GUESS WHAT THE WEALTHY ARE OBSESSED WITH? —— READING!
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Majority of successful people believe books and reading are the gateway to knowledge. With the millions of books published and relatively so little time, you must select carefully and not waste your time! The more you read the more you question things, and hopefully the more open to learning. As Warren Buffett states, we all should all do more reading and less bad investments!
Self-made millionaire Steve Siebold interviewed 1,200 of the world’s wealthiest people to find out what traits they shared. One trait nearly all of them had in common? “They read everything from self-improvement books to autobiographies.”
A FEW OBSESSIVE BILLIONAIRE READERS!
OPRAH WINFREY: Oprah created her book club to share her joy of reading. Every author knows if Oprah recommends you, your sales go upward like a SpaceX rocket! Those authors often end up on the best sellers list. Oprah never went to business school but created several successful businesses and today is a multi-billionaire. Clearly she is a talented and wise woman.
Why is Oprah so wise? What are the attributes, which enable her wisdom?
“Books were my pass to personal freedom. I learned to read at age three and soon discovered that there was a whole world to be conquered that went beyond our farm in Mississippi.” According to Oprah, one important attribute of wisdom is the ability to know what you do not know. People who are unable to determine when something exceeds their circle of competence are not wise. Oprah’s journey from a child living in poverty in rural Mississippi to where she is now, was powered by reading.
See Oprah’s Book Picks Below:
CHARLIE MUNGER, VICE CHAIRMAN OF BERKSHIRE HATHAWAY: Unless you are a shareholder of Berkshire Hathaway or follow Warren Buffett, you may not have heard of this very successful and SMART billionaire. When Mr. Munger is sitting among thousands of Berkshire Hathaway shareholders, managers and fellow board of director members, including Warren Buffett, there is an even split among the attendees which is more intelligent – Warren Buffett or Charlie Munger. I give one the slight edge but will of course not prejudice your opinion. Charlie Munger describes the importance of reading in this way:
“In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, ZERO.”
Charlie Munger describes wisdom as understanding the importance of consistently “avoiding stupidity” instead of trying to be the “smartest person in the room.” Mr. Munger, is one of the most generous people in the world and has given away the bulk of his wealth, totaling billions, to many charitable causes.
See Charlie Munger’s Book Picks Below:
WARREN BUFFETT, CEO BERKSHIRE HATHAWAY. Warren Buffett is the 3rd richest man in the world and starts every morning the same when he is going to his office. He stops by McDonalds’s for breakfast, heads to his office and reads several newspapers and other publications. He estimates he spends as much as 80 percent of his day reading. Once when asked about the key to success, he pointed to a stack of books and said “Read 500 pages like this EVERY DAY.” “That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.” “I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.”
Mr. Buffett is a very wealthy man, who reads five to eight hours per day. You read that right. Mr. Buffett developed an obsession with reading at a very early age and still cannot get enough. Mr. Buffett, is obsessed with financial newspapers, other financial press, annual reports, industry reports, etc.
An equally important trait, Mr. Buffett has pledged 99% of his wealth (over $80 Billion) to the Bill Gates Foundation and has already donated ~$28 Billion to the Gates Foundation and other charities !
See Warren Buffett’s Book Picks Below:
BILL GATES, Co-Chairman of the Bill and Melinda Gates Foundation, Co-Founder and Technology Advisor – Microsoft, Former CEO and Chairman Microsoft. Mr. Gates is worth about $80+ billion and is currently the world’s 2nd richest. Bill Gates reads about 50 books per year, mostly non-fiction and far from light reading.
So why does he spend so much time reading? “….reading is still the main way that I both learn new things and test my understanding.” Bill Gates routinely publishes his recommended list of books he has read. “Each book opens up new avenues of knowledge to explore.” Bill Gates stepped down as the CEO Microsoft, to concentrate on managing the Bill and Melinda Gates Foundation. Bill and Melinda Gates have already donated ~$50 Billion to the foundation.
See Bill Gates’ Book Picks Below:
I love books. My wife will tell you I am obsessed with books and treat them like treasures. My Mom, a great schoolteacher, was obsessed with reading. She ingrained in both her sons the love of knowledge and the joy of traveling around the world, you can find between a book’s covers. How about you, do you love to read?
If you want to improve your career, personal life, finances, investment success, even your marriage, increase your reading. Where do you start?
* If you are looking for a good book, I provided the recommendations of the above business leaders.
* Daily financial newspapers such as Investors Business Daily, Wall Street Journal.
* Financial Magazines: Money; Fortune; Bloomberg Business-Week; The Economist; Barron’s; U.S. News & World Report, etc.
* Corporate Annual Reports and Chairman Letters: Several CEO’s are known for writing annual letters that teach us. Two great examples, Amazon’s Jeff Bezos and Berkshire Hathaway’s Warren Buffet’s annual letters to Shareholders (use Google to read their shareholders letters)
* Investment Websites: Fidelity Investments; E*TRADE; Vanguard,; Ameritrade; etc. These websites contain 1000’s of pages of articles. Many include Internet training programs.
Find the reading materials you enjoy. Ask your friends, peers, and mentors, etc. what they read. And if you have a moment and find some good sources, let me know and I will add to a future blog.
My favorite author happens to be my brother. Yes- I am plugging his two books!
* The Pharm House https://www.amazon.com/dp/0988538881/ref=cm_sw_r_cp_tai_i_a8jeBb1BAS5Y5
**The Torch Is Passed: A Harding Family Story https://www.amazon.com/dp/1682226786/ref=cm_sw_r_cp_tai_i_f-jeBbD58G051
My Friends- You Will Never Regret Giving and Reading!
The more that you read, the more things you will know. The more that you learn, the more places you’ll go.” —Dr. Seuss