Successful people have become, by necessity, great students of money and finance. There used to be a time where you didn’t have to be a great student of money management, unless you were way up there in the income brackets, because there weren’t a lot of money options available to you in the first place.
Pretty much everybody used a savings account if they used anything and that is about it. Well today you walk into your local savings and loan and they’ve got a menu that is more complex than the airline fair schedules to get from point ‘A’ to point ‘B.’ You got all sorts of options of what to do with your money don’t you? Just in selection of checking accounts you’ve got more options than you can possibly deal with.
Making money is such an important part of our total approach to success we have to become great students of finance. Not only do we have to become great students of money but of money management and investment strategies. And I believe that it’s important to be more advanced as a student of that than you are even prepared to use at this moment.
I think that’s another way to apply the principle of creating a vacuum. I began to study the stock market and penny stocks and mutual funds and all that several years before I was prepared to spend any money on it. I got the knowledge even before I needed it and I think that’s important. I think you need to be creating the ability and the money to use it will follow.
A marvelous book I strongly recommend teaches you the philosophy, the philosophical importance of getting involved in all of this is called, “The Richest Man in Babylon.” If you haven’t read it you certainly should.
There is also a book called, “The Only Investment Guide You Will Ever Need.” It is a pompous braggadocio title that is not true but it is still an excellent book. It is written by a guy by the name of Andrew Tobias and he is an investment writer has written for Esquire Magazine, for Playboy magazine, and occasionally for Fortune Magazine. He’s a very good investment writer and his book, “The Only Investment Guide You Will Ever Need,” literally does a good job of simplifying every type of investment alternative that is available to you.
You should also be reading Money Magazine and the Wall Street Journal. That does not necessarily mean you need to read them like someone who is a heavy investor. For example, I’ll tell you how I read the Wall Street Journal. They stack up in my office for as long as three weeks at a time. I don’t look at them everyday because I’m not that active in the type of investments that require daily monitoring. I don’t get it for that purpose.
I read it for exactly what we’re talking about today – the stories and the articles about companies and CEO’s and leaders and new young companies that are on the way up and what are the commonalities behind their success stories. What marketing method is this company using in this industry that we can use over here in our business? And so for that purpose it’s well worth reading.
You’ll also begin to learn a lot about what to do with the millions when you get them. So you don’t have to read it everyday like somebody who’s active in the stock market but you should subscribe to it and you should read it.