new target to aim toward. Here’s how to set financial goals and actually meet them.

                      These could be anything now that you are debt free! Think about where you want to travel, buying your first home, or saving for your future retirement. Just like before, make sure that your goals are specific, measurable, and achievable.

                      Conclusion

                      Congrats, you can now set a plan in motion to finally pay off your debt quickly (and hopefully forever)!

                      Remember, if you want to get out of debt quickly, it’s not always easy. Just like any big goal, there will be sacrifices, challenges, and problems to overcome.

                      More Tips on Getting out of Debt

                      Featured photo credit: Pepi Stojanovski via unsplash.com

                      Reference

                      Read Next