Best Money Books From Millennial Who Achieved Financial Freedom at 28 – Business Insider

Ludomir Wanot learned from an early age the power of research and self-education.  
When he was 15, he researched the car market in Federal Way, Washington, where he grew up, and found that Volkswagens were in high demand. So he used money he had saved up from installing flooring to buy a $4,000 Volkswagen, which he sold for $5,500 a week later, he said. He continued buying and reselling that specific car brand, earning $1,000 on average per flip — and he barely did any work on the cars, he told Insider. “I never fixed them up or anything. I’d just clean them and take professional photos.” 
Another research project he conducted as a teen was around the topic of how to build wealth.
“I knew that money could give me options, and I wanted more options in my life,” said Wanot, who was raised by a single mother who struggled financially. “So I started thinking about how to earn more money. I found online that 90% of all millionaires became so through owning real estate.” 
From that moment on, 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 profits about $50,000 each year in rents, he said. Plus, in 2021, he and his business partner earned nearly $1 million in profit from their wholesaling business, according to documents viewed by Insider. 
“There’s absolutely a direct correlation between learning and earning,” emphasized Wanot, who says he “spent an entire year reading every financial book I could get my hands on.” 
He’s 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, though, Wanot had two clear favorites:
Robert Kiyosaki’s classic is a favorite among real estate investors and early retirees
Originally published in 1997, “Rich Dad Poor Dad” is considered one of the greatest personal finance books of 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 wealthy man. Both fathers were successful in their careers and earned substantial incomes, but one 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 poor, says he related to the perspective of Kiyosaki’s “poor dad.” Perhaps more impactful, though, were the valuable lessons he learned from the author’s “rich dad.” One particular lesson from the book is that the wealthiest people focus on building assets, which is exactly what Wanot has done with his portfolio of cash-flowing investment properties. 
Another classic, “The Richest Man In Babylon” was originally published in 1926 but remains relevant today. 
Clason’s book underscores the importance of setting aside at least a portion of your income for your future self — even if it’s just 10%. “There are so many articles about people saving 80 or 90% of their income, and people think they have to do that,” said Wanot. “That’s not very realistic for the average American earning $40,000 or $50,000. What this book does is help people understand that if you just keep 10% for yourself, that can grow exponentially after just a few years.” 
If you’re interested in building wealth through real estate like Wanot, he encourages people to start saving specifically for their first home. Commit to sending a percentage of your paycheck each month into an account earmarked for your down payment.
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 opportunity to buy a home with lower credit scores and down payments as low as 3.5%. It allowed the brothers to purchase a property with less than $10,000 upfront. 
Note that a requirement of using an FHA loan is that you have to purchase a primary residence and live in it for at least a year before renting it out. 
You’ll want to understand all of the requirements of an FHA loan before using one but, in general, it can be an extremely helpful tool if you’re trying to get into the game of real estate, said Wanot. “People think that they need 20% down to purchase a property and that’s not the case whatsoever.”  
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