How many books are published each year? According to Wikipedia, over 300,000 books in the US alone. Worldwide there are over 2 ½ million new books each year*. That is a lot of material. Nobody can read everything. Just as you are selective when you look for a spouse, or when you’re choosing a place to work and live, you also need to be selective with what books you make time for.
Earlier this year I published The Millionaire Booklet and at the end of it I put out a list of books that I believe everyone should read to better themselves, to increase knowledge, and to get wealthier. I wanted to give you a quick summary of some of these classics today.
The Richest Man in Babylon by George S. Classons
The Richest Man in Babylon gives some simple rules of money:
1) Start fattening your purse: save money.
2) Control your expenditures: don’t spend more than you need.
3) Make your gold multiply: invest wisely.
4) Guard your treasures from loss: avoid investments that sound too good to be true.
5) Improve your ability to earn: strive to become wiser and more knowledgeable.
This book emphasized the need to get reliable income streams and to never ever confuse your necessary expenses with the things you want. It’s a timeless classic that every school in America should have in their curriculum.
The Science of Getting Rich by Wallace D. Wattles
This isn’t philosophy—it’s the pragmatic way to riches. I loved how Wallace talked about how becoming rich is a noble desire. Too many people start saying things like “money isn’t everything” when you claim you want to be rich. You need money to access things in your environment. Your potential can only be reached when you are in full possession of wealth.
This book gives a method for success that is just as certain as mathematical equations. Things come to you when you make them come to you. Some important takeaways from this great read include:
1) It’s is a misconception that wealth is limited.
2) The world is rich, and individuals are only poor because they do not act.
3) Thoughts always find a way into reality.
The Intelligent Investor by Benjamin Graham
Warren Buffet described this book as, “by far the best book ever written on investing”. This is an investment policy book for the ordinary investor. He puts seemingly hard concepts into terms that can be understood and implemented by the average person.
The typical investor “follows the market” and learns bad investment habits trying to beat the market. Graham gives you an alternative from that mistake, teaching you to avoid allowing your emotions to control your investment decisions. A great point from this book I got was that it’s a mistake to forecast the future of stocks exclusively by pulling data from the past. Graham goes into detail on:
1) Risk management
2) Investment vs. Speculation
This book is a great start for those looking to become millionaires. Don’t get into stocks, but if you do, read through this book carefully first.
Art of the Deal by Donald Trump
President Trump wrote this long before his run to the White house. He says in the book, “My style of deal-making is quite simple and straightforward. I aim very high, and then I just keep pushing and pushing to get what I’m after.” That’s a lesson we can all be reminded of. Here are some more takeaways you can receive from Mr. President:
1) Aim super high.
2) Others will consider you unreasonable, but keep pushing.
3) Keep a lot of balls in the air to maximize your options.
4) Promote yourself.
5) Rely on your own research rather than consultants, statisticians, or critics.
Trump says, “I prefer to be cooperative and positive, but sometimes it’s necessary to be confrontational when the other side is treating me unfairly or trying to take advantage of me.” Whether you like Trump or not, the reality is you can learn something from him in this book.
Here is the complete list of books I recommend you read in 2017 from my Millionaire Booklet: