Investment mogul and guru, Warren Buffett is reputed to read 500 pages a day. He says that knowledge builds up like compound interest. Indeed, reading is one interest that top business figures have in common. The books open you up to different ways of doing things and thinking. Reading is one of the most beneficial traits that you can develop as a budding or established investor. Here is a list of investments and business books that should be on your reading list.
1. Principles by Ray Dalio
Ray Dalio is the founder of Bridgewater Associates, one of the biggest hedge firms in the world. He has been named by Forbes as among the world’s 100 top influential persons. In this book, Dalio pushes his theories of radical truth and radical transparency. These are principles that individuals and organizations can use build strong teams, make decisions and tackle different challenges.
Principles is a book which is full of practical advice that Dalio has seen work over 40+ years in finance and investment. The fact that he grew Bridgewater Associates from a bedroom operation to a global investment empire, makes this book worth reading.
2. Tribe of Mentors by Tim Ferris
There is something to be learnt from people who excel at what they do, be it in sports, business or art. In this book, Tim Ferris compiles a variety of tools, tactics and habits from more than 130 top people in different sectors including investors, athletes and artists. The big idea here is that you can excel in any field by learning from top performers.
3. As a Man Thinketh by James Allen
In this book, James Allen drives a simple but true maxim, you are what you think you are. Positive thoughts will often attract positive developments in life, while negative thoughts bring on ill tidings and ill health too. Allen proposes that disease and health are influenced by the mental condition in a big way.
4. Unshakeable by Tony Robbins
Tony Robbins has come from a dirt-poor upbringing to become one of the world’s top 10 motivational speakers. His books and seminars have reached over 50 million people worldwide. In this book, Robbins aims to dispel fear with facts. He proposes that an investor can become ‘unshakeable’ by avoiding 5 common mistakes. These include failing to take advantage of compounding, trying to time the market, paying too much fees, and failing to diversify.
5. Automatic Millionaire by David Bach
According to David Bach, it takes only 1 hour to become financially secure. The basic message in the book is that saving is the only tried and tested way to have financial security. Bach advises that money should be always first put into ventures that will pay in the future, for example, setting up multiple savings accounts.
6. Rule #1 Investing by Phil Town
Phil Town was once a river guide, before jumping into investments. In this book, he proposes to turn $1,000 into $1 million in five years. He says the secret lies in Rule #1 which is that you should never lose money. When buying stocks, for example, you only buy when all the factors favour you. He says that it is possible to make the right investments every time by using 3 tactics; thinking like business owners, not stock investors, using readily available tools on the internet for research, and analyzing the numbers that matter.
7. Million Dollar Habits by Brian Tracy
In this book, Brian Tracy proposes that everyone can create their own destiny by developing the right tools. This book aims to arm the reader with these tools to become more successful in career and business. This book is written to help the reader develop a financial strategic plan, and also steer a business or career in the right direction and at a faster pace.
8. Finding My Virginity by Richard Branson
Richard Branson is world famous for his unorthodox way of investing which has made him hugely successful in a wide range of investments; airlines, entertainment, tourism, sports and so on. In this book, Branson shared the secrets that have turned him from a student entrepreneur into one of the world’s top entrepreneurs and a billionaire.
9. More Important Than Money by Robert Kiyosaki
A person’s social and professional network is more important than money. This is because their advice and guidance can make or break an idea. Kiyosaki says that it is possible to have a million dollar idea, but not be able to convert it into a success because of the mindset that surrounds the idea.
In this book, Kiyosaki teams up with trusted advisors that have worked with him over the years. Each advisor contributes to different chapters of the book offering insights into the importance of a can-do mindset.
10. Man’s Search For Meaning by Viktor Frankl
This is one unusual inspirational book because it is about the strength of mind as experienced by a survivor of the concentration camps of World War II. In the book, Viktor shows the need to develop a hopeful mindset and keeping the faith in what one is doing. It is a powerful motivational book with applicable life lessons.
The views expressed in this publication are solely those of the author; they are not reflective or indicative of licensee’s position, and are not to be attributed to the licensee. They cannot be reproduced in any form without the express written consent of the author.
Elliot Watson Financial Planning Pty Ltd and its advisers are Authorised Representatives of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.
The information (including taxation) in this article does not consider your personal circumstances and is of a general nature only – unless otherwise stated. You should not act on the information provided without first obtaining professional advice specific to your circumstances.