In these times of economic instability, people are more worried about their finances than ever before. Saving has become a priority for most people, and some have made many sacrifices to prevent spending more than they have to. If you want to be financially stable in the long run and have a nice sum of cash saved up for retirement, take a look at the following books for money-saving methods and tips on how to strike it rich.
1) The Millionaire Next Door
This book is one of the most interesting financial reads you will ever come across. Authors Thomas Stanley and William Danko complied this how-to guide after many years of interviewing thousands of the most affluent individuals in the United States on how they built their fortunes over the years.
The book features seven major tips for on how to reach a net worth of one million dollars in their lifetime. These tips do not include any shortcuts. Instead, Stanley and Danko teach readers how to gain wealth through hard work and proper money management. They emphasize that unrestrained use of funds is the quickest route to a life of poverty.
Of the seven major pieces of advice presented, living within your means is one that should be common sense. Unfortunately, there are many individuals who spend more than they earn because they have no control over their urges; hence, a guarantee to debt and worse. Another great tip is to pick a career wisely. People should assess what their strengths are and make career choices based on their personal skills instead of interests or trends.
2) The Total Money Makeover: A Proven Plan For Financial Success
Well-known author Dave Ramsey is a successful businessman and financial expert. In this book, he explains that no one can be truly financially secure if they have any debt. Even though you may be in current possession of a sizable sum of money, it doesn't really belong to you because you owe it to the individual or institution you borrowed it from. Your obligation is to pay off the debt or accrue even more debt by delaying. If you want to have a nice retirement, pay off all debts as early as you can before it's too late.
3) The Richest Man in Babylon
George Clason compiled a book filled with stories and lessons on how to achieve financial success. Interestingly, these pointers come to us from people who lived thousands of years in the past. You can learn how to make money, save what you earn, and apply it to earn even more with this book.
Many of the financial tips were taken from the Babylonian principles of learning how to live frugally and performing financial planning. Living frugally is necessary to survive and save when you can't help your low income.
Financial planning is what makes you aware of exactly how much you are earning, how much you are spending, how much is left over, and what needs to be set aside. Both principles can be applied to your retirement depending on your financial status at that time.
In the end, being financially secure comes down to a very simple rule: always spend less than what you make. If you want to enjoy your golden years, follow this advice, and other bits of wisdom found in these books, starting from this day onward.
As a father of 7, Tim Martin knows first-hand the necessity of heeding financial advice. He writes frequently about frugal living and other financial matters from his home office in Boston, MA . More of his expert advice can be found at MBA in Finance Guide.
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