39-Year-Old ¡®Frugal¡¯ Self-Made Millionaire Shares 4 Books That Helped Him Become Rich Young

39-year-old Jonathan Sanchez, who is the first millionaire in his family, says his journey began with earning passive income from real estate investing and his personal finance business.

Sanchez believes his idea of working in finance sprouted from the desire to spend more time with his family. Today, he is determined to share his secret on how to build generational wealth at a young age, while living a frugal life.

Getty

He found that the life lessons we get from books help us achieve our goals faster, especially when they show us how to not repeat the mistakes of others. Here are four books that helped him get rich:

1) ¡°Rich Dad, Poor Dad,¡± by Robert Kiyosaki

The biggest lesson Sanchez said he learnt from the book was "wealth is more about time than money." Kiyosaki is an entrepreneur who has written 27 books about personal finance and he suggests we shift our thinking from ¡°I can¡¯t afford it¡± to ¡°How can I afford it?¡±

The book is organized into six main lessons that Kiyosaki presents to becoming successful: The rich don't work for money, financial literacy is key, own businesses, rather than work at them, understand taxes and the power of corporations, the rich invent money and work to learn rather than work for money.

"I used to believe wealth was about how much money a person made. Now I see it as how much time money can buy. This new mindset inspired me to pursue more passive income streams, like my website and real estate business," said Sanchez.

sanchez

2) ¡°The E-Myth Enterprise,¡± by Michael E. Gerber

Sanchez's takeaway from the book: "You want to work on your business, not get stuck working in it."

He said when his wife and him first started Parent Portfolio, a website that helps families learn to grow wealth, they completely ran it themselves. "We did everything from design to content creation to social media marketing," he said.

Suggesting a solution, he said, "But once we began generating revenue, we created standard operating procedures and hired freelance writers and virtual assistants, which allowed us to focus on other growth opportunities."

Unsplash

3) ¡°The Millionaire Real Estate Investor,¡± by Gary Keller

"If someone already has a bad spending habit, having more money will most likely tempt them to spend more. If a person is charitable and likes to help people, having more money gives them more opportunities to do good. You should always try to lean towards the latter," Sanchez said.

He believes the most valuable lesson the book taught him was that money amplifies who you already are.

4) ¡°The Last Lecture,¡± by Randy Pausch

Pausch was a computer science professor at Carnegie Mellon University, and he was diagnosed with pancreatic cancer. In 2007, he gave a lecture called ¡°Really Achieving Your Childhood Dreams.¡± The talk is very moving, especially knowing that he died in 2008, at just 47 years old.

"As I was reading his book ¡°The Last Lecture,¡± a common thread emerged: He was never afraid to try something new. I¡¯ve taken this advice to heart," Sanchez declared.

Pexels

Narrating a personal experience, Sanchez said, "Ten years ago, my wife suggested we buy a condo and convert it into a rental property. But I was fearful, gave excuses, and ultimately regretted not pursuing the opportunity. Then, in 2019, we bought our first investment property and acquired two more within a year and a half. Today, we own four," he concluded.

For more on news and current affairs from around the world please visit Indiatimes News.