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I'm looking for a good book on wealth building that you used with successful results. Primarily something with concepts vs here's what you do...

Anything good on economics theory also.

Any recommendations you might have would really be appreciated!

Thanks a lot!

V
 

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I'm looking for a good book on wealth building that you used with successful results. Primarily something with concepts vs here's what you do...

Anything good on economics theory also.

Any recommendations you might have would really be appreciated!

Thanks a lot!

V
There are many books on wealth and it depends if you want specific or more general wealth building information. If are just getting started in your wealth building library, I have read a few books that gave me an introduction to some of the fundamentals of wealth building. Some of my recommendations would be:

Suzie Orman's "Women and Money" and/or David's Bach's "Smart Couples Finish Rich". This gives a practical guide to wealth building which includes how to separate your money into different accounts and rationales behind them. For example (different between checking and savings, 401K's, and IRA's Roth Ira's), and how to pick how much you should put into each depending on your financial situation. It also talk about types of insurance, wills, trusts etc.

The Millionaire Next Door by Thomas J. Stanley - Explores the trends that characterize the wealthy (accumulated over 1 million dollars in assets), who they are and analyzes their spending habits and lifestyle choices. The Main Point - they wealthy are wealthy because they live within their means.

The Little Book of Economics by Greg Ip is more of macroview of economics and not so much about how to accumulate personal wealth, but rather looks at how the economy is measured, and the trends and a historical summary of the US economy.

Hope that helps. It has definitely made me more empowered to read these.
 

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Prepared Firebird
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Probably the single best book on wealth building that I have ever read is "The Complete Idiot's Guide to Getting Rich" by Stewart Welch and Larry Waschka. C 2005. (This was the third edition of this. There may be a later revised edition that I am not aware of.)

If I had to choose just one book on investing, this would be the one. The book is written in clear and understandable language. No complicated economical terminology that is difficult for a beginner to understand. It breaks down wealth building into five stages......from beginner to advanced strategies. One of the most helpful features in it is that there is a good section on what types of bad investments to avoid.

The wealth-building strategies in this book are not complicated. And, I can vouch for the fact that they do work, based on my own personal investment experience. The strategies outlined in this book are the same ones used by wealthy people and self-made millionaires. The two themes in the book are thinking of your personal finances as a business (which was the "ah-ha" concept for me) and paying attention to ALL of your money.

The book is not difficult to read or understand......and you don't need a college degree in economics or finance to put the five-step plan into action. I wish this book had been available when I first started investing. It would certainly have helped me to avoid some beginner's mistakes.
 

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I'm looking for a good book on wealth building that you used with successful results. Primarily something with concepts vs here's what you do...

Anything good on economics theory also.

Any recommendations you might have would really be appreciated!

Thanks a lot!

V
For economic theory I would recommend Austrian Economics over Keynesian economics. Two phenomenal books are Human Action by Ludwig Von Mises or Capatalism: The Unknown Ideal by Ayn Rand. The Rand book is not like her fiction; it is direct and easy to read and offers some of the best moral arguments for a free market I have ever heard.
 
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