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Power Of Reading: Sharing From 5 Self-Made Billionaires

What sets self-made billionaires apart from the rest of the world? While there are various factors that contribute to their success, one common trait among many of them is their voracious reading habit. Books have greatly influenced their knowledge, mindset, and business approach.

In this article, join with NFTBOOKS to delve into the reading habits and book recommendations of five self-made billionaires: Elon Musk, Divyank Thurakhia, Warren Buffett, Jack Ma, and Changpeng Zhao (CZ).

Elon Musk – “Books Raised Me”

Elon Musk, the real-life Tony Stark and the richest man in the world, is a voracious reader. As a child, he spent most of his days reading science fiction and playing video games. His favorite author, Isaac Asimov, sparked his imagination and allowed him to think beyond reality, exploring space and artificial intelligence. Musk attributes his success to books, stating that they “raised him” and provided the knowledge he needed to build companies like Tesla, SpaceX, and SolarCity.

In an interview with Rolling Stone magazine, Elon Musk mentioned that he owes much of his knowledge to books. When asked how he managed to create three highly successful companies in entirely different domains—electric cars and rocketry—he replied that he learned about these subjects through books, despite having no prior background in rocket engineering or AI.

Musk has been a vocal advocate of self-learning and has emphasized that a college degree is not a prerequisite for success. His favorite books include “Foundation” by Isaac Asimov and “Benjamin Franklin: An American Life” by Walter Isaacson.

Changpeng Zhao (CZ) – Books as a Source of Wisdom

Changpeng Zhao (CZ), commonly known as CZ, the founder and CEO of Binance, one of the world’s largest cryptocurrency exchanges, is another billionaire who values the wisdom found in books. CZ firmly believes that books are a source of wisdom and play a crucial role in personal growth and success.

He once stated, “Books are like mentors that guide you through different aspects of life and business. They allow you to learn from the experiences and insights of others, enabling you to make better decisions and avoid common pitfalls.”

CZ’s passion for reading is evident in his voracious reading habits and diverse interests. He delves into books on various topics, ranging from technology and finance to philosophy and self-improvement. By seeking knowledge from different fields, CZ gains a broader perspective and applies innovative ideas to the cryptocurrency industry.

Among the books that have significantly influenced CZ’s thinking is “The Advantage: Why Organizational Health Trumps Everything Else In Business”. This book focused on entrepreneurship and innovation, has shaped CZ’s approach to building and scaling Binance. It emphasizes the importance of agility and experimentation in business. This is also a required book that CZ recommend for his Binance Leader Team.

Warren Buffett – Books Are Wealth of Knowledge

Warren Buffett, the chairman and CEO of Berkshire Hathaway, a sought-after investor, and philanthropist, is renowned for his reading habit. Bill Gates, one of Buffett’s long-term friends, shared in an interview with Harvard Business Review that Buffett keeps his calendar empty and spends most of his time in his office reading and thinking.

In the book “Buffett: The Making of an American Capitalist” by Roger Lowenstein, the author and journalist revealed that the billionaire investor spends about 80% of his time reading. Buffett’s reading list includes newspapers, company reports, and books on finance and business. When asked about his success, Buffett advised Columbia University students to read 500 pages daily, stating that knowledge compounds just like wealth. As he famously said, “I just sit in my office and read all day.”

Buffett’s recommended book, which he keeps going back to, is “The Intelligent Investor” by Benjamin Graham, his mentor. He started reading this book at the age of 19 and continues to revisit it. Often referred to as the bible of investing, it has greatly influenced Buffett’s investment philosophy and strategies.

Another book he swears by is “Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger” by Charles T. Munger, his partner and friend.

Jack Ma – Knowledge and Exploration through Reading

Jack Ma, the founder and former executive chairman of Alibaba Group, is regarded as one of China’s most successful and influential entrepreneurs, with a current net worth of 208.2 billion USD. Throughout his entrepreneurial journey, books have played a significant role in shaping his mindset and expanding his knowledge.

From an early age, Jack Ma recognized the transformative power of books. He once remarked, “I see a lot of successful people without reading books, but those who are successful without hard work will surely gradually slide down the career path. We have many such examples.”

Jack Ma has recommended various books that have shaped his thinking and provided valuable insights. One of his favorites is “The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success” by William N. Thorndike. This book influenced his understanding of unconventional strategies and management techniques, allowing him to think beyond traditional approaches.

Mark Cuban – Learning by Reading is Essential

Mark Cuban is a famous entrepreneur who has succeeded in different areas like Cable TV, Sports, and Investments. You may know him from Shark Tank and as the owner of the Dallas Mavericks. Surprisingly, when he was 27 years old, he didn’t have any money in his bank account, but now he’s worth $4.3 billion.

Cuban believes that books played a big role in his success. One book that really inspired him was Ayn Rand’s Fountainhead, which he read when he was in high school. The main character, Howard Roark, taught him about the importance of being passionate and fighting for what you want.

In an interview on the Thrive Global Podcast, he said that lifelong learning is one of the most important skills for success. He always searched for new ideas and read as many books and magazines as he could find, even if they cost some money. He believed that even just one good idea from a book or magazine could bring in customers or help find a solution, making it well worth the cost.

Some of his favorite books are Rework by David Hansson and Gospel of Wealth by Andrew Carnegie.

Closing Thought

In the fascinating world of self-made billionaires, one trait stands out: their insatiable thirst for knowledge through reading. Reading remains the best way to learn, even in the 21st century. The books recommended by billionaires have helped them think clearly, become better leaders, and build billion-dollar companies.

Now, you can embark on your own journey of growth and enlightenment with NFTBOOKS, the platform that makes buying and reading books easier than ever.

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