3 books to help build serious wealth on the ASX

How to find and invest in companies like CSL Limited (ASX:CSL) and Cochlear Limited (ASX:COH).

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

If you're serious about building wealth it's not complex finance strategies that will get you ahead.

Rather, the most effective approach is to focus intensely on the classic, time-proven methods that come up time and time again.

I've picked out three books I think do a great job of explaining what works in investing and how to avoid devastating losses.

1. Unshakeable: Your Financial Freedom Playbook – Tony Robbins

Don't worry, this book isn't as in-your-face as you may expect and makes for an excellent weekend read.

Robbins advocates heavily for the use of index funds, minimising fees, diversification and being cautious with who you trust for advice. But the book also has valuable insight for choosing individual investments and hunting for big winners like CSL Limited (ASX: CSL) and Cochlear Limited (ASX: COH). An important point is to look for asymmetric returns, where the upside is much bigger than the downside.

Tony Robbins exploits his big-name connections to dig into what we can learn from the some of the world's best investors like Jack Bogle, Ray Dalio and Howard Marks. Yes, Buffett is in there too.

2. The Millionaire Mind – Thomas J. Stanley

The Millionaire Mind is based on a survey of 638 millionaires in the United States and argues heavily against the idea that you needed to be great at school to make money.

Instead, hard-work, creativity and people skills are common characteristics of millionaires in America, skills anyone can tackle. Wealth is not associated with good grades at school – if you struggled with school don't let it hold you back from chasing financial freedom.

3. A Wealth of Common Sense: Why Simplicity Trumps Complexity in Any Investment Plan – Ben Carlson

This book does an incredible job of explaining why every investing maxim you've heard is not only valid, but essential to building wealth.

Carlson makes a great case that the best investing style is the one you can stick with and offers advice on understanding our own investment behaviour to reduce un-forced errors which can make you your own worst enemy.

Foolish takeaway

The reason I've chosen these three books is not because they contain ground-breaking secrets. It's because they share the basic tools that anyone can use to build significant by keeping it simple, focusing on what works and having the patience to compound returns.

These books explain the details of how to do that and, importantly, how to navigate this path and stick with it when times are tough.

Should you invest $1,000 in Universal Biosensors, Inc. right now?

Before you buy Universal Biosensors, Inc. shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Universal Biosensors, Inc. wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Regan Pearson has no position in any of the stocks mentioned.

You can follow him on Twitter @Regan_Invests.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. and CSL Ltd. The Motley Fool Australia has recommended Cochlear Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

Excited couple celebrating success while looking at smartphone.
Broker Notes

Bell Potter names the best ASX 200 stocks to buy in May

The broker is feeling bullish on these names this month. Let's find out why.

Read more »

Red buy button on an apple keyboard with a finger on it representing asx tech shares to buy today
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

A man casually dressed looks to the side in a pensive, thoughtful manner with one hand under his chin, holding a mobile phone in his hand while thinking about something.
Opinions

Investing in high-yield ASX stocks has two major negatives

High-yield stocks do have downsides.

Read more »

Person pretends to types on laptop drawn in sand.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a happy finish to the week for ASX shares this Friday.

Read more »

Three people in a corporate office pour over a tablet, ready to invest.
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A mature age woman with a groovy short haircut and glasses, sits at her computer, pen in hand thinking about information she is seeing on the screen.
Share Market News

ASX shares in April: 8 key takeaways according to Macquarie

Here are eight key takeaways from April, according to a new note from the broker.

Read more »

Woman looking at a phone with stock market bars in the background.
Share Market News

Market outlook: Should I 'sell in May and go away'?

May is the time to sell... If you believe in fairytales.

Read more »

Five young people sit in a row having fun and interacting with their mobile phones.
Share Gainers

5 ASX All Ords stocks rocketing higher this week

Investors sent these five ASX All Ords stocks soaring this week. But why?

Read more »