Want to be wealthy? Here's a habit you need to acquire

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Want to be wealthy? Here's a habit you need to acquire

Mark F.
Investor · Orange County, CA · Member since 2009 · 230 posts · 138 votes

I've seen articles similar to this many times, so I think there's a lot to this. According to a Business Insider article, one habit millionaires have in common is reading. 

Having said that, they don't read just anything, they read things that will make them more successful. Check out the following quote from the article:

Middle class and poor people read too, but it's what they read that matters. The next line hammers that home:

If one wants to be wealthy and successful, the first step is to read things that teach how to be successful. I'm not a huge TV watcher or novel reader, and I do periodically read business books, but this is a good reminder for me to maybe turn off the TV a little more and replace that time with more reading. 

I've run across a ton of great book recommendations on BP and in the podcasts. I think one of the best I've read lately (I heard it recommended by @Brandon Turner in a podcast) is The One Thing. Fantastic book!

Any great books you all can recommend? 

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  • JD MartinBusiness Member
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    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
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    I listen to a lot of books on business, money and investing during my commute, so I can feel productive :)  Three that I have listened to (OK, it's not John Grisham, but still) lately:

    The $100 Startup, Chris Gillebeau

    Focus, the hidden driver of excellence Daniel Goleman

    Your Money or Your Life, Vicki Robin

    Current: The Millionaire Mind, Thomas Stanley

    Focus and the Millionaire Mind get fairly dull towards the end as it becomes heavily statistics-oriented. Your Money or Your Life looks at money from the opposite side of BP, reducing expenditures holistically. The $100 Startup talks about entrepreneurship mostly. I have liked them all for different reasons, but for me a lot of it is "coaching", i.e. keeping an eye on the ball when everyone else around you is consumed with consumptionism. Unfortunately, my bubble of like-minded friends and family is small, so I have to turn to outsiders to keep my mind right. 

    I agree with the study, btw. Most of the people I know that are financially challenged read plenty of Hollywood magazines and celebrity blogs but would put a big "L" on my forehead for reading (listening) to what I read. 

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  • Mark F.
    OP
    Investor · Orange County, CA · Member since 2009 · 230 posts · 138 votes
    11y

    @JD Martin I like The Millionaire Mind as well. That book and Rich Dad, Poor Dad really woke me up years ago and changed my thinking about how to build wealth. Another good one, especially for kids that are teenagers: The Richest Man in Babylon. Great for learning basic money management. 

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  • Roy C.
    Rental Property Investor · NC · Member since 2014 · 132 posts · 40 votes
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    I'm not wealthy by any means, but the most expensive thing in my house is my collection of books. I don't have TV at home, and during my spare time, whenever I have one, I read. One of my NYR is to read 100 books by end of the year. I got to 40 so far. So 60 more to go!

    One thing was amazing. Frank gallineli book was excellent with detailed calculation on how to formulate cash flow. Auto pilot landlording was also good. 

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  • Mark F.
    OP
    Investor · Orange County, CA · Member since 2009 · 230 posts · 138 votes
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    @Roy C.  What's the name of the Frank Gallineli book? 

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  • Roy C.
    Rental Property Investor · NC · Member since 2014 · 132 posts · 40 votes
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    Originally posted by @Mark F.:

    @Roy C.  What's the name of the Frank Gallineli book? 

     What every investor needs to know about cash flow. 

    Something like that

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  • Roy C.
    Rental Property Investor · NC · Member since 2014 · 132 posts · 40 votes
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    Originally posted by @Mark F.:

    @Roy C.  What's the name of the Frank Gallineli book? 

     What every investor needs to know about cash flow.

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  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
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    Hey @Mark F. why not check some of the best real estate books? :) 

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