By Joey Ortiz
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Who we turn out to be in life, depends greatly on our early life experiences. It shapes us as a person and our personalities.
That also holds true for the experiences we have with money as a young person. It could seriously shape our whole mental outlook on finances and how we go about getting it.
I’ve always been really good at saving money. But I saved in order to buy stuff that I wanted. No one, in my family, trade in the markets, or own Real Estate or have their own business.
With no entrepreneurs in the family, it is a trait that I couldn’t learn or follow. I followed the same path as everyone else around me. I grew up in a middle-class family with high morals and values, big in sports, but mediocre in financial education.
Now, in my 30’s, my eyes have been opened to a new lifestyle. The best thing is, that lifestyle is reachable. I just have to work a little bit harder than someone younger. But I’m setting myself apart from everyone else to include family, friends, and peers.
When I say a new lifestyle, I don’t mean filthy rich and do nothing. What I mean is, a life where I can work and do what I like at the same time that my money saved is also working for me, growing and making my life easier. I don’t have to wait until retirement to enjoy it. I can use mini-retirement vacations every year and enjoy life while I’m still healthy and able to do so. Waiting until my 60’s to enjoy my money doesn’t make sense to me. How do I know if I’m still going to have good health then?
With that said, I started reading away more books about money and investing in the last 2 years than ever before in my life. (For reading books faster, read until the end).
No doubt in my mind those books changed my way of thinking about money forever. They are shaping my financial self, and they are leaving me with a nice positive cash flow which helps me cover my monthly bills and then some. Which makes me envision even bigger money goals aiming to not just help myself but my immediate family as well.
I encourage everyone to read them if you haven’t done so yet. They will transform the way you think about money and will definitely help you increase your wealth.
These are the most important books I read which have helped me save and invest my first $50,000 in only 2 years. To me, this is a milestone that could have not been possible if not for the part played by the knowledge inside. Of all those books, the ones that have stood out the most to me are the ones that follow.
This book unmasked the typical “Millionaire” on the streets. The ones that have a lifestyle that is funded by debt and can barely find any money to spare. The authors realized that most of the millionaires in this country live just like the rest of us.
They are (PAW) or prodigious accumulator of wealth. The ones that have the lifestyle but not the income to support it are (UAW) under accumulator of wealth. Most people are (AAW) average accumulator of wealth.
You will also find in this book a simple net worth/wealth formula that will reveal to you where you stand by your age, not your peers or neighbors.
It was the first book to open my eyes to frugality, but not living like a poor person, just not wasting money in excess.
Warren Buffet (The Oracle from Omaha) is hands down the best investor in history. The wealth that he has amassed is in the billions. He calls this book, “By far the best book on investing ever written”. Coming from the best investor in history, I take that as the highest praise anyone can get.
If you ever wonder how to analyze stocks, this is your book. Benjamin Graham explains his strategy and the discipline it takes to become a smart investor.
If you have not seen or heard about this book and Robert Kiyosaki, you are living under a rock. It is the best-selling personal finance book of all time! Read the last sentence again. No, seriously.
He made up his two dad’s, but the powerful lessons and inspiration in this book will make you start thinking like an investor and not a consumer.
A few things I learned:
– Not all debt is bad. You can get very wealthy if you understand debt and how to use it.
– First, buy assets that produce cash flow. Then, use that cash flow to fulfill your dreams and/or lifestyle.
– If you don’t invest in assets first, you will never get out of the rat race (slave away your life working until you die)
– Become your own boss. They believe if you are going to do it, go big or go home. But no need to jump with both feet. Personally, I’m starting small as a side job and building to the point where I won’t need my primary job anymore.
If you want to start your own business or invest in rental properties, this is the book to read.
Ken McElroy who is part of the Rich Dad brand (Robert Kiyosaki) wrote this book. As a mini summary, what you need to focus on is finding the right deal where you can make money off of it.
He goes over Real Estate Myths: Need a personal fortune, need to start small, or you have to be a Real Estate genius before you can get started.
If you work hard to study the markets and properties, evaluate the real income and expenses properly and improve operations, R.E. investing lets you sleep well at night all while building your massive wealth.
Tom Wheelwright is a CPA who is also part of the Rich Dad brand, wrote this book about tax planning concepts.
He explains how to use your countries’ tax laws to your benefit. How tax laws work. And how they are designed to reduce your taxes, not to increase your taxes.
Once you understand the basic principles of tax reduction, you can begin reducing your taxes and in the future how to eliminate your taxes completely just like President Donald J Trump and Rich Dad’s own Robert Kiyosaki. You will no longer be afraid of taxes again.
Timothy Ferris wrote this amazing book which gives you examples on how to properly be more effective and efficient at work and in life. He’ll explain the difference between the two.
How to build systems that can be automated. The cash flow will keep flowing in, and you will work less and less as you start removing yourself as a bottleneck of information.
Little tips and tricks on how to technically become an expert in whatever you choose to work on in very little time.
Learn to delegate tasks and get more done on a daily basis. It doesn’t matter if you are a business owner, any type of entrepreneur, CEO, floor manager, store manager, or whatever, as long as you have individuals that work under you, you should get this book.
Your productiveness will go through the roof. And your wealth too.
This is another of Robert Kiyosaki’s books. This one, in simple words, is about taxes.
Yawn! Right? Well, no, hang tight, you will definitely want to read it. You will learn the difference between the four types of individuals there are in the world and why some pay a lot of taxes while others pay the minimum or none at all.
The tax benefits you can get if you do things that the government wants you to do like research, create jobs, places for living, and many other things, you will probably want to give it a try and stop giving the government half your money back in taxes as an employee.
Tony Robbins shares tips from different financial gurus like Warren Buffet (The Oracle of Omaha), Alan Greenspan (Federal Reserve USA 1987-2006) and David F. Swensen (Investor, Fund Manager).
He explains the rules of the game, key players and their agenda, and how the average person (you and me) can ride the financial storm to build your financial freedom.
Being “Unshakeable” means that no matter what happens to the economy, you will have more than enough for yourself, your loved ones and your contributions. In other words, financially secure.
If you don’t want to be misinformed, ignorant and/or in fear of the financial markets, you must know the rules. Get this book.
Well, there are plenty of more books but we will be here all month long. I will write about them later. But this is where I started and I can’t tell you in this article how my life changed after this. I’m fully invested in the stock market and currently taking Real Estate classes. I already set my goal to acquire my first Real Estate Investment within the next 15 months. Building my investing team and learning the game for now, but when the time comes, watch out!
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Begin your Road to Wealth!
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