An avid reader, Bill Gates reads around 50 books a year and often shares his reading recommendations on his website Gates Notes.
Currently the 16th-richest man in the world, per Forbes, Gates also knows a thing or two about money. So it only makes sense that some of the financial principles by which he lives may be hiding in plain sight: his favorite books.
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Here are five money lessons from five books that Gates has featured on his website.
Also see Gates’ top five tips for getting richer.
Do What You’re Passionate About and the Money Will Follow
“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.
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Stay Level-Headed in Financial Decision-Making
“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.
Be Someone With Whom People Want To Work
“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.
When faced with turning a profit or committing to journalistic integrity, “she chose integrity, and that made her into who she is today,” said Melanie Musson, insurance and finance expert at Clearsurance.com. “In the long run, integrity leads to success, even if it hurts the financial situation in the moment.”
Reputation is paramount when it comes to making money. Be willing to turn down easy cash if it means cheating or acting illegally. Whether in banking or business, keeping your word and treating others with respect makes people want to work with you. This could enhance your bottom line in the long run.
Giving Back Represents True Financial Freedom
“Chasing Hope: A Reporter’s Life,” written by Nicholas Kristof, is Kristof’s memoir about a life in journalism. The book “takes us behind the scenes as he risks his life to shine a light on the world’s most pressing problems and blaze a trail to a better future,” wrote author Adam Grant. Kristof travels to where suffering is taking place and makes people care about it. Gates admitted this book inspired him to decide what to focus his philanthropic giving on.
Giving back is a principle often touted by many, including financial expert Dave Ramsey as part of his 7 Baby Steps to financial freedom. According to Ramsey, nothing represents financial peace like being in a position to give back to those less fortunate and then doing it. After all, what good is all that money if you’re just hoarding it? Giving back positively impacts not only the recipient but also the giver.
Protect Your Finances as Much as You Can
“Evicted: Poverty and Profit in The American City,” written by Matthew Desmond, demonstrates the difficulty of finding and keeping a home when you live in poverty, as well as how all issues pertaining to poverty are intertwined.
“When someone has to search for a new place to live, they miss work, which cuts back on their pay and makes them more likely to get fired,” Gates wrote in an article about the book. This could undoubtedly impact credit scores, borrowing power, availability of food and emotional stability.
When it comes to wealth inequality, it is often more costly to be poor than rich. This is why it is important to stay vigilant and shield your finances as much as possible with an emergency fund, key insurance policies and a good credit score.
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This article originally appeared on GOBankingRates.com: 5 Money Lessons From Some of Bill Gates’ Favorite Books
