Self-help Books

At one point in our lives, we have all struggled with the idea of knowing how the rich have managed to amass so much wealth. Most of us have taken a step further and read various books and publications that explain or outline the so-called 'secrets to riches.'

Personally, I have read a couple of books that we will review here. These books are:

Richest Man in Babylon

How to Own Your Own Mind

Rich Dad Poor Dad

Think and Grow Rich

The 48 Laws of Power

Public Finance and Taxation Made Easy

Each of these books has been very deliberate in listing the steps one should take if they wish to acquire wealth.

What I love about some of the books mentioned above, especially the ones written by Napoleon Hill and Kiyosaki, is that their practices and strategies are based on real-life experiences.

Napoleon Hill bases his teachings on the American steel magnate Andrew Carnegie, who, from a humble background, through hard work and sheer determination, managed to become the richest man America had ever seen. He was at the center of the industrial revolution. He was known for making steel - which was less corrosive, more efficient and way more expensive than iron - affordable to every American. Through Napoleon Hill, Andrew Carnegie, and a handful of the men who built America into the great nation it is today, a secret to success is written.

Kiyosaki, on the other hand, writes his teachings based on the words and guidelines he received from his friend's dad, whom he calls his 'rich dad." In most of his books, he implores Americans to become financially intelligent and actively work to incorporate financial teachings into the educational curriculum.

He is a major champion of taking calculated risks and always urges people to invest in their asset column. In his books, he puts his life's financial decisions under the microscope and evaluates each of them critically, pointing out what he did right and what he did wrong. He also lists out a number of pieces of advice he dished out to his friends, some of whom failed to take the advice and most are still in huge debt.

Ideally, Kiyosaki spells out the importance of jumping into markets when they are still young and making profits before most people actually get in. He also stresses the importance of investing during economic depressions. According to him, when there is an economic downturn, properties and other assets become very affordable since people generally have a cash flow problem. Therefore, if one has a strong portfolio through which they can access cash, this is the right time to acquire prime assets at a fraction of their price. Then, once the economic depression is over, one can offload assets at a very good price, making handsome profits in the process.

Though what Kiyosaki pushes forward and puts a lot of emphasis on is the need to acquire a strong asset column as compared to a liabilities column, Liabilities are expenses that, for lack of a better word, take your money. For instance, house rent, utility bills, car fuel, and gas, among other things, Assets, on the other hand, are income-generating endeavors. For instance, if one invests in bonds or Treasury bills, these are assets that generate a given amount of money (percentage) annually. Therefore, Kiyosaki urges most people, especially when one is starting to build riches, to try as much as they possibly can to build a strong asset column that exceeds their liabilities column by miles.

Now, I realize I was to review about 10 books and I have ended up only reviewing 2 writers. However, there is so much to write about each of these titles and their authors. What remains constant is:

Each of the books stresses the importance of having financial intelligence. Knowing when to explore a particular opportunity and when to get out.

The books also emphasize the importance of putting in hard work. This is in terms of the hours one puts into their craft. Having a normal 9–5 will give you normal results.

Ultimately, the books stress the importance of associating yourself with people who practice and embody a rich mentality and actively work towards this goal. Having a team of likely-minded individuals makes the goal more clear.