5 Money Lessons From Some of Bill Gates’ Favorite Books

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So it only makes sense that some of the financial principles by which he lives may be hiding in plain sight: his favorite books.Read More: The No. 1 Key To Wealth, According To Wahei Takeda, the ‘Warren Buffett of Japan’Find Out: 10 Genius Things Warren Buffett Says To Do With Your MoneyHere are five money lessons from five books that Gates has featured on his website.Also see Gates’ top five tips for getting richer.“Tomorrow, and Tomorrow, and Tomorrow,” written by Gabrielle Zevin, “tells the story of two friends who grow up bonding over Super Mario Bros. and then, in college, start making their own games together,” Gates wrote. The two main characters later achieve significant professional success after turning their hobby into a career.Gates said he enjoyed the book because it reminded him of his early work with Paul Allen at Microsoft. In terms of financial application, this book serves as a reminder that one shouldn’t choose a career simply because of the money — they should choose a career they are inherently passionate about, and the money will ultimately follow.Check Out: The No. 1 Way Americans Become Millionaires Is Pretty Boring — and Easy To Do“The Inner Game of Tennis,” written by Timothy Gallwey, argues that, in athletics, one’s state of mind is just as important as physical fitness, according to Gates. It also offers advice on constructively moving on from mistakes without letting them affect future performance — something Gates admitted he has struggled with “on and off the court.”Similarly, staying level-headed — particularly in the stock market — is notoriously some of the best investment advice around. And making good, financial decisions often has more to do with the psychology of how you behave than how smart you are. For instance, it can be tempting to panic-sell during a market downturn, but those who keep their money invested over the long term will likely wind up richer.Additionally, individuals should be wary of letting past outcomes emotionally influence future decisions. Stay focused on your goals, not past mishaps.“Personal History,” written by Katharine Graham, is an autobiography of the former publisher of The Washington Post. The book chronicles Graham’s transition from a supportive wife to the head of a major, male-dominated newspaper. Facing potential financial and political consequences, Graham stood by her principles, choosing to publish The Pentagon Papers, and she played an integral role in unveiling the Watergate conspiracy.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,479.81 +13.87 (+0.21%)Dow 3045,524.34 +106.27 (+0.23%)Nasdaq21,581.33 +37.06 (+0.17%)Russell 20002,371.48 +12.88 (+0.55%)VIX14.89 +0.27 (+1.85%)Gold3,437.80 +4.80 (+0.14%)PortfolioSign in to access your portfolioSign inTop gainersMDB MongoDB, Inc. 289.47 +75.13 (+35.05%)NCNO nCino, Inc. 33.18 +4.49 (+15.65%)SATS EchoStar Corporation 57.51 +6.64 (+13.05%)DCI Donaldson Company, Inc. 81.26 +5.63 (+7.45%)ESTC Elastic N.V. 83.14 +5.56 (+7.16%)Top losersTIGR UP Fintech Holding Limited 11.38 -1.44 (-11.27%)SMMT Summit Therapeutics Inc. 24.38 -2.60 (-9.64%)LI Li Auto Inc. 22.75 -1.90 (-7.73%)NEGG Newegg Commerce, Inc. 62.84 -4.19 (-6.25%)XPEV XPeng Inc. 22.82 -1.51 (-6.23%)Most activeOPEN Opendoor Technologies Inc. 4.4100 -0.2900 (-6.17%)PSNYW Polestar Automotive Holding UK PLC 0.4744 +0.3144 (+196.50%)NVDA NVIDIA Corporation 182.07 +0.29 (+0.16%)WBA Walgreens Boots Alliance, Inc. 11.94 +0.02 (+0.13%)NIO NIO Inc. 6.44 -0.26 (-3.96%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersMDB MongoDB, Inc. 289.41 +75.07 (+35.02%)KSS Kohl's Corporation 15.36 +2.32 (+17.79%)NVDA NVIDIA Corporation 182.13 +0.36 (+0.20%)RY.TO Royal Bank of Canada 201.48 +11.09 (+5.82%)DOL.TO Dollarama Inc. 185.42 -6.65 (-3.46%)Top economic events