Yahoo Finance ‘Automatic Millionaire’ David Bach: 6 Books To Read If You Want To Get Rich
The lifestyles of the wealthy never fail to attract interest — especially among people seeking to emulate them. According to Business Insider, the average millionaire spends up to six hours each week reading for pleasure — but what are their go-to books?
Check Out: Robert Kiyosaki’s 7 Ways To Become Wealthy Beyond the 9-to-5
Learn More: 4 Genius Things All Wealthy People Do With Their Money
David Bach — a prolific finance author, self-made millionaire and motivational speaker — shared his top six books for people hoping to get rich. Each title introduces concepts designed to change your money mindset and achieve financial success.
‘Think and Grow Rich’ by Napoleon Hill
Born in 1883, Napoleon Hill began his career as a newspaper reporter in rural, small-town Virginia at the height of the Second Industrial Revolution. He became fascinated by wealthy businessmen and inventors of his time, including Andrew Carnegie, Thomas Edison and Henry Ford. He decided to research their lives to find out why they were so successful.
The result was “Think and Grow Rich,” published in 1937. The book highlights business and self-development principles that millionaires use to develop wealth while balancing their spiritual and family values. Its philosophical structure makes it all the more relevant today in a busy, hectic world.
While “Think and Grow Rich” may be an older title, it essentially opened the door for future financial self-development books. Since it was initially published, it has sold over 80 million copies and the Napoleon Hill Foundation continues to update it every so often for our changing times.
Readers of “Think and Grow Rich” emphasize its positive encouragement and motivational style; many fans read it every few years to reignite their ambition and drive. And, with an average 4.8-star review on Amazon, most readers find it well worth their time.
Discover More: 6 Reasons the Poor Stay Poor and Middle Class Doesn’t Become Wealthy
‘Business Adventures’ by John Brooks
This classic business book contains 12 stories about financial scandals during the 1960s. It covers some well-known territory, including the rise of Xerox, the $350 million Ford Edsel flop and how federal income tax came to be. Other tales cover insider trading at Texas Gulf, price-fixing and anti-trust problems at GE, and using propaganda to influence share prices at Piggly Wiggly.
While 1960s business scandals are far in the past, what’s interesting about this book is how it draws similar parallels to today’s business world. Readers will learn some of the more salient tidbits of Wall Street history and how they continue to impact us today, 60 years later.
If you enjoy reading about the highs and lows of Wall Street or simply want some basic lessons about what to avoid as you build wealth, you’ll enjoy “Business Adventures.” In fact, other wealthy people besides Bach, including Warren Buffett and Bill Gates, have listed the book as one of their top reads.
‘The Little Book of Common Sense Investing’ by John C. Bogle
There are hundreds of books about investing, but John C. Bogle’s “The Little Book of Common Sense Investing” breaks down a solid strategy that works. His investing recommendations focus on buying low-cost index funds that mirror major stock market indexes like the S&P 500. He avoids purchasing individual stocks, instead favoring mutual funds that tend to be less susceptible to major volatility.
Bogle’s investing strategy is a hands-off approach that benefits from long-term gains rather than trying to capture wins from day trading or similar practices. He espouses the benefits of dividend yields, compounding yields and long-term market valuation increases.
Since his original book was published in 2007, he has released an updated version that includes chapters on retirement investing and asset allocation. The book has numerous positive reviews, including one from the Oracle of Omaha, Warren Buffett. Other fans of “The Little Book of Common Sense” include David F. Swensen and William J. Bernstein.
‘The Automatic Millionaire’ by David Bach
For many, the dream of becoming a millionaire before retiring seems far-fetched. Living expenses continue to rise and getting off the never-ending cycle of living paycheck to paycheck may seem nearly impossible. However, Bach believes anyone can be a millionaire if they adopt the right mindset and follow his system.
So, what exactly is the system? While you’ll have to read the book to learn his secrets, essentially, Bach believes in paying yourself first and avoiding unnecessary debt. There’s a lot more to it than that, but “The Automatic Millionaire” breaks down the concepts into a set of straightforward, no-nonsense principles anyone can benefit from.
When “The Automatic Millionaire” was first published in 2003, it hit the No. 1 bestseller spot on multiple lists, including The New York Times, USA Today, The Wall Street Journal and Business Week. It was the bestselling business book in 2004, and Bach has made appearances to discuss his personal finance strategies on “The Oprah Winfrey Show,” “The View” and NBC’s “Today.”
In 2017, Bach updated the book to include new information on investments and technologies.
“The Automatic Millionaire” is a great read for anyone who wants to learn how to get rich, no matter what their circumstances are. Fans who enjoy the book can check out Bach’s other bestsellers, including “Start Late, Finish Rich” and “Fight for Your Money.”
‘Unshakeable’ by Tony Robbins
In “Unshakeable,” Tony Robbins delves into the ins and outs of investment decisions and how they impact your long-term wealth. He uncovers a few critical facts that the average investor may not realize. For instance, many retirement plans contain hidden fees that can reduce your savings by tens of thousands of dollars. Or the fact that many financial advisors aren’t exactly incentivized to act in their client’s best interests.
If all that sounds a little alarming, Robbins has your back — he tells you what you need to know in a no-nonsense, concise book that teaches you how to avoid common investment mistakes and realize financial freedom. You’ll learn to stay objective, even when the market seems a little shaky. “Unshakeable” is essential for anyone seeking to navigate the shark-infested waters of the stock market and come out safely on the other side.
‘Your Money or Your Life’ by Vicki Robin and Joe Dominguez
Everyday financial issues like managing debt, building savings, developing good money habits and basic investing are tackled in “Your Money or Your Life.” Originally published in 1992, the book became an instant bestseller throughout the U.S. and internationally. It has been updated multiple times, with its most recent 2018 edition containing new guidance on side hustles, freelancing and monitoring your finances online.
“Your Money or Your Life” follows a defined nine-step system to achieving happiness without the burdens of overspending. It follows the principle that none of us should work 60- or 80-hour weeks just to live for the one or two days on the weekend that we have to enjoy our actual lives.
Essentially, it emphasizes living within your means and taking the time to enjoy the people and things around you outside of the workplace.
Today, “Your Money or Your Life” continues to resonate with fans, including Oprah Winfrey and Mr. Money Mustache. It has a 4.5 rating on Amazon.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: ‘Automatic Millionaire’ David Bach: 6 Books To Read If You Want To Get Rich
