For a long time, I had a mindset of scarcity when it came to money, but through reading, I changed the way I thought about money. I invested in real estate, started a small business, and eventually became a millionaire by the age of 37.
I find that the life lessons I get from books can help me achieve my goals faster, especially when they teach me how to avoid repeating the mistakes of others.
Here are four books that helped me become rich.
Biggest lesson: Wealth is more about time than it is about money.
Kiyosaki is an entrepreneur who has written 27 books on personal finance. In “Rich Dad Poor Dad,” he suggests shifting your mindset from “I don't have money” to “How can I get money?”
This perspective challenged me to look for solutions to obstacles rather than thinking that something is unattainable.
I used to believe wealth was how much money you made. Now I believe wealth is how much money you make. time Money can buy you things. This new mindset inspired me to pursue more passive income streams, including a website and a real estate business.
Biggest lesson: I want to work upon Your business is not tied to work in that.
In his book, “The E-Myth Enterprise,” Gerber, a business coach and entrepreneur, says that one of the biggest mistakes business owners make is taking on too many tasks, like day-to-day operations, which leads to burnout.
When my wife and I first launched Parent Portfolio, a website to help families learn how to grow their wealth, we ran it ourselves – we did everything ourselves, from design to content creation to social media marketing.
But as we started to make money, we were able to create standard operating procedures, hire freelance writers and virtual assistants, and focus on other growth opportunities.
Biggest lesson: Money increases the value of what you already have.
Keller founded Keller Williams, one of the world's largest real estate companies. In “The Billionaire Real Estate Investor,” he argues that money doesn't make people bad. Rather, it amplifier Of our current identity.
If you already have bad spending habits, having more money will likely tempt you to spend even more. If you're charitable and like to help others, having more money will give you more opportunities to do good deeds.
You should always strive to lean towards the latter.
My wife and I both came from poor families and still live very modest lives, so we feel incredibly fortunate to have reached this financial milestone, but our work to teach others how to build generational wealth is even more meaningful.
Biggest lesson: Don't be afraid to take action.
Pausch was a professor of computer science at Carnegie Mellon University who was diagnosed with pancreatic cancer. In 2007, he gave a talk called “How to Really Realize Your Childhood Dreams,” which is incredibly moving considering that he passed away in 2008 at just 47 years old.
As I read his book, “The Last Lectures,” a common thread emerged: he was never afraid to try new things. I take this advice to heart.
Ten years ago, my wife suggested we buy an apartment and turn it into a rental property. But I was nervous and made excuses, and I ended up regretting not pursuing the opportunity. Then, in 2019, we bought our first investment property, and within a year and a half, we acquired two more. Now, we own four properties.
Taking action means not being afraid of disappointment. In one year, I analyzed over 50 properties, made 5 offers, and lost out to other investors. But I don't see my failures as failures. Every setback I've experienced has helped me build a richer, happier life.
Jonathan Sanchez Co-founder of Parent Portfolioa website that helps families learn how to grow their wealth and raise financially responsible kids. Follow us on Twitter Parent Port.
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