Wednesday, July 26, 2017

10 books to read if you want to get rich

10 books to read if you want to get rich

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Billionaire Warren Buffet spends 80 percent of his day reading. Bill Gates reads 50 books a year, which is about a book every week. When Elon Musk is asked how he learned to build rockets, he says, "I read books."
There is no denying that successful entrepreneurs read books.
From real estate investing to how the largest wealth managers impact the global market, this list of books deals with all the most prominent aspects of finance and investing, which are extremely beneficial for entrepreneurs (and anyone else, really) to master.
Whether you are an expert in this field already, or if you're interested in educating yourself regarding investing and wealth building, these ten books are a great addition to your must-read list.

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1. "Capital without Borders: Wealth Managers and the One Percent" by Brooke Harrington

1. "Capital without Borders: Wealth Managers and the One Percent" by Brooke Harrington
Amazon
An associate professor of economic sociology in Copenhagen, Elisabeth Brooke Harrington is a prolific writer. Her articles on sociology, finance and economy are constantly featured by popular magazines such as The Guardian, and she spent her fifteen years researching the gray eminences that pull the strings of the global market.
In her latest book, "Capital without Borders: Wealth Managers and the One Percent," Harrington digs deep in the secret techniques used by the word's elites to manipulate governments worldwide to free themselves from taxation. Her clever analysis focuses on the real actors of this global play and includes 65 interviews with practitioners in 18 countries.

2. "How to Flip Houses With Little or No Money" by Cody Sperber

2. "How to Flip Houses With Little or No Money" by Cody Sperber
Clever Investor
Cody Sperber is the founder and CEO of Clever Investor LLC, a source of real estate investing education. A Navy veteran and real estate expert, Sperber has flipped more than 1,000 properties as a real estate investor. With the most-followed real estate account on Instagram, he has amassed nearly 1 million social media followers.
Sperber's latest book, "How to Flip Houses With Little or No Money," will help you understand the fundamentals of successful house flipping, with limited funds.

3. "The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness" by Dave Ramsey

3. "The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness" by Dave Ramsey
Amazon
Dave Ramsey is one of the most popular American radio hosts. On The Dave Ramsey Show, which runs on more than 500 radio stations across the United States and Canada, Ramsey chats with callers about finance, economics and how to reduce one's debt.
He is the author of five New York Times-bestselling books and has been featured on shows such as The Oprah Winfrey Show and 60 Minutes. In his book, "The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness," Ramsey explains how to master your personal and household finances.

4. "MONEY Master the Game: 7 Simple Steps to Financial Freedom" by Tony Robbins

4. "MONEY Master the Game: 7 Simple Steps to Financial Freedom" by Tony Robbins
Simon & Schuster
If you're looking to secure financial freedom for yourself and your family, you should give Tony Robbin's "MONEY Master the Game: 7 Simple Steps to Financial Freedom" a read. This book uses a seven-step blueprint from America's top life and business strategist to explain how to set up a lifetime savings and investment plan.
A highly successful entrepreneur and philanthropist, Robbins is the author of six internationally bestselling books as well as the most popular personal and professional development program of all time. If that's not enough, he's also built a business empire for himself, investing (as a founder or partner) in more than thirty companies that generate a total yearly revenue of more than $5 billion.

5. "Spend Well, Live Rich: How to Get What You Want with the Money You Have" by Michelle Singletary

5. "Spend Well, Live Rich: How to Get What You Want with the Money You Have" by Michelle Singletary
Amazon
Michelle Singletary is one of the most influential columnists of The Washington Post. She wrote award-winning articles on personal finance such as The Color of Money, which was nominated for a Pulitzer.
She provides financial advice on CNN and CBS News, and currently contributes to NPR's Talk of the Nation radio show. Her book, "Spend Well, Live Rich: How to Get What You Want with the Money You Have," teaches how to trim personal debts, while answering many financial questions with straight forward, no-nonsense advice.

6. "The Intelligent Investor" by Benjamin Graham

6. "The Intelligent Investor" by Benjamin Graham
Amazon
Often regarded as the greatest investment advisor of the twentieth century, economist Benjamin Graham is the father of value investing and one of the most influential thinkers of all time.
Graham, the man behind Mr. Market, who helped revolutionize global curency, also pioneered the modern concept of value investing within hedge and mutual funds. His book, "The Intelligent Investor," represents the foundation that much of our contemporary financial theories are built on.
If you are still considering whether it's worth buying Graham's book, consider this: investing genius Warren Buffett said the book shaped his professional life.

7. "How to be a Billionaire: Proven Strategies from the Titans of Wealth" by Martin S. Fridson

7. "How to be a Billionaire: Proven Strategies from the Titans of Wealth" by Martin S. Fridson
Amazon
Another economic authority, the award-winning analyst Martin Steven Fridson is one of the founding fathers of the modern high-yield bonds theories. His rigorous approach earned him a reputation of integrity that led him to be widely regarded as the number one in his field.
Quoting the Investment Dealers' Digest, Fridson is "perhaps the most well-known figure in the high yield world." His book, "How to Be a Billionaire: Proven Strategies From the Titans of Wealth," provides many enlightening insights on the most successful investing and market strategies employed by some of the most influential billionaires of all time.

8. "The Devil's Financial Dictionary" by Jason Zweig

A personal finance columnist for The Wall Street Journal, Jason Zweig is a witty and smart author known for his pioneering works on the neuroscience of investing. Zweig is a famous public speaker who addressed university audiences at Oxford, Harvard and Stanford, as well as the American Association of Individual Investors.
His book, "The Devil's Financial Dictionary," is a quirky dictionary that pokes fun at the twisted reality of Wall Street. It's a guide to help readers survive the hellish hostilities of the financial markets.

9. "Worth It: Your Life, Your Money, Your Terms" by Amanda Steinberg

9. "Worth It: Your Life, Your Money, Your Terms" by Amanda Steinberg
Amazon
From successful computer programmer to CEO of the popular financial site DailyWorth.com, Amanda Steinberg teaches women how to live life on their terms with her economic advice in her book "Worth It: Your Life, Your Money, Your Terms." Her intelligent, down-to-earth tips and tactics scored her front-page coverage in The New York Times Business section.

10. "Irrational Exuberance" by Robert Shiller

Robert Shiller's "Irrational Exuberance" is an appropriately named take on the world markets' volatility and current global economic crisis. His forecasts and predictions on the stock market crashes of the last two decades go well beyond a simple analysis of the numbers and data. One of the 100 most influential economists of the world, in 2013, Shiller received the Nobel Prize for his empirical analysis of asset prices as a testament to his extraordinary knowledge.

 

Read the original article on Entrepreneur. Copyright 2017. Follow Entrepreneur on Twitter.


Here's everything Tesla wants to accomplish by 2020

Here's everything Tesla wants to accomplish by 2020

Elon MuskBusiness Insider
TSLA Tesla
 343.84 4.09 (+1.20 %)
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Elon Musk's plans for the coming decade are nothing short of ambitious.
Among other things, Tesla's CEO has promised to dramatically increase car production, launch several completely new cars, and conquer self-driving vehicles by 2020.
Here's a closer look at what exactly Musk has promised Tesla will accomplish during the next few years.

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Complete its giant Gigafactory.

Musk's giant battery factory in Nevada is key to Tesla's future because it is expected to help the company cut the cost of its batteries by as much as 30%.
The Gigafactory, about 5.5 million square feet, would help the company dramatically cut the cost of its batteries once it's fully operational in 2018 by "using economies of scale, innovative manufacturing, reduction of waste, and the simple optimization of locating most manufacturing process under one roof."
In fact, Tesla has said it will create more battery cells at the Gigafactory than all of the lithium-ion battery makers combined did in 2013.

Bring the Model 3 into production.

Bring the Model 3 into production.
Tesla
The batteries created at the Gigafactory will enable Tesla to produce its first mass-market car, the Model 3.
It will be priced at about $35,000 and have a range of more than 200 miles per charge.
Tesla started production of the Model 3 earlier this month and plans to begin its first deliveries at a company event on July 28.

Launch a compact SUV dubbed the Model Y by the end of 2019 or early 2020.

In July 2016, Musk confirmed that Tesla plans to bring a new compact SUV to market, dubbed the Model Y. 
But it wasn't until this May when a timeline for the vehicle was revealed. 
Musk said during the company's first-quarter earnings call in May that the Model Y will arrive by either late 2019 or 2020. He also revealed during the call that the vehicle will be built on a separate platform than the Model 3. 

Tesla will reveal an electric semi truck in September.

Musk first announced that the company was working on a Tesla Semi last August, in his Master Plan Part Deux
In June, though, Musk revealed that Tesla is working with major trucking companies to designthe company's first all-electric semi-truck.
"We are showing off a working prototype at the end of September, but we have shown it to people who buy heavy duty trucking and they all love it. They just want to know how many can they buy and how soon," Musk said during Tesla's annual shareholder meeting.
While we will get a look at the electric semi in a few months, it's still not clear when the truck will actually be available. 

Reveal an electric pickup truck for consumers before the close of 2019.

Reveal an electric pickup truck for consumers before the close of 2019.
Kevork Djansezian / Stringer / Getty Images
In addition to a semi truck, Musk also said in his Master Plan Part Deux that Tesla would also build an electric pickup truck for consumers
Musk said in April that Tesla would reveal its semi truck in September and that its consumer pickup truck would be revealed in 18 to 24 months. This means Tesla is aiming to unveil its all-electric pickup truck sometime between October 2018 and April 2019. 

Increase the range of Tesla cars to 1,000 kilometers per charge.

Tesla's cars already boast the best range on the market, but Musk has said he aims to dramatically increase how far Tesla's cars travel on a single charge.
"The record right now for the Model S is 800 kilometers (497 miles). That is the furthest that anyone has driven a Model S… we are pretty close," Musk told the Danish news site Borsen in September 2015. "My guess is probably we could break a 1,000 kilometers (621 miles) within a year or two. I'd say 2017 for sure."
Musk added that by 2020 Tesla will likely be able to make its cars go as far as 745 miles per charge.
It should be noted that while the record for hypermiling in a Tesla is about 560 miles, the official range for Tesla's Model S P100D is about 315 miles per charge, according to ratings by the Environmental Protection Agency.

Make its cars fully autonomous.

Make its cars fully autonomous.
Benjamin Zhang/Business Insider
Another bold promise Musk has made for Tesla is that its cars will be autonomous before 2020. 
Tesla began rolling out its new Enhanced Autopilot hardware in October 2016. Musk said at the time that the hardware would enable full autonomy once the software was ready.
However, Musk has said it's unlikely regulators will have laws in place by the time Tesla's autonomous cars are ready, so drivers may have to wait a little longer before getting to go completely hands-free. 
While the company plans to do a demo drive in a Tesla from LA to New York City by the end of this year in self-driving mode, Musk said during a TED Talk in April that it would likely be 2019 before a driver could take a nap behind the wheel of a Tesla. 

Produce 500,000 cars per year by 2018.

Produce 500,000 cars per year by 2018.
Benjamin Zhang/Business Insider
Tesla made a little more than 50,000 vehicles in 2015, but Musk said in May 2016 that his company plans to be producing no less than 500,000 by 2018
To help put this in perspective, consider that Tesla only delivered a little more than 76,000 vehicles in 2016. 
Tesla acknowledges this is an aggressive target, but it's not shying away from the challenge.
"Increasing production five fold over the next two years will be challenging and will likely require some additional capital, but this is our goal and we will be working hard to achieve it," the company said in its letter to investors in 2016.

Produce 1 million cars by 2020.

As if producing half a million cars by 2018 were not enough, Musk wants to kick it up a notch and make some one million cars per year by 2020
Why? 
Because demand for the Model 3 was greater than expected, forcing Tesla to reassess its goals.
The company had about 325,000 reservations for the Model 3 during the first week of taking deposits. 
While it's no doubt an ambitious plan, Musk has said he is confident Tesla can achieve such aggressive growth. 

Double the number of Superchargers by 2018.

Double the number of Superchargers by 2018.
AP/Sam Mircovich
With more Tesla vehicles on the road, Musk also aims to build out Tesla's charging infrastructure. 
During the Model 3 unveiling in March 2016, Musk said the company plans to increase its Supercharging network. Superchargers, of course, are the electric filling stations that are capable of charging a Tesla vehicle enough to give it almost 200 miles of range in just 30 minutes. 
Musk said during the Model 3 event that Tesla would double the number of its Superchargers worldwide from some 3,600 to more than 7,000 by 2018. However, in April Tesla said that by the end of this year it aims to have 10,000 superchargers worldwide, which means the company is ahead of schedule. 
At the time of writing this article, Tesla had already increased the number of Superchargers to just over 6,000 around the world. 

Turn Tesla into an energy company.

Turn Tesla into an energy company.
Reuters/Patrick Fallon
Musk doesn't just want Tesla to make electric cars — he also wants the company to produce the energy that powers his cars. 
In November, Tesla acquired Solar City, which is a solar power company founded by Musk's cousin, Lyndon Rive. 
Musk has made it clear that his long-term vision for Tesla is for it to become a full-service sustainable energy company.
"The opportunity here is to have a highly innovative sustainable energy company that answers the whole energy question from power generation and storage to transport," Musk told reporters during a call shortly after the announcement in June 2016. 
"We are a sustainable energy company, this is, broadly speaking, right in line with that. In order to solve the sustainable energy problem you need generation, storage, and electric cars," he said.
In October 2016, right before the SolarCity acquisition was voted on by shareholders, Musk revealed the Tesla solar roof. The solar roof is composed of solar shingles and is essentially Tesla's energy generation solution. 
The company began taking orders for its solar roof, which prices at about $21.85 per square foot, in May. 

The company will reveal details about its Tesla Network, which is a mobility service, sometime this year.

The company will reveal details about its Tesla Network, which is a mobility service, sometime this year.
Asa Mathat | D: All Things Digital
In July 2016, Musk said in his Master Plan Part Deux that Tesla plans to roll out a mobility service. 
At the time, Musk said that once Tesla vehicles are fully autonomous, the company will set up a shared fleet program that enables owners to make money off their car by letting other people use it. 
"You will also be able to add your car to the Tesla shared fleet just by tapping a button on the Tesla phone app and have it generate income for you while you're at work or on vacation, significantly offsetting and at times potentially exceeding the monthly loan or lease cost," he said. 
In October, the company said owners would only be able to use their vehicle on its ride-hailing network for revenue purposes, and that it would reveal more details about Tesla's network this year. 
Get the latest Tesla stock price here.


AMD beats, raises its full-year revenue guidance

AMD beats, raises its full-year revenue guidance

A new AMD Opteron 6000 series processor is seen on a motherboard during a product launch in Taipei April 14, 2010.  REUTERS/Pichi Chuang A new AMD Opteron 6000 series processor is seen on a motherboard during a product launch in TaipeiThomson Reuters
AMD Advanced Micro D
 15.38 0.27 (+1.80 %)
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(Reuters) - Advanced Micro Devices Inc forecast current-quarter revenue above analysts' estimates and raised its full-year expectations, betting on robust demand for its graphics chips and its new Ryzen processors for PCs.
The company's shares rose 8.2 percent to $15.27 in extended trading on Tuesday.
AMD said it now expected annual revenue to increase by "a mid to high-teens percentage", compared with its previous forecast of low double-digit percentage revenue growth.
The chipmaker also said it expected current-quarter revenue to increase about 23 percent from the second quarter, which represents a mid-point of about $1.50 billion, plus or minus 3 percent.
Analysts on average were expecting $1.39 billion, according to Thomson Reuters I/B/E/S.
Sales in AMD's unit that makes processors, such as the Polaris chips used in PCs, rose 51.5 percent to $659 million in the second quarter.
The company reported a net loss of $16 million, or 2 cents per share, in the three months ended July 1, compared with a profit of $69 million, or 8 cents per share, a year earlier.
The year-ago quarter included a $150 million pre-tax gain related to its ATMP (assembly, test, mark and pack) joint venture transaction.
Excluding items, the company earned 2 cents per share.
Analysts on average had expected the company to breakeven on a per share basis.
Revenue rose 19 percent to $1.22 billion, ahead of analysts' average estimate of $1.16 billion. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)
Read the original article on Reuters. Copyright 2017. Follow Reuters on Twitter.
More: AMD Earnings

A legendary fund manager is piling into a market he says Wall Street is ignoring

A legendary fund manager is piling into a market he says Wall Street is ignoring

boaz weinsteinSaba Capital founder Boaz Weinstein thinks there's money to be made in closed-end funds, which are ignored by Wall Street.Reuters / Richard Brian
Psst... there's a fortune to be made buying closed-end funds (CEFs). Just don't tell Wall Street.
That was the message delivered in a recent interview by famed credit trader Boaz Weinstein, whose $1.7 billion firm Saba Capital is best known for its winning bet against the JPMorgan trader known as the "London Whale."
CEFs, which raise money through initial public offerings and then trade on public exchanges, just like stocks, total $240 billion in market value right now. But unlike their open-ended counterparts, managers are unable to create new shares to meet investor demand.
To Weinstein, the appeal of CEFs at the moment stems largely from how attractively-priced they are. Following what he describes as some "peculiar dynamics" around the taper tantrum in 2013, investors turned into large sellers, which caused CEFs to trade at a discount over time.
"Although CEF discounts have narrowed in the past year, it’s possible to buy a few dozen of them at an average 10% discount without sacrificing quality," the Saba founder and chief investment officer said in an interview with the Octavian Report, a subscription publication featuring conversations with investment heavyweights. "You go into it hoping the discount will narrow on its own, but one of the nicest points about this investment is that while you wait, you earn an above average yield, given the discounted price."
While Weinstein points out that most institutional fixed-income investors haven't ever owned a CEF, he does highlight some notable fellow bulls. For one, Bill Gross still owns over $140 million of CEFs from Pimco, the giant bond fund he used to run. Weinstein also highlights Jeff Gundlach, who he says has issued CEFs and recommends buying them — but only at a discount, of course.
Weinstein acknowledges that another appealing aspect is how the space feels largely free of Wall Street meddling and influence.
"It’s a rare corner of the market where retail investors can get an edge over institutions," he said in the Octavian interview. "Most institutions don’t realize that it is a large enough market to matter to them."
More: Hedge Funds

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