Pithy Insights from the Best Books on Money Management and Investing
As I have been reading the top books on personal finances management and investing, I noticed some patterns emerging over time. When internalized, these can be an indispensable guide for any individual on his/her quest to become wealthy. I have gathered all the important takeaways and listed them below for your reference.
I’m sure your money game will elevate and reach a new higher level in a short time if you put the following principles into practice.
- The more you give, the more you’ll get.
- Pay yourself first.
- Invest in yourself. Formal education is not enough, to become a millionaire you need to become a lifelong learner.
- Don’t work hard for money, let money work hard for you.
- Avoid instant gratification and focus on long-term wins. Don’t give in to fear, greed and other negative emotions, and invest consistently.
- Paying off your credit card debt and other loans first is the best investment you can make for your future.
- Automation will make personal finances management easier and effortless.
- Start investing early so that both time and the magic of compound interest are on your side.
- Develop a loving relationship with your money.
- Strive to become an entrepreneur, not an employee if you want to become wealthy.
- Getting rich is a slow and steady process.
- Diversify your investments across different asset classes, countries and currencies.
- Take calculated risks and always protect your downside.
- Build trust and credibility in your professional relationships, and always make money through honest and ethical means. Prioritize ethics over profits.
- Get disciplined, organized, and track your expenses. Monitor your habits and avoid self-sabotaging behaviors.
- When you accumulate debt, you rob your future self’s money, happiness and well-being.
- Growth and expansion is the way of nature. Hence, it is natural for you to become rich and wealthy. It’s your birthright!
- Managing finances is an act of self-care.
- Live a simple life and spend less than what you make.
- Always remember, the borrower becomes a slave to the lender. Become a lender, not a borrower!
- True wealth is not only about making money, but also about having great health and high quality relationships.
- Make visualization of your abundant future a daily practice. Believe before you see; manifestations take some time to gestate and come into physical reality.
- Have a written plan and budget to make the most out of the money that comes your way.
- Do the work that you love and fulfils your need for meaning, joy and money.
- When you focus on adding value to other people’s’ lives, you attract success and wealth.