Corporate Finance, DeFi, Blockchain, Web3 News
Corporate Finance, DeFi, Blockchain News

Eugene Plotkin’s Top 10 Books on Money and Wealth

There has never been a better time to elevate your understanding of finance. With the world on the brink of a possible economic downturn, it’s more vital than ever that you have the essential knowledge necessary to secure your future.

Eugene Plotkin, our favorite financial expert, knows a thing or two about money and wealth. He spent nearly a decade at Goldman Sachs, the world’s leading investment bank, later served as a partner at a private equity firm, then founded his own fintech company, TechWallet.

“There is a lot of bad information out there,” Plotkin says. “I have seen people make terrible financial decisions because of something they heard or read. That is why it is so essential that people read the right books and steer clear of the noise. I have put together a list of 10 books that I will share with you. These are not only well written, but they are sensible and accessible to everyone. In other words, you don’t have to have a degree in finance to understand them.”

1. Rich Dad, Poor Dad by Robert Kiyosaki

The idea behind the book is to illustrate the differences between the conventional wisdom of higher income versus lower income families.

“Kiyosaki took a really interesting approach with his book,” Plotkin says. “The idea that low income parents may lack the knowledge to properly advise their children is controversial, but if you go beyond that setup, the actual advice in the book is spot-on. There is a lot of good information about managing risks, minimizing liabilities, and planning for the long term.”

2. Money: Master the Game by Tony Robbins

According to the author, he spent a decade of his life collecting research for this book, interviewing some of the richest people in the world.

“Tony Robbins is better known for his life coaching seminars, but don’t let that keep you from giving this book a try,” Plotkin says. “This is not Tony’s advice; rather, it is the collected advice from some of the most successful investors in history, including Warren Buffett and Ray Dalio. There are great insights and simple strategies that anyone can use.”

3. The One-Page Financial Plan by Carl Richards

The author spent two decades as a financial adviser working at some of the largest banks in the world, including Wells Fargo and Merrill Lynch.

“Finance can be frustratingly complicated,” Plotkin admits. “That’s why books that can break down and simplify the core concepts are so valuable. Carl has done a nice job of making financial planning easy so that any person can understand and apply the advice.”

4. The Little Book That Beats the Market by Joel Greenblatt

The author is considered one of the top value investors and has demonstrated an impressive track record with his own investments.

“At his core, Joel is an acolyte of Benjamin Graham and Warren Buffett,” Plotkin explains. “But where Benjamin Graham’s seminal works are dense and difficult to understand for the average person, Joel’s book is a lot more accessible. It’s a great introduction to the stock market.”

5. The Millionaire Fastlane by MJ DeMarco

The author is himself a successful entrepreneur who built and sold his own company, earning enough wealth to retire at a young age.

“What I like about this book is the unconventional approach,” Plotkin says. “Unlike many other books, The Millionaire Fastlane puts conventional wisdom on its head. If you thought that the only way to financial security is to work a nine-to-five job until your 60s, think again. This book shows you a different way and while it may not be the right approach for everyone, the perspective is definitely helpful.”

6. Think and Grow Rich by Napoleon Hill

This book was a massive international bestseller when it was published in the 1930s and its advice remains as applicable today as a hundred years ago.

“What Napoleon has done here is figure out what makes the world’s most successful people achieve that level of success and put it down in a book,” Plotkin explains. “This is an older book, but what I like about it is the sense of grit and perseverance that it gets across. Every successful person I know has failed repeatedly but never quit. It’s not enough to get on track, the hard part is staying on track.”

7. I Will Teach You to Be Rich by Ramit Sethi

The author started his own online business while still at university and ultimately built a very successful enterprise.

“Ramit is a force of nature,” Plotkin says. “His life story is fascinating, but my favorite part about this book is how down-to-earth it is. Whether you are a young professional, a retired schoolteacher, or a high school student, you can get something valuable from this book. As I like to tell my clients, it’s never too late and never too early to start working on a better financial future.”

8. The Automatic Millionaire by David Bach

Like Plotkin, the author spent his formative years at an investment bank.

“David takes a no-nonsense approach to building wealth,” Plotkin says. “David tells this story about how his grandma took him to McDonald’s when he was a kid and explained that there are three types of people in the world: those who eat at McDonald’s, those who work at McDonald’s, and those who invest in McDonald’s. Nothing against eating or working at McDonald’s — it’s a great company. But if you want to be one of the people who invests in McDonald’s, I definitely recommend reading this book.”

9. The Millionaire Next Door by Thomas Stanley and William Danko

The authors spent years studying people with regular incomes but above-average levels of wealth to understand their strategies.

“Anybody in America can build their way to financial freedom,” Plotkin says. “I truly believe that. Everybody has the potential. What this book does is show you that becoming a millionaire is not this impossible dream, but is very achievable through simple strategies like responsible saving from an early age.”

10. The Richest Man in Babylon by George Clason

Like the Napoleon Hill book, this one was published around a hundred years ago, but has aged like a fine wine.

“This book is definitely unique in its approach,” Plotkin says. “It is told in the form of parables — simple stories that help illustrate basic good habits. What I love about this book is that it shows that the basics of building wealth are timeless. Whether during Babylonian times, during the Roaring ’20s, or today, the same essential approaches still apply.”

Eugene Plotkin’s list includes something for every reader eager to learn. “I can’t promise that you will enjoy all 10 of these books equally,” Plotkin concludes. “But if you take the time to read at least a handful of them, I can promise that you will come away with a much better understanding of how to maximize your personal prosperity.”


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Jeudi 15 Décembre 2022