8 Books You Should Read To Get Rich
Cori Arnold said "I become a millionaire at age 41, I could have become a millionaire by age 34 if I had installed these habits sooner"
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True Finance went viral on TikTok with a recent post. It was a collection of tweets by Cori Arnold titled "I become a millionaire at age 41, I could have become a millionaire by age 34 if I had installed these habits sooner" See post here
What was her list made up of?
The first habit she mentioned was to read books, claiming 85% of successfully financial people read at least 2 books per month (Thomas Crowley research) With over 1 thousand comments on the post, there were serious objections to the coorelation between reading and riches. But there were plently of users asking for book recommendations as well, so here we are.
But first, is there a direct correlations between reading books and financial wealth?
Let's begin with more statistics from Thomas Crowley research
- 63% of the wealthy listened to audio books during their commute to work vs. 5% for the poor.
- 85% of the wealthy read two or more self-improvement books every month vs. 15% for the poor.
- The books wealthy people read disproportionately included non-fiction books such as: biographies, self-help, history, science, career-related books and educational books.
- 88% of the wealthy read 30 minutes or more each day vs. 2% for the poor.
- 94% of the wealthy, on a daily basis, read newspapers, newsletters, magazines, blogs and other digital media vs. 11% of the poor.
As you can see, the wealthy obtained a massive appeitite for learning by consuming useful content. Rose Fres Fausto makes the following points about reading.
- Reading increases creativity. The more you read, the more exposed you are to different perspectives. These create more pathways in our brains that we can use to help us come up with new and better ideas
- Reading provides us brain exercise. There are sayings that make fun of the opposite effect of usage when it comes to our brain, “Parang brand new yong utak, hindi pa masyadong gamit!” “Use it or you lose it!” So let’s use this muscle to avoid atrophy. Reading stimulates our brain and improves our memory.
- Reading makes us better writers. All the good book authors I know are voracious readers. If you tell me that you don’t intend to be a writer anyway, may I remind you that we are all writers. We write emails, texts, love letters, instructions, memos, and many more.
- Reading expands our vocabulary. The more we read, the more words we encounter. And thanks to online dictionaries, we can easily look up the meaning if context clues are not enough.
She concludes by saying "We may all say that we already do a lot of reading through social media. The question is, “Are the contents you’re consuming giving you the above benefits?” If not, change the quality of what you’re reading"
Now to answer the question "does reading make you rich?" Although there is no direct coorlations between the two. Data show does conclude that rich people are more likely to intake useful content on a regular basis.
An second major objective was that rich people can afford the time to read because they come from money rather than being self-made. Let me just throw out this bit of data on the origin of wealth for billionaires.
Now it's time for book recommendations. There are many business books that can provide valuable insights and knowledge for individuals looking to build wealth or advance in their careers. Some classic and widely-regarded books in the business world include:
- "Think and Grow Rich" by Napoleon Hill: This book, first published in 1937, provides practical advice on how to achieve success through a positive mindset and persistence.
- "The 7 Habits of Highly Effective People" by Stephen Covey: This book, first published in 1989, provides a framework for developing effective personal and professional habits.
- "Good to Great" by Jim Collins: This book, published in 2001, provides insights into what sets successful companies apart from their competitors.
- "The Lean Startup" by Eric Ries: This book, published in 2011, provides a methodology for starting and growing a business based on rapid experimentation and iteration.
- "The Hard Thing About Hard Things" by Ben Horowitz: This book, published in 2014, provides insights into the challenges of being a CEO, and how to overcome them.
- "The 4-Hour Work Week" by Timothy Ferriss: This book, published in 2007, provides strategies for automating your income and creating more free time.
- "The E-Myth Revisited" by Michael Gerber: This book, first published in 1995, provides insights into the common mistakes small business owners make and how to avoid them.
- "The Innovator's Dilemma" by Clayton Christensen: This book, published in 1997, provides insights into how established companies can respond to disruptive innovations.
These are just a few examples of the many business books available, and the right books for you will depend on your interests and goals. Additionally, these books are not the only way to gain knowledge, you can gain knowledge through other resources like online courses, podcasts, & webinars. Here is a second list in case you need more options.