I love reading business books. They’re motivational, inspiring and they help me keep focus on achieving higher goals. Most people think business is only about making money, but it’s way more than that. When we learn about business we learn about how to create something of value, a product or a service, for people who are willing and happy to pay for it. Many business people step out of the crowd, fight their inner fears and insecurities to do something better for the world, then they turn around and share their knowledge and experiences with the rest of us. This is the knowledge I find in business books.
Out of all the books I read this year, these are the ones that I like to recommend. Note: these are not recent books. I just happened to read them this year. I buy most of my books at second hand stores or they are passed down to me after someone else reads them. Many of these books are classics already read and reviewed by many other bloggers. I am just adding my voice to the chorus.
The most important ideas of this book are: Pay yourself first and The latte factor.
Pay yourself first: The most essential part of personal finance is to save money for retirement. However, many people find it hard to muster the discipline to save. Mr. Bach tell us that self discipline is not even necessary. All we have to do is to ask our employers to deposit money directly into our registered account, even before it touches our own bank account. By doing so, the registered account continues growing paycheck after paycheck until we retire.
The latter Factor: Many of us claim that we don’t have enough money to save, but Mr. Bach suggests that if we cut out the consumption of small, unnecessary items, such as the daily coffee and doughnuts, those little savings, over a long period of time, could build up to a substantial amount of money.
This book is a parable about three people who seek financial advice from their local barber, who became rich after studying many personal books and seeking advice from financial mentors.
I agreed with the main idea of the book which is to pay yourself first and invest the money. But the devil is in the details. Mr. Chilton advises the reader to find a good fund manager. Research has shown that over 75% of mutual fund managers do not beat the index. I argue that a better suggestion would have been to invest the savings in index funds and/or ETFs.
Mr. Chilton also suggests that we should pay our mortgages as soon as possible. Obviously Mr. Chilton never experienced the low mortgage rates that we are living in our period. In a low mortgage rate environment, I argue that it is better to delay paying the mortgage as much as possible and invest the money in the stock market. If your mortgage rate is 2% and you can get 6% return on the market, why would you pay your mortgage early?
There are lies, damned lies, and statistics. In this book Mr. Stanley tries to create a statistical portrait of the average millionaire in the U.S. The book was well researched and entertaining. There are many things which made sense, many surprises and some conclusions which Mr. Stanley wanted to believe himself. I believe that Dr. Stanley, in his effort to dismantle the Hollywood version of a millionaire, created a different fictitious millionaire. The religious, hard working millionaire who lives below his means and who is totally devoted to his family.
I found the book interesting, motivating, and even if I don’t believe everything in the book, I still recommend it. There are many valuable lessons in it.
This book has inspired millions of people to invest in real estate. It’s a parable of Mr. Kiyosaki’s life, mixed with some entrepreneurship and real estate lessons.
The major lessons offered in this book are:
- School does very little to give us a financial education.
- Wealth is defined, not by how much we earn but by how long we can live from the income of our assets.
- In order to become wealthy, we have to invest in income producing assets such as real estate and/or stocks.
- Our house should not be considered an asset.
- We should use other people’s money to achieve our financial objectives; for example, borrowing money to buy commercial properties.
I recommend this book for anyone who is tired of working for the man.
Mr. Carnegie is one of the greatest communicators of the 20th century. He created one of the best known public speaking and self improvement programs of our era. His training program is known throughout the world.
Mr. Carnegie’s course is based on a five-phase continuous improvement cycle:
- Build greater self-confidence
- Strengthen people skills
- Enhance communication skills
- Develop leadership skills
- Improve attitude and reduce stress
The book is a gem. It will not only improve your business, but it will also improve your personal life.
This book is similar to Rich Dad Poor Dad, but it goes a bit deeper into different techniques to build wealth in real estate.
There are several elements that I like about the book:
- It is a great source of inspiration;
- It is full of techniques and wisdom on how to buy, sell and rent properties;
- It shows you how to get started with little or no money.
Overall, the book is a great investment. It is recommended reading for anyone who wants to build wealth, anyone who wants to stop dreaming and start doing. I believe that I will be well compensated for the time I put into reading this book.
The book is a disguised biography of legendary trader Jesse Livermore. What struck me the most is that even though the book was written in 1923, it feels as if it was written today. It accurately describes how time stands still in Wall Street. We clearly see that the psychology and emotions of a stock market trader are timeless.
The book makes you feel as if you were there, next to Jesse Livermore, deciding which trade to do next, living the thrill of the win and suffering the pain of losing.
Mr. Livermore became famous mostly for taking advantage of the bear market of 1907 and on the bear market of 1929 he made about $100 million. In today’s dollar that would be about $1.4 billion.
If you like the stock market, I think that this book could play a major role in your success.
Please let me know in the comments if you have read any of these books and your opinion of them. Which business books would you recommend to the audience.
Happy new years.