Do Rich People Read a Lot?

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42% of college graduates never read another book after graduation. And people wonder why they are poor. Correlation or causation? My money is on causation! If you want to constantly be growing your net worth, you’ve got to keep growing your mind.

Do Rich People Read a Lot?

rich people readOne of my goals for 2016 is to read 24 books. I believe 24 is attainable for just about anyone. I work a lot more than the average person so I feel 24 is doable for just about everyone. In addition to reading these 24 books, I also watch educational videos and read educational blogs.

So what 24 books am I reading? Despite possibly coming off as a lunatic, I’m still going to use this phrase. I read self-help books. I began doing this about 1.5 years ago and my life has changed dramatically since then. These books range from interpersonal relationships to autobiographies to diet books to wealth building books (my favorite). I believe these all fall under the umbrella of self-help. Each time I read one of these books, I become a better person. Talk about empowering! This is the main reason rich people read.

One of my favorite sayings is ‘Knowledge without action is akin to having no knowledge at all.’ Why I’m saying this is to say that I don’t just read these books, get a warm fuzzy feeling and then keep on living the same. No. These books change my life.

Reading your way to wealth is what most rich people do. Do you think Warren Buffett was born knowing how to invest? Absolutely not. Do you think Elon Musk was born knowing how to build electric cars and spaceships? Nope. Do you know how these men have done such great things? They read about how to do it and then put what they read into action. Rich people read.

rich people readOvercome Your Excuses

Some people say they don’t have time to read. In reality, you don’t have the time NOT to read. What do I mean by that? People who don’t read typically work low paying jobs for their entire lives. If they save and invest wisely, they may retire with $1,000,000. Good for them. But instead of reading, these people spent their time working. But what they fail to realize is that they could have taken some time off working, read and then learned how to earn more per hour.

Think about it like this… you read one book on how to invest. It takes you 5 hours to read. After you’re done reading, you make a minor change to your portfolio. Even a minor change could make you tens of thousands of dollars wealthier over the long-term! Perhaps you bumped up your 401(k) contribution a percentage point. Or maybe you decided to switch to low fee funds. Or maybe you switch from a post-tax fund to a pre-tax fund. Is 5 hours of reading worth tens of thousands of dollars?

What I encourage you to do is to begin reading these types of books. Absorb new information. Use this information to improve your life. Be grateful to authors who spread their wisdom for the low, low price of $20 or usually a lot less.

Here’s how to get started:

Step 1: Write down the areas of your life that need improvement.

Step 2: Find highly rated books which address these problems.

Step 3: Make a goal for how many books you’re going to read in a set period of time. Goals are important.

Step 4: Read said books.

Step 5: Adjust your life to allow for the information you’ve just read.

I doubt there’s a single wealthy person out there who would tell you reading is overrated. It’s just not. You’re probably thinking I’m a natural bookworm. I’m not. I actually loathed reading growing up. The only reading I used to do for fun was reading Harry Potter. But I’ve realized the potential of reading. And I’m so much smarter (and wealthier) for reading dozens of books per year.

The more you read the more you reap.

Rich people read. How many books can you read this year?

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Battle of the Mind Make Money

Derek

AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

3 Comments

  1. I love to read. My book reading is concentrated on fiction. I actually have a goal (on Goodreads) to read 52 books this year. That’s one a week, which is aggressive, but I think I can do it. We take camping trips a lot over the summer, and I get a lot of reading done, sometimes 2-3 per week.

  2. Great article, Derek. I love saving money, driving an older, but reliable vehicle, living in a modest house, and only splurging on special occasions.
    I also just started reading “The Millionaire Next Door” that I won from you, It is fascinating. I can’t wait until I’m that millionaire next door that no one expects.

    Keep up your good work!

    • It’s definitely a great place to be – a soon-to-be millionaire that lives modestly. Glad you like the book! It is packed full of great info!


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