5 Books That Teach You How to Be Rich
The Richest Man in Babylon by George S. Clason:
The Richest Man in Babylon is essential reading for any adult struggling with personal finance,
and even those who aren't. It teaches the reader an entirely unique mindset about saving that
Clason refers to as "paying yourself first". What this means is that if you are spending your
money recklessly on things you don't need and you allow your money to simply burn a hole in
your pocket then what you're doing is paying OTHERS first, rather than saving the money and
therefore paying YOURSELF first.
The Little Book of Common Sense Investing by Jack Bogle:
For those of you who are already relatively savvy in the world of investing the name, Jack Bogle
might ring a bell. He founded Vanguard investment and in this book, he outlines the principles
that effectively make Vanguard so successful. Investing in index stocks has been shown to
outperform individual stock investments in the long run, and this is what Bogle sets out to prove
in this book by showing the history of mutual funds and index funds, then comparing their
returns and fees.
A Random Walk down Wallstreet by Burton G. Malkiel:
Malkiel is a well-known and respected Economics professor from Princeton University, and this
book is a large part of why he is so known. Economists usually have an interesting perspective
on investing and offer incredible insight into how markets function at their deepest levels. In this
book Malkiel shows, as the name implies, the randomness of the market for individual stocks,
and how selecting literally random stocks will often yield the same returns as a professional
broker will. This leads him to an interesting conclusion, and this book is a great read for any
investor looking for a new perspective.
The Simple Path to Wealth by J.L. Collins:
The Simple Path to Wealth outlines for the reader and extremely practical, if not somewhat
aggressive, way to save so much money that you quickly have enough money to simply do as
you please in life. Collins' aggressive plan suggests you save 50% of what you make and invest a
large portion as well. The book also educates the reader on how to fine-tune this plan to their
personal needs and circumstances in life, making it a great read for people who want a direct
plan of action.
The 4-Hour Work Week by Tim Ferriss:
This is a book that almost everyone has heard of and instead of telling the reader what to do with
their money as far as saving and investing as the other books on this list do, this book tells you
exactly how to make the money in the first place. The book advocates for self-investment (i.e.
learning and honing skills) as well as wide and varied streams of income.
Yorkville Advisors, LLC is a privately owned and operated hedge fund sponsor.