ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

A List of Books That Will Make You Rich

Updated on June 11, 2020

Rich Dad Poor Dad by Robert T. Kiyosaki

I read this book about 20 years ago and its timeless concepts have helped me to make and/or save many thousands of dollars. The ideas from this book that have helped me the most are:

  1. Do not be afraid to pay premium prices for expert services, such as accountants, lawyers, brokers, consultants, etc.
  2. Think outside of the box. Success is not achieved in a linear fashion.
  3. Recognize what assets and liabilities are. The house you live in, your rare collectibles, your car, and your jewelry are not assets! Basically, if something takes money out of your pocket, it is a liability. The poor spend their money exclusively on liabilities. The rich (who want to remain rich) buy liabilities only with the money that is generated from their assets.
  4. Become a generalist, not a specialist. Specialists know more and more of less and less and can narrow themselves into a dead-end job. Generalists are good at employing specialists!
  5. Strive for entrepreneurship. If you try to just have a job, you will probably be Just Over Broke (job) forever.

“Workers work hard enough to not be fired, and owners pay just enough so that workers won't quit.”

- Robert T. Kiyosaki

Think and Grow Rich by Napoleon Hill

This classic book from the 1930's is all about being positive and having unwavering determination. It is full of ideas that have helped me immensely throughout the years:

  1. Seek to form a Mastermind Group.
  2. Develop a burning desire to be successful.
  3. Surround yourself with people with specialized knowledge.
  4. Harness your sexual energy to productive endeavors.
  5. Move forward with 100% conviction. Leave no easy way out for yourself.

“If you do not conquer self, you will be conquered by self.”

-Napoleon Hill

The Richest Man in Babylon by George S. Clason

This book presents common sense concepts with a very compelling story. This fictitious story is so intriguing that I think it could be turned into an epic movie. It will entertain and impress upon you the necessity to:

  1. Save a portion of every dollar that you make (10% to be exact).
  2. Invest the money that you make very wisely. Beware of scams, because many tricksters are eagerly waiting to get their hands on your hard-earned money.
  3. There are no shortcuts to success.
  4. Own your own home. Do not rent.
  5. Be ready. By having discipline and becoming financially educated, special opportunites will present themselves to you.

“I found the road to wealth when I decided that a part of all I earned was mine to keep. And so will you.”

- Arkad

The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich by David Bach

David Bach is extremely action oriented. This book will make you angry when you realize how much money you have been wasting on a daily basis. In fact, this book made me so angry that I read it completely in one night and started taking action immediately on the following day. It will compell you to:

  1. Automate the payment of your bills. This will reduce your stress and allow you to focus on more important things.
  2. Automate your thiving, otherwise you won't do it! I started sponsoring two kids in Africa because of this book. Now, 15 years later it is still automated and going...
  3. Automate your savings and investments, otherwise you won't do it!
  4. Own your own home instead of renting.
  5. Refinance your 30 year mortgage to 15 years. I refinanced my home after reading this book, and now it is almost paid off. This was one of the best decisions of my life.

“If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter.”

- David Bach

Who Moved My Cheese?: An Amazing Way to Deal with Change in Your Work and in Your Life by Spencer Johnson M.D.

This is a tiny book with a silly story about mice that have to navigate their way through a maze. Each of the mice have different personalities that represent the inner fears that you may have when faced with life's challenges. This book will teach you some powerful and lasting concepts, such as:

  1. Change is constant and is a part of life, accept it.
  2. Change can trigger similar emotions as grief when someone dies. These emotions are: denial, anger, bargaining, depression, and acceptance.
  3. Acceptance must be arrived at as soon as possible when change disrupts your the good things in your life (cheese).


“The quicker you let go of old cheese, the sooner you find new cheese.”

- Spencer Johnson

The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel by Benjamin Graham

This book is not necessarily an easy read with over 600 pages. But, the revised edition has commentaries that help to update some of its old examples to today's world. This book contains many timeless investment advices from Warren Buffett's mentor himself: Benjamin Graham. Some of the important ideas that you will learn are:

  1. Buy stocks from sound businesses using a discounted future dividends model to arrive at a rough "intrinsic" value. Buy only when there is a significant "margin of safety." In other words, when the market price appears so under the value that it is difficult to lose in the long run. In the short-term, price and value can differ greatly, but if you give it enough time (of at least a few years), price should "always" catch up with value.
  2. Graham's intrinsic value approximation is probably not as good as the conventional DCF theory, but it is worth considering. It can be calculated with the formula:
    V = EPS x (8.5 + 2g) x 4.4/Y
    Obviously this cannot be used in isolation, since debt, overall market prospects, product obsoletion, trends, quality of management, and many other qualitative and quantitative factors must be weighed. But it is a starting point, I suppose.
  3. Ignore the news. Use Mr. Market's craziness to your advantage. Have the courage to buy when everyone is selling and sell when everyone is buying.
  4. Index funds are a really good idea for the non-enterprising investor. Even better if you dollar cost average into it.


"Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep."

- Benjamin Graham

Market Wizards: Interviews with Top Traders by Jack D. Schwager

This fantastic book contains wisdom and exciting stories from the world's most successful traders and investors. I have read this book at least 10 times in the last 15 years and it remains one of my favorite books of all time. Some of my takeaways from this book are that:

  1. Risk management is way more important than a trading strategy.
  2. There are an almost infinite number of trading and investment approaches, but you have to find an approach that fits your personality, time frame, and capital.
  3. All successful traders and investors are extremely disciplined and have a robust system, or at least a very specific set of rules.
  4. All successful traders have thoroughly studied and backtested their strategies so they have a lot of conviction to keep executing trades during the inevitable draw-down periods.
  5. When a position goes against you, simply cutting it in half will get you out of a lot of trouble.


The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.”

- Ed Seykota

Quick Poll

Have you read some of these books? Which book do you think is the best?

See results

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2020 absentartistry

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://corp.maven.io/privacy-policy

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
    ClickscoThis is a data management platform studying reader behavior (Privacy Policy)