I’ve read somewhere that the transition to building wealth starts with developing the millionaire mind. Adopting mental attitudes that facilitate wealth is apparently at the core of this transformation. Concrete information about changing your psychological approach to wealth creation is however not easy to find.
I did however find that the following fairly simple rules about money was a good start in pursuit of the desired mindset:
Rule number one: Don’t lose your money.
Rule number two: refer back to rule number one, -don’t lose your money.
Some of the basic strategies to protect your money includes:
- Don’t hold your assets in your own name;
- Watch out for the tax man. Work closely with your accountant;
- Watch out for potential lawsuits. Work closely with your lawyer;
- Don’t be in a hurry with any deals;
- Read, read and read.
The benefit of reading should never be underestimated. Rich people read for self-improvement. They read self-improvement books, biographies and books about successful people. I listed my top picks hereunder so you can start developing your millionaire mind:
- “Tools of Titans” by Tim Ferriss;
- “The Richest Man in Babylon” by George S. Clason;
- “The Automatic Millionaire” by David Bach;
- “How Rich People Think” by Steve Siebold;
- “Be Obsessed or Be Average” by Grant Cardone;
- “Think and Grow Rich” by Napoleon Hill;
- “Business Adventures” by John Brooks;
- “The Little Book of Common Sense Investing” by John C. Bogle
- “The Essays of Warren Buffett” by Warren Buffett and Lawrence A. Cunningham;