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Become Wealthy by Reading

Posted: 24 Oct 2016 02:05 AM PDT

Here's a great piece that lists some statistics about how reading impacts your finances

The highlights:

  • Individuals who read for self-education earned 21% more, as adults, than those who did not.
  • Individuals who developed the habit of reading to learn earned more income, had more assets and had better finances by age 38 then their peers.
  • 86% of the rich loved reading vs. 26% of the poor.
  • 63% of the rich listened to audio books during their commute to work vs. 5% of the poor.
  • 85% of the rich read two or more self-improvement books every month vs. 15% of the poor.
  • 88% of the rich read 30 minutes or more each day vs. 2% of the poor.

A few thoughts on this:

  • There's an old saying in business that, "Readers lead and leaders read." Almost all of the best executives I ever worked with consistently read for self-improvement.
  • I love to read -- using "read" in a broad sense. I do still read books (more on that later), but as much of my "reading" these days is consumed in audio form, either audio books or podcasts. I "read" in my car, while doing lawn work, while taking early morning walks, etc. -- anytime I can do one thing and still listen to what's being said. I can't listen where my mind needs to be engaged in other things (like while writing an article, working out, etc.) so in those times I choose music.
  • I subscribe to about 200 blogs (scouring the globe for great stuff to write on) in addition to the above.
  • I do read a few magazines. I subscribe to Money, Kiplinger's, Business Week, and This Old House. Magazines are great for passing the time in a sauna. If you sweat and drip on them it's no issue (versus who wants to read a book after someone has perspired all over it?)
  • I'm not sure when I developed the love of reading. I read comic books as a kid, then youth fiction, then teen fiction, then classic fiction. Eventually I moved to mostly non-fiction (after grad school) and haven't looked back since.
  • I'm one of those people who buys a book before he's done with the previous book. Then he starts reading two books at once. Then he finds a third book and buys it and is now reading three books. Anyway, I have several books on my bookshelf now in some state of being read or being read again (that's another issue -- I re-read books I loved the first time, many of them being read 4 or 5 times).
  • I visit the library often to see what's new, read what I want, and buy stuff I like and want to keep in my library.

The link between reading and earning is fascinating to me. It's not surprising as I'm sure most of us can see how the two would be related. But to have such a large impact as noted above is amazing.

For the curious, here are the books I have on my shelf right now that are in the "to be read", "reading", or "to be re-read" category:

I know, it's a long list!

How about you -- are you a reader? If not, why? If so, what are you reading now (or planning on reading)?


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