Sunday, June 19, 2016

8 Wealth Habits of Financially Successful People by Ron Malhotra

I recently finished the "8 Wealth Habits of Financially Successful People" by Ron Malhotra. This book is an introductory guide to personal finance, which I thought was succinct (with less than 80 pages). However, I felt that it was less entertaining than other introductory personal finance books such as: The Wealthy Barber (Chilton), The Millonaire Teacher (Hallam), or The Automatic Millionaire (Bach).

The 8 wealth habits as described by Ron are:
  1. Think Differently
  2. Invest in Yourself
  3. Don't Trade Time for Money
  4. Invest to Increase Wealth
  5. Preserve and Protect Wealth
  6. Don't Take Unnecessary Risks
  7. Be Conscientious About Your Money and Future
  8. Surround Yourself with Trusted Experts
This book is very short, so it works well as a review of basic personal finance concepts. However, it lacks any real depth into any particular personal finance topic.
Here's a short video from Ron explaining some psychological hurdles that keep us from becoming making wise financial decisions: