I Read 121 Books on Money - These 13 Will Make You Rich

Summary

This video highlights 13 underrated books that transformed the speaker's approach to wealth-building, career success, and personal growth. From understanding the importance of mindset and systems in wealth creation to the power of small wins and clear goal-setting, these books offer actionable insights for anyone looking to improve their financial situation. Topics include the significance of emotional control in decision-making, the importance of developing a unique skill set, and how to automate or delegate tasks for efficiency. Ultimately, the video emphasizes taking decisive actions, focusing on high-value opportunities, and finding your unique path to success.

Takeaways

• 😀 The Millionaire Next Door's 'Wealth Triangle' shows how to evaluate your financial health based on your age, income, and net worth, helping you set actionable goals.
• 😀 Behavioral finance, as explained in The Psychology of Money, highlights that how you act with money is more important than what you know. Emotional decisions can derail your financial growth.
• 😀 Think and Grow Rich emphasizes the importance of having a clear, specific goal (Definite Chief Aim) to direct your efforts towards achieving wealth.
• 😀 The Entrepreneur Revolution advocates for creating efficient systems and automating tasks to save time and focus on high-impact work.
• 😀 Unscripted challenges the traditional 9-to-5 mindset, urging people to look beyond salaried jobs to build wealth faster through alternative paths like side hustles or investing.
• 😀 So Good They Can’t Ignore You advises that career success comes from becoming exceptional at what you do, rather than simply following your passion.
• 😀 The Unfair Advantage helps you spot your own unique strengths, like money, education, location, or status, to advance in your career or business.
• 😀 The Third Door teaches the importance of thinking outside the box, creating your own opportunities when conventional paths are blocked.
• 😀 Essentialism encourages you to focus on opportunities that align with your personal success criteria, saying no to distractions that don’t contribute to your goals.
• 😀 Hell Yeah or No offers a simple decision-making framework: if an opportunity doesn’t excite you, it’s a firm no, helping you prioritize what truly matters.
• 😀 Someday Is Today’s 5-5-5 rule combats procrastination by forcing you to act immediately after a countdown, making it easier to tackle goals and tasks without hesitation.
• 😀 Start With Why stresses the power of understanding your deeper motivation behind pursuing financial freedom, making your efforts more purposeful and sustainable.
• 😀 The Winner Effect explains how small victories boost your confidence and create momentum for future success, encouraging you to aim for progressively larger goals.

Q & A

What is the Wealth Triangle mentioned in 'The Millionaire Next Door'?

The Wealth Triangle is a formula to assess your financial progress based on your age, income, and net worth. To calculate it, multiply your age by your pre-tax income and divide by 10. The result is the target net worth you should aim for at your age.

How does the book 'The Psychology of Money' relate to behavioral finance?

'The Psychology of Money' explores how emotional decision-making can impact wealth-building. It introduces behavioral finance, which shows that most people make financial decisions based on emotions, not logic. The key to wealth is being logically consistent in your financial actions.

What is the main lesson from 'Think and Grow Rich'?

'Think and Grow Rich' emphasizes the importance of having a 'Definite Chief Aim'—a clear, specific goal that drives all your efforts. The book also highlights the need for positive thinking and eliminating self-sabotaging thoughts.

How does 'The Entrepreneur Revolution' approach success?

'The Entrepreneur Revolution' focuses on creating systems and routines to be more efficient in achieving success. The idea is to automate and delegate tasks to free up time for high-impact activities, helping you accomplish more with less effort.

What critique does 'Unscripted' offer regarding the 9-to-5 routine?

'Unscripted' argues that the traditional 9-to-5 job can trap people in mediocrity because salary growth is often outside of one's control. The book suggests looking beyond a salary to build wealth, such as starting side hustles or investing.

What is the concept of the 'Craftsman Mindset' in 'So Good They Can’t Ignore You'?

The 'Craftsman Mindset' teaches that success comes from becoming exceptional at what you do, rather than chasing passion. By mastering a specific skill, you increase your value, which leads to more control and opportunities in your career.

How does the 'Unfair Advantage' book help with career and wealth-building?

'Unfair Advantage' introduces the MILES framework (Money, Intelligence, Location, Education, Status), which helps you identify your unique advantages. For example, you can leverage your location, education, or money to gain skills and networks to get ahead.

What does 'The Third Door' teach about creating opportunities?

'The Third Door' teaches that while most people follow conventional paths, true wealth-builders create their own opportunities. It uses the metaphor of a nightclub with three doors— the front, back, and third door—to emphasize thinking creatively and taking risks when traditional paths aren't available.

What is the 90% rule in 'Essentialism'?

The 90% rule in 'Essentialism' suggests that you should only pursue opportunities that score 90% or higher on your personal success criteria. This helps you avoid wasting time on unimportant tasks and focus on activities that truly align with your goals.

How does 'Hell Yeah or No' help in decision-making?

'Hell Yeah or No' helps you make decisions by encouraging you to say 'no' to anything that doesn't excite you or align with your goals. This book stresses the importance of setting clear boundaries and prioritizing opportunities that genuinely add value to your life.

What is the '5C Rule' from 'Someday Is Today' and how does it help with procrastination?

The '5C Rule' from 'Someday Is Today' is a psychological technique where you count down from five when you hesitate to take action. This trick helps you overcome procrastination by forcing immediate action before your brain can talk you out of it.

Why is 'Start with Why' important for achieving financial freedom?

'Start with Why' emphasizes that understanding your deeper 'why'—your core motivation—can drive your efforts more effectively than knowing the 'how' or 'what'. Knowing why you want financial freedom provides purpose and perseverance when the journey gets tough.

How can small wins lead to bigger successes, according to 'The Winner Effect'?

'The Winner Effect' explains that small victories create a snowball effect, boosting your confidence and motivation. These small wins accumulate, making it easier to aim for and achieve bigger goals, such as promotions or entrepreneurial milestones.