Reading is one of the best ways to broaden our minds to different and new ideas, knowledge, and perspectives. There are so much learnings that we can grasp when we read—be it an article online, a newspaper, magazine, tabloid, there are tons of knowledge that we can get from these. We cannot probably 100% capture all of the learnings from its hundred pages, but we can surely gain relevant insights and ideas from them.
And with that, there is a reason why most successful people strongly recommend to read books, aside from speakers who share stories how they reached their goal, to learn and gather information which be beneficial to create a great foundation in order to become successful. Here are some of the books, most millionaires recommend to read.
Dream Big
Author: Cristiane Correa
Summary:
In the United States, there are about dozen business icons—Steve Jobs, Jeff Bezos, Bill Gates, etc whose personal stories continue to inspire other entrepreneurs. The rest of the world, however, looks to other mythmakers and inspirations. In South America there are no entrepreneurs more iconic than Jorge Paulo Lemann, Marcel Telles, and Beto Sicupira. Together they built the biggest business empire in Brazilian history, making themselves into billionaires while making at least a thousand of their employees into millionaires.
Principles
Author: Ray Dallo
Summary:
Dalio believes an idea meritocracy is the best decision-making system because it requires honesty and leads to continual improvement. Dalio divided his principles into Life Principles and Work Principles. The life principles apply to individual success, and the work principles guide group success.
Secrets of the Millionaire Mind
Author: T. Harv Eker
Summary:
From a young age, we observe how our parents deal with money, and that shapes our thought patterns and guides our behavior when it comes to finances. We naturally tend to replicate our parents’ income strategies, which explains why most people tend to stay in about the same income bracket as their parents. If you want to take full control of your finances, you have to recognize these thought patterns and adopt the habits and mindset of millionaires.
The Intelligent Investor
Author: Benjamin Graham
Summary:
An intelligent investor focuses on securing steady returns rather than speculating or focusing on short-term gains. Speculating is inherently risky because these investments are based on market fluctuations. Instead, an intelligent investor looks at a stock’s long-term value -- at the company’s big picture and financial history. Following these guidelines, you’ll lose the rollercoaster ride and gain something that works long term.
The Most Important Thing
Author: Howard Marks
Summary:
The most important thing is the relationship between price and value. Investors psychology can cause a stock price to be mis-priced. In the short run, investing is more like a popularity contest. The most dangerous time to buy an investment is at the peak of its popularity. At that time, all the positive data and assumptions are reflected in the price. Everyone that is going to buy has already bought.
The optimal time to buy an investment is when no one else wants it. At that point, all the negative data and assumptions are reflected in the price. Everyone that is going to sell has already sold.
The Outsiders
Author: William Thorndike
Summary:
The Outsiders is a book about eight CEOs whose companies drastically outperformed the market, primarily through a focus on capital allocation. As stated in the Preface to the book all eight CEOs believed, amongst other things that: Capital allocation is a CEO's most important job.
Thinking, Fast and Slow
Author: Daniel Kahneman
Summary:
Nobel Prize–winner Daniel Kahneman’s book Thinking, Fast and Slow shows how easy it is for humans to veer away from the rational. The truth is, we are subject to many biases, and this is especially important for entrepreneurs to be aware of, as we tend to only see things from our own perspective.
If you are serious about becoming a millionaire, the first step is being in the know and keeping yourself focused with your goal. You must be smart about where you should be investing your money and also make the right financial decisions. These books can really help you achieve financial freedom with the right knowledge every page can provide.
References:
https://bit.ly/3aYd1En
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