Which are the 10 Best Books to read if you want to get rich?
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- Updated On:28-Jan-2021
- Replies:2
Short Answer
If you want to get rich, then personal finance books such as "The Millionaire Next Door," " The Investment Answer," "The Millionaire Mind," etc., do help out extensively. But, there are a lot more books that can help pave a smooth way for your financial journey.
Detailed Answer
Getting rich is not that easy but it is not that difficult also. If you follow the right approach and great resources, you can find good ways to achieve success in life. And, books are man's best friend.
As it is said, "Always read something that will make you look good if you die in the middle of it." –P.J. O’Rourke
There's isn't any specific time to build a reading list if you are looking to improve your financial wellness. You can start straightaway.
Best Personal Finance Books - Investment Planning Simplified
Here is a list of 10 interesting and Best Personal Finance Books that you can add to your collection:
- "The Millionaire Next Door" by Thomas J Stanley and William D. Danko
- "The Investment Answer" by Daniel Goldie and Gordon Murray
- "The Millionaire Mind" by Thomas J. Stanley
- "Women & Money" by Suze Orman
- "Thinking, Fast and Slow" by Daniel Kahneman
- "The Total Money Makeover" by Dave Ramsey
- "The Richest Man in Babylon" by George S. Clason
- "Beating The Street" by Peter Lynch
- "I Will Teach You To Be Rich" by Ramit Sethi
- "Think and Grow Rich" by Napoleon Hill
Enjoy reading and have a great year ahead.
Getting rich is not an overnight thing. You have to work hard and plan systematically. These are some of the popular and best books that can guide your way in becoming rich.
Do you have any other popular personal finance books or investment books to share? Do comment about it below.
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Discussion (1)
There are several myths such as financial planning is for the rich, financial planners can solve all my problems., qualifications don't matter, its DIY things, its mid-aged or old people, not for women and more. Such myths should be avoided, and facts should be dealt upon to get successive outcomes.
Who doesn't like to get rich fast? While there are several ways to do so, we have enumerated ten different ways by which getting rich fast can turn from a dream to reality.
The Mirae Asset NYSE FANG Plus ETF Fund is a good option for Investors who want foreign exposure. The Equity allocation is very concentrated to just 10 stocks which makes this ETF very volatile and risky. This ETF consists of the top 10 stocks in their respective sectors mostly TECH, like Amazon, Netflix. Facebook, etc. Hence Investors with high-risk tolerance and a long time period should consider this fund.
FD vs Mutual Fund vs Real Estate Investment has its advantages in terms of how much you invest and your investing period. Longer the period, higher the returns.
For significant returns, one can look forward towards stock funds, real estate investments, dividend stocks, target-date funds and so on. Each one of these investments does offer something better to investors based on their capital of investments made.
IPOs can be a good option for beginners as they provide an opportunity to get the shares of good companies at an attractive price. Though IPOs can provide good listing gains and quick profits, good companies can help you to create massive wealth in the long term.
ELSS funds invest a majority of your money into equity and have a 3-year lock-in period. LTCG (Long Term Capital Gains) is applicable on ELSS (Equity Linked Savings Scheme) funds after 1st April 2018. You will have to pay a 10% LTCG tax on your gains above Rs 1 lakh at the time of redemption without any indexation benefit.
Liquid funds, a type of mutual funds which invest in different money market instruments. The withdrawals from these funds are processed within 24 hours and that's why these are regarded as liquid assets. The fund manager gets flexibility to meet immediate redemption requests.
Sovereign Gold Bonds can be bought from Zerodha either from the secondary market where it gets listed after 10-15 days of issue or from the primary market through "Coin" (Coin is a platform of Zerodha used for buying and selling government securities) at the time of issue. The minimum quantity is 1 gram or 1 unit of the SGB and the maximum is 4kg or 4000 units for an individual.
There are several questions that one can ask your advisor. These questions include whether its good time to enter or exit the market? Should in exit from debt and move to FD? do I continue my SIP portfolio? and other such questions.
shikha
One might not become rich directly after reading a book 🙂 But, yes the knowledge you gain can definitely help you choose the correct path. Any good thoughts from successful and inspiring people can change the way we think. So, reading some interesting books can help a lot.