Top 10 Personal Finance Books

⚡️Book Thread⚡️

+ Best quotes

These ten books have ten different and powerful approaches to accumulating personal wealth.

1. Think and Grow Rich

”The object is to want money, and to be so determined to have it that you convince yourself that you will have it.”

2. Secrets of the Millionaire Mind

"The vast majority of people simply do not have the internal capacity to create and hold on to large amounts of money and the increased challenges that go with more money and success."

3. The Money Book for the Young, Fabulous & Broke

"You picked up this book because you are broke. Keep reading and you will discover what you need to know--and do--so you will not be broke forever."

McKinsey makes $500,000+ on a single presentation.

You can learn their simple framework below (for free):

The secret? Story, flow, and structured arguments.

Every fresh analyst is taught this blueprint:
• Introduction & context on one slide
• Always lead with the conclusion
• Pyramid argument structure
• Title storyline & slide flow

Let's break it down, so you can apply it too:

Set the stage by using the SCQA framework.

Situation: what's the current state?
Complication: what needs to change?
Question: how can you solve the complication?
Answer: this one deserves it's own slide, up next.

This tells your audience WHY they should read on.

Example:

Next, lead with your answer.

Put your conclusion out there, and let people digest it.

Explain WHY this is the answer later on.

Example:

Break down your answer using the Pyramid principle

• Back your conclusion with 3-5 key arguments
• Support your arguments with findings & data
• 1 argument per slide, drive your point home
• Nothing overlaps, nothing is missing
• "Nice to haves" go in the appendix

Example:

What is the best book you read in 2021?

Will compile every response and rank them by number of recommendations!

Going out to everyone subscribed to my

Books every entrepreneur should read in 2022 (and why):

1/ Thinking Fast and Slow

Lessons:

• Probably the best book written on human behavior

• You will learn how to be aware of your own bias

• Make better decisions by understanding your blind spots

2/ The Innovator’s Dilemma

Lessons:

• Why big companies miss disruptive innovations

• Big companies demand quantification of market size

• Disruptive markets in their infancy can’t be quantified

3/ Zero to One

Lessons:

• Competition is for losers

• Monopolies are actually good

• Large TAM’s are overrated

4/ How to Win Friends and Influence People

Lessons:

• Business is about people

• You’re selling to people (customers) or hiring people (employees)

• This book helps you get better at both

“There is one thing stronger than all the armies of the world, and that is an idea whose time has come.”

🧵 Framework for generating high-impact ideas:

Cultivating ideas is a process.

You have to build a system to cultivate impactful ideas consistently.

I will share a 4-part framework that you can use to cultivate ideas.

1. Idea generation
2. Idea selection
3. Idea validation
4. Idea implementation

In this thread, I'll dive into "Idea Generation" & describe a simple framework that you can implement right away!

The following threads will cover the remaining 3 parts to cultivate ideas.

Lateral thinking is key - first, diverge & then converge.

Overview:

1/ PROBLEM - a question proposed for a solution, a matter stated for examination or proof.

Reframe problems into well-defined & clear "How might we.." statements.
This prioritises intention over tech/process.

But 1st, it is very important to be at the right problem level.

Example problem:
Our customers don't order pizza.

GO NARROW:
Ask "what's stopping you?" to get to the real problem.

What's stopping customers from ordering pizza?
- stale toppings?
- bad sauce?

Problem statement:
How might we ensure that the pizza toppings are fresh?

The Ladders of Wealth Creation—a step-by-step roadmap to building wealth:

Making money is a skill—like playing the drums or piano—that you can get better at over time.

I wouldn’t expect to be able to sit down at a piano for the first time and play a concerto. The same is true for making money.

This is why most first companies fail.

The Ladders of Wealth Creation breaks an insanely complicated topic of building wealth into the component parts and skills to give you a roadmap of what to do first.

Look at this graphic, then we’ll break down each step.

Ladder 1: Time for Money

The first ladder is trading time for money. This is how most people you know earn a living.

It may start with an hourly job working for Starbucks, but then transition into a salaried position working at a company.

The skills for success are simple, but critical:

1. Show up consistently
2. Being reliable
3. Eager to learn

Every job requires those three things.

To climb the ladder to a salaried position you need to specialize in certain skills (design, copywriting, legal, nursing, etc).

15 books you should read every year:

Think Again by Adam Grant

Lessons:
• We are most confident when we lack competence (Dunning-Kruger effect)
• Admitting that you don’t know something is a superpower

Never Split the Difference by Chris Voss

Lessons:
• Build trust through mirroring and tone of voice
• Take things slowly

1984 by George Orwell

Lessons:
• We are shaped by our circumstances
• Our past is controlled by our present

Deep Work by Cal Newport

Lessons:
• Our attention span is 8-seconds
• Stop working at the same time each day and shut everything off

11 books that will change your life:

1. Think and Grow Rich by Napoleon Hill

Lessons:

- Your thoughts are more powerful than you think
- Your why is powerful

2. Can’t Hurt Me by David Goggins

Lessons:

- You are capable of much more than you think
- Pain is inevitable, suffering is optional

3. The 4 Hour Work Week by Tim Ferris

Lessons:

- It’s possible to work less but earn more
- The goal isn’t necessarily more money

4. Awaken The Giant Within by Tony Robbins

Lessons:

- How you talk to yourself is everything
- Change happens in an instant

Charlie Munger said that reading was the main reason for his success in life.

As a generalist, he reads about all kinds of topics.

I’m sure a List of Charlie Munger’s Book Recommendations is among the top 1% of lists you can get.

So here it is👇🏼

Influence - The Psychology of Persuasion by Robert Cialdini

Charlie Munger probably read enough on human psychology to become a professor himself.

His legendary talk at Harvard showcased this.

Robert Cialdini’s “Influence” was one of the books he learned from.

The Outsiders by William N. Thorndike Jr.

The Outsiders is about extraordinary CEOs who outperformed their peers by being radically different.

It’s an industry classic and recommended by Munger and many greats of the industry.

Man’s Search for Meaning by Viktor E. Frankl

Viktor Frankl was an Austrian psychologist and Auschwitz (concentration camp) survivor.

Man’s Search for Meaning is Frankl’s autobiography and deals with his theory of “Logotherapy.”

A theory about finding meaning and purpose.

The Autobiography of Benjamin Franklin

Benjamin Franklin was an inventor, scientist, writer and political philosopher.

Oh, he’s also kind of known for being one of the United States' founding fathers.

Franklin is one of the eminent dead teachers of Charlie Munger.

100 books that will boost your life + mindset

1-12:

13-24:

25-36:

37-48:

49-60:

8 Books That Will Teach You How To Become Mentally Strong :

1. Can't Hurt Me

2. Unbeatable Mind

3. The Courage To Be Disliked

4. Extreme Ownership

5. Secrets Of a Strong Mind

Mckinsey makes millions on a single presentation.....yeah👀

Here is the central business storytelling framework I learned in my 4 yrs there🧵👇

First, why should you care?

If you closely observe, most people do academia-style communication.

They stream details(situation, complications, etc) first and then slowly build up the conclusion.

And it works ...

but not when you have to be persuasive and sell your ideas.

A consultant at Mckinsey, Barbara Minto, realized this anomaly in the 60s and capitalized on it.

She built a framework that would change the course of the firm.

Eg- Mckinsey currently boasts a roster of 90 of the top 100 companies in the world.

Quick aside to acknowledge that Barbara Minto is a badass

- one of the first Harvard female MBAs

- and the first female Mckinsey consultant

What she proposed was so influential - other consulting firms also adopted her principles.

The framework is also a secret weapon....

It makes consultants appear sharp = accelerates their growth.

eg- many top CEOs are ex-Mckinsey.

Sundar Pichai - Google
Sheryl Sandberg - Facebook
James Gorman - Morgan Stanley

CEOs at Vodafone, Boeing, Footlocker, LEGO, Grammarly, Best Buy.

Full list at the end:

At McKinsey, we charged $400k+ per presentation.

Here’s the simple 7-step framework we used (steal it for free)🧵:

McKinsey is paid to solve complex problems.

They created a process that helps find solutions:

The Hypothesis-Driven Framework.

Let’s dive in.👇

Start by Gathering Facts.

Most people skip this step. That's a huge mistake.

Take a few hours to understand the problem. Talk to a couple of experts.

Ask:
• What are the causes?
• How often does it happen?
• How solutions have you tried?

Now you're ready to start solving.

Generate an Initial Hypothesis.

Problems remain unsolved when people look for a solution without direction.

Ask yourself:

“Based on initial facts, what do I believe is causing this?”

That’s your Initial Hypothesis.

Build an Issue Tree

Solving one big problem is hard. Solving 20 small problems is easy.

Break the issue down into its smallest components:

1: Profits are down
1.1: Revenue is down
1.1.1: 30% of our clients moved to our cheap product
1:1.1.1: That product was recently upgraded

39 habits you can start today (that will teach you more than a 231 page self help book):

Brain dumping

A pen and a paper will change your life.

Each day, take 5 minutes to write down everything on your mind.

This helps you process what's on your mind so you can think clearer.

Focusing on one thing at a time

Multitasking reduces your productivity.

Your brain can't productively focus on more than one thing at a time.

Trying to multitask is why you have those "busy" days where you're exhausted but got nothing done.

Meditating

Regular meditation can:

• strengthen your focus
• increase self-awareness
• improve impulse control
• make you more creative
• reduce your stress response reactivity

Shutting off your screens 60 minutes before bed

The blue light from screens disrupts melatonin production.

(Melatonin is the hormone that makes you feel sleepy.)

Staring at a screen up until you go to bed will make it hard to fall asleep.

Try reading by lamplight before bed.

Free design websites that should be illegal to know (mega thread):

1. Figcomponents .com

Over 1000+ free Figma components!

Discover, copy and paste UI components in Figma with the most efficient way to build designs

2. Figmaelements .com

Awesome free and customizable illustrations for your next UI project.

3. uxarchive .com

The latest mobile UI design inspiration, websites, apps, and user flows.

4. Fontshare .com

A huge collection of beautiful fonts. All are free to use for both commercial and personal projects.

10 Websites for Entrepreneurs that will Save Hours of Work:

(All Free) 👇

Copy ai:

Using Copy ai you can write, blog SEO, email, and Instagram captions.

Also, you can generate 1000s of ideas for blog posts.

Unscreen:

Using Unscreen you can remove the background of any video.

Hunter:

Using Hunter you can find the email address of anyone in any company

PhotoRoom

Using PhotoRoom you can remove the background automatically and create professional images.

Michael Burry's investment strategy