Best Books About Money From Millennials Who Achieved Financial Freedom At 28

  • Ludomir Wanot believes that there is “a direct correlation between learning and winning”.
  • He spent a year reading personal finance classics and real estate-specific books.
  • His two favorite money books are “Rich Dad Poor Dad” and “The Richest Man In Babylon”.

Ludomir Wanot learned from an early age the power of research and self-education.

When he was 15, he researched the auto market in Federal Way, Washington, where he grew up, and discovered that Volkswagens were in high demand. So he used the money he had saved from installing flooring to buy a $4,000 Volkswagen, which he sold for $5,500 a week later, he said. He kept buying and reselling that specific brand of car, earning an average of $1,000 per lap — and he hardly worked on the cars, he told Insider. “I never fixed them or anything. I was cleaning them and taking professional photos.”

Another research project he conducted as a teenager was on the topic of wealth creation.

“I knew money could give me options, and I wanted more options in my life, said Wanot, who was raised by a financially challenged single mother. “So I started thinking about how to make more money. I found out online that 90% of all millionaires have become millionaires through owning real estate.”

From that moment, he decided that real estate would one day be his path to wealth.

Now 30, Wanot has managed to build a 13-unit real estate portfolio that brings in around $50,000 a year in rent, he said. Additionally, in 2021, he and his business partner made nearly $1 million in profit from their wholesale business, according to documents seen by Insider.

“There is absolutely a direct correlation between learning and winning,” said Wanot, who says he “spent an entire year reading every financial book I could get my hands on.”

He read books such as Napoleon Hill’s 1937 personal finance classic, “Think And Grow Rich,” and Jay Papasan’s “The Millionaire Real Estate Investor.”

After a year of self-education, however, Wanot clearly had two favourites:

“Rich Dad, Poor Dad” by Robert Kiyosaki

Robert Kiyosaki’s classic is a favorite among real estate investors and young retirees.

Originally published in 1997, “rich dad, poor dad“is considered one of the greatest

personal finance books

all time. The author grew up with two father figures: “poor dad”, his real father who died with bills to pay, and “rich dad”, who started with little before becoming a rich man. Both fathers were successful in their careers and earned substantial incomes, but one of them always struggled financially.

Kiyosaki noticed fundamental differences in the way “rich dad” and “poor dad” thought, spoke, and acted. Throughout his book, he offers timeless lessons he learned from “rich dad” that will help you master your money and build long-term wealth.

Wanot, having grown up in poverty, says he was tied to Kiyosaki’s “poor father” point of view. However, the valuable lessons he learned from the author’s “rich dad” may have been more impactful. A particular lesson from the book is that the wealthiest people focus on asset building, which is exactly what Wanot has done with its cash flow investment property portfolio.

“The Richest Man in Babylon” by George S. Clason

Another classic, “The richest man in Babylonwas originally published in 1926 but remains relevant today.

Clason’s book stresses the importance of setting aside at least some of your income for your future self, even if it’s only 10%. “There are so many articles about people saving 80 or 90 percent of their income, and people think they have to,” Wanot said. “That’s not very realistic for the average American making $40,000 or $50,000. What this book does is help people understand that if you only keep 10% for yourself, it can grow exponentially after just a few years.”

If you want to build wealth through real estate like Wanot, he encourages people to start saving specifically for their first home. Commit to sending a percentage of your salary each month to an account reserved for your deposit.

You may need less money than you think to buy a property, he added. He used an FHA loan to finance his first property, which he bought with his brother. FHA loans are government-backed mortgages that give people the ability to buy a home with lower credit scores and down payments as low as 3.5%. This allowed the brothers to buy property with less than $10,000 up front.

Note that one of the conditions for using an FHA loan is that you must purchase a primary residence and live there for at least one year before renting it.

You’ll want to understand all of the requirements for an FHA loan before using one, but, in general, it can be an extremely useful tool if you’re trying to get into the real estate game, Wanot said. “People think they need a 20% down payment to buy a property and that’s not the case at all.”