did you know that daily habits dictate how successful or unsuccessful you will be in life
well this is according to research carried out by internationally recognized authority on the topics
of wealth creation and habits of successful people thomas c corley the award-winning author of rich
habits after studying more than 150 self-made millionaires he discovered that much of their
transformation from ordinary to seven-figure status can be attributed to rich habits these
habits include waking up early sleeping at least seven hours a night practicing dream setting
exercising networking with other successful people and most importantly reading 88
of rich people devote 30 minutes or more each day to self-education or self-improvement reading and
most did not read for entertainment they would rather be educated than entertained millionaires
read to learn new skills and stay on top of their game learning new skills constantly
enables them to diversify their outlooks and give better rounded opinions all of the well-known
millionaires have their own set schedule for reading for example mark cuban successful
billionaire and television personality reads three hours a day that adds up to about a thousand hours
a year danny gilbert self-made billionaire and owner of the cleveland cavaliers reads one to two
hours a day and bill gates the renowned richest man reads a startling 50 books a year berkshire
hathaway ceo and arguably the greatest investor in history warren buffett is no exception to this as
a matter of fact the oracle of omaha is known to have read 600 750 and even a thousand pages a day
when he began his career as an investor and even now as successful as he is reading is still part
of his regimen and this is not limited to books alone he reads six newspapers a day including the
wall street journal financial times the new york times usa today omaha world herald and american
banker he recommends the daily 500 pages red for anyone who hopes to become as successful
his main advice is to go to bed smarter each day and there's no better way to begin enacting
this buffett formula than starting with books he himself recommends in today's episode practical
wisdom brings you books recommended by warren buffett to help you start your journey to success
before we start remember to hit that subscribe button for access to more of our videos
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they are educative and most importantly free so what are you waiting for subscribe now five books
that warren buffett thinks you should read number one the intelligent investor by benjamin graham
first published in 1949 the intelligent investor is a widely acclaimed book
written by the father of value investing the professor economist and investor benjamin graham
it is based on value investing an investment approach graham began teaching at columbia
business school in 1928 and subsequently refined with david dodd the book majorly focuses on
investment principles and investors attitudes it aims to teach the following 1. how to minimize the
chances of suffering irreversible losses 2. how to maximize the chance of achieving sustainable wins
3. how to overcome self-defeating modes of thought that often prevent investors from
reaching their full potential according to graham the intelligence needed to be a good
investor has much more to do with character than it does iq one must be patient disciplined and
eager to learn new things so as to become an intelligent investor the wisdom of this book
has been proven over the years of application making it the stock market bible that aims
to protect investors from errors and teach them the development of long-term strategies
buffett's journey to the top of wall street is inseparable from this book
he regards it as one of the luckiest moments of his life as his approach to investing was
dependent on the intellectual framework he developed from reading it he states that
investing successfully over a lifetime does not require stratospheric iq unusual business insights
or inside information but sound intellectual framework for making decisions and the ability
to keep emotions from corroding that framework which this book clearly prescribes number two
security analysis by benjamin graham and david l taub written by the professors of columbia
business school who taught warren buffett security analysis has been in print for more than 60 years
with nearly 60 million copies sold the authors had seen and survived the great depression as well
as the political and financial instabilities of world war ii and were then better able to outline
a program for sensible and profitable investing in the latter half of the century the book represents
the genesis of financial analysis and corporate finance and a number of financial terms are
actually coined in the book the main idea of the book is that you can be able to tell and
understand the value of company is that you can be able to tell and understand the value of a company
irrespective of the market's knowledge if your analysis is thorough enough graham
proposes a clear definition of investment that was distinguished from what he deems speculation
stating that an investment operation is one which upon thorough analysis promises safety a
principle and an adequate return and operations not meeting these requirements are speculative
buffett calls it a roadmap for investing that he's been following for 57 years even years after its
publication it still remains relevant and fortune commented that it's still the best investment
guide and argues that the reason it remains popular is due to its irreplaceable approach to
investment number three stress test reflections on financial crises by tim geithner a washington post
new york times and los angeles times bestseller stress test is a 2014 memoir by the former united
states secretary of the treasury timothy geithner it is written as an account of the effort to save
the united states economy from collapsing in the wake of the 2008 financial crisis in the
book geithner takes readers behind the scenes of the crisis detailing the difficult choices
and politically unpalatable decisions he made to repair a broken financial system and prevent
the collapse of the main street economy it also reveals a side of him that the public is unaware
of starting with his childhood narrating his early days as a young treasury official helping to fight
the international financial crises of the 1990s then describes what he saw what he did and what
he missed at the new york fed before the wall street boom went bust in the book geithner takes
the reader geisner takes the readers through the start of the crisis all through the controversies
and battles to the criticized but ultimately successful plan he implemented he also describes
the aftermath and the administration's efforts to address the resultant problems that arose such as
high unemployment it is his personal account of how america withstood the ultimate stress test
of its financial and political system buffett recommends the book as a must read for any manager
number 4. poor charlie's almanac the wit and wisdom of charles t munger edited by peter d
kaufman in a little above 500 pages poor charlie's almanac documents the witten wisdom
of charlie munger written and compiled with the cooperation and encouragement of warren buffett
berkshire's vice president charlie munger is warren buffett's longtime partner and while
he's lesser known compared to the latter he is no less impressive the title of the book is a tribute
to benjamin franklin who munger is known to admire poor charlie's almanac is a collection of charlie
munger's best advice given over 30 years in the form of 11 speeches given his commencement
addresses and roundtable talks the talks show his intelligence rationality and incredible clarity of
thought which actually goes beyond his usual phrase i have nothing to add it encapsulates
information about the life of charlie munger as well as his sought-after philosophical views
regarding investing and the conversations he had at berkshire hathaway meetings
it also puts forward his unique world view what he calls a multi-disciplinary approach
a self-developed model for clear and simple thinking which is far from simplistic in itself
buffett talked about this book edited by peter d kaufman in his 2004 letter to shareholders
he said that scholars have far too long debated whether charlie is the reincarnation of ben
franklin and this book should settle the question number five the outsiders by william thorndike jr
number one on warren buffett's recommended reading list in 2012's berkshire hathaway
annual shareholder letter the outsiders tells the stories of eight successful chief executives
these are ceos of well-known companies including general cinema ralston purina the washington post
company berkshire hathaway general dynamics capital cities broadcasting tci and teledyne
it details the commonalities among these eight ceos referred to as the outsiders in the book who
significantly outperformed their peers thorndike stated their common traits right from the start
and used the remaining chapters to go over each outsider's experience much more in depth
he comments about them saying they were very different from the standard conventional ceo
personality they were not charismatic visionary types that they were pragmatic flexible and
opportunistic frugal and patient drawing on years of research and experience thorndyke
tells eye-opening stories extracting lessons and revealing a compelling alternative model
despite not being a resounding best seller it is the one book that appears to be influencing
ceos and big investors ceo of dell michael dell compliments the book as a good read
for any business leader but especially those willing to chart their own course
buffett praises it as an outstanding book about ceos who excelled at capital allocation
and forbes recommended it as one of the most important business books in america it is a must
read for anyone interested in leading a company or investing in one and reaping extraordinary returns
while this list is not so diverse in genre as the reading list of bill gates buffett's
recommendations will suit the taste of anyone curious about business and especially investment
for anyone hoping to be rich investing is most definitely part of the to-do list and these books
will definitely spark your entrepreneur and invest your heart if you're stuck wondering what to do
or which book to read try one of these recommended books and you'll definitely see why warren buffett
thinks you should read them if you've already read them feel free to share your thoughts in
the comments section down below we'd love to hear your thoughts remember no book red ever
goes to waste as buffett says that's how knowledge builds up like compound interest don't forget to
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