You Need to Take Time to Read These Classics
There are over 300,000 books published in the US each year. How do you sort through the clutter to find the gold? You can read 100 books a day and not scratch the surface of what’s out there. You aren’t able to read everything -- nobody can, not even Tai Lopez. Besides, you don’t want to skim 1,000 books, you want to go deep with just a handful of books. Choose wisely what you read, just like you would choose a dinner date.
In my best-selling Millionaire Booklet published last year, I put out a list of books that I believe everyone should take the time to read. I want to give you some insight from two of these older books that are still relevant today. Classics are classics for a reason.
Think and Grow Rich by Napoleon Hill
The book was written at the commission of Andrew Carnegie based on interviews with hundreds of successful people of the early 20th century, including Henry Ford, J.P. Morgan, John D. Rockefeller, Alexander Graham Bell, Thomas Edison, and Theodore Roosevelt. It was published way back in 1937 and has sold over 70 million copies. Here are some of the basic steps you need to take to get riches.
Desire: All achievement begins with an intense, burning desire for something definite. Do you have a desire for more money?
Faith: There are no limitations to your mind except those that you put there yourself. Both poverty and riches are from what you believe. Do you have faith you can become rich?
Knowledge: People who stop studying once school is finished are going to be mediocre. The way of success is to continuously pursue knowledge. Are you trying to gain new skills?
Planning: You have to have targets. When you fail it’s not a permanent failure unless if you quit. Are you clear on what your goals are?
The practical steps in this book for harnessing power are some of the best available. To grow rich, you must continually have positive emotions, rather than allow your mind to dwell on the negative ones. This is a key reason why I have a “no negativity allowed” policy in my office and home.
Visualize and have belief in the attainment of your desires. Have faith, love, enthusiasm, and hope—avoid fear, jealousy, hatred, and greed. You have control over your thoughts, and your mind can produce anything. Think and grow rich!
The Warren Buffet Way by Robert Hagstrom
Written in 1994, there has been much written about Buffett since—but none of it compares to this edition that lays out Buffett’s core principals. There are many books with ‘Buffett’ in the title because the name sells, but this book is all you need to understand the $74 billion-dollar man.
This read contains a detailed analysis of Buffett’s principal investments through his early partnerships—and detailed descriptions of the circumstances under which some of those investments were actually made. This alone makes it great learning material for anyone interested in trying to emulate him.
Some questions to ask when investing include: Is the business simple and understandable? Does the business have a consistent operating history? Does the business have favorable long-term prospects? Is management rational? Is management candid with its shareholders?
Some of Buffett’s rules when investing include: Focus on return on equity, not earnings per share; look for companies with high-profit margins; for every dollar earned, look for at least one dollar of market value created.
Buffett is unemotional, has a long-term focus and is unafraid to bet big on his ideas. Investing doesn’t have to be complicated. Don’t try and play the market or you will get played. The Warren Buffett way has produced $74 billion. I can emulate that!