Self-made millionaire shares favorite money books how to build wealth

  • Danny Baldus-Strauss credits some of his financial success to the books he read throughout his twenties.
  • One of his top picks is “Atomic Habits,” which helped him build his personal brand on Twitter.
  • He also likes “The Daily Stoic”, “The Psychology of Money” and “The War of Art”.

Self-made millionaire Danny Baldus Strauss is credited with some his financial success To the books he read in his twenties.

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

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

Here are four of Baldus-Strauss’ top recommendations for anyone looking to get ahead financially and build wealth. He noted that most of them are related to the mindset, as it is just as important to fix the way you think about money as it is to fix your money habits.

If you’re not sure where to find time in your day to read, try what Baldus-Strauss does: He reads about 10 pages a night and listens to 30 minutes of an audiobook while working out five times a week. It’s not too long, but the consistency is Enough to get through 30 or more books a year.

“Atomic Habits” by James Clear

At the beginning of 2020, the year Baldus Strauss left the American company, he read “atomic habitsBy James Clear. It’s what inspired him to build his Twitter followers, which is now a major revenue driver for him.

“I knew Twitter was going to be a tool that I could eventually monetize by building a large enough following that I could then either collaborate with brands or create courses,” he explained. “I knew I needed to build a follower first and then there would be monetization opportunities, so I just started writing and tweeting every day.”

Claire’s book emphasizes that “small, consistent actions can lead to a big result,” he says. “So, every day, I was constantly tweeting.”

As with most things in life, success does not happen overnight. “There were times when I was at 3,000 or 4,000 followers, I doubted I was going to get there because it took a lot of work to build the content. I would spend two hours on a thread and you would get seven likes, but I didn’t stop, and in the end, it led This consistency builds followers. In the end, my message began to resonate.”

No matter what you are trying to build or achieve, he said, Claire’s book will help you form good habits and break bad ones.

“The Daily Stoic” by Ryan Holiday

Every morning, Baldus Strauss reads an excerpt from “daily stoicBy Ryan Holiday. It collects 366 stoic visions, one for each day of the year, from such ancient philosophers as Emperor Marcus Aurelius and the playwright Seneca.

Stoic philosophy is 2,000 years old, but is still relevant today, as he put it: “Every page has a little life lesson, usually about an idea. You can’t always control what happens – but you can control your reactions to it.”

Danny Baldus Strauss

Baldus Strauss left US companies in 2020.

Courtesy of Danny Baldus Strauss

this philosophy Helps him keep calm during downturns, including the largest in 2020, when his net worth fell by “six multiple digits,” he said. While he cannot control what happens in the markets, he can control how he responds. (In this particular case, choose Not To respond, instead, stay the course instead of withdrawing money.)

The Psychology of Money by Morgan Housele

in “the psychology of moneyAuthor Morgan Housel delves 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 than those who grew up when stocks were weak,” Huzel writes.

Hussle’s main point is that mastering your money isn’t necessarily about what you know or how much you know; It’s about how you act.

“It goes through our prejudices and fears about money,” Baldus-Strauss said. “And how we see investing based on the time period in which we grew up. This book is an excellent way to build some mental models around money and investing.”

“The War of Art” by Stephen Pressfield

Baldus Strauss says that Stephen Pressfield “art warIt is his favorite among the dozens of books he has read. (Not to be confused with ‘The Art of War’, an ancient Chinese military healer that Applied to investment.)

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

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

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

Whether you’re trying to build a side hustle 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 yard, trampled by the bull, than in the stands or in the parking lot.”