Your Biggest Advantage in Life: The Library

Why the Wealthiest People in the World Prioritize Reading, and How You Can Too

The Hidden Wealth Inside Every Library

If you want to build a better life, whether through financial success, career growth, or simply understanding the world, there’s one free resource that can change everything: the library.

Some of the wealthiest and most successful people in history have one thing in common: they read. Andrew Carnegie, one of the richest men of his time, spent his fortune building libraries across the U.S. Warren Buffett, one of the most successful investors ever, spends most of his time reading. Bill Gates and the late Charlie Munger have both credited reading as a key to their success.

But here’s the best part: You don’t need millions of dollars to access the same information they do. Libraries exist in almost every city, offering books, archives, and even online resources, all for free.

In this article, we’ll explore why the library is one of the greatest tools for success and how you can use it to build wealth, knowledge, and a better future.

The Legacy of Andrew Carnegie: Why Libraries Matter

Andrew Carnegie was one of the richest men of the 19th century, yet he didn’t hoard his wealth, he built libraries. Carnegie understood that knowledge is power, and he wanted to give ordinary people the same access to learning that had helped him succeed.

Between 1883 and 1929, Carnegie funded over 2,500 libraries worldwide, with more than 1,600 in the United States alone. His belief was simple:

“A library outranks any other one thing a community can do to benefit its people. It is a never-failing spring in the desert.”

Carnegie himself was a self-taught businessman. He had little formal education, but he borrowed books from a local library, learning everything he could. That knowledge helped him rise from a poor immigrant to an industrial giant.

Libraries still serve the same purpose today: they provide free access to knowledge for anyone willing to seek it out. Whether you want to learn about finance, business, psychology, or any other subject, libraries are packed with books that can change your perspective, and your life.

Warren Buffett: The Billionaire Who Reads 500 Pages a Day

Warren Buffett, one of the world’s most successful investors, credits much of his success to reading. He has a simple formula for learning:

“Read 500 pages a day. That’s how knowledge works. It builds up, like compound interest.”

Buffett estimates that he spends about 80% of his day reading. When he was young, he went to the library and read every book he could find on investing. He didn’t have access to expensive courses or private mentors—just books.

He once said that his best investment wasn’t a stock, it was a book:
“The Intelligent Investor” by Benjamin Graham.

For those who want to understand wealth, books provide something that social media and quick internet searches can’t: deep, structured knowledge from people who have mastered their fields.

Bill Gates and the Late Charlie Munger: The Lifelong Students

Bill Gates and the late Charlie Munger, both billionaires, have spoken about the power of reading:

• Bill Gates reads about 50 books a year and takes detailed notes.
• The late Charlie Munger (Buffett’s long-time business partner) once said: “In my whole life, I have known no wise people who didn’t read all the time, none. Zero.”

These are people with almost unlimited access to experts and resources. Yet, they still turn to books, because they know that reading is one of the greatest advantages in life.

The best part? You don’t need money to follow their lead. Your local library has thousands of books on wealth, investing, business, and self-improvement, all available for free.

How to Use the Library to Build Wealth and Knowledge

If you’re just getting started with learning about investing, business, or personal finance, here’s how you can use your local library to your advantage:

1. Find Books That Build Financial Literacy and Follow a Lattice Framework

Knowledge isn’t isolated, it connects across different fields. The late Charlie Munger often talked about the idea of a lattice framework, which means understanding how different subjects interconnect to form a strong mental foundation.

For example:

• Psychology helps you understand human behavior, which is crucial for business, marketing, and investing.
• Finance and economics teach you how money moves and how markets operate.
• History helps you see patterns in financial markets and business cycles.
• Physics and engineering develop problem-solving skills that can be applied to investing and strategy.

Instead of focusing on just one area, try reading across disciplines. The best investors and thinkers don’t just understand finance, they understand human nature, history, and problem-solving on a broader scale.

2. Use Free Online Library Resources

Many libraries now offer free digital books and audiobooks. You can access these through platforms like:

• Libby (for free eBooks and audiobooks with a library card)
• Project Gutenberg (thousands of free classic books)
• Open Library (millions of free books you can “borrow” online)
• Your local library’s website (many have free access to courses, newspapers, and research materials)

3. Learn Skills That Make You Money

Libraries aren’t just for finance books. You can use them to learn:

• Coding (many libraries have free coding books or online courses)
• Business and entrepreneurship
• Psychology (to understand human behavior, which is crucial in investing)
• Marketing and sales (helpful for starting a side hustle or business)

4. Take Notes and Apply What You Learn

Reading alone won’t make you rich, applying what you learn will. Take notes, create action plans, and try out strategies in real life. If you’re reading a book on investing, open a free stock market simulator and practice. If you’re learning about business, start brainstorming ideas for a side hustle.

Why Free Knowledge is the Ultimate Wealth Builder

The reason wealthy people like Buffett, Gates, and Munger prioritize reading isn’t just about making money, it’s about building a mindset of lifelong learning.

Reading teaches you:

• How to think critically
• How to make better financial decisions
• How to navigate challenges with knowledge instead of fear

Most importantly, it puts you ahead of those who rely on shortcuts or guesswork. The best investors and entrepreneurs don’t have “secrets”, they have knowledge, and most of it comes from books.

The biggest mistake people make? Ignoring free knowledge because it seems too simple.

The truth is, the world’s best opportunities are often hidden in plain sight. And the library, whether physical or digital, is one of them.

The Library is Your Wealth Advantage

If you take one thing away from this article, let it be this:

Success starts with what you know. And what you know starts with what you read.

Andrew Carnegie built libraries because he understood that knowledge is the greatest equalizer. Warren Buffett, Bill Gates, and the late Charlie Munger built their fortunes on the habit of reading.

Now, it’s your turn. Your biggest advantage in life is free and available to you right now: the library.

So go ahead, walk into one, open a book, and start your journey to lifelong learning. Your future self will thank you.