The premise that rich and powerful people owe their success to the books that they have read is a precarious and tenuous one. The internet of things is full of articles about the 10, no wait...the 20 books that the world's most successful people have read. So, does one become equally successful by reading these same books?
It's sort of like when you were in high school and you sat next to that nerdy kid in your history class. You know...Stanley. On test day, you might have leaned in close to his desk and asked for the answer to question number 7. He's smart. He studied. So, if you put the same answer that he put, then you'll ace this test right alongside Stanley, right?
Wrong!
It turns out that there are a myriad of factors that make rich and powerful people successful, not just the books they read. You can read them too, but if you are unwilling to make the sacrifices and put in the time it takes to reach your goals, then you're just well-read and nothing more. Sometimes, it just comes down to blind luck and being in the right place at the right time. That right place could be a bookstore, so don't stop reading great books.
Yet, there is a correlation between reading and success. The UK Business Insider published a study of 1,200 wealthy people and found that they all share a love for reading as their primary past time. Warren Buffett, one of the most successful entrepeneurs of all time, once pointed to a stack of books and said that the key to success was to "Read 500 pages like this every day. 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.” Thanks for the vote of confidence, Mr. Buffett.
So, what are wealthy people reading?
In the fiction department, simple and positive messages seem to reign. Paulo Coelho's The Alchemist tops the list. The Little Prince by Antoine de Saint-Exupéry is also a popular favorite among the wealthy and uber-elite. Investors and venture capitalists seem to favour Ernest Hemingway's Old Man and the Sea with its theme of indomitable courage in the face of natural forces and Game of Thrones by George R.R. Martin if you can believe it.
Non-fiction books make up the bulk of the list. The author of Rich Habits: The Daily Success Habits of Wealthy Individuals Tom Corley notes that poor people tend to read for entertainment while wealthy people tend to read for self-improvement. Mark Cuban has given a nod to Ted Turner's autobiography Call me Ted and Rework by Jason Fried and David Heinemeier. Bill Gates has lauded Life is What You Make It by Peter Buffett and Business Adventures by John Brooks.
Joe Hovde, a data analyst from Cincinnati, collected information about reading habits of the wealthy from the interviews of every venture capitalist and entrepreneur featured on the popular Twenty Minute VC podcast. Each guest on the podcast is asked to provide a book recommendation, and Joe Hovde created this visual representation.
The Takeaway
Who cares what Elon Musk is reading? I think people are becoming way too obsessed with the reading lists of rich and famous people. It's one thing to seek the advice or recommendations of successful individuals, or even to mimic their behaviors in certain areas of life, but the idea that reading the same books that they've read will somehow make you just as cool, successful and rich as they are is pure fiction. Trust your own taste in literature and read what you want to read.
by: Frederick S. Blackmon
If you're looking for a great book to add to your summer reading list, check out Blood for Karen by Frederick S. Blackmon.
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