Reading a lot - is this really the #1 trait of rich people?

[Nice_home]

I like this thread. Everybody has great points.

To summarize the posts so far:

1. Read and understand a great book
2. Think about and process the ideas from that book
3. Turn those ideas into a goal to provide massive value
4. Create a broad plan to achieve that goal
5. Create daily action steps to execute the plan
6. Take massive action daily to execute those steps
7. Do this everyday until you're successful or you're dead

This is a nice summary. I would summarize the conversation into essentially: "Reading, Thinking, Action, Repeat." Perhaps that is the best way to look at it.

Or perhaps there is another layer, "interacting." And the most efficient way to "interact" with ideas is through books, since they are packaged very well, and also the ideas pile up over time. (Someone - I think Warren Bufft - mentioned that reading promotes “compound interest” of thought. Yes, it was him (just Googled) - “knowledge builds up like compound interest.”

Although I do agree with another poster who said reading is not helpful, unless it’s directed (aimed). So perhaps a better way to summarize is like this:

Goals.
Reading.
Thinking.
Action.

(Rinse and repeat.)

That would cover both of the other aspects (Reflecting, Experimenting) outlined in another article: Bill Gates, Warren Buffett And Oprah All Use The 5-Hour Rule

The goals and then the action are the “experimental” parts - you get feedback on the goal and can thus set new goals, creating a cycle of experimentation.

So the question is how this applies to me - well at first glance, I would think that I am under-reading on the critical areas where I have set up goals (and instead, I am just reading "whatever" interests me).

I’m also probably under-thinking about my goals.

Perhaps I need to bake these 4 areas into my daily and weekly plans.

So I will set goals, read about them, think about them, and take action on them regularly. And then set goals again. Thus the reading and thinking should be as targeted as possible around those goals.

And this in itself will become my own little experiment How beautiful is that!

I definitely feel like this is a much more clear framework for pushing forth than what I have been using now (which essentially boils down to simply, Goals and Actions).

[Setting] Goals.
Reading [related to the Goals].
Thinking [about the Goals].
[Taking] Action [related to the Goals].

So basically focusing on the goals. Maybe that ties back into the dopamine-centric approach, too (I confess the dopamine post was massive and I couldn’t really follow/read it much)? Getting stuff done and creating a positive brain chemistry for doing so.

So I think I really will directly add reading [about goals] and thinking [about goals] to my game plan on a daily basis. Of course I can still read and think about other stuff....

So let’s say that setting goals maybe takes 30 mins per week? And taking action directly on these key goals takes maybe 10+ hours per week (I build a lot of bandwidth in for regular "life" and "work" around that)? So I guess reading and thinking should be somewhere in that mix. Perhaps around roughly 5 hours per week - following the "5 hour rule"? That would be roughly 1 hour per day total, more or less. So 30 mins of reading and 30 mins of thinking.

Actually I just calculated and it’s 42-43 mins per day, to achieve a minimum of 5 hours per week.

So I will just round it up and experiment with 30 mins per day reading about goals, and 30 mins per day thinking about goals. Because I already set up my goals each week, and I already have action steps tied to those goals. Sounds good?

 

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[Primeperiwinkle]

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[biophase]

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[lunga ngcobo]

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[Rawseed]

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