25 Must Read Books on How to Become A Millionaire
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25 Must Read Books on How to Become A Millionaire
Becoming a millionaire may seem like an impossible goal, but it’s not necessarily out of reach. From 2018 to 2019, 675,000 new people became millionaires in the United States, and this increase in the millionaire population is expected to continue for at least the next five years. Itching to increase your earning potential and join the newest crop of future millionaires? We rounded up 25 books on how to become a millionaire and organized them by the highest ratings to start you on your path to financial success.
As you read your way through this book list, put your millionaire mindset to work by making smart money moves like contributing to monthly savings and budgeting your living expenses.
1. “The Simple Path to Wealth” by J.L. Collins
“The Simple Path to Wealth” by J.L. Collins
Topping our list with the highest ratings, “The Simple Path to Wealth” provides a straightforward way to achieve financial independence. Collins maintains that money is the “single most powerful tool” and shows you exactly how to use it to grow your wealth. Reviewers from Goodreads and Amazon alike praise the book as an accessible guide to investment and portfolio building with clear takeaways on how to approach debt, investing, and your mindset.
2. “The Millionaire Fastlane” by M.J. DeMarco
In the number two spot on this list, author M.J. DeMarco distinguishes between life in the Slowlane (following the mainstream path to potential elderly wealth) and life in the Fastlane (the alternative path to extraordinary wealth). As a self-made millionaire, DeMarco advocates that the key to generating wealth lies in identifying a need and offering a solution. This is an enjoyable read for problem-solvers and entrepreneurs alike.
3. “The Bogleheads’ Guide to Investing” by Taylor Larimore, Michael LeBoeuf, and Mel Lindauer
“The Bogleheads’ Guide to Investing”
This well-respected, practical guide to investing champions the philosophy of business magnate and Vanguard founder, John “Jack” Bogle. In the introduction, the authors state that their mission is to instruct others on the best way to receive long-term returns on their investments. Learn to be a Boglehead by focusing on growing your riches over time and attaining financial wellbeing.
4. “The Richest Man in Babylon” by George S. Clason
Known as a classic work on financial planning and personal wealth, this book uses Babylonian parables to teach financial wisdom. It offers lessons in the basics such as saving a portion of your income, living within your means, and making your money work for you.
5. “The Intelligent Investor” by Benjamin Graham
Learn the philosophy of “value investing” from renowned investment advisor, Benjamin Graham. As a stock market staple, this book breaks down the facade of Wall Street and outlines long-term strategies to help you achieve the results you want from your investments. Originally published in 1949, this text is still relevant today and even recommended by Warren Buffett.
6. “How to Win Friends and Influence People” by Dale Carnegie
How to Win Friends and Influence People
While not so much a resource on personal finance, the best-selling first book of Dale Carnegie offers advice for people hoping to achieve success in life and in business. It outlines various ways to get people to like you, ways to persuade people to think how you think, and how to influence others without inspiring negative feelings.
7. “Conscious Business” by Fred Kofman
Recommended by Sheryl Sandberg, COO of Facebook, in a New York Times interview, “Conscious Business” advocates that you apply more awareness to all aspects of your work. It prompts you to recognize obstacles, identify the needs of your team, and engage in effective communication and decision-making. The book also has a spiritual element that investigates who you are and what your purpose is to bring that consciousness to the surface.
8. “Secrets of the Millionaire Mind” by T. Harv Eker
Secrets of the Millionaire Mind
“Secrets of the Millionaire Mind” makes the connection between aspiring to be rich and actually being rich. It’s separated into two parts, with part one focusing on identifying and resetting your money blueprint while part two provides insight into the thoughts and behaviors of the rich. The book champions that some people aren’t prewired for financial success, but if you change your money blueprint and start thinking like the wealthy do, you can rewire yourself to be rich too.
9. “The Millionaire Mind” by Thomas J. Stanley
A distinctly different book from number eight, “The Millionaire Mind” by Thomas J. Stanley surveys over 1,000 millionaires to gain more insight into the lives of the ultra-wealthy. Stanley identifies common factors of success among millionaires such as living frugally and taking financial risks. Additionally, millionaires find more success in both work and marriage, so applying their mindset to your life may help you succeed in all aspects.
10. “Think and Grow Rich” by Napoleon Hill
Originally published in 1937, this motivational book draws inspiration from business tycoons like Henry Ford and King Gillette to demonstrate the secrets to financial success. Hill claims that these secrets have generated wealth for many over the years and can bring you fortune if you are ready and know what you want.
11. “Thinking, Fast and Slow” by Daniel Kahneman
Nobel Prize winning cognitive psychologist, Daniel Kahneman, offers insight into the systems of logical and emotional thinking in this book. He highlights the cognitive biases that affect how we play the stock market or perceive risks in our lives. By understanding our two systems of thought, we can make better decisions for our personal and professional lives and prevent the negative effects of our biases.
12. “I Will Teach You to Be Rich” by Ramit Sethi
If you want a step-by-step guide on how to be rich, the Forbes proclaimed, “wealth wizard,” Ramit Sethi, has you covered. His book details a six-week program on how to save more, pay off debt, and negotiate your finances while also getting to spend your hard-earned money.
13. “How to Be a No-Limit Person” by Wayne W. Dyer
In this motivational resource, Dr. Wayne Dyer teaches you how to take control of the way that you approach problems and people. As a self-help advocate and counselor, he instructs you to reflect on the origins of your feelings to deal with them in an action-oriented, positive way. Sara Blakely, founder of SPANX and the first self-made female billionaire, credits her success to the audio version of this book.
14. “How to Be Rich” by J. Paul Getty
When taking advice on how to be rich, you’d want to hear from someone who has the credibility of demonstrated financial success. Named the world’s richest private citizen in the 1966 “Guinness Book of Records,” J. Paul Getty definitely qualifies as an authority in this space. In his book, he shares the blueprint to earning his billions and his philosophy behind being rich.
15. “Your Money or Your Life” by Vicki Robin
There’s a difference between just making a living and making a meaningful life. Author Vicki Robin provides a nine-step program that seeks to change how you manage your money and helps you live more deliberately. Robin advocates that money should be saved through good habits and mindfulness and that you can live well for less. Not only will this book change your relationship with money, but as Oprah Winfrey says, “it can really change your life.”
16. “The Millionaire Next Door” by Thomas J. Stanley and William D. Danko
Thomas J. Stanley and William D. Danko reveal the surprising characteristics shared by America’s richest in this book. Learn important life lessons from the wealthy like spending time and resources efficiently, living below your means, and valuing financial freedom and self-sufficiency above all else. If you use these lessons, you can become a “prodigious accumulator of wealth” instead of an “under-accumulator of wealth.”
17. “Built to Last” by James C. Collins and Jerry I. Porras
For those interested in accumulating wealth in business, find out what sets extraordinary companies like Disney and Hewlett-Packard apart from the rest. Collins and Porras reveal the qualities of “visionary companies” and create a framework for designing prosperous organizations. Whether you’re an entrepreneur or working your way up the corporate ladder, these concepts apply to any business.
18. “MONEY Master the Game” by Tony Robbins
After researching and conducting interviews with financial experts and legends (think Steve Forbes and Warren Buffett), Tony Robbins devised a seven-step plan to help you and your family achieve financial freedom. Robbins advocates for readers of all income levels and offers actionable advice on managing money and making major financial decisions.
19. “How Rich People Think” by Steve Siebold
Ever wondered how rich people think? Steve Siebold interviewed hundreds of millionaires to find out and shared his findings with everyday people. He unlocks the secrets behind a millionaire’s mindset and wants you to study it like a science. Once you’ve studied it for yourself, copy them and start getting rich!
20. “Lean In” by Sheryl Sandberg
“Lean In” is Sheryl Sandberg’s best-selling book on women and leadership. Sandberg advocates for women to be confident in themselves and to make minor changes that will land them the promotion, raise, and equal pay that they deserve. This book comes recommended by her fellow Facebook C-suite executive, Mark Zuckerberg, and business magnate, Richard Branson.
21. “The Automatic Millionaire” by David Bach
David Bach uses the story of an average American couple to illustrate how you don’t need to have a high income to be rich. Bach advocates that you should always pay yourself first and that automating your finances will pay you in the future. He says that setting up the system takes just an hour and you’ll only have to “do it once [because] the rest is automatic!”
22. “Start Small Finish Big” by Fred DeLuca
The founder of Subway, Fred DeLuca, tells the story of how the small sandwich shop he started with a $1,000 loan turned into a $3 billion franchise with stores in 60 countries. DeLuca offers business advice from himself and other entrepreneurs for every step of the process, ranging from starting with your idea to constantly improving your business. It’s especially insightful for those starting businesses with limited capital.
23. “Everyday Millionaires” by Chris Hogan
Chris Hogan shows how everyday people grew their wealth without a huge inheritance. By studying 10,000 American millionaires, Hogan demonstrates that building wealth is actually attainable regardless of income or status. He concludes that commitment and a lot of hard work can help you become a millionaire.
24. “Business Adventures” by John Brooks
If Bill Gates deems this the best business book he’s ever read, you better read it and take notes. Brooks tells the stories of failure and success of twelve Wall Street companies and provides access to the ins and outs of corporate finances. Read this book to learn valuable lessons about the volatility of business.
25. “Cashing in on the American Dream” by Paul Terhorst
Cashing in on the American Dream
There are many versions of the American dream and being financially independent and retiring early is definitely one of them. Paul Terhorst shows you how to cash in on this dream with a five-year plan to retire with significant savings and overcome psychological and financial hurdles along the way. This one is on billionaire Mark Cuban’s list of books that shaped him.
After learning about personal finance, business, and lifestyle advice from financial experts and millionaires alike, start managing your money with the Mint app today. Someday you might just be the next millionaire inspiring others to take control of their finances and build their wealth too.
Sources: Global Wealth Report 2020 | Forbes 1 | Entrepreneur 1 | Reading Length 1 2 3 4|
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