DISCLAIMER: Links in this post may contain affiliate links. Please read our disclosure policy here.
We all want to live before we die, right? That means that at some point, we have to stop trading away our time for dollars. Money is important but we need to stop working for a salary or a wage and figure out how to make money work for us!
First thing is, you need to be honest with yourself. Answer the following questions with all honesty and see where you are. Just a simple Yes or No.
1. Do you operate your household with a budget?
2. Do you know how much debt do you currently have? (Total debt)
3. Do you routinely pay your bills on time?
4. Do you have savings for an emergency? (At least $1,000)
5. Do you have a plan for tackling your debt?
6. Do you regularly charge your credit cards because you spend more than your paycheck?
7. Do you hide bills from your family?
8. Have you been turned down for credit/loans?
9. Do you prefer to buy fun things today than buying assets for the future?
10. Do you think the government and social security should provide enough to cover your expenses in retirement?
See how you did…
If you answered ‘Yes’ to questions 1-5, that’s great! You are already taking control of your cash flow…
If you answered ‘No’ to questions 6-10, that’s also great! … You have the right mindset and probably just need a little push…
If your answers are mixed, you have some work to do…
If your answers are completely inverted, You are headed toward financial disaster. You need to re-evaluate your life big time.
At first, it is difficult to change your bad habits. You bet it is. But your life can dramatically change for the better and it all depends on you. See how you spend your time and that will give you an idea where your life is headed.
I come to figure out in my 30’s, that I do like to read. As a young person, I thought I didn’t like to read. Actually, figured out that when it comes to making my money grow faster and faster, I can’t stop reading once I start.
Everyone is money-oriented. Some to spend, some to accumulate. The difference is financial knowledge and literacy. The ones that read about money and apply it in real life, get ahead of the game. The ones that not, live through struggle their whole life.
I will make several recommendations of books that I have read and have been illuminated by new knowledge that when I started putting it all together, my life started to change for good. There is no stopping now.
Note: Although it was not the first book I read, it is highly recommended you start with Twelve Pillars for a solid foundation…. but getting back to the article…
The first book I read was:
#1. How to make money in stocks by William J O’Neil – in short, he follows and shows how to use the CAN SLIM formula (yes, it’s an acronym), uses both a few fundamentals and a little bit of technical analysis. He doesn’t use a get rich quick scheme. Slow and steady wins the race.
#2. How to make money in stocks complete investing system: your ultimate guide to winning in good times and bad. Also by O’Neil.
#3. The intelligent investor by Benjamin Graham – he teaches you to keep emotions under control and invest like an intelligent individual. No high IQ needed, or inside information or luck. You can’t ignore that some of his disciples have shown the possibilities when you put it all together. Like who you said? Nothing more than Warren Buffett who says this is the best book in investing ever written by far. Mr. Buffett is currently the 3rd richest person in the world with over $80 billion dollars.
#4. The millionaire next door – opened my eyes to the possibility that anyone with any type of income sources can get to where they want if they so desire. No high income is needed because everything comes down to your spending and savings habits. Shows you a simple formula to measure your wealth! Now, you will instantly know if you are ahead of the game or not. Are you a PAW, AAW or UAW?
#5. Rich Dad Poor Dad by Robert Kiyosaki – has expanded my knowledge to immense proportions. In summary, Robert’s real dad (poor dad) and his best friends dad (rich dad), shaped his life with the way they see money and investing. You don’t need big degrees or high incomes to be rich. You just need financial literacy about money and how the rich make money work for them and not the other way around.
I’m telling you, if you start with this 5 books, you will be way ahead of 80% of individuals I know because no one wants to read. If you feel like one of those too, let me show you a trick; read 10 pages every night before you jump into bed. For example, the millionaire next door is 270 pgs, at 10 pgs per night you will finish it in 27 days. Just under a month, you will have new knowledge that if applied, you can start your own road to wealth.
Knowledge is power, only if put into action. You can know it all, but if you don’t start, it just goes to waste. Don’t be one of those 10 years from now saying, only if would have started earlier.
I’m glad I didn’t wait that long but still would have loved to have all this knowledge when in college. My life would have been even better than what it is right now, which is not bad at all. I mean, I just doubled my wealth in 2 years and 8 months.
Don’t be left behind. Jump on the bandwagon and give me company on this journey in the road to wealth.
#BONUS#: We spoke about habits earlier. If you want to pick up good habits, you might want to check “The 7 habits of highly effective people“.
To our wealth! Leave your comment below.
Remember, it’s all about the road to wealth. If you liked it, pay it forward. Don’t forget to share it on social media and help others become successful as well. There is plenty of room for all of us. In the end, your success will only depend on you and not what others do.
If you have any questions, you can reach me at firstname.lastname@example.org