Self-Made Millionaire Shares His Favorite Money Books How To Build Wealth

  • Danny Baldus-Strauss attributes some of his financial success to the books he read during his 20s.
  • One of his best picks is “Atomic Habits,” which helped him build his Twitter following and personal brand.
  • He also likes “The Daily Stoic”, “The Psychology of Money”, and “The War of Art”.

Self-made millionaire Danny Baldus-Strauss credits some of your financial success to the books he read throughout his 20 years.

“For the first five years of my career, I spent a lot of my free time reading,” Baldus-Strauss, who worked at IBM until he quit in 2020 to work for himself, told Insider. Towards the end of his career, he began to put into practice the concepts that he read and learned. “I focused on generating revenue streams.”

Today, the 31-year-old has a variety of income streams and earns more than he did at IBM, he said. He does sales consulting, cryptocurrency mining, runs an e-commerce store, and rents out his house on Airbnb. He also spent years building his own brand, backpacker finance. He has over 97,000 Twitter followers and earns money through affiliate marketing.

Here are four of Baldus-Strauss’s top book recommendations for anyone looking to get ahead financially and build wealth. Most of them are related to mindset, he noted, since it’s just as important to set the mindset around money as it is to correct financial habits.

If you’re not sure where to find time in your day to read, try what Baldus-Strauss does: read about 10 pages a night and listen to 30 minutes of an audiobook while exercising five times a week. It’s not a lot of time, but the consistency is enough for me to finish 30 or more books a year.

“Atomic Habits” by James Clear

In early 2020, the year Baldus-Strauss left corporate America, he read “atomic habitsby James Clear. It’s what inspired him to build his Twitter following, which is now a key driver of income for him.

“I knew that Twitter would be a tool that I could eventually monetize by building a big enough following that I could partner with brands or develop courses,” he explained. “I knew I needed to build a following first and then there would be monetization opportunities, so I started out just writing and tweeting every day.”

Clear’s book emphasizes that “small, consistent actions can create a big result,” he said. “So, every day, I constantly tweeted.”

As with most things in life, success doesn’t happen overnight. “There were times when I had 3,000 or 4,000 followers, doubting I’d ever get there because it took so much work to create content. I’d spend two hours on a thread and get like seven likes, but it just didn’t stop and eventually that consistency generated a following. Eventually, my message started to resonate.”

Regardless of what you’re trying to build or accomplish, Clear’s book will help you form good habits and break bad ones, he said.

“The Stoic Diary” by Ryan Holiday

Every morning Baldus-Strauss reads an excerpt from “the daily stoicby RyanHoliday. Collect 366 Stoic ideas, one for each day of the year, from ancient philosophers such as Emperor Marcus Aurelius and playwright Seneca.

Stoic philosophy is 2,000 years old, but still relevant today, he said: “Every page has a little life lesson, usually around the idea that you can’t always control what happens, but you can control your reactions.” it.”

danny baldus strauss

Baldus-Strauss left corporate America in 2020.

Courtesy of Danny Baldus-Strauss

this philosophy helps you stay calm during market downturns, including the main one in 2020, when his net worth dropped by “multiple six figures,” he said. While you can’t control what happens in the markets, you can control how you respond. (In this particular case, choose No to respond and instead stay the course rather than cash out).

“The Psychology of Money” by Morgan Housel

In “the psychology of moneyAuthor Morgan Housel dives into how people think about money and how their personal experiences with money shape their behavior toward it.

For example, “If you grew up when the stock market was strong, you invested more of your money in stocks later in life compared to those who grew up when stocks were weak,” Housel writes.

Housel’s main point is that mastering your money isn’t necessarily about what or how much you know; it’s about how you behave.

“It goes through the prejudices and the fear that we have towards money,” said Baldus-Strauss. “And how we view investing based on the time period we grew up in. This book is a great way to build some mental models about money and investing.”

“The War of Art” by Steven Pressfield

Baldus-Strauss says that Steven Pressfield “the art waris his favorite among the dozens of books he has read. (Not to be confused with “The Art of War,” an ancient Chinese military treatise that has been applied to investment.)

“It’s about the concept of resistance,” he explained. “Every day, you will wake up and have some kind of resistance.”

Pressfield’s book describes resistance as the greatest enemy: it’s what keeps you from doing what you really want to do, whether it’s writing, creating content, or starting a business, and offers advice on how to overcome it.

“It helped me a lot when I was growing my Twitter account,” Baldus-Strauss said. “There were many times when I felt like giving up, when I spent so much time and effort creating threads, writing newsletters and creating free content, not knowing if I would be rewarded in the future. I had doubts and woke up almost every day with a certain level of resistance”.

Whether you’re trying to build a side business or save a little money each day for a down payment on a property, Pressfield’s book will keep you motivated.

As the author says: “It is better to be in the arena, being trampled by the bull, than to be in the stands or in the parking lot.”

Leave a Reply

Your email address will not be published.