5 Books That Billionaires Recommend
According to Bloomberg, there are now over 2,200 self-made billionaires in the world. In an increasingly digital society where anyone with access to a computer can start their own business, this figure shows that success doesn’t necessarily come from inheriting vast wealth or having connections in high places.
Self-motivation and an ability to think outside of the box are just as important driving forces for becoming a billionaire as being born into privilege. If you have your sights set on becoming the next Bill Gates, then reading up on finance and investing is essential.
In this blog post, we’ll take a look at some of the best books every finance enthusiast should read to help them become a smarter investor.
1. “Good to Great” by Jim Collins
Recommended by Bernard Arnault (Net Worth $203.9 Billion)
In a nutshell, the book describes what it takes for companies to go from good to great. The author defines "good" as being a successful company that isn't growing as fast as they'd like, while "great" means being able to exceed expectations consistently.
The book outlines some of the common characteristics shared by companies that have gone from good to great. These include:
- Having visionary leaders who are willing to take risks and make tough decisions.
- Having a culture of discipline and accountability in which everyone understands their roles and works together effectively.
- Focusing on creating a unique strategy that sets them apart from their competitors and allows them to thrive in their environment.
2. “The Intelligent Investor” by Benjamin Graham
Recommended by Warren Buffet (Net Worth $110 Billion)
Reading The Intelligent Investor, according to Buffett, was the best decision he ever made in his career. Written by Benjamin Graham, this book is a classic that has been used by thousands of investors over the years to build successful businesses and portfolios.
The Intelligent Investor is divided into three parts: principles of security analysis, principles of investment, and application of these principles. In the principles of security analysis section, Graham teaches you how to analyze a company's financial statements and determine if it is worth investing in.
In the principles of investment section, he teaches you how to select the right stocks, bonds, and investments and how to calculate your portfolio's risk and return. Finally, in the application of these principles section, Graham teaches you how to use these skills to create a successful investment plan.
Overall, The Intelligent Investor is a comprehensive book that will teach you everything you need to know about investing. It is an essential book for anyone looking to invest for the long term, and it is sure to help you build a successful financial future.
Fun fact: Warren Buffett's Columbia professor was Benjamin Graham, and Buffett was the only student ever to receive an A+ in his investment classes!
3. “Capital in the Twenty-First Century” by Thomas Piketty
Recommended by Bill Gates (Net Worth $102.5 Billion)
Capital in the Twenty-First Century by Thomas Piketty is an incredibly well-researched and well-written book that has earned its place as one of the most important books on economics ever written.
Piketty's thesis is that capital—that is, money invested in things like stocks, bonds, real estate, etc.—will always grow faster than economic growth. This means that wealth inequality will increase over time unless something changes. He also argues that this has happened historically and is still happening today.
The book includes a lot of historical data to back up this claim. It also includes a lot of mathematical formulas for readers who want to dive into the nitty-gritty details of his argument.
However, it's not all dry numbers and statistics—Piketty also uses stories from history to illustrate his points about how wealth inequality has played out over time. His examples include everything from French revolutionaries looting the homes of wealthy families during the French Revolution to recent economic trends in China. These anecdotes make it easier for readers to understand how they fit into his larger argument about economic inequality in general.
4. “Tesla: Inventor of the Electrical Age” by W. Bernard Carlson
Recommended by Elon Musk (Net Worth $143.8 Billion)
“Tesla: Inventor of the Electrical Age” is a book written by W. Bernard Carlson and published by Princeton University Press in 2001. It is a biography of Nikola Tesla, one of the most prolific inventors in history and the creator of alternating current (AC) electricity.
The book starts with a brief overview of Tesla's childhood, including his upbringing in Croatia and his transition to America after chasing his dreams. From there, it moves on to cover his inventions and their impact on society as we know it today. The book also touches on some of Tesla's personal struggles, as well as how he managed to overcome them.
5. “The Effective Executive” by Peter Drucker
Recommended by Jeff Bezos (Net Worth $113.1 Billion)
The Effective Executive by Peter Drucker is a book that is highly recommended to any executive, manager, or entrepreneur. It is not just for those who are starting out in their careers, but it is also for those who have been in the business world for many years. This book can help anyone who has responsibility for other people and wants to be an effective leader.
The book takes you through different parts of leadership and gives examples of what makes a good leader and what does not. He talks about how important it is for leaders to have vision and goals and be proactive. The author also talks about the importance of managing time effectively, having balance in your life, and leading by example.
This book is a great resource for anyone who wants to improve their leadership skills because it will help them understand what makes a good leader as well as teach them some techniques on how they can improve their leadership abilities themselves.
The Bottom Line
Reading is a great way to keep your mind sharp and your creativity flowing. It also helps you learn new things, explore new ideas, and grow as a person. Reading can be done anywhere and at any time—and it's the perfect activity to do while waiting in line at the grocery store or sitting on the bus ride home from work. Reading is one of the best ways to relax and unwind after a long day, too!