Three Books That Can Turn You Into A Millionaire

If you had asked billionaire Elon Musk (co-founder of Paypal and founder of Tesla Motors and SpaceX) how he had taught himself rocket science, his answer would be that he read. A lot.

It might be hard to believe, but most skills that you hope to learn can be found in books, if you take the trouble to read it. Similarly, investing is a skill you can pick up from reading worthwhile books and then practicing what you read.

Here are some classics that any person aspiring to be a serious investor should read, perhaps over and over again.

1. The Intelligent Investor (1949) by Benjamin Graham

Arguably the most important and famous investment book of all time, The Intelligent Investor was written by billionaire investor Warren Buffett’s mentor, Benjamin Graham. It is a great book for anyone interested in investing. Although it does not contain any specific strategies to use when investing, it helps investors with forming the right mind-set when approaching the subject of investing. It is eagerly promoted by Buffett himself, who has called it the most important book he has ever read.

2. Common Stocks And Uncommon Profits (1958) by Philip Fisher

Philip Fisher, one of the greatest teachers in the field of investing, wrote his classic investing text Common Stocks and Uncommon Profits in 1958. In it contains a step-by-step analytical approach that investors can use when evaluating a company. It also goes through the questions we need to ask ourselves about any company we are looking at and explains at length why it is important to piece together a whole picture of a company before investing. Although it was written more than half a century ago, the book is still as relevant today as it was when Fisher first penned it down.

3. The Warren Buffett Way (2005) by Robert Hagstrom

As one of the more recent books about the legendary investor Warren Buffett, Hagstrom took a simplified yet effective look at how Buffett went about making his investment decisions. The book categorises Buffett’s analytical process into four stages, giving investors a step-by-step guide for analysing a company.

Foolish Summary

These are just three books to help anyone who is interested in investing to get started. However, for all investors, learning should be a lifelong pursuit. In fact, I think the best investment you will ever make is to invest in yourself. What better way to invest in yourself than to read books that might potentially turn you into a millionaire one day?

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Stanley Lim doesn’t own shares in any companies mentioned.