Wealthy Reading

Key Takeaways

  • Although reading is in decline, there seems to be a strong connection between affluence and those with lifelong reading habits.
  • Harry Truman once said, “Not all readers are leaders, but all leaders are readers.”
  • Research shows that keeping your mind sharp and staying abreast of current events boosts your emotional IQ and better equips you to deal with complex decisions about your money.

*** For more on this topic, see 5 key benefits of continuous reading.

About 25 years ago, I finished my formal schooling and was trying to figure out what I would do next with my life. I went to a seminar and the leader advised us to read continuously throughout our lives.

I started following his advice and I’m so glad I did. Lifelong reading has been incredibly beneficial for me, and research shows it works for many other people as well. Data shows that 86 percent of wealthy people read regularly while only 26 percent of the non-wealthy read. That doesn’t mean you’re going to become wealthy just because you read, but obviously there’s a connection, even though reading is on the decline in our society.

Former President Harry Truman once said, “Not all readers are leaders, but all leaders are readers.” That’s something that has stuck with me, especially in the leadership roles I’ve had.

5 benefits of continuous reading

According to leadership guru Michael Hyatt, there are five key benefits of continuous reading:

  1. Reading makes us better thinkers. It gives us a toolkit of ideas to work with. It helps us with our analytical skills, our ability to reason and more.
  2. Reading improves our people skills. When you’re reading, you start to see things from other people’s point of view. You gain empathy by imagining what it’s like to live life in someone else’s shoes. It raises your emotional IQ and your ability to interact with other people.
  3. Reading helps us master communication. If you read a lot, your vocabulary will expand. You’ll have more confidence in your communication skills, which enhance your emotional IQ.
  4. Reading helps us relax. A recent study showed that sitting down to read has even more stress-relieving qualities than walking or having a cup of tea. It puts us in the right frame of mind that helps us relax.
  5. Reading keeps you mentally young. Studies show reading regularly wards off dementia and other mental illnesses that degrade our ability to think and reason. Reading also helps us stay current about new ideas and thoughts.

I’m always amazed when some of my clients in their 80s and 90s come in and they are up to date with everything that’s occurring in the world, including what’s happening on the Internet. They are generally the ones who are avid readers.

So what does reading have to do with wealth? The more well-read we are, the better able we are to handle all the complex life decisions—both financial and emotional—related to our money.

Keep reading. I hope this blog is a worthwhile part of your routine. Until next time, enjoy! Gary

www.coylefinancial.com
800-480-7913 | coyle@coylefinancial.com

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