If you want a comfortable old age, then you need to think about earning money, the accumulation, and its management in your youth. It would seem, what is simpler: you just need to follow the golden rule about postponing at least 10% of income every month, and all problems are solved. But many people simply do not know where to start their relationship with money.
1. “The Automatic Millionaire”, David Bach
David Bach has developed a financial security guide. In this book, he sets out the importance of “automated” deducting the amount from the income to defer for the future – before you start worrying about taxes, budget or investing. Bach believes that it is important not only to make money but also to manage them in the right way. And you should do this automatically so that there is no temptation to spend an inviolable amount for current needs.
2. “The Millionaire Next Door”, Thomas Stanley and William Danko
In the book, the authors explain the secrets of the economic prosperity of Americans, reveal the key characteristics that are inherent in a typical portrait of an American millionaire. Of course, they also describe basic things, like those that income and wealth are two different things, that every truly rich person always lives somewhat more modest than he can afford, spends money on status items and differentiates investments. But in general – this is a very useful book, not lost its relevance.
3. “Rich Habits: The Daily Success Habits Of Wealthy Individuals”, Thomas Corley
Thomas Corley spent five years studying the lifestyle of the rich people (he accepted people with an annual income of at least $ 160,000, owning assets of $ 3.2 million or more) and poor people (those who earn less than $ 35,000 a year do not exceed $ 5 thousand). As a result, he managed to identify the habits of wealth and the habits of poverty. In the book, he presents his findings on this topic. Forming habits takes time, and the sooner you start, the better it is.
4. “Dara Dagai”, Financial Survival Guide for Young Adults on Their Own
The book is ideal for students and graduates who still do not earn by themselves (and is useful for their parents, who just need to advise it to their children). There are many real stories in the book about how to run the business, money-management, the most common financial mistakes of young people and advice on how to avoid them (critics say that a perfect balance is observed between the “theory” and cases).
5. “If You Can: How Millennials Can Get Rich Slowly”, William Bernstein
The author of the book is one of the founders of the investment management company Efficient Frontier Advisors. And the book “If You Can” is a brief guide that will help you reach the retirement age of $1 million in a bank account.