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Last Updated on June 25, 2019

5 Books You Must Read if You Want to Be a Millionaire in Your 20’s

5 Books You Must Read if You Want to Be a Millionaire in Your 20’s

Millionaires and billionaires read more than you think. In fact, the likes of Warren Buffet are said to read 1.000 pages a day. As the old saying goes “There’s no smoke without fire”; so, start off with these 5 incredible books!

1. The 48 Laws of Power

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    “If you are unsure of a course of action, do not attempt it. Your doubts and hesitations will infect your execution. Timidity is dangerous: Better to enter with boldness. Any mistakes you commit through audacity are easily corrected with more audacity. Everyone admires the bold; no one honors the timid.”

    On your journey to becoming a millionaire in your 20’s, there will be many people trying to manipulate you into doing what they want. This international bestseller by Robert Greene is the widely read by those in the entertainment industry because of its dog-eat-dog environment. This book is a must-read for anybody who wants to claim power and keep it. it’s a fun read that tells the story of some of the most powerful people in history.

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    An example of a law of power is: Always say less than necessary.

    • When trying to impress, the more you say the more common you look and less in control.
    • Be vague.
    • Powerful people impress and intimidate by saying less.

    2. Influence: The Psychology of Persuasion

    influence-the-psychology-of-persuasion

      “Often we don’t realize that our attitude toward something has been influenced by the number of times we have been exposed to it in the past.”

      This book explains the core strategies people use to influence others using real world examples. Robert Cialdini’s book goes over human quirks like the need to be consistent, and how you can use that in your marketing strategy to make more money. “People’s ability to understand the factors that affect their behaviour is surprisingly poor,” Cialdini says, “which leads to people making poor decisions without realising why.”

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      Cialdini includes real world examples of why people join cults, buy certain jewellery, or give to charity.

      3. Blue Ocean Strategy

      blue-ocean-strategy

        “Value innovation is the cornerstone of blue ocean strategy. We call it value innovation because instead of focusing on beating the competition, you focus on making the competition irrelevant by creating a leap in value for buyers and your company, thereby opening up new and uncontested market space. Value innovation places equal emphasis on value.”

        This book argues that leading companies don’t succeed by battling competitors in “Red Oceans”, but by creating “Blue Oceans” where they have uncontested market space to grow. It goes over case studies like “Cirque Du Soleil” who created a blue ocean by creating a circus platform that didn’t include animals or more than one act on at once but instead, decided to focus on talented performers and music who created a mystical storyline.

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        4. The Fountainhead

        the-fountainhead

          “A man’s spirit is himself. That entity which is his consciousness. To think, to feel, to judge, to act are functions of the ego.”

          The Fountainhead takes place in the United States, mostly in New York City, during the 1920s and 1930s. Billionaire Mark Cuban named his yacht “Fountainhead” after this book. This classic novel is about the struggles of an innovative architect named Howard Roark and his effort to achieve success on his own terms. Many entrepreneurs are inspired by this book because it depicts how you should be uncompromising when it comes to your vision and your goals. If you follow this way of life, you develop the ability to change the world and creating something unique.

          5. The Compound Effect

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            “Do you know how the casinos make so much money in Vegas? Because they track every table, every winner, every hour. Why do Olympic trainers get paid top dollar? Because they track every workout, every calorie, and every micronutrient for their athletes. All winners are trackers.”

            This book is by Darren Hardy the CEO of Success Magazine, he goes over how it’s the small, seemingly insignificant choices that compound to create success or failure over time. No one has a plan to be broke and fat but that’s what happens when you don’t have a plan and go along the path of least resistance. Hardy argues that you cannot improve something until you measure it and to always take 100 percent responsibility for everything that happens to you.

            So, those are five books you must read if you want to give it a try to become a millionaire in your 20’s. What are the best books you have ever read? Leave a comment and share these life-changing books with your friends to help them become successful like you.

            Featured photo credit: Bill Gates Foundation via businessinsider.com

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            Lifehack Reads is the curated collection of our favorite books, carefully categorized and sorted by our Editorial Team.

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            Last Updated on April 9, 2020

            5 Types of Leadership Styles (And Which Is Best for You)

            5 Types of Leadership Styles (And Which Is Best for You)

            It takes great leadership skills to build great teams.

            The best leaders have distinctive leadership styles and are not afraid to make the difficult decisions. They course-correct when mistakes happen, manage the egos of team members and set performance standards that are constantly being met and improved upon.

            With a population of more than 327 million, there are literally scores of leadership styles in the world today. In this article, I will talk about the most common types of leadership and how you can determine which works best for you.

            5 Types of Leadership Styles

            I will focus on 5 common styles that I’ve encountered in my career: democratic, autocratic, transformational, transactional and laissez-faire leadership.

            The Democratic Style

            The democratic style seeks collaboration and consensus. Team members are a part of decision-making processes and communication flows up, down and across the organizational chart.

            The democratic style is collaborative. Author and motivational speaker Simon Sinek is an example of a leader who appears to have a democratic leadership style.

              The Autocratic Style

              The autocratic style, on the other hand, centers the preferences, comfort and direction of the organization’s leader. In many instances, the leader makes decisions without soliciting agreement or input from their team.

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              The autocratic style is not appropriate in all situations at all times, but it can be especially useful in certain careers, such as military service, and in certain instances, such as times of crisis. Steve Jobs was said to have had an autocratic leadership style.

              While the democratic style seeks consensus, the autocratic style is less interested in consensus and more interested in adherence to orders. The latter advises what needs to be done and expects close adherence to orders.

                The Transformational Style

                Transformational leaders drive change. They are either brought into organizations to turn things around, restore profitability or improve the culture.

                Alternatively, transformational leaders may have a vision for what customers, stakeholders or constituents may need in the future and work to achieve those goals. They are change agents who are focused on the future.

                Examples of transformational leader are Oprah and Robert C. Smith, the billionaire hedge fund manager who has offered to pay off the student loan debt of the entire 2019 graduating class of Morehouse College.

                  The Transactional Style

                  Transactional leaders further the immediate agenda. They are concerned about accomplishing a task and doing what they’ve said they’d do. They are less interested in changing the status quo and more focused on ensuring that people do the specific task they have been hired to do.

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                  The transactional leadership style is centered on short-term planning. This style can stifle creativity and keep employees stuck in their present roles.

                  The Laissez-Faire Style

                  The fifth common leadership style is laissez-faire, where team members are invited to help lead the organization.

                  In companies with a laissez-faire leadership style, the management structure tends to be flat, meaning it lacks hierarchy. With laissez-faire leadership, team members might wonder who the final decision maker is or can complain about a lack of leadership, which can translate to lack of direction.

                  Which Leadership Style do You Practice?

                  You can learn a lot about your leadership style by observing your family of origin and your formative working experiences.

                  Whether you realize it, from the time you were born up until the time you went to school, you were receiving information on how to lead yourself and others. From the way your parents and siblings interacted with one another, to unspoken and spoken communication norms, you were a sponge for learning what constitutes leadership.

                  The same is true of our formative work experiences. When I started my communications career, I worked for a faith-based organization and then a labor union. The style of communication varied from one organization to the other. The leadership required to be successful in each organization was also miles apart. At Lutheran social services, we used language such as “supporting people in need.” At the labor union, we used language such as “supporting the leadership of workers” as they fought for what they needed.

                  Many in the media were more than happy to accept my pitch calls when I worked for the faith-based organization, but the same was not true when I worked for a labor union. The quest for media attention that was fair and balanced became more difficult and my approach and style changed from being light-hearted to being more direct with the labor union.

                  I didn’t realize the impact those experiences had on how I thought about my leadership until much later in my career.

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                  In my early experience, it was not uncommon for team members to have direct, brash and tough conversations with one another as a matter of course. It was the norm, not the exception. I learned to challenge people, boldly state my desires and preferences, and give tough feedback, but I didn’t account for the actions of others fit for me, as a black woman. I didn’t account for gender biases and racial biases.

                  What worked well for my white male bosses, did not work well for me as an African American woman. People experienced my directness as being rude and insensitive. While I needed to be more forceful in advancing the organization’s agenda when I worked for labor, that style did not bode well for faith-based social justice organizations who wanted to use the love of Christ to challenge injustice.

                  Whereas I received feedback that I needed to develop more gravitas in the workplace when I worked for labor, when I worked for other organizations after the labor union, I was often told to dial it back. This taught me two important lessons about leadership:

                  1. Context Matters

                  Your leadership style must adjust to each workplace you are employed. The challenges and norms of an organization will shape your leadership style significantly.

                  2. Not All Leadership Styles Are Appropriate for the Teams You’re Leading

                  When I worked on political campaigns, we worked nonstop. We started at dawn and worked late into the evening. I couldn’t expect that level of round-the-clock work for people at the average nonprofit. Not only couldn’t I expect it, it was actually unhealthy. My habit of consistently waking up at 4 am to work was profoundly unhealthy for me and harmful for the teams I was leading.

                  As life coach and spiritual healer Iyanla Vanzant has said,

                  “We learn a lot from what is seen, sensed and shared.”

                  The message I was sending to my team was ‘I will value you if you work the way that I work, and if you respond to my 4 am, 5 am and 6 am emails.’ I was essentially telling my employees that I expect you to follow my process and practice.

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                  As I advanced in my career and began managing more people, I questioned everything I thought I knew about leadership. It was tough. What worked for me in one professional setting did not work in other settings. What worked at one phase of my life didn’t necessarily serve me at later stages.

                  When I began managing millennials, I learned that while committed to the work, they had active interests and passions outside of the office. They were not willing to abandon their lives and happiness for the work, regardless of how fulfilling it might have been.

                  The Way Forward

                  To be an effective leader, you must know yourself incredibly well. You must be self-reflective and also receptive to feedback.

                  As fellow Lifehack contributor Mike Bundrant wrote in the article 10 Essential Leadership Qualities That Make a Great Leader:

                  “Those who lead must understand human nature, and they start by fully understanding themselves…They know their strengths, and are equally aware of their weaknesses and thus understand the need for team work and the sharing of responsibility.”

                  The way to determine your leadership style is to get to know yourself and to be mindful of the feedback you receive from others. Think about the leadership lessons that were seen, sensed and shared in your family of origin. Then think about what feels right for you. Where do you gravitate and what do you tend to avoid in the context of leadership styles?

                  If you are really stuck, think about using a personality assessment to shed light on your work patterns and preferences.

                  Finally, the path for determining your leadership style is to think about not only what you need, or what your company values, but also what your team needs. They will give you cues on what works for them and you need to respond accordingly.

                  Leadership requires flexibility and attentiveness. Contrary to unrealistic notions of leadership, being a leader is less about being served and more about being of service.

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                  Featured photo credit: Unsplash via unsplash.com

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