Self-made millionaires could perhaps be the dictionary definition of the phrase “rags to riches.” Those who earn this type of wealth may do so in a variety of different ways, and surprisingly enough, up to 88 percent of millionaires are self-made.
This means that a vast majority of those who have a seven figure net-worth work hard for what they have by putting in the extra effort, learning a lot and keeping their eyes open.
Self-made millionaires these days have all sorts of demographics and career paths. But what do they all have in common?
They like to read.
According to Tom Corley, author of “Rich Habits: The Daily Success Habits of Wealthy Individuals”, not only are wealthy people reading, but are reading to educate themselves, rather than entertain. Here are some statistics:
85 percent of wealthy individuals (wealthy defined as having an annual income of $160,000 or more, and a net-worth of $3.2 million or more) read two or more educational books per month.
94 percent of wealthy individuals read news publications such as newspapers and blogs.
Specifically, a wealthy individual who has benefited from taking the time to read is Warren Buffett. As the third-wealthiest person in the world, he estimates that he spends 80 percent of his day reading.
Buffett has spoken several times about how reading can make you smarter, and has gone on to recommend a variety of books, from memoirs to investment suggestions and everything in between.
Not sold on the thought that reading more could possibly make you rich? There are other handfuls of benefits that reading can bring onto your everyday life, including:
1. Reading Can Keep You Mentally Stable
According to a study in the Proceedings of the National Academy of Sciences, elderly people who read regularly are more likely to stay mentally stimulated, thus also making it more likely to slow the process of Alzheimer’s disease, since reading can help keep your brain active.
2. Reading Can Expand Your Vocabulary
The more you choose to read, the more you will be exposed to new topics and words. In fact, it is estimated that 5-15 percent of the words we know have been learned through reading. Think of the vast amount of words you’ve learned throughout your life. That percentage really adds up.
3. Reading Can Reduce Stress
When you’re stressed out with work, family or whatever life throws at you, reading a book can take that stress away, even if on a temporary basis. Reading a novel or an engaging article can allow you to distract yourself from your stresses, while further educating yourself on the subject matter.
Overall, reading self-improvement books on a consistent basis can provide several benefits – including a chance at financial success.
Reading is a form of self-education and with self-made millionaires always looking for ways to educate and improve themselves, it’s no surprise that they look to a book to do so.