When Todd Combs first saw Warren Buffett speak at a Columbia University investing class, the current Berkshire Hathaway investment manager (and CEO of Geico) was struck not by the “Oracle of Omaha’s” financial advice, but by Buffett’s reading habits.
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“Read 500 pages like this every day,” said Buffett at the time, holding up a bunch of business documents. “That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”
Like many successful businesspersons and investors, Buffett clocks hours of reading every day. While it makes sense to read about the professional success and wealth of opportunities available to you in your chosen vocation, the more creative draw inspiration from a variety of source books — including self-help books and imaginative tales of fiction.
Self-help books can help readers increase their self-awareness, performance and life satisfaction, and even reading fiction can offer a surprising number of lessons that are applicable to managing money. Fiction teaches readers about human nature, planning and strategy, risk management and conflict resolution — and the value of relationships.
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Enter Financial Expert — and Voracious Reader — David Bach
Financial expert David Bach — a 10-time New York Times best-selling author and motivational speaker — is known primarily for his Automatic Millionaire Series. He’s also known for his Finish Rich brand, which provides simple but powerful action plans to quickly automate your finances, build your wealth and achieve financial freedom.
Bach is also an avid reader, taking in everything he reads and applying it to his personal and financial philosophies. Bach has previously shared his thoughts on books tailor-made for creative investors wanting to grow their wealth. These volumes include classic motivational works like Napoleon Hill’s “Think and Grow Rich” and John C. Bogle’s “The Little Book of Common Sense Investing,” alongside cautionary reads like John Brooks’ “Business Adventures” and Tony Robbins’ “Unshakeable.”
In his latest newsletter, Bach recommends some books from his Florence-based book club, or others recommended by his friends. Here are five lessons from self-help and fiction books on Bach’s summer reading list that you can use in your business dealings your money management.
1. The Toughest Battle Is the One You’re Fighting Within Yourself
“We are living, arguably, through some unprecedented times right now,” said Bach, so having an inspiring guide like Trent Shelton and his roadmap to “Protect Your Peace” every step of the way to find your true power and purpose is a rare gift. Along the book’s journey, you’ll learn easy tactics for creating clear boundaries, disconnecting from negativity and refining your vision and focus.
2. The Importance of Knowledge and Learning
A new “money memoir” by Mel. H. Abraham has peaked Bach’s interest — not only because the author used his cancer diagnosis to teach people about life’s purpose, but also because Abraham “truly cares about teaching people how to use their money to have their best life,” per Bach. “Building Your Money Machine: How to Get Your Money to Work Harder for You Than You Did for It!” goes beyond the basics of personal finance and wealth creation to show a comprehensive method to improving your relationship with money.
3. It Is Never Too Late To Start Over
About Rebecca Serle’s “One Italian Summer,” Bach wrote: “It’s a mother-daughter love story to start, with a reminder that it is never too late to start over. It’s just a super enjoyable fantasy read.”
Reading about characters facing and overcoming significant adversity teaches the importance of resilience in setbacks and helps readers understand complex moral dilemmas and importance of ethics in finance circles.
4. On Overcoming Feelings of Fear and Isolation
“Remember Love: Words for Tender Times” is a collection of writing and poetry by Cleo Wade, the bestselling author of “Heart Talk.” In it, Wade explores how we can discover brightness in dark times and personal change, and learn to love ourselves and let go.
Bach’s own “Smart Women Finish Rich” is one of the most popular books for women ever written, but he urged everyone to read Wade’s latest to foster empathy and gain a richer understanding of human behavior and the complexities of life. “She is just a beautiful writer and has a very unique way of touching you where it matters — in the heart,” Bach wrote.
5. It’s Time To Stop Struggling and Start Experiencing
One of the staples of addiction programs is learning how to address your “character defects,” or why you are the way you are, so you can begin to get emotionally sober or clean.
In “Living Untethered: Beyond the Human Predicament,” Michael A. Singer wrote, “People are trying to use the outside to fix the inside — better to find out why it’s not nice inside to begin with.” Through spiritual acceptance and self-realization, we can bust through what is blocking us from reaching our highest potential. “When you read this book it’s like getting zapped with a high-voltage electric love beam,” stated Bach.
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This article originally appeared on GOBankingRates.com: David Bach: 5 Lessons From Self-Help and Fiction Books You Can Use for Your Money
