5 Books to Build Your Wealth
Here at the Janice Burtis team, we value healthy financial habits. But with the cost of living crisis our country is facing, making smart money moves can seem like an impossible challenge.
Whether you’re deciding how to best spend your paycheck or trying to save for a down payment on a home – every penny counts! Recently, we’ve leaned into advice from some of the smartest people we know on the subject of money.
Take the time to expand your financial knowledge with these 5 book recommendations to help you build your wealth.
1. The Latte Factor by David Bach
In this book, David Bach shares three life-changing tips when it comes to day-to-day spending and investing. Perhaps the greatest take away from this book is the notion of keeping track of little expenses. While a $5 latte doesn’t seem like a big deal in the grand scheme of things, a year’s worth of latte expenses will add up over time. Read this book to learn more about the power of compounding interest—both the positive, and the negative.
2. The Millionaire Next Door by Thomas J. Stanley & William D. Danko
This bestselling book breaks down the seven most common traits of people who have accumulated wealth. The authors divulge that the typical millionaires aren’t always the flashy consumers with shiny cars and designer shoes. Rather, they explain how the wealthy is often your next-door neighbors who harness their wealth through working hard and saving money.
3. Rich Dad, Poor Dad by Robert T. Kiyosaki
This book is currently considered the #1 personal finance book of all time. It discusses the different financial lessons that rich families teach their children that middle-to-lower income families do not. This is a personal story from Robert that dissolves the myth that you need to earn a high income to be rich. He teaches the difference between working for money and making your money work for you.
4. The Psychology of Money by Morgan Housel
This incredible book breaks down the psychological habits of spending money. Most financial management is taught as a math-based foundation with formulas and data that guides decision-making. However, financial decisions don’t always happen on a spreadsheet—it’s at your favorite restaurants and sports events and spur-the-moment online purchases. This book will break down the impulsive habits when it comes to spending and how you can adjust your patterns to reach your financial goals.
5. The Automatic Millionaire by David Bach
In this book, David Bach shares the secrets of becoming a millionaire based on a realistic system and timeless principles. He follows the story of an average couple—who make no more than $55,000 in a year combined—and their journey to growing their fortune. This is a fantastic story that shows the realities of budget-setting and how you can achieve most anything if you can stick to it.
Whether you dream of owning stocks, investing in real estate, or retiring at an early age—it’s easy to see that one of the most common ways of managing your money falls in your day-to-day habits and activities.
If you’d like to learn more about ways to expand your financial portfolio, consider in investing in real estate! From Airbnb cashflow to long-term rental appreciation, the Janice Burtis Team is here to help you conquer your goals!