After reading a lot of articles on personal finance, you probably have a good idea of the different investment options available in the market. You know it very well that if you invest your money wisely each month, your money would grow with time and you can easily become rich in the long term.
But have you ever asked your self this question, “How much money do I need to become Rich?”
Most people believe that becoming a millionaire is equal to becoming Rich.
But there are many people who believe in this 21st century having a net worth of 1 million dollars is not enough to declare oneself rich… due to high inflation. The Value of money is depreciating with each passing year so in the coming years, having one million dollars will not be sufficient to live a rich life.
Many other people believe that you should have assets such as stocks, mutual funds and rental apartments that could generate income every month and this income should be more than your monthly expenses to become rich.
For example if your monthly expenses are $ 5000 and you have assets (stocks, bonds, mutual funds and rental apartments) that are putting $ 6000 in your pocket every month, it means you are financially independent and Rich.
To become rich, the method is pretty simple – spend less than you earn and invest your savings wisely to generate cash flow or monthly income.
“How much time will you take to accumulate all the money you have if you loose all your money today?”
Mr. Henry ford Responded, “It will take me only five years to accumulate all the money I have, once again.”
Henry ford knew that to become rich you don’t need money, you need financial education. Once you can follow the rules of money, you can accumulate all the money you want again and again.
The point of all of this is that to become rich you do not need a lot of money but you need to aquire financial education that can help you to accumulate as much money as you want.
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Short, downloadable book summaries written by us that you can save to your computer, print out, and share with others.
1. Rich Dad Poor Dad -- This is one of the fewest books that has been on the bestseller list for more than a decade. This book is the best personal finance book of all time.
2. The Richest Man In Babylon -- The book is very interesting and full of short stories of the rich people who reveal the secrets of their wealth. This is a small book but it has improved the financial life of millions of people around the world.
3. Think And Grow Rich -- It is a motivational book written by Napoleon Hill, it was first published in 1937 during the time of great depression. This book has been on the bestseller list from last 74 years.
4. The 7 Habits Of Highly Effective People -- It is a #1 National Bestseller book on personal development, written by Stephen R. Covey. It has sold more than 15 million copies since its first publication in 1989.
5. How To Win Friends And Influence People -- This book is written by Dale Carnegie and it was first published in 1937. Now it takes place in publishing history as one of the all-time international best-seller.
- Business Biography (13)
- Financial Education (35)
- Frequently asked Questions (8)
- Goal Setting (29)
- Health & Success (9)
- Inspirational Stories (16)
- Investing (31)
- Job hunting and Career (5)
- Management and Leadership (10)
- Money Tips (26)
- Motivational (36)
- Personal Finance (42)
- Savings (6)
- Self Help (43)
- Self Improvement (45)
- Silver and Gold (5)
- Skills (10)
- Small Business (10)
- Stocks and real Estate (25)
- Success (39)
- Time Management (13)
- Wealth (47)
- Women and Business (20)
A Note to Our Readers
We at Readtoawake.com encourage our readers to purchase the books we summarize. These summaries are for busy professionals, who do not have much time to read all the books. We help them to select the best business and personal finance books.
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