Podcast #9 – Essential Real Estate Investing Books And Business Books

If I were starting out investing here are the Fab Four Books and Trifecta of Business Books that everyone should read before making a purchase:

Books – In this order
1) Rich Dad Poor Dad
2) Millionaire Real Estate Investor
3) Cashflow Quadrant
4) Equity Happens

Business Books
1) 4-hour workweek
2) E-Myth
3) Think And Grow Rich (read this again and again, all the Gurus such as Tony Robbins and Jim Rohn regurgitate ideas in this book)

It’s important to note that reading any more is just overkill. Don’t be that ‘Shelf’-help guy or use the crux “oh I need to read and get more educated”. You need to step up and take action how many freaking books are you going to read? Many Fortune-500 Human Resources departments use the theory of 70-20-10 in developing employees which apply here. 70% is learned by doing, 20% learned from peers, and 10% is academic/book/classroom training.

Tim Ferris talks about the $100,000 MBA, where you don’t really go to school but you jump right in with your business/investment. This method may lead you to operate at a loss but you will have far more experience than getting that silly¬†$100,000+ MBA degree from some brick and mortar school.

And a word on real estate training: Why would someone want to spend $20-30K on training when that alone is a down payment on a cashflowing property that you can learn through doing and make 300-400 a month cashflow. Heck you could even buy an overpriced 2nd tier turnkey property and get your education that way too.

SPC GET ‘ER DONE PLAN:

  1. Read these books
  2. Keep yourself accountable. As Arnold says, “stop being a whiny baby [and Do IT]”.

Link to original BiggerPockets Forum post

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