No matter how you make money, or how you tend to invest your money, one of the best things you can do in order to find financial success is to arm yourself with a strong financial IQ. If you want to have a strong financial IQ and a good understanding of different financial practices then one of the best things that you can do is to start reading. The more you know, the better prepared you will be to handle some of the challenges that come with investing and building a strong financial future for yourself and your family. Here are four great books that anyone should read if they want to build their financial IQ and learn what it takes in order to create a sense of financial freedom for yourself.
1. Rich Dad, Poor Dad by Robert Kiyosaki
This book was written by Robert Kioysaki who wanted to tell everyone about what the rich teach their kids about money that poor and middle class parents tend not to teach their kids about money. The author is actually an eight-grade dropout who has found financial success simply by spending less than he earns. His book is all about financial freedom and according to his book, the key to financial freedom is a person's ability to "convert earned income into passive income or portfolio income." This is a great resource for individuals who want to know basic, everyday tips to earning money and who believe you don't need a ton of degrees behind your name in order to have a lot of financial knowledge.
2. The Millionaire Fastlane by MJ DeMarco
According to author MJ DeMarco, the goal of his book is to help people not only earn wealth, but to learn how to live rich for their entire lifetime. He doesn't believe in the saving 10% and retiring at 65 model and believes that most people who follow this plan will be too old to enjoy their money by the time they are able to retire. His focus is on using the volatile nature of today's financial markets to your advantage as a way to get rich now and to be able to actually enjoy the money you earn.
3. The Millionaire Next Door by Thomas J. Stanley and William D. Danko
If you are all about stats, then this book is for you. This guide to understanding the uber-wealthy does extensive research into households in the United States that have a net worth of $1 million or more. This book is filled with advice on how you can achieve a higher net worth than your income and how you can stop yourself from overspending as so many wealthy individuals today do.
4. The Money Book for the Young Fabulous and Broke by Suze Orman
In TV star Suze Orman's book, her entire focus lies on helping young people cope with today's difficult market and find the financial security they have been looking for. This book is so powerful because it focuses on the building blocks of having a strong financial IQ. This is a great foundation for any person and instead of focusing on retirement-focused individuals it instead focuses on helping people build a strong understanding of finances early on so they can have long-term, growing success.
Keep these books in mind as you continue your studies in financial IQ. Reading these books can really help you get a big-picture understanding of what it will take to reach your own financial goals.
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