Aug 27, 2022
Books that are the ultimate revelation of Money
Inflation is at an all-time high, and prices of commodities are rising ferociously. In these hard times, there is an opportunity for us to learn more about how we spend our hard-earned money and how we should use it for our own good.
Since the pandemic, central banks all over the world have loosened the money supply until March of this year, when the Ukraine war started.
The prices skyrocketed, shortage of food and commodities like oil and natural gases due to sanctions was the reason for the increase in Inflation.
Now Central banks are taking measures to control inflation and thus restricting the money supply and decreasing demand. But that may work in short term, but in long term, we may be going towards recession. It's not a bad term, it's just that once in a decade world economy is going negative or backward.
Come on, you also know that we can't always have positive things going on, setbacks can and will happen, and these are the setbacks that make us strong and in this case world economy strong.
I have read hundreds of books related to Finance, Business, and Entrepreneurship. There is a need to understand how money works and how you should apply these concepts in your daily life.
A man who control finance, shall control the world.
— Himanshu Mayachh
Here, I am mentioning some books according to the category of what it relates to. These are the most popular books on finance, and they will give you an understanding of how money works and how can use it to your own advantage.
Personal Finance
It is one of the most important aspects of Finance, to have knowledge about your own money. How you are using the money and what will this money spend will benefit you and how you can get the maximum benefit from the money you spend.
The Infographic Guide to Personal Finance: A Visual Reference for Everything You Need to Know
Get Good with Money: Ten Simple Steps to Becoming Financially Whole
Money Psychology
These types of books are focused on developing the psychology about money. Many people think that money is evil of all the causes, but that’s not true, money is the medium which is connected to all your emotions and will help you in every aspect of your life.
The Psychology of Money: Timeless lessons on wealth, greed, and happiness
The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness
Investing your money
This is the best way to working your money for you. Let me tell you, power of money making itself.
Suppose you’ve invested $100,000 in 5 years in the dividend yielding stock and the yield of stock is 2% per year, then you will get $2,000 every year by just holding those stocks.
Now you may think that, by investing humongous $100,000, we only get $2,000 per year, that’s kinda less right. But that’s not the case, this $100,000 will also grow typically 5 to 15% of a year, according to market conditions.
We can also invest that dividend income again so that we can get more dividends in the future. Sometimes, we also get a bonus for holding the share or get split benefit of the share when it splits. We also get compounding benefit in long term investing.
There is trading too, which is fruitful but risky. But with right knowledge and risk management, you can also be the trader. It can become your side-income, if you get better in it.
These are typical advantages of holding the stocks, but there is much more to that like knowing the fundamentals of the company, it’s financial statements. This knowledge will definitely help you to invest in the right company at the right time.
Here are some of the books which tell you about investing and will help you to make your money work for you.
The Intelligent Investor Rev Ed.: The Definitive Book on Value Investing
These are all the books which you need to understand money and how it works for you. If you understand these concept, your life will be easier.
Himanshu Mayachh
