Grow with Shiv

It’s hard to take financial knowledge from someone because most of people we meet in daily life are’t wealthy. So books, podcasts, Ted Talks come into play. Here we learn how people become wealthy and what mistake do they make along the way. I have read over 20 books on finance and here are my top favourites. There is going to be a list and quick takeaways from the books.

1. The Total Money Makeover– There is no quick path to be wealthy, it is all about being consistent and following the plan. This book makes money simple for you in seven easy steps-

• Save a $1,000 beginner emergency fund.
• Get out of debt using the debt-snowball method.
• Save a proper emergency fund that is 3-6 months of expenses.
• Invest 15% of household income for retirement.
• Save for children’s college.
• Pay off the home early.
• Build wealth and be generous.

2. The Millionare fastlane- This book is about your mindset towards opening a business, which is the shortest way to be rich. There are three ways to be a millionaire-

1. The slow lane- Slow lane is where people ignore money and prioritize living than investing.
2. The medium lane- Medium lane is all the people who work 9-5 and invest all their life. these people usually become millionaire in their 60s.
3. The fast lane- the fastest way to be millionaire is to open a business, where there is no cap for how much money you can make.

3. Psychology of money- This book cover topics about money that we should learn from our parents. Some key take-aways are:

1. It is easy to make money but hard to manage money. One should learn where to keep their assets and pay less taxes.
2. You should know how much is enough. So many people ignore spending time with family to chase the next best deal of their life.
3. Real Wealth is what you don’t see. Unlike we see in social media, young people with lamborghini. The real wealthy people are totally opposite, they invest their money rather than buying new fancy gadget.
4. Risk- You can take more risk when you have less money, but take less when you have more money. For instance, you can day trade when you have few thousand dollars but you keep your money in bonds when you are millionaire and close to retirement.

4. Millionaire next door- The author did study on so many millionaires and found out most of them live next door like normal people. Other trails of millionaires are-

1. They live below their means.
2. They focus on financial planning.
3. Their aim is financial freedom above all.
4. They invest and become millionaire with compounding.
5. They marry someone with same values and beliefs.

5. The Small and Mighty real estate- As we all know, the real wealth is seen in real estate. Chad Carson’s Small and Mighty book focus on having rental income to get freedom from 9 to 5. Here are few takeaways from the book.

1. Life first and Business second. Start with the life you want.
2. Be the real estate tortoise not hares.
3. Just start with four properties
4. Be a Craftsman, focus on being Better than being Bigger
5. Debt is a tool not a religion. Debt only focus on Growth but in real estate you are wealthy if you own the properties mortgage free.
6. Don’t differ life. Take breaks and spend time with family
7. Measure success differently. Your success will directly correlate with your values

Most of these books want you to enjoy the life and know yourself along the way because that’s where true freedom and happiness is. Hopefully these books make help you succeed in life beyond measures.