After I Read 40 Books on Money - Here's What Will Make You Rich
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- Опубликовано: 10 июн 2024
- These books changed my life and have let me leave my job travel and enjoy lean financial freedom.
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00:00 intro
00:13 Set For Life
00:56 The 4 Hour Work Week
01:49 The Compound Effect
02:54 The Cashflow Quadrant
03:49 Simple Path To Wealth
04:36 Investing In Real Estate
05:16 Your Money Or Your Life
05:54 Rich Dad Poor Dad
06:23 The Psychology Of Money
07:12 Early Retirement Extreme
08:09 The Millionaire Fastlane
08:45 Turning Pro
09:39 The Millionaire Next Door
10:11 The Minimalist Entrepreneur
10:44 I Will Teach You To Be Rich
11:37 The 7 Habits
Thanks to Toby for the inspiration on this one • After I Read 40 Books ...
My dividend journey began when I realized that two particular expenses in my budget were always going to go up and never go down. The two expenses were taxes and insurance. I realized that the dramatic rise in both will need some added income. So, I started buying shares paying dividends. I can now see that this will be the path I need to take to make sure those two expenses will not overtake my future income.
As a beginner, educate yourself, Learn the basics of investing and the stock market. There are many resources available online, including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.
Just research the name Angela Lynn Schilling. You’d find necessary details to work with a correspondence to set up an appointment.
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
My husband and I read the Millionaire Next Door 30 years ago, and the guidance changed our life. We lived within our means, didn’t go into debt, lived in regular houses with regular cars, maxed out our workplace 401k accounts. We are financially independent with no money worries. Daily habits over a lifetime compound with the same interest as does money invested!
That’s awesome! A lot of wealth it’s just been consistent
My grandma's name is Susan 😃 and that's actually exactly how she and my grandpa lived so we kinda reaping the rewards now (but not taking advantage 🙏🏾)
So index fund is real?
Wow that’s awesome. Were you both very disciplined or was this something you got stronger in over time?
@@333Hedgehogs That's a very 'subjective' question and will draw different responses from different people. What is 'living' to you, may be a 'luxury' for some. It's relative. When you look at life (both at the individual and general level), life at its basic level, is extremely simple. Our societies, environment, (so-called) 'classes', etc. dictate how we live it, or influenced.
1.Set for life
2.Compounding effect
3.cashflow quadrant
4.simplepath to wealth
5.investing in real estate
6.your money or your life
Rich d p d
Psychology of money
Early retirement
Millionaire fastlane
Turning pro
Millionaire Nextdoor
The minimilist entrepreneur
I will teach you how to be rich
7 Habits of highly successful books
Thank you for your input ❤
The Psychology of Money was life changing for me, I read that book in July I believe. It made everything so easy to understand and proved that complex, gatekept concepts like investing are so simple now that we don't have to put a suit on and travel to London to meet a stockbroker. You can invest from your bed just using your phone.
One of the lines that stuck with me was "when people say 'I want a million dollars ', they actually mean 'I want to spend a million dollars '" And that being rich isn't owning lots of stuff. It's owning lots of stuff that keeps you from building wealth.
My opinion “The Psychology of Money” and “The Simple Path to Wealth” are the only two books you need starting from scratch. One covers the “nuts and bolts” and the other covers the behavior side of money better than any other book I’ve read.
Totally agree with you on this one. The Psychology of Money was also life changing for me. If understood carefully, it can really help to leverage the lessons learned in other areas of life.
Thanks Gabe. Every video you release helps keep me a bit more focused on taking control of my money and my future.
I took the extra time in my schedule to listen to you today. Thank you for the help!
EXCITING! Gonna download a bunch of these now! Thanks Gabe!
"Your money or your life" saved my life. I was $40k in debt living paycheck to paycheck with zero savings and no plan. By following the advice in it I got out of debt, bought a home and started saving and investing. I ended up retiring at 46, have everything paid off and a nice portfolio of investments. The parts about figuring out what you have made so far in life and letting go of old bad choices are critical. Minimalism was just a happy part of it that was so freeing that it was almost worth more than other parts.
I love what you shared! Thank you!
How many years did that take you to save for retirement?
@@em77775 It took almost 20 years. My spouse was in grad school so we had 2 households of bills soon after we started which added to the burden and would not have been possible if we hadn't started serious efforts. Our combined income was below $100k for most of it and I only broke $100k one year before I retired by myself.
Great video. I plan to check a few of these out. Thanks for the insight. Keep up the great work, I really enjoy your channel.
Awesome, thank you!
Rich Dad Poor Dad was the very first book I read about money. It was an eye opener. After that the Psychology of Money by Morgan Housel teaches timeless lessons based on real life stories.
Thank you so much for this video. It is one that I will watch several times and share with those that I love.
It’s easy to listen to you, it’s easy to believe everything your speaking your style & skill in your videos are enlightening, thank you brother for your videos
Glad you enjoyed them!
I’ve read some, and I agree with all except “I’ll teach you to be rich”. Thank you!
What's wrong with that one?
The compound effect and rich dad poor dad changed my life and those are the book I always recommend to people. Along with Brian Tracy's "Change Your Thinking, Change Your Life" . Thats my number 1!
I’ll add that to my list! Thanks
Great Recommendation! Brian Tracy was the first person who really had a motivational effect on me!
Great breakdown on various books. Haven't read them all but I loved The Simple Path to Wealth.
Great video. I read most of the books already but added three new books to my reading list. Thanks.
Thanks for the suggestions!
Not sure if anyone mentioned this but The Richest Man In Babylon is a great one to have in the collection.
Totally loved that one . First because it’s set in a unique era or time abit fairy tale but really shows you how the basics of finance have been the same since the beginning of time. Second because it’s simple and easy to understand and very relatable to everyday life. Third because it’s entertaining and relaxing because it’s in an era where time was slower nowadays things are so fast that your head spins 😊
Great video, thanks for sharing the best summaries!
Always love hearing your recommendations.
🙏
Same❤
Great list. Thank you!
Thank you for these summaries !!!! I want my homeschooling lessons to include lessons in smart personal finance principles.
🔥🔥
My all-time favourite money book is "Simple Path to Wealth". This is the book that started my investing journey from a newbie. Also here is what I have learnt through experience: Trust in the power of compounding, Resist the temptation to make money quick - slow and steady is the way to go, Ignore bad news (bad news catches more attention than good news) - bad news leads to selling.
It's simply life changing!
Thank you so much for this great video! ❤
I think I Will Teach you to be Rich, Millionaire Next Door, Simple Path to Wealth, Your Money or Your Life, and Total Money Makeover (though I’m not a fan of the religious aspect and don’t necessarily agree with 100% of it) should be absolutely mandatory reading or listening for literally everyone. Of course there are a lot of other real estate books I could add as well but those aren’t necessarily for everyone. If I could only pick one it would be I Will Teach You to be Rich. It has almost everything and the audiobook is also great.
Simple path to wealth is a good one.
Straightforward plan to follow. Also like Quit like a Millionaire
Love seeing personal libraries
brilliant video, thank you
The simple path to wealth was one of my favorites ❤
Why?
@@BeanCruisers I think this book was the first I’d heard of the concept of lifestyle inflation. And it was laid out so simply. The author gave an example of knowing someone who began making more money and shortly after took on more expenses and was living paycheck to paycheck. It was a simple way to drive home the point of simplistic living.
*Some of the non-tech that I think are positioned to go really up are Home Depot, Delta Airlines, Pool Corp, etc. I'II be rooting for these stocks, and have set aside almost $200k for that. Having issues now with how to allocate capital, and to know if my projections are right based on technical observations.*
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so l'll suggest that you work with a financial advisor who can help you.
Please, who is the person guiding you? I need some help for myself right now.
Thank you so much for this. I just sent her an email, and I hope she gets back to me soon.
Great stuff. Reading is good. Today I’m going to read.
nice work bro keep on spreading knowledge like this. i am 21 years old and i have read 57 books on finance including all the above books few years ago .
Kya achieve kia yay sb prh k abhi tk?😊
Great video! As always! Would you happen to be on bigger pockets money podcast? If yes can you share episode number? If not I bet it would be awesome to hear your full story in more details 🙂
I have not been on there. Still waiting for an invitation lol 😂
great video!
The 4 Hour Work Week was such a paradigm shift for me, it got me starting to challenge conventional wisdom and look where I can make a disproportionate impact relative to input.
Turning Pro by Steven Pressfield has helped me in the early days of starting a youtube channel: nobody is watching, nobody wants to consume your content, keep showing up and improving til your content is worth watching!
Great list Gabe!
Those were definitely game changers for me as well!
Another excellent video much appreciated. Adding to my personal investment list😊
Brilliant as always 💚 I live in Canada so a lot of things are a going to be different. But I will definitely check out the books
They are still great principles for sure
As a fellow Canadian, I recommend Gail Vaz-Oxlade’s no nonsense money books
Have just found your channel and love it! I like to listen to audio books and podcasts, but I feel that I don’t absorb the content, and not able to take notes the same way I do with a physical book… any tips?
Also what are your top book recommendations to improve my productivity, outlook, finances etc?
Great list 👌
Thanks!
Thank you ❤
I have Subscribed because I was just thinking that someone should do this exact thing and then you came up😊 Crazy
Read good books and talk about them...
Great vid...yes, "coffee is life!"😂😂 I totally just sub-ed! I've read the Millionaire next door, The Psychology of money, Rich Dad, Poor Dad...great books. I need to read some of the others you've suggested.
It's admirable that you are extremely frugal yet finding fulfilment in creative ways. Being frugal is a happy choice of lifestyle that brings character and personality beyond financial measures.
One more book to consider is "The total money makeover" by Dave Ramsey, with the following takeaways:
"For your own good, for the good of your family and your future, grow a backbone. When something is wrong, stand up and say it is wrong, and don't back down.
"We buy things that we don't need with money we don't have to impress people we don't like"
Great recommendations, I’ve read several of them, but will take note for the other ones. Have you read Die With Zero? It is a gives a brilliant perspective from spending balance.
Yes he has and he’s still pushing people to save it all and than nursing homes take it. Bad job.
A video on your RUclips setup would be great!!
I liked your video and highlights of the various books. Yes... “coffee is life”.😊
Are you a big coffee fan?
A cautionary word about rentals. They work really well in some environments but in lower income areas where jobs may be unstable and or subject to frequent layoffs rental units may not be a good investment. Do your research. There are always ways to get ahead in any environment.
Love the videos.
Yeah idk how you're supposed to do any of this when no company is paying a living wage
Great video!!!
Ironic, everything i was taught as a youth, is now wrong 🤣
1. Get a formal education = (you'll have college debt for life $$$$$$$)
2. get a 9-5 job = (you'll be a wage slave for the rest of your life)
3. get married= (you will end up divorced and destitute.)
4. have kids = (you will be broke, until your kids are adults. by then, you'll be to old to accumulate wealth.)
you know, makes me think i should have been a self- centered, narcissistic A-hole when i was 20, and I wouldn't have all the problems I have. 😂😂
I’ve read and love several of these books but I’m excited to read a few more that you’ve mentioned! Great summaries to help me pick which one next 😊
Awesome! Hope it helps
Great books but you did miss The Barefoot Investor by Scott Pape. This is a really good and practical finance book. It’s Australian so may be why it was missed but the concepts and suggestions are transferable.
I read millionaire fast Lane after hearing Ali Abdaal recommend it. It’s a really great book
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
That’s crazy, I’m just doing everything wrong with my portfolio.
The US-Stock Mrkt had been on it’s longest bull-run in history, so the mass hysteria and panic is relatable considering we’re not accustomed to such troubled mrkts, but there are avenues lurking around if you know where to look. My wife and I are retiring this year with over $7,000,000 in tax deferred investments. up until 3 years ago we were 100% in the S&P. During bear markets we had a perfect plan. We got an investment manager in our corner and didn’t look at our portfolio for nearly a year.
Same here, 75% of my portfolio is in the red and I really don’t know how long I can stomach the losses. I’m beginning to reach a breaking point.
Patience patience patience. It's a cycle.... a sucky point in the cycle, but a cycle nonetheless.
The Adviser I'm in touch with is *'Nolan Velden Brent'* , He works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else. for me his strategy works hence my result. He provides entry and exit point for the securities I focus on.
I've read tons of similar but one need to ACT on it too:)
I love he did all the reading and I just need to watch his video to learn.
Saves you a few hundred hours
The book that had the biggest impact on me was "Richest Man in Babylon" If only I read it when I was 18. *sigh* if only...
totally agree
This video deserves far more likes!
5:24 - Money is Energy - On a summer holiday in Spain a handful years ago I talked with a fellow traveler, he always converted spent money/money about to be spend into travel days. A $1000 will bring you 3 weeks of travel in Spain. (Hostel - budget travel, that is). That was to calm that impulse buying-feeling we humans get sometimes. It worked for him.
Two other great books are Grant Sabatier's Financial Freedom and Kristy Shen's and Bryce Leung's Quit like a Millioaire.
Great video, but life is not the same for people who don't live in the USA. I live in Canada, it's very simmilar in many areas, but a LOT more restricted in others, which books are best for BOTH countries?
57 and starting over.. so excited. So far the 4 hour work week is my bible and totally shifted my outlook. looking forward to reading some others you recommend here. My current job is 100k a year but I am so over working for other people.
I believe in you, you still have a chance to change your life completely. Stay consistent, and stay curious. Best of luck, and I’m wishing you great wins!
It's probably not true for most people, and it's certainly not the same as growing a business with employees, but I have found owning my own job has been really good for my mental health
Rad video!
Reading finance books defiantly helped us reach FIRE by 28. Thanks for the video Gabe.
That’s awesome! Congrats
@@GabeBultThanks Gabe. Keep up the great content
Make Your Bed by William McCraven, this is the first one that I ever read and it helped me to start realizing that I needed some changes. Whether it come to habits or money or emotions. It was a good starter book for me on my minimal/financial/ emotional journey. I don't know how it is for you gentleman out there, but for us ladies there's a lot of emotional attachments too.
I don’t think extreme frugal living would work for me, I tried that for the last 3 months , I indeed cut down a lot of my spending, thought I was saving money! Then my appliances starting to have issues I have to use the money I saved to fix them ! I learned that we need our cashes to flow to make money , extreme saving is not the way to financial freedom 😢
Think and grow Rich
Financial peace unoversity. Dave Ramsey has a few good books.
I like how fast you talk.😂 I am not a native speaker but cool still. Thanks. Nice content.
Atomic Habits is a good one.
Good video! But I find it odd you didn’t say the authors’ names
THIS is a good video idea
I recognise this video idea 😊
Completely original lol 😂
I’m reading the Millionaire Fast-lane, I had read Rich Dad, Poor Dad as well.
I love your advice , I appreciate your suggestions on financial advice books , but the coffee slurping 😳😬😣🤪
Hi im 52 almost 53. What advice do you have for me now at this age.. i dont have 30 years lol love to retire early but no idea about how to invest. Definitely living paycheck to paycheck on one income.. ty
absolutley amazing 📚👍
Have you ever read John Bogle? I would love to know what you think of his books especially now that 20 years has gone by and he has passed away. Do you think his ideas still hold in today's world? Would love to know your thoughts.
When you invest you're buying a day you don't have to work
Your math is way off. $1000 invested 40 years ago would be around $100k in 2020. Not $1MM.
4 hour work week is awesome, especially if it's the updated version.
Not cutting out the coffee... haha!
Im grateful to all this three books Think and grow rich, Rich dad poor dad and The richest man in Babylon, i can proudly say im winning in life because of them...
I have read many books and I have enjoyed most of them. I usually flip through them because I find the info/advice in them very repetitive. I was able to retire early, but not because of any advice from any of the books. Real estate, ETFs, Roth, cutting down on lattes, inheritance, being frugal, owning business, selling something - none of them helped me. I'm still looking for a book that may hint towards the way I got to financially independent.
Would you be keen to share how you did it?
I'll try to make it short. First 10 years of working hard in US visa issues kept me from investing and going to school and getting a better job. The next 12-15 years I bought and held real estate ofcourse as it felt safer and easier to understand for someone who has no idea what they are doing. I got out of one of the homes at the end of 2019 and put the money into the market where the stocks went crazy in 2020-2021. 2023 I got rid of 2nd property and again put money into market as there were stocks at discount. Selling property #3 now and simply renting. The properties were bought to live in, not investments. None of the properties appreciated. Had I put the exact same money, that went into buying and holding the properties, into the market, I would have retired long ago. I never had a retirement offered at any of my jobs, so I didn't visually see or recognize how many grows or not. It was easier to see and understand home prices. Formerly house equity moving up over $100k in a month in the market was a quite shocking, but I learned to take it as normal if invested in growth stocks. Staying away from real estate for now. @@beisser03
For money survival and growth, I highly recommend the many books by Gail Vaz-Oxlade.
Also, what are your thoughts on “The Wealthy Barber” book?
The best book on personal finance is "The Richest Man in Babylon". Just read this book.
It's incredible to see how your dedication to personal finance and the knowledge you've gained from these books have led you to financial independence! I appreciate the effort you've put into summarizing these valuable recommendations. One key takeaway I appreciate from your video is the idea that "money is energy." It's a thought-provoking perspective that encourages us to be more mindful about how we use our financial resources.
I'd love to know, out of all the books you mentioned, which one had the most significant impact on your financial mindset, and how did it change your approach to money and life in general?
It’s all different ones rich dad poor dad the 4 hour work week and the millionaire fastlane
I allocated additional time in my schedule to listen to your advice today. I appreciate your assistance!
Highly recommend Financial Mindset. Is written by a therapist to help you explore your believes around money and overcome them if they are limiting your ability to have a healthy relationship with money. Great self relection book.
Can you confirm the author is Joyce Marter, LCPC?
“ Rich men of North Richmond”
is popular because the gov is taxing hard working people too much.
Picked up a few new books to add to my TBR list. Thanks! I'm reading I Will Teach You To Be Rich right now after watching his Netflix show and listening to his podcast for a few months. I like his approach of defining your rich life first so that you can decide how you want to allocate funds and cut back on what doesn't align with your rich life. I appreciate where you're coming from with wanting to live more frugally and having a more developed budget. It just isn't for me, and I really like Ramit's system.
Do you keep your money with index funds
what’s your intake on affiliate marketing??
Munger and Buffett have both achieved an incredible feat with Berkshire. They've turned thousands to billions, and have made a lot of people wealthy in the process. I really saw the potential of the stock market by reading Berkshire's annual letters. I recently sold my $674k apartment in the Bel Air area and I'm hoping to throw it into the stock market. I just don't want to lose everything.
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
credits to Margaret Johnson Arndt, one of the best portfolio manager;s out there. she;s well known, you should look her up.
Looking like that helps
11:55 empowering quote
How are you using the quote?
What camera did you use for this video?
Sony a 73S
The problem with most financial books is that they teach surface level concepts unrelated to actual finance and or just someone's opinion and it doesn't really help. It would be much more beneficial to read material about different investments, pensions, and the account types that relate to where you live. If you don't understand basic finances and math reading all these books is pointless.
Compound interests work when you can actually get interests from your bank but here in Switzerland we get max 1.5pct top and on max 250k per account... far from the 10 pct you mention
Astro Money Alchmey book full of financial secrets and money making tips
Only one thing will make you rich. Spending less than earning and not saving your earnings in money.
Goodvideo