Categories
Cryptocurrency

Best Cryptocurrency Wallet in 2020

In this article we make recommendations for the best cryptocurrency wallet in 2020. We will explain more about crypto wallets for beginners including Bitcoin cryptocurrency hardware, desktop, paper and app wallets.

If you are new to Bitcoin and the cryptocurrency space it can be challenging to understand the technology behind the cryptocurrency revolution. With thousands of cryptocurrency tokens and dozens of wallets for different tokens or coins, it’s difficult to keep up. Piggy Bank Coins is here to help you understand your options and make better decisions when investing in the new frontier of cryptocurrency.

Cryptocurrency Terminology

First, let’s define some terminology. We’ll assume you have a basic understanding of what Bitcoin is and what block chain technology is as well. In order to hold any kind of cryptocurrency, including Bitcoin, you need a wallet. What’s a cryptocurrency wallet?

What is a Crypto Wallet?

A cryptocurrency wallet is a platform where your public and private keys are stored securely. The public and private keys are simply long strings of characters. Moreover, your public key is what people use to send you bitcoin. It’s not a big secret. However, your private key is secret and can never be shared with anyone. Your private key is the critical link, the “key” to unlocking your cryptocurrency.

A cryptocurrency wallet can be a hardware wallet, a desktop wallet, a mobile application (“app”) wallet or a paper wallet. However, let’s discuss the differences between these wallets so you can better understand which one is best for you.

Best Cryptocurrency Wallet for Beginners – Exodus Desktop Wallet

The beauty of Exodus is its clean design that is easy for anyone to use. In addition, Exodus supports more than 60 cryptocurrencies. It’s a simple app that is great for storage. Also, It can also link with Trezor cold storage wallet and mobile app. One drawback is its limited ability to exchange and use apps on the platform, such as earning interest.

Best Cryptocurrency Wallet Overall – Robinhood

Robinhood features a desktop and mobile app presence that was chosen because of it’s simplicity, ease of access and sheer volume of what’s offered. Trade cryptocurrency? Check. Furthermore, you have the option to invest in stocks, gold, silver and more. This app is a one stop shop for investing. Finally, Robinhood is probably not the cheapest way to trade (long term) and you don’t hold your crypto keys with Robinhood, but it’s great for beginners and for set-it and forget-it.

Most Popular Cryptocurrency Wallet in 2020 – Blockchain.com Wallet

Founded in 2012, the Blockchain Wallet has over 49,000 reviews on the Apple App Store. This wallet features real-time updates, ability to buy, sell and trade cryptocurrency. However, the only downside to this app is that it only supports a limited number of cryptocurrency coins.

Best Cryptocurrency Wallet Mobile App – Coinbase Wallet

Coinbase is the simple, easy go to for buying, selling and trading cryptocurrency in the U.S. First, it offers a desktop trading platform for on-ramping from cash to crypto, as well as a sleek app for mobile users. Second, it is a workhorse wallet and you know what you are getting with this one. Coinbase is a solid platform that will be around for a while. Probably doesn’t have the most competitive fees for buying and selling and when trading volume is heavy you may have difficulty moving in or out of trades. Finally, with more than 25 tokens to choose from on Coinbase and a seamless design, how can you go wrong?

Next Best Cryptocurrency Wallet Mobile App – Trust Wallet

Trust Wallet is a highly rated wallet which features many options including its decentralized exchange (DEX). Moreover, it is heralded as fast and features a limited number of cryptocurrencies, such as Bitcoin, Ethereum, Litecoin and ERC20 tokens.

2nd Runner Up Cryptocurrency Wallet Mobile App – Binance Crypto Exchange and Wallet

Binance earns high marks from reviewers and is a well known Asian-based trading platform. First, it boasts over 150 cryptocurrencies to buy, sell and trade, including the Binance Coin. Binance has proven over time that security is a serious player in the crypto space. Finally, if you want a variety of cryptocurrencies with dependability, Binance is a good choice. However, please note that Binance may not be an option for Americans.

Honorable Mention Best Cryptocurrency Wallet Mobile App – Crypto.com Wallet

Crypto has interesting features including the ability to earn interest on your cryptocurrency holdings. First, it offers a visa card with cash back options. More than 50 cryptocurrencies available for trading. In addition, this one is a growing market to watch and will probably be a serious player in the future of crypto. Note: not yet available to the US market.

Honorable Mention Best Cryptocurrency Wallet Mobile App – Coinomi Wallet

Coinomi features more than 1700 tokens for buying and selling. Moreover, it Boasts superb security features and strong encryption. In addition, Coinomi offers enhanced anonymity with little or no Know Your Customer (KYC). Finally, this is a mobile app that almost has it all.

Best Cryptocurrency Hardware Cold Storage Wallet –

Securely stores your private keys to your digital assets, from cryptocurrencies to passwords. Works with USB-C and micro SD card.

Features a touch screen display. Quick set up with Windows, mac OS, and Linux. Offers a money back guarantee.

Best Hardware Wallet Under $75 – Ledger Nano S

Send and receive crypto assets, securely and conveniently. Connects directly to your computer and keeps your private key safe. Uses 8-digit pin code for security. Supports over 30 cryptocurrencies and all ERC20 tokens. Easy and intuitive to use, it features a display and the ability to confirm with using the two physical buttons. Has the ability to backup and restore as well.

Best Next Level Security for Ledger Nano S and Trezor One

Not willing to risk losing your bitcoin? The Steel Bitcoin Wallet for hardware wallet backup by Billfodl takes security up a notch. This is a stainless steel device that backs up the Nano Ledger and Trezor. Designed for cold storage, tested for worst case scenarios, offering fireproof, waterproof and shockproof protection. Claims to be hacker proof. You be the judge.

Clearly, using a hardware cold storage wallet is the most secure method of storying cryptocurrency.  The hardware wallet stores the user’s private keys and is how professionals store their Bitcoin. Hardware wallets are interactive and rival even the security of paper wallets.

Desktop Wallet

Desktop wallets are essentially software that you download on your laptop or home computing device. Private keys are stored on your hard drive and your personal computer becomes your interface to the cryptocurrency block chain. Following a security protocol with desktop wallets can provide a quality level of security, such as minimizing internet access or time online, using anti-malware protection and limiting what sites you visit and what is downloaded on the computer. However, the level of security for desktop wallets is still less than hardware cold storage wallets.

Mobile Application “App” Wallet

Mobile Application Wallets are those that you will use on your mobile device. They are designed to be simplified windows into buying, selling and trading cryptocurrency from your phone or tablet. Unfortunately, with convenience frequently comes security issues. Much like the wallet you may carry in your pocket or in a purse, you shouldn’t carry all the money you own with you. Only carry what is necessary for limited trading or spending. Hackers are always lurking and there are many ways to lose your cryptocurrency.

Paper Wallets

These are the simplest and potentially safest cold storage “wallets” that you can have to store cryptocurrency. It can be as simple as writing down your public and private key on a piece of notebook paper and tucking it away somewhere. Another option is to print your keys and/or QR code out on paper. Clearly you want to protect this paper because if you lose it, or it gets destroyed, then you’ve lost your bitcoins forever. Thousands of Bitcoins have been lost over the years in just this way.

One note about cryptocurrency and its power. Holding the keys to your Bitcoin is a powerful thing. No one but you are responsible for your cryptocurrency and that means that securing your investment is paramount.

General Guide for Securing Cryptocurrency

Whatever way that you store your cryptocurrency, you should always have backups and use redundancy. Store your keys in more than one location or more than one medium. Store your keys, wallets, computers and other cryptocurrency devices in a safe place. If you had a gold coin, you wouldn’t just leave it out where anyone could access it! Do the same with your cryptocurrency holdings. Beware of scams! If it sounds too good to be true, then it probably is. Don’t risk your hard earned money. Be cautious when using Wi-Fi networks. Using a VPN when accessing your cryptocurrency is recommended. Also, consider using two-factor authorization when possible.

Buyer Beware!

Owning Bitcoin and other cryptocurrencies requires a great deal of discipline and responsibility. Do not store significant amounts of cryptocurrencies on your mobile devices or even on a home computer or laptop. In addition, using cryptocurrency exchanges, such as Coinbase and Gemini are usually secure, Bitcoin should not be stored on exchanges. For example, in 2014, Mt. Gox was the biggest Bitcoin exchange in the world. That same year, it was discovered that the exchange had been hacked and more than 850,000 Bitcoins (valued at over $10 Billion in 2020) had been removed.

You should also know that Bitcoin, the grandfather of all cryptocurrency has only been around since 2009. Since then, there has been revolutionary change in the crypto space in every way from how Bitcoin is mined, stored, traded and used. With Bitcoin and other cryptocurrencies rapidly evolving each day, there is always a replacement for that new wallet, exchange or other tool that you were using yesterday. Learn to change with cryptocurrency and be flexible.

Want to learn about personal finance and wealth? Check out Piggy Bank Coin’s post on Principles of Money Management.

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Best Budget Planner

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Disclaimer: It is important to note that Piggy Bank Coins does not provide financial advice. We don’t endorse or recommend any financial investments. Instead, we provide information for educational purposes to those seeking knowledge regarding personal finance. However, in the spirit of transparency, note that the author is an investor in cryptocurrencies, precious metals and some equities.

In addition, The Federal Trade Commission (FTC) requires that Piggy Bank Coins disclose to readers that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. Moreover, we try our best to keep things fair and balanced, to help you make the best choice for you.

Categories
Investing

Principles of Money Management

We will discuss the principles of money management with a clear plan to financial success. We will give you a guide for how to get out of debt, save money and invest for retirement.

What is Money Management?

What is “Money Management? It’s important that we define what we mean by the term money management first and then we can dive into the details of how to be successful at it.

Investopedia.com defines money management as,

.. the process of budgeting, saving, investing, spending or otherwise overseeing the capital usage of an individual or group.

-Investopedia.com

Individual vs. Group Money Management

Managing money and learning the principles of money management can involve both individual (personal finance) and groups. In this article we address personal finance and how the individual manages money. But many of the ideas discussed here can carry over into group money management as well. Many of these money management ideas are indeed universal truths.

Establish Goals

The first step in learning the principles of money management should be to determine what your financial goals are and what you wish to accomplish. Where do you see yourself in 5, 10, 20 or even 30 years?

Write Down Your Goals

If you want to be retired, living on a beach in Costa Rica in 20 years, then you need to write that down as part of your goals. We recommend creating a notebook, journal or even a spreadsheet where you list exactly what you have planned for the future. This serves two purposes. Writing down your goals makes what you want explicitly clear. It gives you a starting point and also provides you with the details that you will need to determine how you will reach your goals.

The second purpose of planning out your financial goals on paper (or electronically) is that you are signaling to the universe what you want. History has proven that the psychology of desire and intention is a powerful tool in accomplishing goals for mastering the principles of money management.

Review Your Goals Regularly

Once you’ve written down your goals for the principles of money management, you should return to the goals frequently to review them. Some people even find it helpful to place a copy of the written goals in a location near them where they see the goals daily, like on your bathroom mirror or near your workspace. It can also be helpful to visualize your goals through imagery. Is one of your goals to own a beach house? Place a picture of the beach house that you want on your wall. Again, the power of intention is great and tends to help you focus your energy on exactly what you want.

Create a Budget

Now that you have established your goals, it’s time to create a budget. Budgeting requires a great deal of self-discipline, so if you don’t follow your budget, then it can wreck your plans! When you create a budget, start by writing down in detail what your expenses are each month. Spreadsheets are great for budgeting, but not required. There are also budgeting apps to choose from that can be helpful. For now, you need to know where you spend your money. Provide as much detail as possible when listing your expenses. You may find it helpful to review past bank statements and receipts.

Once you have an idea of where you spend your money each month, it’s time to take a hard look at your budget and cut some expenses. Many people find making cuts to spending a difficult task. But making cuts now will help you reach your financial goals quicker. Finally, creating a budget is a critical step toward mastering the principles of money management.

What Budget Items to Cut

When looking at expenses, determine what expenses are necessary and which are not. For example, purchases from the grocery store are typically necessary; eating out at restaurants is not necessary. In particular, focus on cutting things like cable bills, eating out, subscriptions to news/media, luxury items like spa packages, and the like. Pretend your income has been cut in half and you can only maintain budget items that are necessary to survive, like electricity, food, water, etc. This is an extreme measure, but cutting the unnecessary items from your budget now will make getting ahead in the future easier and more enjoyable. Cutting budget items down to core expenses will help you in your principles of money management.

Living Below Your Means

After cutting your expenses down to the bear minimum, you should be living below your means (hopefully). Unfortunately, living below your means is a philosophy that most people don’t follow these days. Living below your means requires that you spend less than what you make. For example, if your take home pay is $1,500 per month, then living below your means is only spending $1,000 per month.

The extra money that you have from living below your means will serve two purposes. At first the extra money will be used to pay down debts quickly. Getting ahead requires that all debt be paid off first. Secondly, after the debt has been paid off, you will then use the positive cash flow to fund your emergency fund, savings and investments. Each of these is part of your net worth and the buffer between you and poverty. The more you can grow your savings and investment, the simpler and easier life gets.

Pay Off All Debts

Before you can start saving money and master the principles of money management, you must pay off all debts. Now that you’ve established your budget, cut personal spending to the bare minimum. You will take extra money that you have leftover in your budget and use it to pay down debts. Create a list or accounting of your debts, the corresponding balances and interest rates that you maintain. Use this information to help you keep track of your progress as you pay down debts.

If you are young and just starting out, hopefully your debts are minimal. Having minimal or no debt when you begin your journey toward wealth creation is a huge advantage. Paying off debt can take years and a great deal of sacrifice. So if you have little or no debt, congratulations! For the rest of us, it’s time to get to work paying off debt.  

Work Extra to Pay Down Debt Faster

How do you quickly pay off debt? One of the recommendations made by finance guru Dave Ramsey is to take on a second job. Deliver pizzas, wait tables or pick up an extra shift at your job to earn extra money. Taking on extra work is a temporary measure so it doesn’t really matter what you do. The point is to bring in more money quickly to pay off your debt and be debt-free. Just make sure you’ve truly minimized your expenses first!

The Shocking Truth About Saving Money

According to a December 2019 article by GoBankingRates, approximately 70% of Americans have less than $1,000 in savings!

This is a shocking statistic that shows how access to credit cards and lending have dominated our society. Unfortunately, Americans have adopted the idea that borrowing money for most things is normal. Yet, just a few generations ago in the early 20th century, people learned the hard way during the Great Depression that borrowing can lead to financial ruin. Having no savings puts you in a dangerous financial place.

Make Saving a Habit

Saving is a habit that can be learned over time and simply requires discipline. Become determined to reach your financial goals. Your personal determination to win at the money game will help you develop the discipline to save.

In addition, develop good habits of saving money. In the classic personal finance book, “The Richest Man in Babylon” by George Clason, the author implores the reader to set aside at least 10% of your earnings. This is a great rule of thumb for saving and investing because removing only a fraction of your income each month will likely not even be noticed or missed. Yet, this small amount of money is the seed needed to grow wealth.

Create an Emergency Fund

The first thing to do when you have paid off debt is to start saving for an emergency. Many people think that saving for an emergency is not necessary, until life proves them wrong and an unexpected event happens. Unfortunately, we all have emergencies during life: job loss, medical issues, natural disasters, home repairs, car problems, etc. Life is expensive and it pays to be prepared.

At a minimum, you want to have at least $1,000 in your emergency fund. In reality, your emergency fund should cover 3-6 months of expenses. For most people this number should probably be between $5,000 – $20,000. Keep in mind that in the worst case scenario you want to be able to pay all your bills and eat for 3-6 months, in the event that you lose your job.

Invest 10-15% of Income

Once you’ve fully funded your emergency fund, you can start investing. And if you have made it this far, then congratulations! You are ahead of the pack and well on your way to wealth building.

As stated previously, we recommend that you invest 10-15% of your income monthly. The earlier that you get started saving and investing, the better off you will be in the long run. In fact, the most powerful tool that will be working for you during investing is compounding interest, and it works like magic. How do you turn $1,000 into $62,000? The answer may be simpler than you think.

The Magic Of Compounding Interest.

Here’s an example of how compounding interest works for an investor: you invest $1,000 into an investment fund (let’s assume it’s stocks, for simplicity) that earns 5% per year. You begin to contribute $50 each month for 20 years. After 20 years, compounding interest will have earned you approximately $62,000! Don’t believe me? Check out the handy compound interest calculator below and enter in your own numbers.

The US Securities and Exchange Commission (SEC) has a created a free compounding interest calculator for you. The calculator can help you determine future outcomes with your money and determine how much you need to contribute each month to reach your financial goals over time. It’s a power investment tool and it’s free.

So You Are An Investor – Now What?

Now you must continue to earn money to fund your investments, and more importantly, protect what you have.

According to Warren Buffet, one of the most famous investors of all time, the most important rules of investing are:

Rule No. 1: Never lose money.

Rule No. 2: Never forget rule No. 1.

Intelligent investors diversify their holdings. They typically don’t just invest in one thing; they spread their money around in different asset classes, such as stocks, bonds, real estate, commodities like gold/silver, bitcoin, cash, etc. Investments go up and down in natural cycles. You don’t want to put all of your eggs in one basket, so to speak. Take Warren Buffet’s advice: Never lose money. Protect your investments.

Surround Yourself With Professionals

Investing is a complicated activity that requires expertise and fiduciary commitment. We recommend that you surround yourself with a team of experts that you trust with your money. Expert advice that you will likely need will be in fields such as investing, taxes and legal services. Finding experts to manage your money costs money, but it can save you time, headaches and ultimately pay you back. For example, you may spend several hundred dollars working with a CPA who specializes in tax law, but they may be able to help you minimize your tax burden on your investments, ultimately a net savings in the long term.

Due Diligence: Beware of Salesmen

Spend some time finding the best professionals in your area. Check for online reviews of experts in the investment, tax and legal fields. Ask friends or family for references or recommendations. Beware of “experts” who promise too much or don’t have the correct training or certification. It’s important to know that there are many “investment advisors” out there who are nothing more than salesmen who may be steering you toward investments that are not in your best interest. Exhaustive due diligence is a must when acquiring professional assistance.

Final Notes: Investment Maintenance

Continue to monitor your investments at least quarterly. During market cycles your investments will gain and lose value; but overall, you should see gains in the long term. If you have a concern, don’t hesitate to contact your team and ask questions. You can always change team members out if things are not going as you planned. Remember: you are the boss!

Continue to monitor your credit score and credit history. Unless you are a millionaire, credit score matters. If you decide to re-finance in the future, buy property or even use credit to buy a car, you want to know that your credit is good. Having good credit determines your interest rate and directly affects your payments. Monitor for fraud as well.

Improve Your Ability To Earn Money

It is recommended that you improve your earning power over time. Increasing your annual earnings speeds up your ability to grow your net worth and overall wealth. Earning power can be improved by promotions at your job, adding a side hustle job or by starting a new business. This is optional and is based on your level of ambition.

Are you interested in reading more about personal finance from the industry leaders? Check out our post detailing The Best Investing Books of All Time!

Wrap Up of Principles of Money Management

Hopefully this article has helped you better understand the steps required to master the principles of money management. Establishing goals and implementing a plan with consistent budgeting and saving is the key to any successful financial goals.

Read More:

Value Investing Books

Best Gold Coins to Buy

Goldmine Stocks

How Much Savings You Should Have at 40

Wealth Building Cornerstones

Real Estate Market Predictions

Why Saving Money is Important

Disclaimer: It is important to note that Piggy Bank Coins does not provide financial advice. We don’t endorse or recommend any financial investments. Instead, we provide information for educational purposes to those seeking knowledge regarding personal finance. However, in the spirit of transparency, note that the author is an investor in cryptocurrencies, precious metals and some equities.

In addition, The Federal Trade Commission (FTC) requires that Piggy Bank Coins disclose to readers that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. Moreover, we try our best to keep things fair and balanced, in order to help you make the best choice for you.

Categories
Investing

The Best Investing Books of All Time

The Best Investing Books of All Time for Investing, Saving and Personal Finance Planning and Analysis for 2020.

Books That Build Wealth

With dozens or even hundreds of investment books to choose from, selecting the best investing book can be a daunting task. Of course, there’s definitely a lot to learn when it comes to investing your money. We have made life simpler for you by selecting five highly-regarded, simple personal finance books that are filled with classic money wisdom. The books below are excellent choices to get you started on your journey to wealth creation.

The best investing books of all time:

The Total Money Makeover by Dave Ramsey

The Richest Man in Babylon by George Clason

Rich Dad, Poor Dad by Robert Kiyosaki

Think and Grow Rich by Napoleon Hill

2020 Personal Finance Crisis

No matter what your education level, personal finance is not something that is taught in most schools. Contrary to popular belief, wealth creation and investment are not super complicated tasks that require a PhD. In reality, the most effective tool you need to be successful at personal finance is financial discipline.

In 2020, more than four million students will graduate from American universities. Despite being highly educated, most of them won’t be adequately prepared to address real life situations like balancing their personal budget, paying off student loans and saving money for investments.

In fact, the ideas and methods proposed in many of the books discussed here may come as a shock to readers! Many people have become accustomed to using credit cards digging themselves deeper into debt. Not to worry! The solutions to your financial problems can be found in our list of the best investing books of all time.

History of Personal Finance Books

Each one of these books focuses on a particular part of personal finance. For example, in The Total Money Makeover by Dave Ramsey, the author focuses on paying off debt; whereas, “The Millionaire Next Door” profiles the habits of real millionaires and how they achieved success. Each one of these books has been personally selected above other personal finance books based on simplicity and effectiveness.

Several of the books on the list have been around for decades. “The Richest Man in Babylon” by George Clason, was written in 1926 and “Think and Grow Rich” by Napoleon Hill, was written in 1937. They are the oldest finance books in the group. But like the others, they are highly regarded and are still read to this day because of the infallible truths they hold about personal wealth creation.

Best Investing Books of all time for Beginners

As a beginner, you may start reading any of these books in any particular order; However, the best book choice for beginners is “The Total Money Makeover” by Dave Ramsey. The reason this personal finance book is recommended for beginners is that it focuses on budgeting and debt. Before learning to invest, you have to learn to save money. And to start saving money, you must pay off all debt. It’s a simple, yet effective concept and Ramsey is a legend in debt circles.

Best Investing Book of all time for 2020

The best investing book for 2020 is “The Richest Man in Babylon” by George Clason, which teaches the art of saving. This book is frequently overlooked because of its age and simplicity. The book tells stories from ancient times in the form of parables of Babylon. The parables instill the core tenets of saving and holding money. The Richest Man in Babylon lays out the Five Laws of Gold which are the core of investing and saving philosophy in personal finance. Who knew that implementing a plan to save ten percent of your earnings would be a revolutionary idea in 2020?!

Best Investing Books of all time for Young Adults

The best investing book for young adults is “Rich Dad, Poor Dad”, by Robert Kiyosaki. In this renowned personal finance book, Kiyosaki re-tells the story of growing up with two dads in his life who gave investing and financial advice in opposition to each other. One dad was a wealthy entrepreneur and one dad was a salaried worker. Kiyosaki learned from an early age that in life you can play to win or play not to lose. He shows readers how to play to win and make your money work for you.

The Total Money Makeover by Dave Ramsey

Published in 2003, “The Total Money Makeover” is essential reading for those who are deep in debt, approaching bankruptcy or just want to get financially ahead in life. Ramsey goes into detail teaching students about budgeting, paying off debt, financial stability, and retirement. The book can teach you to save for emergencies, get out of debt completely, invest toward retirement and give back to the community. Ramsey broadcasts a nationally syndicated radio show giving free information to anyone who is attempting to escape the claws of debt. More than five million copies of the book have been sold.

The Richest Man in Babylon by George Clason

Published in 1926, the book is a bible of sorts to those who know personal finance. In fact, many of the tenets are laid out like commandments, including “The Five Laws of Gold” and “The Seven Cures for a Lean Purse.” The story is told in parable form, set in Babylonian times, thousands of years ago. The core takeaway from the book is that one must set aside at least ten percent of personal earnings for investment. The Richest Man in Babylon is a timeless classic and is probably the most entertaining read because it is told in parable form.

Rich Dad, Poor Dad, by Robert Kiyosaki

Published in 1997, Kiyosaki’s book is a financial autobiography of sorts that has sold over 30 million copies. The tale focuses on his experiences growing up with two fathers, one rich (the entrepreneur) and one poor (the salaried, 9-5 worker). The man Kiyosaki refers to as his “rich dad” was a friend’s father who taught him to take small risks through entrepreneurship, accumulating wealth. Kiyosaki focuses on investing in assets and real estate, creating passive income so that you don’t have to depend on a salary job for income.

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J. Stanley and William D. Danko

Published in 1996, the book’s authors have compiled research on the habits of millionaires and summarized it into organized chapters. The book shines a light on individuals with a net worth of greater than one million dollars. The typical millionaire is someone who may not frequently appear to be wealthy and might be your neighbor. Many of the millionaires detailed in the book are blue collar “average Joe’s” – workers who operate small businesses and who live a frugal lifestyle. It’s a fascinating look at what it takes to become a millionaire.

Think and Grow Rich by Napoleon Hill

Published in the Great Depression in 1937, the book has sold over 15 million copies. In fact, it’s probably one of the most well-known finance and motivational books of the 20th Century. Hill states that he was inspired by business magnate Andrew Carnegie to write the book. “Think and Grow Rich” teaches a dogmatic philosophy of tenacious determination in obtaining wealth. Hill asserts that “all achievement, all earned riches, have their beginning in an idea!” At it’s core, the book is truly about motivation and plowing forward toward your financial goals in business and investing.

Which Book Should You Read First?

If you are feeling ambitious and want to read all five of the best investing books of all time (highly recommended) then start with number one, “The Total Money Makeover” by Dave Ramsey and work your way through the list of investing books. As previously noted, Dave Ramsey focuses on paying off debt first, which is the foundation of any plan to build wealth. After all, it’s hard to save money if you are paying banks, student loans and credit cards all of your hard earned money. Once you pay down the debt, it will be time to move on to saving and investing. That being said, our recommended books can be read in any order and do not require any prerequisite reading.

Ready to start saving money with a small business checking account? Check out our research on the Best Bank for Small Business Checking Account!

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Disclaimer: It is important to note that Piggy Bank Coins does not provide financial advice. We don’t endorse or recommend any financial investments. Instead, we provide information for educational purposes to those seeking knowledge regarding personal finance. However, in the spirit of transparency, note that the author is an investor in cryptocurrencies, precious metals and some equities.

In addition, The Federal Trade Commission (FTC) requires that Piggy Bank Coins disclose to readers that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. Moreover, we try our best to keep things fair and balanced, in order to help you make the best choice for you.