Self-Made Millionaire Shares Favorite Money Books How to Build Wealth

  • Danny Baldus-Strauss attributes 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 attributes some of his financial success to the books he read throughout his twenties.

“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 take a job, told Insider. to their account. Towards the end of his career, he began to put into practice the concepts he had read and learned. “I focused on creating revenue streams.”

Today, the 31-year-old has a variety of income streams and earns more than 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 creating his own brand, Funding backpackers. He has over 97,000 Twitter followers and earns money through affiliate marketing.

Here are four of Baldus-Strauss’s best book recommendations for anyone looking to get ahead financially and build wealth. Most of them are related to mindset, he noted, because correcting your mindset around money is just as important as correcting your financial habits.

If you don’t know 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 a ton of time, but consistency is enough to make him read 30 or more books a year.

“Atomic Habits” by James Clear

In early 2020, the year Baldus-Strauss left corporate America, he read James Clear’s “Atomic Habits.” This inspired him to grow his Twitter following, which is now a key revenue driver for him.

“I knew Twitter would be a tool that I could eventually monetize by building a big enough following that I could then team up with brands or create courses,” he explained. “I knew I had to build an audience first, then there would be opportunities for monetization, so I started 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 was at 3,000 or 4,000 subscribers, doubting that I would ever get there because it took so much work to create content. I would spend two hours on a thread and get about seven likes but I didn’t stop and eventually that consistency built 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 Daily” by Ryan Holiday

Each morning, Baldus-Strauss reads an excerpt from “The Daily Stoic” by Ryan Holiday. It compiles 366 Stoic ideas, one for each day of the year, from ancient philosophers like Emperor Marcus Aurelius and playwright Seneca.

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

danny baldus strauss

Baldus-Strauss left Corporate America in 2020.

Courtesy of Danny Baldus-Strauss

This philosophy helps him stay calm during market downturns, including the most significant in 2020, when his net worth plummeted “several to six figures,” he said. Although he cannot control what happens in the markets, he can control his reaction. (In this particular case, it chooses not to respond and instead stay the course rather than withdraw money.)

“The Psychology of Money” by Morgan Housel

In “The Psychology of Money,” author Morgan Housel looks at 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 doesn’t necessarily depend on how much or what you know; it’s about how you behave.

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

“The War of Art” by Steven Pressfield

Baldus-Strauss says Steven Pressfield’s “The War of Art” is his favorite of the dozens of books he has read. (Not to be confused with “The Art of War,” an ancient Chinese military treatise that was applied to investing.)

“It’s about the concept of resistance,” he explained. “Every day you’re going to wake up and you’re going to have some form of resistance.”

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

“It helped me a lot when I grew 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 some level of resistance.”

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

As the author says, “Better to be in the arena, getting trampled by the bull, than to be in the stands or the parking lot.”

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