A recent post titled “I Became a Millionaire at 41, Could Have Been at 34 If I’d Adopted These Habits Earlier,” by Cori Arnold, has gained significant attention on True Finance and went viral on TikTok.
Arnold compiled a list of habits that contributed to her financial success, the first of which is reading books.
According to her, a study by Thomas Crowley found that 85% of financially successful people read at least two books a month.
Despite over 1,000 comments on the post, there were significant objections to the correlation between reading and wealth.
However, many users also requested book recommendations.
Therefore, let’s explore the direct correlation between book reading and financial wealth, based on additional statistics from Thomas Crowley’s research.
The research revealed that 63% of the wealthy listen to audiobooks during their commute, compared to only 5% of the poor.
Additionally, 85% of the wealthy read two or more self-improvement books a month, while only 15% of the poor do the same.
The preferred books among the wealthy cover a variety of topics, such as biographies, self-help, history, science, career, and education.
Notably, 88% of the wealthy dedicate at least 30 minutes daily to reading, in contrast to only 2% of the poor.
Furthermore, 94% of the wealthy consume newspapers, newsletters, magazines, blogs, and other digital media daily, while only 11% of the poor do so.
These data highlight the voracious appetite the wealthy have for useful knowledge.
As Rose Fres Fausto notes, reading has broad benefits.
It boosts creativity by exposing readers to different perspectives, stimulating the generation of new and better ideas.
Reading is a brain exercise that improves memory and prevents mental atrophy.
Talented writers are often avid readers because reading enhances their writing skills.
Even if you don’t aspire to be a writer, it’s important to remember that we are all writers at some level.
We write emails, text messages, love letters, instructions, memos, and more.
Therefore, reading expands our vocabulary, exposing us to a larger number of words and enriching our written expression.
Reading is a fundamental means to expand our vocabulary. As we delve into different books, we encounter a multitude of words.
Moreover, thanks to online dictionaries, we have easy access to the meaning of words if context clues are insufficient.
As Cori Arnold points out: “We can all say that we read a lot on social media. The question is: is the content you’re consuming bringing the above-mentioned benefits?”
If the answer is no, it’s time to elevate the quality of what we’re reading.
However, to answer the question “Does reading make you rich?”, we cannot establish a direct correlation between the two.
The data show that wealthy individuals are more likely to regularly consume useful content.
It’s important to consider that the wealthy have the ability to dedicate time to reading due to their financial position, unlike those still seeking wealth.
It’s worth mentioning an interesting fact about the source of wealth for billionaires.
Now, let’s move on to book recommendations.
There are many business books that can provide valuable insights and knowledge for those looking to build wealth or advance their careers.
Some classics widely regarded in the business world include “Think and Grow Rich” by Napoleon Hill. First published in 1937, this book offers practical advice on achieving success through a positive mindset and persistence.
It’s an inspiring read for those looking to shape their path to financial success.
Other notable works include:
“The 7 Habits of Highly Effective People” by Stephen Covey. First published in 1989, this book offers a framework for developing effective personal and professional habits, helping readers pursue success and productivity.
“Good to Great” by Jim Collins. Published in 2001, this book explores the distinguishing characteristics of successful companies and how they stand out from their competitors.
It’s a valuable read for those wanting to understand what drives business excellence.
“The Lean Startup” by Eric Ries. Published in 2011, this book presents a methodology for starting and developing a business through rapid experimentation and iteration.
It’s essential reading for entrepreneurs looking to create agile and adaptable companies.
“The Hard Thing About Hard Things” by Ben Horowitz. Published in 2014, this book offers insights into the challenges faced by CEOs and how to overcome them.
It shares real experiences and practical advice for dealing with difficult situations in the business world.
“The 4-Hour Work Week” by Timothy Ferriss. Published in 2007, this book presents strategies for automating income and creating more free time, seeking a balance between work and personal life.
It’s an interesting read for those looking for a different approach to work and lifestyle.
“The E-Myth Revisited” by Michael Gerber. First published in 1995, this book provides insights into common mistakes made by small business owners and how to avoid them.
It’s essential reading for entrepreneurs wanting to learn from failures and improve their chances of success.
“The Innovator’s Dilemma” by Clayton Christensen. Published in 1997, this book offers insights into how established companies can respond to disruptive innovations and avoid stagnation.
It’s a valuable read for those interested in understanding the dynamics of innovation and change in business.
These works represent just a few recommendations in the vast field of business literature.
Each offers valuable knowledge and unique perspectives, contributing to personal and professional development.
By exploring these works, one can gain valuable insights that can drive success in business and finance.
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