This is post #6 from the 30 Day Personal Finance Challenge: Boost Your Financial Health with a Daily Tip!
These are the 3 books which have greatly influenced my financial mindset:
Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
I read this book when I was in my early 20s. Robert Kiyosaki‘s two dads offered him the choice of contrasting points of view. One dad was a highly educated and intelligent man and the other was an entrepreneur who never finished eighth grade. Guess who was the rich of the two!
The main takeaway for me was to grasp the difference between assets and liabilities. This was the foundation of my financial education.
Money is one form of power. But what is more powerful is financial education. Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth. – Robert Kiyosaki
Back then I also played the Cashflow® board game co-created by Robert Kiyosaki. I battled my way out of the proverbial ‘rat race’ by acquiring property, stocks, businesses and precious metals. The game teaches how to keep balance and it’s a safe place for training your financial decisions muscle.
I have recently re-read the book and I found it a bit simplistic, but I guess I must have learned something in the past 10 years …
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy
The book is based on more than 20 years of research on America’s self-made millionaires. The book reveals the traits of the affluent (defined as people whose net worth is over one million dollars): the mindset, the education, the choice of spouse, the kind of clothes they wear, the way they shop for cars, the kind of businesses they run, etc.
Two topics which I find for the first time in a financial book are: how to raise self-sufficient children and how to distribute wealth among your heirs. Who would have thought this might be an issue?! Not me!
Some people consider their parents’ wealth their personal income.
The main takeaway for me was the real-life stories of the affluent compared to the ones of the big spenders.
Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth
This book is fairly sell-y but it was a huge breakthrough for me! I was in such a good, relaxed mood! It was like Harv Eker’s words were falling on fertile soil. As I was listening to it, I was building my Pinterest vision boards.
I discovered huge blockers and false beliefs which I had been carrying without even knowing. For example:
- “Rich people are really miserable. Especially women.” This one I must have picked from Scarface…
- “Rich people are assholes. To become rich, you need to compromise your integrity.” Seriously? What about this guy who completely turned a rough neighborhood around by providing free child care and a scholarship fund?
Harv Eker offers concrete ideas on how to re-program your financial blueprint, accelerated learning techniques, and daily declarations. My favourite:
I become rich doing what I love.
This is certainly a book I am planning to listen to again and again. It is a game changer!
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