The 7 Best Books To Become Rich In 2020 And Beyond
If you’ve been an avid reader of the Debt Free Dr. site, you’ve probably noticed that I’ve written a few articles highlighting millionaires such as:
Research shows that the majority of millionaires and billionaires read at least 3-5 or more books a month. They accomplish this by devoting at least 30 minutes a day to reading.
If rich people read more and you want to become rich, then don’t you think you should start doing the same?
Have you ever heard the phrase, “What you focus on expands.” I’m a firm believer that we attract that which we give our energy (thought) to.
A perfect example of this is somebody that has a scarcity mindset.
Here’s the late author Stephen Covey’s take on it:
“Most people are deeply scripted in what I call the Scarcity Mentality. They see life as having only so much, as though there were only one pie out there. And if someone were to get a big piece of the pie, it would mean less for everybody else.”
“The Scarcity Mentality is the zero-sum paradigm of life. People with a Scarcity Mentality have a very difficult time sharing recognition and credit, power or profit – even with those who help in the production. They also have a very hard time being genuinely happy for the success of other people.”
If you’re constantly focusing on what you “lack” such as money, then you’ll never obtain true wealth.
Maybe that’s why so many people have a FEAR of spending money!
The single greatest freedom we have is to choose our own thoughts. And that’s why we must choose them very carefully.
Financial Plan
After someone signs up for the Doctors Investors Circle (you’ve signed up, right?), I have a brief call with them to discuss their financial plan that they have in place.
Unfortunately, most don’t even have one.
If you have some where you want to go, then you’ve got to have a plan to get there, right?
I interviewed 38 year old Lue Chen, recently retired computer programmer, who’s living up the fatFIRE life. He definitely had a plan to accomplish his goals of walking away from the keyboard so early.
Ever since I was a teenager mowing yards, I have always had interest in reading books about money, finance and investing.
This spurred me to create a financial plan that I must say has changed quite a bit since I first started.
A financial plan will guide you on:
- How you spend your money
- How much you need to save
- How much to invest
- Getting rid of that nasty four-letter word – DEBT
- How much money you need to retire
These are questions that every person must answer.
If you’re ready for a change and mindset shift towards wealth, here are the 7 best books to become rich (in no particular order).
7 Best Books To Become Rich
1) Book of Proverbs
I bet you didn’t expect the Bible on the list did ya? Whether you’re a believer or not, King Solomon’s Book of Proverbs is packed with ideas about how to live right with money.
A few concepts are:
Wealth is obtained by hard work, frugality and saving.
Sorry, no get rich quick schemes here!
“Dishonest money dwindles away, but he who gathers money little by little makes it grow.” – Proverbs 13:11.
“All hard work brings a profit, but mere talk leads only to poverty” – Proverbs 14:23.
Save during rich times for poor times.
“In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.” – Proverbs 21:20
“The wealth of the rich is their fortified city, but poverty is the ruin of the poor.” – Proverbs 10:15-16
2) “Think & Grow Rich” by Napoleon Hill
Napoleon Hill’s 1937 best seller was one of the first financial books I read. If you are searching for a major shift in your mindset when it comes to building wealth, look no further.
Not only was Hill a former adviser to President Franklin Roosevelt but he also interviewed over 500 self-made millionaires to discover the keys to their fortune.
Some interviewees include:
- Andrew Carnegie
- Henry Ford
- Charles M. Schwab
This personal fiance classic will help you understand that getting rich is more about mentality above anything else. Hence the word “Think” in the title.
He discusses the psychological barriers that hold many people back from obtaining wealth and how to start thinking your way to success.
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Sign up for my newsletter3) “The Richest Man In Babylon” by George S. Clason
In 1926, George Clason published a series of pamphlets written in parables that took place in the ancient city of Babylon.
These stories eventually turned into a financial classic known as The Richest Man in Babylon.
Even though it was written almost a century ago, the book is still well known because of its timeless principles on wealth creation such as:
- Pay yourself first
- Live below your means
- Make your money work for you (he was already talking about passive income in 1926!)
- Invest in yourself
4) “Rich Dad Poor Dad” by Robert Kiyosaki
Robert Kiyosaki originally learned about money from two dads: his real dad and a friend’s dad.
His “poor dad” held a Ph.D in education, and like many educated people, struggled with finances while his “rich dad” only had an eighth grade education.
Maybe I should have skipped high school and college!
In “Rich Dad Poor Dad”, Kiyosaki shares important lessons that he learned over a thirty year period from his rich dad such as:
- It’s now what you make, it’s what you keep
- The poor and middle class work for money whereas the rich have their money work for them.
5) “The Total Money Makeover” by Dave Ramsey
Dave Ramsey’s “The Total Money Makeover” book has probably had the most profound effect on my financial life. Once I completed dental school and a residency, I followed his 7 Baby Steps to become debt-free and start the process of building wealth.
The book encourages you to challenge yourself to getting your financial affairs in order.
He goes as far as telling you to, “find a mirror” and realize that the real challenge is the person in the mirror, “you!”
You’re the problem with your money.
Buying “get rich quick” programs aren’t the answer; you are.
6) “The Millionaire Next Door” by Drs. Thomas Stanley and William Danko
The Millionaire Next Door is a classic written in 1996 and I vaguely remember reading it my final year in college.Both Drs. Stanley and Danko interviewed thousands of millionaires to learn their “secrets.”
What they found is the opposite of what most people think about someone that’s a millionaire…those in the book were extremely frugal and avid savers.
Chris Hogan’s recently published book, “Everyday Millionaires” also interviewed thousands of millionaires and found the same characteristics as they were back in 1996. It seems that nothing changes month when one wants to become successful.
Join the Passive Investors Circle7) “Secrets Of The Millionaire Mind” by T. Harv Eker
T. Harv Eker’s “Secrets Of The Millionaire Mind” finishes off our list of best books to become rich for your reading pleasure.
As someone who has shifted towards being a passive real estate investor in multifamily syndications, I’ve loaded this list with books that deal with changing your mindset.
This is one of the keys to making a change whether you’re wanting to get out of debt or replace your expenses with passive income.
This book teaches you how to “get your mind right” with what he calls “Wealth Files.” These include:
- Rich people think big whereas the poor think small.
- Rich people are committed to being rich whereas poor people WANT to be rich.
Honorable Mention
There are so many more books that I wanted to add to my Top 7 Best Books To Become Rich list but I wanted to keep it short and concise to keep you focused on making big changes this year.
There are three other books that I’d like to briefly mention that have also had a major impact in my financial life.
The three books are:
- “How To Think About Money” by Jonathan Clements
- “The Automatic Millionaire” by David Bach
- “A Simple Path To Wealth” by JL Collins
Do you have other best books to become rich that you’d like to add to this list?
Comment below….