088: Success Habit of Millionaires That Will Speed Up Your Business Success
Do you know how many books you read in 2020? I am asking this not to make you feel bad if you didn’t - hey, 2020 has been tough on many fronts, needless to say. But the number of books and what type of books you read can be a key indicator and a key contributor to your financial and business success. And when you borrow books from the library, this reading habit doesn’t cost you a dime.
In this article, I will share some data on how many books millionaires and billionaires read, what my reading list is for 2021 and some links to blogs on how you help us build a reading habit ⏤ all of this to inspire you and myself to read more books in 2021, in order to learn, grow, and make a bigger positive impact in our world.
Let’s get started!
Let’s look at some research on how many books Americans read. According to the research done by Pew Research Center, the average American reads four books a year while 25% of Americans surveyed didn’t get their hands on even one. Compare that to immensely successful and influential billionaires such as Bill Gates who was mentioned article in this Inc.com article, and you get 50. Yes, he reads 50 books a year or around one book a week. If you want to know which 5 books he just recommended, check out his personal blog, GatesNotes.
Correlation between wealth and reading books
In this blog post, Sam Klemens lists ten data points that shows how many books the highly successful read. Now there’s no causal relationship established to show whether reading books led these people to become immensely successful. But in his article, you’ll see that Mark Cuban reads three hours a day while Warren Buffet reads 500 pages a day. Also, just think about Oprah and her love for books and one starts to wonder if indeed there is a causal relationship between wealth and reading. Plus, what type of books you read is equally important, right!
Making Reading a Daily Habit
To make reading part of the actions you take daily, it is important to make it a habit. Building a new habit is a skill and there’s research that says that it generally takes about 21 days to build a new habit. There are tons of books and Ted talks about how to build good habits. One trick that I learnt some years ago from Shawn Achor in his book, “The Happiness Advantage”, was to create positive triggers to help you build that habit. For example, if you want to practice the guitar everyday, keep the guitar in the middle of the living room instead of tucked away in a closet, so that it’s right in front of you. There’s less of an obstacle between you and the guitar. Using that example for reading then, one can keep the book next to your bed on the nightstand, carry it with you so you can read whenever you have to wait, and carve out a reading hour in the day where nothing else will compete with your attention. If you want to learn more about building a reading habit, read this book by James Clear called “Atomic Habits” which is all about building good habits (it’s was recommended by Sequoia Mulgrave of the DailyMode Studio and I’ve purchased the book and added it to my reading list for 2021). James Clear on his blog wrote on how to build new habits which you can read in a snap and use the tips he shares to easily implement right away.
Question: What strategies or tricks can you use to help yourself build this new daily habit?
Setting a Reading Goal for 2021
I want to read a lot more in 2021 and one thing I am doing to help me accomplish this is to create a reading goal. Earlier this week, I set the goal of reading 21 books in 2021. But then I made a list of all the books I read this year and it totalled at 20. So I am now changing my goal to reading 30 books next year. Seeing the stats of successful entrepreneurs who read up to 50 books a year, 30 is just a bit more than half, but for me this is a good goal and it’s both exciting and challenging. That’s roughly 2.5 books a month. I’ve also made a section in my bookshelf where I have placed some of books for the first half of the year. Seeing all these books in one place is motivating to me and I can’t wait to read them and gain golden nuggets of wisdom from each one of them.
Question: What will your reading goal be for 2021? And which books will make the list?
Sharing What You Learn
When working towards a new habit, not only sharing the goal can be very helpful but also sharing what you learn from them can be motivating. I’ve done that in the past on my personal development blog some years ago and I know that it greatly benefitted me when I shared some insights I gained. In fact, my very first YouTube video back in 2010 was a short book review where I shared 3 insights I gained from Jon Kabat-Zinn’s Wherever You Go, There You Are. I will get back to doing this in 2021 writing blogs or making videos about what I learn from each book.
This is my lovely little bookshelf. Books from the 2021 reading list marked and set aside. Let’s get reading!
My Book List
It’s good to track what books one has read to encourage oneself to read more. So here are the books I read in 2020 and you’ll see a lot of them are about success mindset and motivation. It just so happens that the list totals at 20 books however, I had not made a goal of reading 20 books in 2020!
1. The Secret Door to Success by Florence Scovel Shinn (This was written in 1941. It’s in the creative commons and there are legally free PDF versions you can find on the web).
2. The Game of Life. Ibid.
3. The Power of the Spoken Word. Ibid.
4. Your Word is Your Wand. Ibid.
5. Dollars Want Me by Henry Harrison Brown (An old book written in 1903!)
6. The Abundance Code: How to Bust the 7 Money Myths by Julie Ann Cairns
7. It’s Not Your Money by Tosha Silver
8. You are Badass at Making Money: Master the Mindset of Wealth by Jen Sincero
9. The Ending of Things by Ajahn Brahm (freely available from the Buddhist Publication Society’s website).
10. Meditating on No-Self by Ayya Khema (freely available from the Buddhist Publication Society’s website).
11. The Decision: Overcoming today’s BS for Tomorrow’s Success by Kevin Hart (Audiobook)
12. Miracle Morning Millionaires by Hal Elrod, David Osborn, Honoree Corder (Audiobook)
13. Goodbye Things by Fumio Sasaki
14. Making Space Clutter-Free by Tracy McCubbin
15. The Millionaire Next Door by Thomas Stanley
16. Stop Acting Rich by Thomas Stanley
17. Become Your Own Banker by R. Nelson Nash
18. Building Your Warehouse of Wealth by R. Nelson Nash
19. How Privatized Banking Really Works by Robert Murphy and Carlos Lara
20. The Anapanasati Sutta: A Practical Guide to Mindfulness of Breathing and Tranquil Wisdom Meditation by the Venerable U Vimalaramsi
To Read in 2021
(Update Dec 2021 - I read 25 books in 2021 which I’ve indicated below as Read. See complete list of books read in my 2021 Books Read Post).
1. We Should All Be Millionaires: A Woman’s Guide to Earning More, Building Wealth, and Gaining Economic Power by Rachel Rodgers - Read
2. Chillpreneur: The New Rules for Creating Success, Freedom, and Abundance on Your Terms by Denise Duffield Thomas - Read
3. Everything Is Figureoutable by Marie Forleo
4. Profit First by Mike Michalowicz - Read
5. Atomic Habits by James Clear - Read
6. 10x Marketing Formula by Garrett Moon
7. Invested by Charles Schwab
8. Weekend Millionaire Mindset by Mike Summey and Dawson
9. Playing the Matrix by Mike Dooley - Read
10. Show Your Work by Austin Kleon - Read
11. This is Marketing by Seth Godin - Read
12. Traction by Gino Wickham
13. Being Nobody, Going Nowhere by Ayya Khema
14. Why Not Me? By Mindy Kaling - Read
15. How to American: An Immigrant's Guide to Disappointing Your Parents by Jimmy O. Yang
16. Thought Vibration or The Law of Attraction in the Thought World by William Walker Atkinson - Read
17. Everyday Millionaires by Chris Hogan
18. The Millionaire Mind by Thomas Stanley
19. The Next Millionaire Next Door by Thomas Stanley - Read
20. Millionaire Women Next Door by Thomas Stanley
21. Think Like a Monk: Train Your Mind for Peace and Purpose Every Day by Jay Shetty
22. Becoming by Michelle Obama
23. Indistractable: How to Control Your Attention and Choose Your Life by Nir Eyal
24. Girl, Stop Apologizing: A Shame-Free Plan for Embracing and Achieving Your Goals by Rachel Hollis - Read
Six more to add to this list and I am sure I will be inspired next year to complete this list.
Until then, please do let me know in the chat what your book reading goals are for next year, and which books you’d recommend, especially those written by women entrepreneurs as both me and my book list need more woman power!
You have a dream to build a thriving web design business? You can make it happen!
Peace,
Sophia
