Author Topic: Books about the mindset needed to make more money?  (Read 7096 times)

Baguettestache

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Books about the mindset needed to make more money?
« on: May 21, 2024, 10:35:43 AM »
Hi everyone, I'm 31, doing pretty good financially. I've started saving at 23 and investing at 27.
I've been doing a decent job of not spending on frivolous stuff and saving instead. Now, I'd like to focus on making more.

I came across a money coaching program lately, I decided not to buy it but I still got curious about the "rich people mindset" part.
Do you have any good book recommendation that would help me? What were the books that changed your mindset towards money and helped you earn more?

I've read Your Money or Your Life already and read JL Collins's most famous articles and watched his talk at Google. Every MMM article twice also, probably. 😁

(I feel obliged to add that I know nothing about real estate and that it's a topic I'm afraid of)

reeshau

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Re: Books about the mindset needed to make more money?
« Reply #1 on: May 21, 2024, 02:20:19 PM »
Are you really working to earn more?  As in work more, or change what you do?

Many people here earn relatively modest salaries.  It's their low spending and commitment to investing that makes a difference.

Have you read The Millionaire Next Door?

If you really do want to make more, what is it that you do now?

solon

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Re: Books about the mindset needed to make more money?
« Reply #2 on: May 22, 2024, 06:51:34 AM »
You're already saving and investing. That's the rich people mindset right there. If you keep doing it, wealth will find you.

As far as those financial coaching programs go, they are a waste of money. You chose wisely.

To increase income, you could try starting your own business, or going back to school for degrees and certs, but these options are secondary to what you've already accomplished.

lhamo

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Re: Books about the mindset needed to make more money?
« Reply #3 on: May 22, 2024, 08:12:30 AM »
Ramit Sethi might be a good fit for you -- his book is a bit dated now (though he did update it a couple of years ago) but his podcast/youtube channel are current.  He has a lot of career development stuff that is useful, too. 

Dicey

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Re: Books about the mindset needed to make more money?
« Reply #4 on: May 22, 2024, 09:09:59 AM »
Why buy a book when you have us?

SmashYourSmartPhone

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Re: Books about the mindset needed to make more money?
« Reply #5 on: May 22, 2024, 11:39:56 AM »
What were the books that changed your mindset towards money and helped you earn more?

No books.  Just a particular approach towards work and interviews.  Though admittedly I'm not making as much as I'm sure I could if I continued to optimize for income, I'm making far more than our lifestyle needs, and the tradeoffs of flexibility (I only work 4 day weeks among other things) are well worth it.

(1) Don't be afraid to interview, and if you need to take some vacation time to interview, so be it.  Though admittedly it's less fun now that it's all online.  Getting flown around for a couple days to interview used to be enjoyable enough.  However, I've also found I interview far better when I genuinely don't care about the position, because I have a perfectly good position already.  If the new one is better and pays enough, great.  If they don't offer something, so be it.  And if the offer isn't amazing, don't accept it.  I've turned down plenty of decent positions because they were no real improvement over what I had at the time.
(2) If you're moving jobs, make it for a 50% pay bump, or something else of great worth to you (some particular companies on your resume used to "solve hiring" for the future in that you'd get past HR filters if you'd worked there, it's not bad to have them on your resume).
(3) Don't lifestyle inflate!  The MMM articles are valuable here.

Smokystache

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Re: Books about the mindset needed to make more money?
« Reply #6 on: May 22, 2024, 01:39:13 PM »
What are you doing right now to make money? How much do you make? How many hours do you work and how hard is the work (mentally/physically)?
Here's why:
- If you're a oncology resident working 85-hour weeks, then you should focus on saving in smart ways and not buying stuff you don't need.
- If you're doing some 35-40hr/wk job that you find mentally and physically easy, then I would recommend starting a side-hustle that could grow.

If you're open to the idea that you could create a service or product to sell, then I would recommend some entrepreneur books.

The classic is "The 4-Hour Workweek" by Tim Ferriss. There is a lot to critique in this book, but the core message that you don't have to trade hours for money is strong.

I like "Company of One" by Paul Jarvis.

I'm a big fan of "$100 Start-Up" by Chris Guillebeau - which shows that you don't need investors or a lot of money to start a side-business that could grow to much more.

I'm a huge fan of the Side-Hustle Nation podcast with Nick Loper. He has 600+ podcast episodes and does a great job of avoiding  get-rich-quick or anything associated with MLMs or network marketing. To help you sort through his enormous catalog of episodes, he will create a curated list based on your answer to a few questions. (https://www.sidehustlenation.com/side-hustle-show/

CNM

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Re: Books about the mindset needed to make more money?
« Reply #7 on: May 22, 2024, 02:15:46 PM »
I really liked We Should All Be Millionaires by Rachel Rodgers.   

SmashYourSmartPhone

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Re: Books about the mindset needed to make more money?
« Reply #8 on: May 22, 2024, 02:54:50 PM »
I really liked We Should All Be Millionaires by Rachel Rodgers.

Please don't give the Fed more ideas...

iris lily

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Re: Books about the mindset needed to make more money?
« Reply #9 on: May 22, 2024, 05:14:48 PM »
Why buy a book when you have us?
haha, so true!

MoustacheDArgent

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Re: Books about the mindset needed to make more money?
« Reply #10 on: May 28, 2024, 05:55:29 PM »
There's a book called Secrets of the Millionaire Mind by T. Harv Eker that is a little cheesy at times, but addresses some of the mental hang ups people have about money that I haven't seen covered in most other financial advice books.

I just did a search and found a website with his "17 wealth files" for a "Rich Mindset Versus Poor Mindset"

and before people who have never read the book start complaining that these are stereotype - he admits that and says that they for example only no one is exactly all of one or the other.

It's more of a mindset book than a how to.   I've met plenty of broke people who have the "poor mindset" that he describes and I think they would be better off with some of the "rich" beliefs that he describes.

Also I think these are probably more geared towards business owners than employees.

SeattleCPA

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Re: Books about the mindset needed to make more money?
« Reply #11 on: September 03, 2024, 07:54:14 AM »
Late to this thread, but @Baguettestache ? If you're still here, I'd strongly recommend this academic research paper:

https://www.nber.org/papers/w25442

This is going to be WAY different direction to go in your thinking. But thinking about your human capital and how to get the absolutely maximum return on that probably provides more opportunity than anything else available in "traditional" asset classes.

vand

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Re: Books about the mindset needed to make more money?
« Reply #12 on: September 05, 2024, 07:26:51 AM »
Your average FIRE manual is dead in the water when it comes to how to handle your career.

Better to look in the Personal Development space - personally I love Jim Rohn.  His audiobook "Ultimate Jim Rohn" is the go-to for me, although you can find plenty of his teachings from the book already on youtube.


Tasse

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Re: Books about the mindset needed to make more money?
« Reply #13 on: September 05, 2024, 07:29:55 AM »
I like Cal Newport's So Good They Can't Ignore You and Deep Work for career stuff. They're hardly about money at all though.