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10 LIFE CHANGING Money Tips From 10 Favorite Books
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Sep 21, 2023
#blackexcellence #investing #money These are 10 incredible, life changing money, business, and investing lessons I have learned from 10 of my favorite books. Subscribe to our channel so you don't miss any future videos! Add your email to our list to stay updated- BlackExcellence.com 1. Rich Dad Poor Dad: https://amzn.to/3qeGxlc 2. The Psychology of Money: https://amzn.to/3OvT5xT 3. The Millionaire Fastlane: https://amzn.to/47iPY42 4. Richer, Wiser, Happier: https://amzn.to/3pYl1RX 5. The Intelligent Investor: https://amzn.to/3qanJnh 6. The Richest man in Babylon: https://amzn.to/3YbuIJ5 7. Think and Grow Rich: https://amzn.to/43Paw0N 8. The Alchemist: https://amzn.to/3YcNDna 9. The wealthy Gardener: https://amzn.to/3Y8vGpA 10. Contagious: https://amzn.to/3Qei3mI Check out the books we love and recommend in our
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Who here loves reading books? I have to admit, reading books was not my thing until very recently
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I have read more books in the last few years than I did in my whole life. And guess what? I absolutely love it
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I can't believe I have messed out on these great life and finance lessons for all these years. But it's never too late to read, so I'm about to catch up
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And one of my favorite things to do while I read is to share the biggest lessons I've learned from each book with my friends and family
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So that's exactly what I'm going to do in this video. I encourage you to read at least half of the books on this list
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They're all great, but I know not all of them will sound appealing to you
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But at least stay tuned for the whole length of this video so you can learn something from each book via my biggest takeaways
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So let's get started. At number one, we're going to talk about the importance of distilled
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distinguishing between assets and liabilities from the book Rich Dad Poor Dad
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You might have heard of this book even if you're not big on finance because it's that popular
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The book by Robert Kiyosaki and Sharon Letcher was first published in 1997 and became one of the most read books on financial literacy and financial independence
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My biggest takeaway when I first read this book, which was towards the beginning of my financial literacy journey, was understanding the difference between
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assets and liabilities. Assets are things that generate income and put money into your pocket
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while liabilities are things that take money out of your pocket. He encourages people to focus
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on acquiring assets that generate passive income such as real estate or business and stay away
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from liabilities such as cars, clothes. Investing in assets according to Kiyosaki is the road to
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true financial independence. At number two, we have delaying gratification. Learned in the book, Psychology of Money
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The Psychology of Money, Timeless Lessons on Wealth, Greed and Happiness, is a book by Morgan Howsel published in 2020
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From this book, I learned the importance of cultivating the ability to delay gratification
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Delaying gratification involves resisting the impulse for immediate rewards and focusing on long-term goals
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This is crucial for saving money, investing, and achieving financial stability. You have to practice patience and discipline in full
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financial decision making. This means being consistent with your investment goals, no matter
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how tempting it might be to take that money and blow it on something that will make you happy
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right now like shopping or travel The gratification long term will be much much more fulfilling And number three we have the Law of Affection from the Millionaire Fastlane Okay this is easily one of my favorite books ever not just on finance
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There are a lot of amazing lessons in this book, but I would be careful about listening to his
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advice on investing in stocks. I personally think that investing in stocks is still great for most investors
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But that's for another video. In Chapter 21, DeMarco talks about embracing the law of affection, which means the amount
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of wealth you accumulate is directly proportional to the value you create for other people
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So when you start to think about maybe starting up your own business, think about the value
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you are creating to other people. Is this something you'll make available for a low price
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but you can sell to millions of people? Or is it something that you will have a high price tag
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but will only target a few individuals? What will be the effect of your offer? At number four
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we have long-term goals and valuing the undervalued in richer, wiser, and happier
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Richer, wiser, happier, how the world's greatest investors win in markets and life is a book
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written by William Green exploring insights from some of the world's most successful investors
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There are technically two great lessons I took away from this book, the first one being
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focusing on long-term goals. Green writes, instead of fixating on short-term gains or beating
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benchmarks, we should place greater emphasis on avoiding ruin and staying in the game. That goes for
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everything in life. Another point I took away is how valuing the undervalued is a concept we can all
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apply outside of just business. He writes, value investors seek opportunities to invest in assets that are
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undervalued compared to their intrinsic worth. Intrinsic worth is basically how much a business is worth
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Applying this concept to life, recognizing and appreciating the value of relationships
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relationships, experiences, and personal development can lead to a richer and more fulfilling life
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What's something that's undervalued in your life that you can give more value to in order to live a richer
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and more fulfilling life? At number five, we have margin of safety in the intelligent investor
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Okay, this is not an easy book to read, but yes, I have read it cover to cover
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The intelligent investor is written by Benjamin Graham, who is actually Warren Buffett's mentor
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If you don't know who Warren Buffett is, you just need to watch more of my videos. Subscribe now. Do it
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Graham introduces the concept of a margin of safety, which involves purchasing stocks at a significant discount to their intrinsic value to protect against potential losses
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This margin acts as a buffer in case of unexpected events or changes in the market conditions
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This does not only apply to stocks but in everything in life. Leave yourself some room for miscalculations like a margin of error This means if it will take you 30 minutes to drive to an appointment leave 45 minutes before your appointment If you think a trip will cost you
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budget $3,500. You'll be better off for it, even if everything goes as planned. At number six
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we have paying yourself first from the book, The Richest Man in Babylon. The Richest Man in Babylon by
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George S. Claussen is a classic personal finance book that imparts timeless wisdom on wealth
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building and financial success. It was first published in 1926. You might have heard the phrase
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pay yourself first, but what does that actually mean? Paying yourself first means to save a portion
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of your income before paying any expenses. It's as simple as that. The richest man in Babylon
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emphasizes the importance of setting aside at least 10% of your earnings for future wealth accumulation
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So the first line in your budget should really be the amount of money that will be set aside every time
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you get paid. And thanks to technology, this is something that should be automatically done
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monthly or bi-monthly. Then whatever is left over should be used for living expenses and
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fun spending. Most of us do life expenses and fun spending first and then see what we have
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left over to save that amount. That's a huge no-no. At number seven, the combination of desire
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and belief in think and grow rich. Think and Grow Rich by Napoleon Hill is a classic self-help
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and personal development book that explores the mindset and principles necessary for achieving
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success and financial abundance. The biggest takeaway from this book is the importance of both
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desire and belief when it comes to the success in any part of your life. The combination of a
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burning desire for success and an unwavering belief in one's ability to achieve it is crucial. The book
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highlights the importance of cultivating a strong desire for wealth and success and developing
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a deep belief in your capacity to attain your goals. If you don't have a burning desire to achieve
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financial success, then would you even last on the long journey, which most certainly include
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working long hours and self-discipline? If you don't have the belief that you can achieve it
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will you even start? Following your personal legend in The Alchemist. The Alchemist by Paulo Coelho is a
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popular novel that tells the story of a young shepherd named Santiago on a journey to discover his
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personal legend and fulfill his dreams. It offers profound life lessons and insights. This is not really
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a finance book, but I think it's a must read for anyone trying to pursue a non-traditional
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career path in life. Following your personal legend is a big theme in the alchemist. Each person
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has a unique purpose or personal legend in life. This book encourages individuals to have the
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courage to follow their dreams and pursue their true calling even if it means taking risk and venturing into the unknown If you had a dream or a passion that you never followed because it seems too risky read this book
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It's a short book and an easy, enjoyable read. I guarantee you'll be inspired
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And number nine, being a faithful gardener of your wealth in the book, the wealthy gardener
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Ever heard of the phrase money doesn't grow on trees? Well, it might not grow on them, but it grows just like them
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The wealthy gardener lessens of prosperity between father and son by John Sufferick
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outlines how getting wealthy takes the same skills and patience as growing plants in a garden
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It takes everything from patience and persistence to knowledge and mindful planning
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Then you have to nurture your investments just like you would, water, and fertilize your plants
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Don't be afraid of the hard work it takes to garden every day because your trees will be fruitful for not just you
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but for the next generation also. Be faithful and a wealthy gardener
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And at number 10, we have the power of emotion in contagious, why things catch on
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This is another non-financial book that I think is just as important as the finance books to growing your wealth
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Contagious, Why Things Catch On is written by Jonah Berger. This is such an important book
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for the digital age where anybody can create content and become financially successful
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My favorite takeaway was that emotional content, tends to be more contagious
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The book suggests that invoking emotions such as joy, awe, or surprise can increase the likelihood
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of people sharing your content. Creating an emotional connection with your audience can make your message more memorable
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and shareable. Think of this for anything you're creating, be it content, a presentation, food, or an event
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What will be the emotional takeaway from it? Is it something that will lead people to sharing it and talking about it
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Last but not least, let's talk about me. Yes, I too am an author
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Okay, not actually a full-fledged author, but soon I'm going to have a journal coming out
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that helps you set and accomplish your 90-day goals. The 90-day journal will give you the space and guidelines
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to write down your goal and your accomplishments every day for 90 days
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keeping you accountable and motivated. To get a notification of when this journal is available
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there's a link in the description box to sign up for our weekly email
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If you're not subscribed to our weekly email, do it now. You will receive curated content to wealth and wellness from our team every week
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By the way, you can find all the links for these books below. That's it for today's episode
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We'll be back with more money talks
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