12 Books That Self-Made Millionaires Swear By The bookshelves of millionaires can inspire you to build your wealth. Here are 12 must-reads they recommend.
By John Rampton Edited by Mark Klekas
Opinions expressed by Entrepreneur contributors are their own.
A successful path to self-made wealth requires hustle, grit and knowledge. Some people may try unsuccessfully to become rich quickly, but the truly successful understand the importance of long-term learning and growth. Therefore, it is no surprise that many self-made millionaires attribute their success to specific books.
Getting rich isn't easy, but you can get inspiration and guidance from the bookshelves of the wealthy. Listed below are 12 must-reads recommended by self-made millionaires.
Related: 9 Productivity Tips That the 1% Know to Follow
1. Rich Dad Poor Dad by Robert Kiyosaki
A successful entrepreneur, Kiyosaki has written 27 books about personal finance. However, he tells how his two fathers, his real father and his best friend's father, shaped his views on money and investing in Rich Dad, Poor Dad. Additionally, he explains how to invest and manage money wisely to increase wealth.
To become rich, Kiyosaki believes you do not need a high income. Rather, he says, building wealth rests on the following:
- Developing financial literacy
- Becoming financially independent
- Investing in assets
- Starting and owning businesses
- Improving one's financial intelligence
It has been a New York Times bestseller for over six years and is among the favorite books of fashion entrepreneur and investor Daymond John.
2. Principles: Life and Work by Ray Dalio
Entrepreneur and investor Ray Dalio shares the principles he developed while running Bridgewater Associates, the world's largest hedge fund firm, which manages $160 billion.
In his book, Dalio explains achieving what one wants in life is a 5-step process. Basically, it goes like this:
- Set clear goals. Be audacious and pursue anything you care about, even if it seems unattainable. As you move toward what you want, the path forward will emerge.
- Don't tolerate problems that you identify. If you call out these problems by name and work to eradicate them, you will be one of the most successful people you know.
- Identify the root causes of your problems. The first step to reaching your goals is to identify your biggest obstacles. Then, you just have to overcome them.
- Come up with solutions to problems. To improve, you must often speak up about your flaws and ask others to hold you accountable. You'll make progress faster if you make others comfortable pointing out your weaknesses.
- Ensure that all tasks are completed. Establishing your priorities and crossing them off as you reach them will help you achieve your goals. When you set clear metrics for your success, you will be able to track your progress easily.
Related: 3 Books That Made Me 6 Figures That Aren't About Business At All
3. The Intelligent Investor by Benjamin Graham
In Warren Buffett's opinion, buying The Intelligent Investor was one of his best investments. After all, the book gives a glimpse into the mindset of successful stock investors.
Buffet wrote that in his early days, he rejoiced when the market rose. Then, he read Ben Graham's book, specifically the chapter dealing with how investors should look at stock price fluctuations. Eventually, low prices became his friend, and he said picking up that book was one of the luckiest moments in his life.
The complex financial terminology used by Graham may make it challenging to read for first-time investors. If you're worried about its difficulty, the 100 Page Summary of the Intelligent Investor provides a concise yet comprehensive overview of Graham's key principles.
4. Think and Grow Rich by Napoleon Hill
Anyone looking to expand their wealth must read this self-help classic from 1937. It's non-negotiable. Throughout the book, Hill emphasizes the power of desire, persistence, and a positive mental attitude, emphasizing the success secrets of over 500 successful people, such as Andrew Carnegie, John D. Rockefeller, Henry Ford, and Thomas Edison.
One of my favorite inspirational quotes from the book explains that you are the master of your destiny. You have the power to shape, guide, and manage your surroundings. You have the ability to mold your life into what you want it to be. This mantra has guided me through both challenges and triumphs, reminding me of the agency I hold in forging my own path.
5. The Millionaire Next Door by Thomas J. Stanley and William D. Danko
This heavily researched book reveals the fascinating habits and traits of America's self-made millionaires. The truth is that they aren't who you think they are. The vast majority of millionaires are modest in their lifestyle, save diligently and invest wisely. From this book, you will gain valuable insights into what it takes to succeed financially.
Related: 5 Lessons We Can Learn From Self-Made Millionaires
6. The Millionaire Real Estate Investor by Gary Keller
If you are unfamiliar with Keller, he founded Keller Williams, the largest real estate firm in the world. In his book, Gary Keller shares insights and strategies gleaned from interviews with over 100 millionaire investors. Keller distills their experiences and practices into actionable steps for anyone interested in building wealth through real estate.
"The Millionaire Real Estate Investor" offers practical advice and proven techniques for aspiring investors to navigate the complexities of the real estate market and achieve financial success. Whether you're a novice investor or seasoned pro, Keller's insights can help you unlock the potential of real estate as a wealth-building tool.
7. The Richest Man in Babylon by George S. Clason
Despite its publication in 1926, George Samuel Clason's book, The Richest Man In Babylon, remains relevant today. Undoubtedly, it is one of the best personal finance books ever written.
This book recounts Arkad's wealth-building lessons learned as a son of a merchant who grew to become Babylon's richest man. With the wisdom he gathered from the rich moneylender Algamish, Arkad was able to accomplish this feat. Throughout this book, you'll find timeless advice on saving and investing for a successful financial future, too.
8. The Automatic Millionaire by David Bach
The Automatic Millionaire is a self-help book about achieving financial success with the Automatic Millionaire System. Bach emphasizes the importance of paying yourself first. To do this, he advises that you set up a monthly automatic transfer of some of your income into savings or investments.
Even if you can start by saving only 1% or 2% of your income to start, that's better than nothing. Small amounts of money, especially when invested, can add up quickly over time. However, Bach recommends setting aside 10% of your income.
Bach also recommends that you:
- Live within your means by creating a budget
- Get rid of high-interest debt
- Invest in low-cost index funds
- Increase your income over time
Related: 20 Signs You're Destined to Become a Millionaire
9. How to Win Friends and Influence People by Dale Carnegie
Originally published in 1936, this best-selling book remains a must-read for anyone aspiring to success. Everyone can benefit from Carnegie's timeless advice on how to build relationships, understand human nature and communicate effectively, which in turn can lead to greater wealth.
From his book, one of my favorite takeaways is that happiness isn't determined by your identity, location or what you possess. Instead, it's shaped by your perspective and thoughts on these matters.
10. I Will Teach You to Be Rich by Ramit Sethi
Ramit Sethi is a great resource for learning how to become rich. His book outlines a six-week program that's based on the four pillars of personal finance — banking, saving, budgeting and investing. The program includes step-by-step instructions, practical exercises, and actionable strategies to help readers transform their financial habits and achieve long-term prosperity.
11. Your Money or Your Life by Vicki Robin and Joe Dominguez
Originally published in 1992, this book offers nine steps for altering your money management habits and living more deliberately. By practicing good habits and being mindful, the authors argue that you can live well on a budget while saving money.
According to Leo Babauta, founder of Zen Habits, this is perhaps the best book on personal finance ever written. He says it changed his life, and it's one of his favorite books ever.
12. Money: Master the Game by Tony Robbins
This book is a comprehensive guide filled with insights and wisdom from over 50 of the world's top financial experts and legends like Warren Buffett and Steve Forbes. It offers step-by-step advice on saving, investing, and protecting your wealth to help you achieve financial freedom — regardless of your income level.
The journey to self-made wealth demands a commitment to continuous learning. These recommended books serve as invaluable resources, so pick one up (or a few). By absorbing their knowledge and implementing the practical advice, you can embark on your own path to financial prosperity.
