At my Toastmaster’s meeting last week, the Toastmaster had an interesting theme for the meeting — habits of the rich and wealthy. The number one habit of the rich and wealthy that he talked about was that they all read everyday. This immediately appealed to me, since I also read everyday.
What the Rich and Wealthy Read Everyday
The breakdown of exactly what these rich and wealthy people were reading is:
- 94% read current events
- 79% read educational or career-oriented
- 58% read biographies
- 55% read personal development
- 51% read history
- 11% read for entertainment
In other words, most are aware of current events, so that they can be aware of opportunities. Over 3/4 read to improve their ability to take advantage of opportunity. About half read for inspiration of how others took advantage of opportunities in the past.
Format of Reading
When I say “read”, I don’t mean only sitting down with a hardcover book and turning the pages. There are a wide variety of ways to consume information in the modern world.
The survey referenced above also included the information that 63% of the rich and wealthy listen to audiobooks. It didn’t mention how much of the reading was books, and how much was magazines or newspapers. However, especially for current events and industry information, magazines are good sources for wide but shallow coverage. Some of my favorite magazines for current events are The Atlantic and The Week. Magazines are also available electronically.
News and Overwhelm
One important caveat about current events and news — be very careful about what you consume. It has been demonstrated in numerous studies and research projects that watching the television news everyday can lead to increased stress and depression. Media companies are incentivized to make their consumers nervous and afraid, because that encourages the consumers to come back for reassurance from the media companies.
Therefore, if you are going to be including current events in what you read everyday, make sure that your source of current events is one that gives you information that you can use to find opportunities. Don’t choose a source that increases your anxiety or helplessness. Don’t become reliant on the news source for your feelings of control and security.
One Simple Change
If you want to do one thing that will help you advance your wealth and freedom, either increase the amount you read, or change what you read. Ebooks and audiobooks are great for this. You can use any down time in your day to read, such as when you’re traveling or at the gym. And you can stock your reader with books in all the above categories.
Best of all, by inspiring yourself with lessons of how others took advantage of opportunities, by increasing your ability to take advantage of opportunities, and by becoming more aware of opportunities, you will increase your personal locus of control. You will feel better about your place in the world, and the science shows, you will improve that place.
