A wealthy person will rarely be able to attribute their accomplishments to a single amazing event. Instead, they’ll point to their mindset as the most important factor in their success. Changing your mindset will affect your behavior to help you truly change your habits.
- What is a wealthy mindset?
- Do we all have wealthy mindsets within us?
- Why do you need to develop a wealthy mindset?
- Wealthy mindset books to read for beginners
- Wealthy mindset books to read for aspiring entrepreneurs
- Wealthy mindset books to read for intellectual-types
- Wealthy mindset books for everyday reading
- In conclusion
What is a wealthy mindset?
A wealthy mindset refers to a collection of ideas, habits, and behaviors that distinguishes the wealthy from the rest of the population. It’s a mindset that can help you make the most of what you have.
However, it is not an easy task. A wealth-growing mindset entails spending less, making prudent investments, and looking for low-risk strategies to enhance one’s financial situation. With a little effort, anyone can cultivate this mindset.
Do we all have wealthy mindsets within us?
Most of us naturally have a poor mindset. A poor mindset is the polar opposite of a wealthy mindset. Most are completely unaware of it, just like negative people are often unaware of the negativity they put out.
Thinking that earning money is inherently wrong or that you’ll never get out of debt are both examples of a poor mindset. Unless you work to change that mindset into a wealthy mindset, it will undermine your financial goals and actively drive wealth away from you.
The best part about cultivating a wealthy mindset is that you can get started right away. Starting small initially and tackling bite-sized goals is key.
These tiny goals, like compounding interest, add up over time and will help you reach your financial goals. In weeks, months, and continuing throughout the years, you’ll be well on your way to achieving wealth.
In the same way, reading books over time can cultivate the growth of your mindset in the right direction, that is, towards wealth. We’ve curated a list of books that can help you develop a healthier perspective on money and in turn, give you the best financial prowess.
Some are specifically about money, while others aren’t, but they should all pique your interest and help you see the world, and your money, in a new and more positive light.
Why do you need to develop a wealthy mindset?
- Attracting wealth: By focusing on a wealthy mindset, you can attract wealth and abundance into your life. This means that you can create opportunities and attract resources that can help you achieve financial success and security.
- Positive outlook: Having a wealthy mindset can help you maintain a positive outlook and approach to life. This can help you overcome obstacles and challenges, and stay motivated to pursue your goals.
- Improved financial decisions: Developing a wealthy mindset can also help you make better financial decisions. You will be more aware of your spending habits, be able to make more informed investment decisions, and be better prepared to manage your finances for long-term success.
- Better quality of life: Developing a wealthy mindset can also improve your overall quality of life. With greater financial stability, you can reduce stress and anxiety, have more freedom and flexibility in your life, and have more opportunities to pursue your passions and interests.
Wealthy mindset books to read for beginners
1. Think and Grow Rich by Napoleon Hill
This is a timeless classic. Stop what you’re doing and read it right now if you haven’t already.
High school kids should be compelled to read this, as it has very clear financial management tips for students.
This book is not necessarily just about how to get rich. Rather, it is also about a philosophy that when applied in any scenario, gives you a higher likelihood of being successful. Wealth can often be a part of that manifestation of your success, both in your personal and professional life.
In the book, Napoleon Hill outlines his investigation of more than 500 self-made billionaires (bearing in mind that the book was first released in 1937), and then he distills the “secret” to money which is broken down into 13 principles, and the “major causes of failure” that keep many of us from getting wealthy are revealed.
This book should be on every list of books for a healthier money mindset, as well as every self-improvement book list.
2. Start With Why by Simon Sinek
Simon Sinek is a master at getting to the heart of why you should do something rather than how you should do it.
What is your motivation for wanting more money? Believe it or not, it’s not simply for the sake of having money.
A lot of this book is based on real-life business strategies, but it can just as easily be applied to your own personal life.
What is truly the most important question to ask? Is it the what, the how, or the why? Generally, when people ask about your business, they want to know the what of it. But by simply looking at a business, you can easily know what it is that it does exactly.
Simon Sinek argues that the most important question is actually the why of what you do, followed by the how, and lastly the what.
He explains each of these in detail and relates it to how you can personally apply it to your own life.
Determining what is genuinely driving your financial objectives will assist you in moving forward on the right path. You’ll learn that money is never the real reason behind anything.
Wealthy mindset books to read for aspiring entrepreneurs
3. The Power of Broke by Daymond John
Daymond John, a Shark Tank investor, and entrepreneur has one of the most inspiring stories out there in my humble opinion.
When he was starting out, he was broke and had a $40 budget. He decided to start his own clothing company called FUBU. Now that company is worth $6 billion. How’s that for a self-starter?
This book is excellent for putting money in context. It demonstrates that it isn’t always necessary to spend money to generate money (another disempowering societal idiom) – the book has numerous outstanding examples of this.
You might’ve had some personal experiences yourself if you’ve ever dabbled in business. Unfortunately, spending money does not always equal success. Sometimes the most fruitful results stem from consistent and diligent efforts that require very little to no capital at all.
Daymond John talks about his own personal experience, including his own mistakes and failures. You’ll be benefiting from his success by making the most of your limited cash resources.
4. The Other 90% by Robert K. Cooper
The majority of self-help and leadership books suffer from two basic flaws.
First, most self-improvement books do not appear to challenge traditional thinking or provide new insights in any meaningful way.
Secondly, they frequently provide oversimplified success cliches.
Dr. Robert Cooper, a pioneer in neuroscience, asks us to reconsider our understanding of human potential. He claims that we primarily underutilize potential, using less than 10% of our brilliance or latent talents. This book shows you how to tap into the 90% that isn’t being used.
It also delves into a favorite topic of mine, which is emotional intelligence. He outlines how to use emotional intelligence to your advantage, especially in a leadership role.
The downside is that some of the information seems to be outdated. But a lot of the concepts still stand and are very useful.
Wealthy mindset books to read for intellectual-types
5. Mindset by Dr. Carol Dweck, PhD
This is the obvious option since it is the book about mentality, and it’s quite aptly named. This book is based on decades of study that have been converted into clear, concrete, and tangible concepts.
The author Dr. Dweck is a professor of psychology at Stanford and has a Ph.D.
Dweck makes a compelling case for rethinking how we view failure and learning. In addition, this book will assist you in determining if you are handling your finances from a fixed or growth perspective.
In short, if you’ve got a fixed mindset, you believe that your abilities and intelligence are something you’re born with and can’t be developed any further. Unfortunately, what you’ve got is what you’ll need to work with for the rest of your life.
On the contrary, if you’ve got a growth mindset, you feel that you’re able to develop your abilities and intelligence even further, and your life becomes all about nurturing that potential.
These two viewpoints, though seemingly simple, are profoundly powerful and can determine the success of your life moving forward. They determine how you handle challenges, whether you embrace them or flee from them. They determine how you handle criticism, whether you learn from it or ignore it.
6. The Talent Code by Daniel Coyle
The great thing about this book is that it is scientifically based.
He goes into a bit of detail about how your body is biologically and neurologically wired and tells you how you can take advantage of it.
He doesn’t just say, “Here’s how it works, go ahead and do that.” Rather, he helps you understand what factors impact the development of your skills and, as a result, helps you become a better learner in general.
For example, to make myelin grow, you need to deliberately practice whatever it is that you’re trying to get good at. But that’s where a lot of people fail. And it’s not necessarily their fault. However, there is a smart way to do it and a dumb way to do it.
Coyle gets into how to recognize and own up to your mistakes and helps you fix them in the most efficient way possible.
This book broadens horizons and provides new perspectives with real-life examples and anecdotes to illustrate the topics.
Above all, Coyle explains how we may all realize our full potential by properly training our brains (and having a great attitude about money).
Wealthy mindset books for everyday reading
7. The Millionaire Next Door by Thomas J. Stanley, PhD
This book delves into the lives of a group of improbable millionaires.
It gives great insight into these people’s routines, occupations, relationships, and even the typical cars they drive.
Although some of the material is from the 1990s, the concepts are still relevant today, particularly the premise that wealth is more common than you might imagine. It may be even more important today than ever, due to the instability of the economy, relatively.
To me, this book motivates the pursuit of stealth wealth, which I view as a combination of confident wealth and inspiring humility.
This classic book contains a wealth of practical advice and is well worth reading. It really changes your perspective on how you view people around you and the way you judge wealth as an outsider and a stranger to those people.
Learn more about stealth wealth here.
8. The Inner Game of Tennis by W. Timothy Gallwey
So, if you’re not a big tennis fan, just disregard the title and continue reading. Personally, I’m a huge tennis fan. I love Roger Federer, and I’m sure he applies many if not all the techniques outlined in this book.
I also think this book applies to all sports, not just tennis. If you’re into sports, and you want to improve your mindset for all things in life including sports and finances, this is the perfect amalgamation!
This book teaches you how to control your internal monologue. According to the philosophy of this book, two opposed mindsets are always at odds.
The first is the “telling” mentality, which is full of self-criticism and self-judgment. This mindset seeks to exert excessive control over your performance.
The second “doer” mindset, which occurs when you are free and reacting with your game, is the optimal mindset for top performance.
Both must be mastered. Master your thoughts, and you’ll be able to master your money.
Consider starting to read any of the above books. Choose one at random, or choose one that calls to you. As long as you start, you’ll be well on your way to building a wealthy mindset.
Let’s recap the above wealthy mindset books we recommend for you:
- Think and Grow Rich by Napoleon Hill
- Start With Why by Simon Sinek
- The Power of Broke by Daymond John
- The Other 90% by Robert K. Cooper
- Mindset by Dr. Carol Dweck, PhD
- The Talent Code by Daniel Coyle
- The Millionaire Next Door by Thomas J. Stanley, PhD
- The Inner Game of Tennis by W. Timothy Gallwey
Let us know if we’re missing any great books. We’d love to hear your thoughts on them!