It is my passion to be a continuous learner. Here are some key financial lessons I have learned from financial experts.
David Chilton, author of “The Wealthy Barber,” a personal finance book that sold more than 2 million copies in the 1980s, taught me that compound interest is my greatest and most gracious friend when it is working for me and can be quite a vile enemy when it is working against me. I read this book when I was a teen, and it set the course for me to be a lifelong investor.
William Danko and Thomas Stanley, authors of “The Millionaire Next Door,” conducted detailed research on the financial habits of individuals worth $1 million or more. They taught me that most millionaires do not “look” like millionaires, and that most millionaires have started businesses or view their personal financial investments as a business. As such, millionaires are highly interested in acquiring assets that build net worth.
Robert Kiyosaki, author of “Rich Dad Poor Dad” and “The Cashflow Quadrant,” opened my eyes to the importance of viewing items as liabilities or assets. Robert challenged me to ensure that a large component of my assets is focused on investments that produce profits and net worth growth regardless of my ability to work. This lesson has easily been one of the most influential in my life.
Dave Ramsey, author of “Financial Peace Revisited” and “The Total Money Makeover,” was the catalyst that launched my crusade to help people win with money. He taught me the value of preparing a monthly financial plan and actually following it. I was also challenged to become personally debt-free, which I achieved within 14 months (excluding the house) of reading his book. His teaching personally means more to me than any other financial expert from whom I have learned.
My father, author of zero books but owner of a small business that operated successfully for 50 years, taught me the value of hard work. I plan to write a book that summarizes the business lessons my father has taught me, as I believe that America would have zero recessions if Americans lived and operated their financial lives like my parents.
My wife is expert because she is a genius with money and has taught me the incredible lesson of waiting before making an investment or purchase.
God has also taught me incredible lessons through the Bible. The entire book of Proverbs is filled with financial wisdom. Perhaps the verse that influences me most is Proverbs 21:5: “The plans of the diligent lead to profit as surely as haste leads to poverty.” As a result of this lesson, I have always prepared a plan before I spend money. It has allowed me to prosper greatly.