Becoming a millionaire is a goal many aspire to achieve, but finding the time to read numerous books on the subject can be challenging. Luckily, there are people who spent years exploring money-making books and I have condensed the wisdom from 40 impactful reads into this article.
Drawing from very successful people’s experience of going from zero to making tens of millions, I assure you that these core lessons, if applied correctly, can take you from $0 to $100,000, $100,000 to a million, and even a million to $10 million.
Level One: $0 to $100,000
The first step on your journey to wealth is mastering your mind. Society often perpetuates negative beliefs about money, leading us to view rich people as villains. To overcome this, Secrets of The Millionaire Mind teaches us to reprogram our minds and see money as a means to freedom. Similarly, The Psychology of Money highlights the importance of understanding money’s role in giving us control over our lives. By recognizing the distinction between being rich and being wealthy, we can develop the right mindset for financial success.
To transition from $0 to $100,000, you must think big.
The Magic of Thinking Big emphasizes the significance of setting ambitious goals. Don’t limit yourself or settle for mediocrity; aim for greatness. Additionally, The Winner Effect explores how achieving small wins fuels future success. Embrace challenges, overcome obstacles, and build momentum toward your goals.
To achieve success, you need to develop good habits.
Atomic Habits introduces the habit stacking technique, which involves pairing a new habit with an existing one. By adopting this method and focusing on daily wins, you can establish positive routines. The 7 Habits of Highly Effective People emphasizes the importance of setting clear goals and envisioning your desired legacy. Embrace a proactive mindset and always know where you’re heading.
Time is a valuable resource, so optimize it wisely.
The 12 Week Year suggests treating each year as 12 weeks to create a sense of urgency. This approach can boost productivity and help you achieve more in a shorter time frame. The Art of Getting Things Done encourages capturing tasks on external platforms rather than relying on memory, allowing for better organization and time management. Furthermore, Essentialism reminds us to value saying yes to the right opportunities while learning to say no when necessary.
Building high-value skills is crucial.
So Good They Can’t Ignore You challenges the notion of following passion and advises focusing on skill development instead. Identify your natural strengths and hone them to stand out. With the rise of artificial intelligence, Mastery emphasizes the need for a unique skill stack that cannot be easily replicated. By combining insights from various sources, as recommended in Steal Like an Artist, you can create an original blend of skills that provide a competitive edge.
Understanding personal finance is essential for wealth accumulation.
Rich Dad Poor Dad distinguishes between assets and liabilities, reminding us to prioritize investments that generate income. The Compound Effect reveals the power of compounding interest and the benefits of long-term investing. While investing in index funds, as suggested in The Little Book of Common Sense Investing, provides stability, exploring individual stocks can offer excitement and potential growth.
When investing, remember that markets can be irrational.
The Intelligent Investor advises against succumbing to market fluctuations and encourages a long-term perspective. Similarly, One Up On Wall Street suggests that having a deep understanding of a company or product can provide a competitive advantage.
Level Two: $100,000 to $1 Million
After reaching the $100,000 milestone, it’s time to level up your wealth-building strategies. The Millionaire Next Door reveals the habits and lifestyles of self-made millionaires, emphasizing the importance of frugality, budgeting, and living below your means. Cultivate a disciplined approach to money management and focus on increasing your savings rate.
To expand your financial knowledge, A Random Walk Down Wall Street provides insights into different investment strategies, including stocks, bonds, and mutual funds. Understanding the principles of diversification and asset allocation can help you create a well-balanced portfolio. The Four Pillars of Investing offers a comprehensive guide to long-term wealth accumulation, covering the key pillars of investing: theory, history, psychology, and business.
Entrepreneurship can be a powerful path to wealth creation.
The Lean Startup introduces the concept of a minimum viable product (MVP) and validates the importance of customer feedback to drive business growth. Zero to One challenges conventional thinking and encourages entrepreneurs to create unique and innovative solutions that disrupt existing markets. Embrace the mindset of continuous learning and experimentation as you navigate the entrepreneurial landscape.
Building a personal brand is essential in today’s digital world.
Crush It! emphasizes leveraging social media platforms to create and promote your brand. Establish your expertise, engage with your audience, and provide value through content creation. Influence explores the principles of persuasion and teaches you how to ethically influence others to achieve your goals. Mastering the art of personal branding and influence can open doors to new opportunities and financial success.
Level Three: $1 Million to $10 Million
Once you’ve reached the million-dollar mark, it’s time to level up your wealth-building strategies even further. The E-Myth Revisited discusses the importance of systematizing your business to scale and grow efficiently. Delegate tasks, build effective teams, and focus on the strategic aspects of your business to drive exponential growth.
Real estate can be a lucrative avenue for wealth creation.
The Book on Rental Property Investing provides insights into building a profitable real estate portfolio, from property selection to financing and property management. The Millionaire Real Estate Investor offers a comprehensive guide to investing in real estate, covering strategies for finding deals, analyzing properties, and maximizing cash flow.
Strategic networking can accelerate your path to success.
Never Eat Alone highlights the power of building meaningful relationships and leveraging them for mutual growth. Attend networking events, connect with industry leaders, and offer value to others to expand your network and access new opportunities.
Continual learning is crucial for sustained success.
The 80/20 Principle teaches you to focus on the vital few activities that generate the majority of your results. Identify your key strengths and allocate your time and resources accordingly. Thinking, Fast and Slow explores the two systems of thinking and helps you make better decisions by understanding the biases and heuristics that affect your judgment.
Becoming wealthy requires a combination of mindset, habits, skills, and strategic decision-making.
By absorbing the core lessons from these 40 money-making books, you can navigate the journey from $0 to $100,000, $100,000 to $1 million, and even $1 million to $10 million. Remember that each level comes with its own set of challenges and requires continuous growth and adaptation.
While these condensed lessons provide valuable insights, it’s important to delve deeper into each book for a more comprehensive understanding. Develop a thirst for knowledge, apply these principles to your life, and adapt them to your unique circumstances. With dedication, perseverance, and the right knowledge, you have the potential to achieve financial freedom and create lasting wealth.
List of books for each Level
Level One: $0 to $100,000
- Secrets of The Millionaire Mind by T. Harv Eker
- The Psychology of Money by Morgan Housel
- The Magic of Thinking Big by David J. Schwartz
- The Winner Effect by Ian H. Robertson
- Atomic Habits by James Clear
- The 7 Habits of Highly Effective People by Stephen R. Covey
- The 12 Week Year by Brian P. Moran and Michael Lennington
- The Art of Getting Things Done by David Allen
- Essentialism by Greg McKeown
- So Good They Can’t Ignore You by Cal Newport
- Mastery by Robert Greene
- Steal Like an Artist by Austin Kleon
- Rich Dad Poor Dad by Robert T. Kiyosaki
- The Compound Effect by Darren Hardy
- The Little Book of Common Sense Investing by John C. Bogle
- The Intelligent Investor by Benjamin Graham
- One Up On Wall Street by Peter Lynch
Level Two: $100,000 to $1 Million
- The Millionaire Next Door by Thomas J. Stanley and William D. Danko
- A Random Walk Down Wall Street by Burton G. Malkiel
- The Four Pillars of Investing by William J. Bernstein
- The Lean Startup by Eric Ries
- Zero to One by Peter Thiel
- Crush It! by Gary Vaynerchuk
- Influence by Robert B. Cialdini
Level Three: $1 Million to $10 Million
Treasures in these books
Mastering Your Mind
- Secrets of The Millionaire Mind: Reprogramming our minds to see money as a means to freedom.
- The Psychology of Money: Understanding money’s role in giving us control over our lives.
Thinking Big
- The Magic of Thinking Big: Setting ambitious goals and aiming for greatness.
- The Winner Effect: Achieving small wins to fuel future success.
Developing Good Habits
- Atomic Habits: Habit stacking and focusing on daily wins to establish positive routines.
- The 7 Habits of Highly Effective People: Setting clear goals and embracing a proactive mindset.
Optimizing Time
- The 12 Week Year: Treating each year as 12 weeks to create a sense of urgency.
- The Art of Getting Things Done: Capturing tasks externally for better organization and time management.
- Essentialism: Valuing the right opportunities and learning to say no when necessary.
Building High-Value Skills
- So Good They Can’t Ignore You: Focusing on skill development rather than following passion.
- Mastery: Developing a unique skill stack that cannot be easily replicated.
- Steal Like an Artist: Combining insights from various sources to create an original blend of skills.
Understanding Personal Finance
- Rich Dad Poor Dad: Distinguishing between assets and liabilities, prioritizing income-generating investments.
- The Compound Effect: Power of compounding interest and benefits of long-term investing.
- The Little Book of Common Sense Investing: Investing in index funds for stability, exploring individual stocks for growth.
- The Intelligent Investor: Having a long-term perspective and not succumbing to market fluctuations.
- One Up On Wall Street: Deep understanding of companies or products for a competitive advantage.
Living Below Your Means
- The Millionaire Next Door: Emphasizing frugality, budgeting, and increasing savings rate.
Expanding Financial Knowledge
- A Random Walk Down Wall Street: Insights into different investment strategies and asset allocation.
- The Four Pillars of Investing: Comprehensive guide to long-term wealth accumulation.
Entrepreneurship
- The Lean Startup: Minimum viable product (MVP) and customer feedback for business growth.
- Zero to One: Creating unique and innovative solutions to disrupt markets.
Personal Branding and Influence
- Crush It!: Leveraging social media platforms to create and promote personal brand.
- Influence: Ethically influencing others to achieve goals.
Systematizing Your Business
- The E-Myth Revisited: Scaling and growing business efficiently through systematization.
Real Estate Investing
- The Book on Rental Property Investing: Insights into building a profitable real estate portfolio.
- The Millionaire Real Estate Investor: Comprehensive guide to investing in real estate.
Strategic Networking
- Never Eat Alone: Building meaningful relationships for mutual growth.
Continual Learning
- The 80/20 Principle: Focusing on vital activities for maximum results.
- Thinking, Fast and Slow: Making better decisions by understanding biases and heuristics.
Please note that this article provides insights and observations and should not be considered financial or career advice. Individual circumstances may vary, and it’s important to research and evaluate options based on personal goals and aspirations.
