Financial Knowledge

What is the mindset I should have? What are some good books to read to be wealthy? What are some good daily actions to take?

Read “Financial Sorcery”

Also, learn how money works and learn want your relationship to it is.

[quote=“Orismen, post:3, topic:2599”]Read “Financial Sorcery”

Also, learn how money works and learn want your relationship to it is.[/quote]

there is no spoon original english

Indeed, however I don’t think enough people will ever take a stand. I see money still shackling the masses for a long, long time.

Oh well, better to rule in Hell and all that :slight_smile:

Don’t read books by fools like David Bach, Suzie Orman or Robert Kyosaki. Focus on books that offer focused techniques on wealth building like real estate (be with commercial, residential, flipping or buying-owning-renting, etc) and the financial markets (stocks, commodities, currencies, futures, etc).

I can’t stand Kiyosaki!

I like “Secrets Of The Millionaire Mind” by T. Harv Eker because although he looks like he’s made of plastic and the title’s as cheesy as a quattro-formaggio, he has some really good strategies to begin managing money, even if you have next to nothing in your wallet, that will help you develop a money-management framework at literally any level of wealth or poverty.

Also, he doesn’t skimp on practical advice about learning how to save and budget, and he opposes spending more just because you earn more, which is what screws up a lot of people and lands them back worse than they began if they have the smallest bit of bad luck, because their expenditure rose with their income and when the income falls, the outgoings tear through any savings and leave people worse off than if they’d always been on minimum wage. I’ve seen that happen to people and came close to it myself before I got a reality check!

You need to understand compound interest if you want to go anywhere with the various financial products that are out there, from the stock market, pensions and savings accounts, to loans and even credit cards, and there’s a quick explanation of why tiny percentage points matter via “The Rule of 72” and for a more in-depth look, there are probably a load of “Complete Idiot’s Guide”-style books, or you could just read the Wikipedia page about it.

On a more spiritual level, books like Think And Grow Rich and The Science Of Getting Rich both come from the dawn of New Thought, they’re all out of copyright so you can read them free from those links, and they have good practical day-to-day exercises and attitudes you can adopt.

Neither of them promote taking your hands off the steering wheel and “wishing yourself wealthy” which is a common, but incorrect, criticism levelled against a lot of New Thought & Law Of Attraction stuff - they all require work on both your internal state, and also on your job or whatever circumstances you’re in right now.

There are plenty of more recent books, but they only take those ideas and embellish them - you may also want to have a look at this book, Psychocybernetics, which talks about how your sobconsious mind controls your external world, and what to do about that.