During his 5-year study of the lives of more than 200 self-made millionaires, author Thomas Corley found that they do not watch TV. 86% of them spend their free time reading, and 63% of them listen to audiobooks during their morning commute.
As productivity expert Chaunce Maddox wrote, “It's no secret that successful people read. The average millionaire is said to read two or more books per month. Read blogs, news sites, fiction, and non-fiction during downtime so you can soak in more knowledge.” If you are occasionally on the go, listen to audiobooks or podcasts.
It is false to believe that you do not have enough time for reading and that finding spare time is nearly impossible given the amount of time you spend at work and taking care of your family. Even Barack Obama could allocate time to reading during his presidency, to the extent that he attributes his stable rule to reading books.
Furthermore, President Obama is not the only leader who attributes their success to reading. Bill Gates, Warren Buffett, Oprah Winfrey, Elon Musk, Mark Cuban, and Jack Ma are all considered avid readers.
Bill Gates once told The New York Times, “Reading is one of the chief ways that I learn, and has been since I was a kid.”
Do you ever wonder how these people find time to read every day? The secret is the 5-hour rule. What is this rule and how do you apply it?
The 5-Hour Rule
The 5-hour rule was developed by Empact founder, Michael Simmons, who has written extensively about it. The concept is very simple: No matter how busy successful people are, they always spend at least an hour a day or five hours a week learning or training. They do so throughout their careers.
According to Simmons, he got the idea for this concept from Ben Franklin, who made time for learning all the time. He would wake up early to read and write, set personal goals, and track the results he achieved. He established a club for craftsmen and merchants to come together to pursue self-development. He would also test his new knowledge and always ask reflective questions.
The 3 Sets of the 5-Hour Rule
Successful leaders today follow the 5-hour rule by dividing it into 3 sets:
1. Reading
Self-made rich people, like Mark Cuban and Dan Gilbert, majority owners of the Cleveland Cavaliers, read between one and three hours a day.
Elon Musk also learned how to build rockets, establishing SpaceX, through reading. Jack Ma, co-founder of Alibaba, said, “Reading can give you a good head start; this is often what your peers cannot obtain. Compared to others, readers are more likely to know other industries' strategies and tactics.”
Even if you cannot read for an hour or more a day, try to start with 20–30 minutes. You can also carry a book with you wherever you go. Read instead of wasting time on social media when you are waiting for a meeting or for your turn in the doctor's office waiting area. You can also listen to audiobooks during your daily commute or while exercising.
2. Meditation
The 5-hour rule also includes meditation and reflection. You can practice meditation just by sitting quietly or writing down your thoughts. Reflecting and focusing on the past gives you an opportunity to learn from the mistakes you made and evaluate what you did correctly, which enables you to achieve your goals and improve your life.
A 2014 study by the University of Texas found that mental rest and reflection improve learning. Set aside time to meditate on your daily to-do list for 5–10 minutes a day initially to start with simple steps. You can increase the duration gradually so that you do not get exhausted.
Also, try to identify the questions you want to ask yourself. Focus only on 2-3 questions daily. For example, if you attend a conference, ask yourself what key points you learned and how you can apply them to your work.
3. Experiment
The final step is quick experimentation. Ben Franklin and Thomas Edison became pioneering inventors and thinkers because of their experiments. Gmail was created after Google allowed employees to try out new ideas.
Experiments are useful because they give you facts, not assumptions. They show you what actually works and allow you to learn from your mistakes and get others' opinions. Best of all, they don't take long. Most of the time, you can test the same activities you normally perform.
Jack Ma also recommended applying the knowledge you have learned to real life. For example, after reading a book about cooperation and teamwork, you can volunteer somewhere to apply what you have learned.
When you make learning a habit, you will be more successful and productive in various fields. By acquiring the habit of reading, you will develop yourself and your business every day.
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